Successful Sale of 219-235 East 42nd Street in Midtown East
Bob Knakal led the team in selling 219-235 East 42nd Street, a 42-story, 1,100,000-square-foot development site previously owned by Pfizer. This prime Midtown East property attracted significant attention due to its central location and redevelopment potential. The sale was finalized on July 10, 2018, to buyer David Werner, one of the most prominent names in New York real estate, at a price of $324.55 per square foot.
Sale Details
The sale marked a significant milestone for Pfizer, which sought to monetize its corporate real estate asset while relocating its operations. Bob Knakal’s expert guidance ensured the smooth execution of this high-profile deal, maximizing value for the seller and securing favorable terms for the buyer.
Sale Price: $357,000,000
Seller: Pfizer (Corporation, Institution)
Buyer: David Werner
Seller Type: Corporation
Asset Class: Mixed-Use Residential and Commercial Development
Sale Date: July 10, 2018
Price per SF/BSF: $324.55
Property Details
The property at 219-235 East 42nd Street is a landmark redevelopment site located in Midtown East, Manhattan. Featuring 1,100,000 buildable square feet, the site offers significant potential for mixed-use or commercial development. Pfizer, a global pharmaceutical leader, sold the property as part of its corporate relocation strategy, entrusting Bob Knakal and his team to handle the transaction.
Full Address: 219-235 East 42nd Street, New York, NY 10017
Neighborhood: Midtown East
Borough: Manhattan
Lot Size: 68,787 square feet
Stories: 42
The Client: A Renowned Institution Seeking Real Estate Expertise
Pfizer, one of the world’s leading pharmaceutical companies, sought to divest its corporate headquarters as part of a broader operational reorganization. Recognizing the need for a trusted expert, Pfizer turned to Bob Knakal and his team to lead the sale.
Through comprehensive market analysis and a strategic marketing campaign, Bob Knakal’s team positioned the property to appeal to high-profile developers and institutional investors. Their efforts resulted in a competitive bidding process that culminated in the $357 million sale to David Werner.
Neighborhood Overview
The Grand Central Business District remains one of Manhattan’s most sought-after locations, with unparalleled access to transportation, commerce, and iconic landmarks. Key highlights of the area include:
- Proximity to Grand Central Terminal
- Prime location near UN Headquarters and major office buildings
- Robust infrastructure and thriving commercial activity
Learn More About New York Real Estate Development
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