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Strategically located 75' x 100' site at 447-451 Lexington Avenue in Midtown Manhattan between East 44th Street and East 45th Street. The Site is directly across the street from Grand Central, perfect for premium commercial or mixed-use projects.
Property Highlights - Development Site Cost and Details for 447 – 451 Lexington Avenue in Midtown Manhattan
Over the years, multiple transactions were completed with RFR, including a notable sale of a combined site at 451 Lexington Avenue and an adjacent parcel, which resolved design challenges and sold for $41,200,000 to a hotel developer. Aby Rosen praised Bob Knakal's team for their long-term relationship and exceptional work on the sale.
- Property Location: 447–451 Lexington Avenue is situated between 45th and 46th Streets in Midtown Manhattan. It is roughly 3 blocks from Grand Central Terminal, 4 blocks from the Empire State Building, and 5 blocks from Times Square and Bryant Park.
- Property Description: Features over 111,000 buildable square feet, providing ample space for a range of commercial uses. The building is prominently situated below a TD Bank branch.
- Cost: The combined properties were sold to a hotel developer for $41,200,000 after initially persuading the owner, Edward Friedman, of the enhanced value.
- Deal Challenge: RFR owned a one-story retail property at 451 Lexington Avenue, which was difficult to develop due to its short depth despite being in a high-density zoning district.
- Deal Solution: To overcome development challenges, the adjacent 30’ wide retail property at 447-449 Lexington Avenue was included, creating a desirable 75’ x 100’ site.
- Client Relationship: RFR was Massey Knakal's landlord for office spaces from 1993 to 2014, including 400 Park Avenue, 18 East 41st Street, and 275 Madison Avenue.
About 447 – 451 Lexington Avenue Location
447–451 Lexington Avenue is situated in Midtown Manhattan, New York City, a bustling commercial and retail hub. The location is conveniently close to landmarks like Grand Central Terminal, which is just a short walk away, offering easy access to numerous transportation options. Nearby, you'll find the iconic Empire State Building, Bryant Park with its green space and seasonal events, and a range of dining and shopping opportunities. The area is also home to various office buildings and cultural institutions, making it a vibrant and dynamic part of the city.
The 447–451 Lexington Avenue Development Site Full Story by Bob Knakal
We have to have that parcel next door!
Our relationship with Aby Rosen and Michael Fuchs, the principals at RFR Holding LLC, goes back to when they started their company in 1991. After that land sales market fell asleep during the Savings & Loan Crisis in the early 90s, we did the first development site sale coming out of that period, selling the site at 406-408 East 79th Street to RFR for $40 per buildable square foot.
RFR was also our landlord for the first substantial office space Massey Knakal ever had – we moved into RFR’s 400 Park Avenue in 1993 when the office market was challenged enough that we could afford to take space there. We went on to take space at RFR’s 18 East 41st Street and occupied two different spaces there before moving to RFR’s 275 Madison Avenue where we stayed until MK was sold in 2014. In addition to being our landlord for all of those years, we also did several transactions with RFR as they have always been active players in the NYC investment sales market.
One of their assets was a one-story retail property at 451 Lexington Avenue, at the southeast corner of Lexington and 45th Street. The property had 75’ of frontage on Lexington and 70’ of frontage on 45th Street.
Most properties on wide avenues in Manhattan have 100’ of depth off the avenue. This short lot would create massing and design issues for a developer even though the property was in a high-density 10 FAR zoning district. The solution, try to include the 30’ wide adjacent parcel to the south at 447–449 Lexington. That was a 2-story, 30’ wide retail property, also with just 70’ of depth.
Individually, each site would be challenging to develop but together, they make a great 75’ x 100’ dream site in midtown Manhattan adjacent to Grand Central Terminal.
The adjacent property was owned by Edward Friedman, a broker and investor who cut his teeth in the business working with icons Harry Helmsley and Irving Schwartz. Eddie, at first, wasn’t interested in selling, but after explaining that the whole was worth much more than the sum of the parts, he got on board. Both properties were put on the market and we sold the site to a hotel developer for a combined $41,200,000.
Testimonial - Decades of Success: Bob Knakal, Our Trusted Partner in NYC Land Sales
Here is what Aby Rosen had to say about the transaction:
“Our relationship with Bob Knakal is decades long and we have worked on many transactions successfully in the past. Bob and his team did an outstanding job for us on the sale of this site. Bob is our ‘go- to’ broker for land sales in New York City.”
Learn More
Discover the stories behind our most remarkable deals. Dive into our exclusive online magazine to explore these Development Site Sales and see how we maximize value and the sale price for our clients. You can also read about the testimonial of 5 East 44th Street an office to residential conversion three blocks to the South.
