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Successful Sale of 415 Eighth Avenue in Herald Square, Penn Station, Manhattan
Bob Knakal successfully closed the sale of 415 Eighth Avenue, a prime development site located at the southwest corner of 31st Street and Eighth Avenue, adjacent to Penn Station and Herald Square.
The property, sold for $65,000,000 at a rate of $608 per buildable square foot (pbsf), highlights Bob’s specialization in land sales and his ability to offer market insights that consistently exceed client expectations.
Sale Details
The development site sold for $65,000,000, achieving an impressive $608 per buildable square foot. This transaction exemplifies how Bob Knakal’s deep market expertise, specialization in land sales, and ability to react quickly to shifting market dynamics provided significant value to the seller.
Sale Price: $65,000,000
Seller: Savanna Partners (Christopher Schlank)
Buyer: Confidential
Seller Type: Real Estate Investment Firm
Property Type: Development Site
Sale Date: March 24, 2014
Property Details
The development site at 415 Eighth Avenue was formerly a parking lot with significant potential for redevelopment, particularly given its prime location in the heart of Manhattan, near Penn Station.
The property offered approximately 106,908 buildable square feet, making it an ideal site for a mixed-use development in one of the city’s most bustling neighborhoods.
Full Address: 415 Eighth Avenue, New York, NY 10001
Zoning: Development
Property Type: Development Site
Buildable Square Footage: 106,908 square feet
Sale Price: $65,000,000
Price per Buildable Square Foot: $608
The Value of Specialization and Real-Time Market Expertise
Bob Knakal’s success in this deal was driven by his deep specialization in New York City land sales and his access to real-time market data. By consistently handling multiple development sites, Bob and his team were able to detect changes in market conditions almost instantly. This allowed them to confidently predict and secure premium pricing for properties even when other brokers were less optimistic.
When Bob and his team were marketing 415 Seventh Avenue (a nearby site) just before the sale of 415 Eighth Avenue, land prices were expected to top out at $400 per buildable square foot. However, in a matter of weeks, offers started climbing, and the team was able to secure a contract at an unexpected $600 pbsf. This internal knowledge gave Bob the confidence to approach Savanna Partners, the owners of 415 Eighth Avenue, with the promise of a similar price.
While other brokers estimated the value of the Eighth Avenue site at around $400 pbsf, Bob’s real-time data and confidence in the market allowed him to propose a much higher figure of over $600 pbsf. Skeptical at first, Savanna Partners ultimately retained Bob and his team, and within a short period, the property sold for $65,000,000, or $608 pbsf—exceeding all expectations.
Neighborhood Overview
The area around Penn Station and Herald Square is one of Manhattan's most active and high-traffic districts.
- Ideal location for development.
Key features of the neighborhood:
- Proximity to major transportation hubs.
- Access to retail outlets and office spaces.
- Strong appeal for developers and investors.
Sale of 415 Eighth Avenue:
- Sold for $608 per buildable square foot (pbsf).
- Reflects growing demand for prime development sites.
- Highlights the upward trend in land values across Manhattan during that period.
Conclusion
The sale of 415 Eighth Avenue underscores Bob Knakal’s ability to offer clients unparalleled market expertise and achieve record-breaking results. By leveraging his specialization in land sales and access to real-time market data, Bob and his team were able to secure a price far above initial expectations, providing exceptional value to the seller.
This transaction serves as a testament to the power of specialization and deep market knowledge in New York City real estate.
Testimonial
“When we considered selling 415 Eighth Avenue, we met with several brokers to obtain their perspective on our property. Bob Knakal, and his team were, by far, the most optimistic in terms of our property’s value, to the point where we thought they were being overly aggressive. Based upon him being able to substantiate his perspective with market facts, we decided to give Bob a shot and in a short period of time, he and his team produced results for us that exceeded our collective expectations. Savanna Partners highly recommends Bob and his team to any seller wanting to maximize their results.”
– Christopher Schlank, Savanna Partners
Learn More About Manhattan Real Estate Development
Explore more of our remarkable deals in our exclusive online magazine featuring Herald Square and surrounding area Development Site Sales. Discover how we consistently maximize value and sale prices for our clients across New York City's most desirable neighborhoods, including 620 West 153rd Street in Hamilton Heights, Northern Manhattan.
