72,000 SF Residential Development Site Sells for $30M at 948-952 Second Avenue in Midtown East

Successful Sale of 948-952 Second Avenue in Midtown East, Manhattan

Bob Knakal and his team successfully closed the sale of 948-952 Second Avenue, a prime development site in Midtown East. The two-lot assemblage, which included four buildings, presented a significant opportunity for redevelopment in one of Manhattan’s most active commercial corridors.

The sale price of $30,000,000 highlighted the strong demand for development sites in the area. Bob’s deep market knowledge and strategic positioning played a key role in maximizing value for the seller and ensuring an efficient transaction.

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Sale Details

The transaction was finalized on September 19, 2006, with a final price of $30 million. The property’s development potential, coupled with Bob’s extensive outreach, resulted in a competitive bidding process that helped secure optimal terms for the seller.

Sale Price: $30,000,000
Property Type: Development Site
Asset Class: Development
Buildings/Lots: 4 buildings across 2 lots
Total Buildable SF: 71,832
Price per SF: $417.64
Sale Date: September 19, 2006
Neighborhood: Midtown East, Manhattan

Property Details

Situated in Midtown East, 948-952 Second Avenue consisted of four buildings across two combined lots. The properties offered 71,832 buildable square feet, making them a prime candidate for redevelopment.

Full Address: 948-952 Second Avenue, New York, NY 10022
Building Characteristics: Four existing structures across two lots
Zoning: Development
Stories: Multiple low-rise buildings with redevelopment potential
Lot Configuration: 40 x 70 and 20 x 70 parcels

The site’s location, just blocks from major transportation hubs and commercial corridors, made it highly attractive to developers seeking new projects in Midtown East.

Market Strategy and Competitive Advantage

Bob Knakal and his team applied a strategic marketing approach to position the site effectively:

Conducted extensive outreach to developers and investors specializing in Midtown East properties.
Positioned the site as a rare opportunity for large-scale redevelopment in a sought-after commercial district.
Leveraged competitive interest to maximize pricing and secure the best terms for the seller.

Neighborhood Overview

Midtown East is a prime destination for real estate investment due to its accessibility and long-term growth potential.

Proximity to Major Landmarks:
- Near Grand Central Terminal
- Close to the United Nations Headquarters
- Walking distance to major office towers and hotels
Strong Development Demand:
- High interest in mixed-use and residential developments
- Favorable zoning for large-scale projects
Vibrant Commercial Corridor:
- Thriving retail, dining, and hospitality scene
- Well-connected by multiple subway lines and transit options

Conclusion

The sale of 948-952 Second Avenue underscores Bob Knakal’s expertise in navigating complex transactions and securing the best outcomes for development properties. Through strategic marketing, extensive industry relationships, and market intelligence, Bob and his team successfully positioned the site for a $30 million sale, highlighting the continued strength of Midtown East as a premier location for real estate investment.

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