Successful Sale of the 53rd & Madison Portfolio in Midtown East, Manhattan
Bob Knakal and his team successfully closed the sale of the 53rd & Madison Portfolio, a development site located in Midtown East, Manhattan. This collection of five buildings was owned by a private family represented by John Samuelson and Fred Hill. The sale to Macklowe Properties was finalized on February 1, 2006, for $72,418,000.
The transaction marked a significant milestone for the sellers, who benefited from Bob’s strategic market positioning and long-standing relationships in the real estate industry. His approach ensured the sellers achieved maximum value and favorable terms in a highly competitive market.
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Sale Details
The 53rd & Madison Portfolio, consisting of five contiguous properties, presented an unparalleled development opportunity in Midtown East. Bob Knakal’s strategic outreach and thorough understanding of the local market helped secure an offer with improved terms, resulting in a sale price of $72.42 million.
Key Details:
- Sale Price: $72,418,000
- Seller: John Samuelson, Fred Hill, Private Family (HNW)
- Buyer: Macklowe Properties
- Asset Class: Multifamily Development, Portfolio
- Sale Date: February 1, 2006
- Neighborhood: Midtown East, Manhattan
- Total Size: 250,000 SF/BSF
- Price per SF/BSF: $289.67
Property Details
The portfolio, located at the intersection of 53rd Street and Madison Avenue, consisted of five original buildings that have since been demolished to pave the way for the development of 510 Madison Avenue. The site’s prime location attracted interest from top-tier developers due to its potential for a large-scale commercial or mixed-use project.
Portfolio Addresses:
- 14 East 53rd Street
- 18 East 53rd Street
- 20 East 53rd Street
- 22 East 53rd Street
Market Strategy and Results
Bob Knakal’s market strategy focused on leveraging the property’s prime location and development potential to attract competitive offers. By highlighting the portfolio’s value and reaching out to key developers, including Macklowe Properties, Bob was able to create a competitive bidding environment that resulted in favorable terms for the sellers.
Key Highlights:
- Strategically positioned the property as a premier development site.
- Reached out to top developers to maximize competition.
- Negotiated a deal with a 90-day closing period, securing both value and speed for the sellers.
Neighborhood Overview
Midtown East is a highly sought-after area in Manhattan, known for its vibrant commercial environment and world-class amenities. Key features include:
- Proximity to landmarks such as Rockefeller Center, Grand Central Terminal, and the United Nations Headquarters.
- High demand for commercial and mixed-use development sites.
- Strong retail presence with luxury brands and restaurants lining Madison Avenue.
- Excellent transportation options, including access to major subway lines and bus routes.
Conclusion
The sale of the 53rd & Madison Portfolio underscores Bob Knakal’s ability to build strong relationships with his clients and leverage market insights to achieve superior outcomes. By employing a data-driven approach and maintaining constant communication with the sellers, Bob successfully secured a competitive offer that reflected the true value of the property.
Testimonial
“We have enjoyed a long and mutually beneficial relationship with Bob Knakal and his team. They did a great job for us.”
– John Samuelson, Braus & Co
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