Successful Sale of 150 East 45th Street in Midtown East, Manhattan
Bob Knakal successfully closed the sale of 150 East 45th Street, a seven-story office building previously occupied by the Children’s Aid Society. The sale price was $39,500,000, a remarkable achievement for the seller. The property, located just steps from Grand Central Terminal, offered an ideal opportunity for the buyer, Habib American Bank, to acquire a highly sought-after office space in one of Manhattan's premier neighborhoods.
The sale was completed on March 13, 2020, with strategic guidance from Bob, who worked to ensure favorable terms for the Children’s Aid Society. The deal was an excellent outcome, securing both a competitive price and a smooth transaction process.
Sale Details
The final sale price was $39,500,000, with the property being sold to Habib American Bank. The property consisted of approximately 40,000 rentable square feet and had 75 feet of street frontage. Located in the heart of Midtown East, the building was positioned to attract significant interest due to its proximity to Grand Central Terminal. Bob's strategic guidance ensured the best outcome for the seller.
- Sale Price: $39,500,000
- Seller: Children’s Aid Society (Non-Profit)
- Buyer: Habib American Bank
- Property Type: Office, User
- Sale Date: March 13, 2020
- Address: 150 East 45th Street, New York, NY 10017
- Building Size: 39,487 SF
- Lot Size: 7,535 SF
- Price per SF: $1,000.33
Property Details
The property at 150 East 45th Street is a prime office building located in Midtown East, just steps away from Grand Central Terminal. It was originally home to The Children’s Aid Society and is a seven-story structure with 75 feet of street frontage. The building offers approximately 40,000 rentable square feet, making it a highly desirable location for businesses in Manhattan.
- Full Address: 150 East 45th Street, New York, NY 10017
- Zoning: Office, User
- Building Type: Office Building
- Building Size: 39,487 SF
- Street Frontage: 75 feet
- Lot Size: 7,535 SF
The Client: A Non-Profit Organization Seeking Real Estate Guidance
The Children’s Aid Society had occupied the building for many years and had established a strong relationship with Bob Knakal. When it came time to sell the property, the Children’s Aid Society turned to Bob for his expertise in navigating the real estate market. Bob’s knowledge of the Midtown East neighborhood and his long-standing relationship with the organization helped secure a competitive deal.
The sale of this property was crucial for the Children’s Aid Society as they moved forward with their mission, and Bob’s assistance made it a smooth and successful transition.
Market Strategy and Leverage
Bob’s strategy focused on the building’s prime location in Midtown East, just steps from Grand Central Terminal. The market for office space in this area was strong, and Bob utilized his connections and market knowledge to secure the best possible outcome for the seller. By highlighting the building's proximity to major transportation hubs, he was able to attract significant interest and ensure a successful transaction.
Neighborhood Overview
- Proximity to Major Transit Hubs: Steps from Grand Central Terminal
- Commercial Appeal: Midtown East is home to many prestigious office buildings and businesses
- Convenient Location: Ideal for businesses seeking easy access to Manhattan’s business district and transportation options
Conclusion
The sale of 150 East 45th Street is a testament to Bob Knakal’s ability to leverage his market expertise and long-term relationships to maximize value for his clients. By understanding the nuances of the Midtown East market and executing a strategic plan, Bob was able to secure the best possible deal for the Children’s Aid Society.
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