Closed Sale of Iconic 21 Penn Plaza for $244 Million in Midtown West, Manhattan

Successful Sale of 21 Penn Plaza in Midtown West

Bob Knakal, along with his skilled team, facilitated the sale of 21 Penn Plaza, a prominent office building in Manhattan’s Midtown West neighborhood. The buyer, TIAA-CREF (Teachers Insurance and Annuity Association of America), acquired the 378,457-square-foot property for $244 million, setting a price per square foot of $644.72.

Sale Details

Sale Price: $244,000,000
Seller: Nick Bienstock, Savanna Partners (Institution)
Buyer: TIAA-CREF
Asset Class: Office
Sale Date: November 24, 2014
Neighborhood: Midtown West
Square Footage: 378,457 SF
Price per SF: $644.72

Property Overview

Located at the heart of Midtown West, 21 Penn Plaza is an office asset with proximity to major transit hubs, including Penn Station. With its prime location and large floor plates, the property offered significant appeal to institutional investors looking for stable office assets in a highly desirable market.

Address: 21 Penn Plaza, aka 360-372 West 31st Street, New York, NY 10001
Neighborhood: Midtown West, Manhattan
Borough: Manhattan
Zoning: Office

Market Strategy and Execution

Bob Knakal’s strategy involved identifying unconventional buyers who could see unique value in the property. His team’s deep knowledge of the Midtown West office market and ability to leverage existing relationships ensured that the property garnered significant interest. This led to a competitive sale process that ultimately exceeded expectations.

Neighborhood Overview: Midtown West

Midtown West is one of Manhattan’s most vibrant neighborhoods, offering proximity to:

Penn Station, one of the city’s busiest transit hubs.
Hudson Yards, the new epicenter of modern commercial development.
The High Line, a major attraction enhancing the area’s cultural and real estate appeal.

Conclusion

The sale of 21 Penn Plaza showcases Bob Knakal’s ability to deliver exceptional outcomes for his clients. By leveraging innovative market strategies and tapping into a wide buyer network, Bob and his team exceeded valuation expectations and solidified their reputation as leaders in New York City’s real estate market.

Testimonial

Nick Bienstock of Savanna Partners chose Bob Knakal and his team for their proven track record and ability to maximize value. According to Nick, the decision was based on Bob’s ability to outperform other brokers in valuation and execution.

“After another successful transaction with him in the neighborhood, we decided to give Bob the opportunity to compete for the assignment to sell our office building at 21 Penn Plaza. He and his team gave us a valuation that was tangibly higher than the other brokers we interviewed and also told us that the buyer would not be one of the typical buyers of this type of asset. The buyer did indeed fall into the non-typical category for this type of asset, and the price Bob achieved for us was in excess of his valuation. We are extremely pleased with the quality of the execution we received here.”
– Nick Bienstock, Savanna Partners

‍