Successful Sale of 330-342 West 38th Street in Midtown West, Manhattan
Bob Knakal and his team successfully closed the sale of 330-342 West 38th Street, a prominent mixed-use property located in Manhattan’s Midtown West. The sale, finalized on August 23, 2006, secured a price of $51,000,000 for the seller, Coast Equities LLC, a high-net-worth developer led by Mark M. Altschul.
Marc Bengualid, the buyer, acquired the property, which spans a total buildable square footage of 180,064. Bob Knakal’s strategic insights and market expertise helped ensure a seamless transaction, delivering exceptional results for all parties involved.
Sale Details
The property at 330-342 West 38th Street was a prime commercial asset that attracted significant attention from investors in the competitive Midtown West market.
- Sale Price: $51,000,000
- Seller: Coast Equities LLC (Mark M. Altschul)
- Buyer: Marc Bengualid
- Property Type: Commercial, Mixed-Use
- Sale Date: August 23, 2006
Bob Knakal’s team was instrumental in structuring favorable terms for the seller. This included a competitive price of $283.23 per square foot for the property’s 180,064 buildable square footage.
Property Details
- Address: 330-342 West 38th Street, New York, NY 10018
- Neighborhood: Midtown West, Manhattan Near Times Square
- Zoning: Commercial, Mixed-Use
- Units: 72
The property’s central location in Midtown West made it a coveted asset, surrounded by vibrant commercial and retail developments.
Market Strategy and Insights
Bob Knakal and his team utilized a multi-pronged approach to market the property effectively:
- Reaching out to active investors in the Midtown West market to create competitive demand.
- Emphasizing the property’s potential for redevelopment or continued use as a mixed-use asset.
- Highlighting the strong demand for commercial spaces in Manhattan’s business districts.
This strategy resulted in an expedited transaction process and a favorable price point for the seller.
Neighborhood Overview
Midtown West, a thriving area in Manhattan, is highly sought after due to its:
- Proximity to Landmarks: Located near Times Square, Hudson Yards, and Penn Station.
- Vibrant Commercial Environment: Known for its dynamic retail, office, and entertainment spaces.
- Development Potential: Continues to attract investors seeking mixed-use and commercial opportunities.
Conclusion
The sale of 330-342 West 38th Street exemplifies Bob Knakal’s ability to deliver value for his clients through strategic planning and unmatched market expertise. Coast Equities LLC benefited from Bob’s deep understanding of the Midtown West market, securing an optimal price and favorable terms for this marquee property.
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