Commercial Office Building at 373 Fifth Avenue in Murray Hill NYC Sold for $9.5M

Successful Sale of 373 Fifth Avenue in Murray Hill, Manhattan

Bob Knakal and his team successfully arranged the sale of 373 Fifth Avenue, a well-located office building in the heart of Murray Hill, Manhattan. The property, a 19,036-square-foot commercial asset, was sold for $9,500,000 on April 29, 2005.

Positioned along Fifth Avenue, the building attracted strong interest due to its prime location and accessibility. Bob’s strategic approach ensured the best possible outcome for the seller by leveraging market conditions and negotiating favorable terms.

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Sale Details

The sale of 373 Fifth Avenue closed on April 29, 2005, for $9.5 million, reflecting a price of $499 per square foot. The property’s central location and strong fundamentals made it an attractive investment.

Sale Price: $9,500,000
Closing Date: April 29, 2005
Property Type: Commercial, Office
Building Size: 19,036 SF
Price per SF: $499.05
Neighborhood: Murray Hill, Manhattan

Property Overview

373 Fifth Avenue is a mid-rise commercial office building offering approximately 19,036 square feet of space. Situated in the highly trafficked Fifth Avenue corridor, the property benefited from excellent visibility and proximity to key business districts.

The building's location in Murray Hill, known for its mix of office buildings and retail spaces, positioned it as a prime asset for long-term investment. Its accessibility to major transportation hubs and surrounding businesses further enhanced its appeal.

Market Strategy and Competitive Positioning

Bob Knakal’s approach focused on highlighting the property’s prime location and strong market fundamentals. The team strategically marketed the asset to investors seeking well-positioned office buildings in Manhattan.

Key aspects of the strategy included:

Targeting active office investors: Emphasizing the property’s potential for stable income and long-term appreciation.
Highlighting Fifth Avenue location: A major commercial corridor attracting businesses and retailers.
Showcasing development potential: The flexibility of the asset for repositioning or long-term investment.

Neighborhood Overview

Murray Hill is a dynamic Manhattan neighborhood offering a blend of residential, commercial, and retail properties. The area is known for:

Proximity to Grand Central Terminal – A key transportation hub connecting to Metro-North and subway lines.
Fifth Avenue retail corridor – A highly sought-after location for office and retail tenants.
Strong office demand – Consistent leasing activity among professional services and corporate offices.
Historic charm and modern appeal – A mix of pre-war buildings and contemporary developments.

Conclusion

The successful sale of 373 Fifth Avenue reflects Bob Knakal’s expertise in navigating the competitive Manhattan office market. By leveraging market insights and strategic positioning, the transaction maximized value for the seller and secured a strong investment for the buyer.

Bob’s ability to understand market trends and create a competitive sales process ensured the best possible outcome, further solidifying his track record in the New York City commercial real estate sector.

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