Commercial Use Development Site at 140-142 Fulton Street in Manhattan’s Financial District for $41,000,000

Successful Sale of 140-142 Fulton Street in Manhattan’s Financial District

Bob Knakal and his team successfully closed the sale of 140-142 Fulton Street, a premier development site located in the Financial District of Manhattan. The property was sold for $41,000,000, marking a significant milestone in one of the city’s most sought-after commercial neighborhoods.

The sale showcased Bob Knakal’s strategic ability to navigate Manhattan’s dynamic real estate market, securing an exceptional outcome for the seller by leveraging competitive market conditions and maximizing the site’s potential value.

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Sale Details

The transaction involved an optimized offer of $41 million with terms that aligned with the seller’s goals. The property, located at the corner of Fulton Street, offered high development potential with a buildable square footage of 84,100 SF.

Sale Price: $41,000,000
Property Type: Development Site
Date Closed: October 17, 2018
Lot Size: 2,898 SF
Zoning: Development Potential, FiDi Commercial Use

This corner site was strategically located in the Financial District, one of Manhattan’s busiest areas for development opportunities, particularly due to its proximity to major transportation hubs and business centers.

Property Details

The development site at 140-142 Fulton Street is a standout in its neighborhood due to its high buildable square footage and desirable location. Situated in the heart of the Financial District, the site offers:

Building Size: 84,100 SF of buildable square footage.
Prime Location: Close proximity to public transportation and iconic landmarks.
Lot Characteristics: Positioned on a corner, maximizing visibility and accessibility.

Market Strategy and Execution

Bob Knakal and his team employed a targeted marketing strategy to position the property as an unparalleled opportunity in the Financial District. By leveraging their network and deep market expertise, the team attracted interest from qualified buyers with strong development capabilities.

The competitive bidding environment allowed the seller to achieve a higher price per square foot than initially anticipated, reflecting the demand for prime development opportunities in the neighborhood.

Neighborhood Overview

The Financial District, often referred to as FiDi, is one of Manhattan’s most active areas for commercial and mixed-use developments.

Iconic Landmarks: Steps from the World Trade Center, Fulton Center, and Battery Park.
Transportation Accessibility: Serviced by multiple subway lines, PATH trains, and ferry connections.
Commercial Appeal: High demand for new office, retail, and residential developments.

Conclusion

The sale of 140-142 Fulton Street is a testament to Bob Knakal’s strategic expertise and ability to maximize property value. His approach ensured that the seller achieved the best possible outcome, securing competitive terms in a fast-paced market.