Successful Sale of 120-122 Water Street in Manhattan’s Financial District
Bob Knakal and his team orchestrated the sale of 120-122 Water Street, a two-building development assemblage in the heart of the Financial District (FiDi). Closed on April 11, 2014, the transaction achieved a final sale price of $19,950,000, reflecting a strong $417.25 per buildable square foot across 47,813 BSF.
Representing seller Ira Lifshutz of New Air Realty, Bob executed a strategic marketing campaign that attracted interest from a range of qualified developers. The buyer, prolific hotel developer Sam Chang, ultimately secured the site, recognizing its value and location in one of Manhattan’s most rapidly evolving neighborhoods.
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Sale Details
This rare development opportunity consisted of two adjacent buildings on a midblock lot, offering an assemblage with substantial air rights. With over 47,000 buildable square feet, 12 residential units, and flexible zoning, the property was primed for hotel, residential, or mixed-use development.
Sale Price: $19,950,000
Buyer: Sam Chang
Seller: Ira Lifshutz (New Air Realty)
Property Type: Development
Date Closed: April 11, 2014
Address: 120-122 Water Street, New York, NY 10005
Buildings on Lot: 2
Units: 12
Buildable Square Footage (BSF): 47,813
Price per BSF: $417.25
Property Characteristics
The assemblage at 120-122 Water Street presented a unique opportunity in FiDi’s east side corridor, an area known for its hotel conversions and rapid residential growth. With 12 existing units and generous air rights, the site held potential for ground-up development or redevelopment.
Its location just steps from Wall Street, the East River waterfront, and multiple transit options made it especially appealing to hospitality and residential developers targeting downtown Manhattan.
The Client’s Experience
Seller Ira Lifshutz had a clear vision for maximizing the value of this property. He turned to Bob Knakal and his team for their unparalleled track record in downtown Manhattan development sales.
Bob’s team implemented a targeted outreach strategy, leveraging their network of active developers and investors. Their efforts led to a competitive bidding environment and ultimately to a deal that exceeded expectations in both price and terms.
Market Strategy and Buyer Targeting
To attract the right buyer, Bob highlighted the site’s potential for hotel use, aligning with the area’s rapid hospitality expansion. His team emphasized the zoning advantages and buildable potential, tailoring marketing materials for users with active downtown development portfolios.
Sam Chang, known for his extensive hotel development projects, quickly recognized the assemblage’s value and acted decisively, allowing for a swift and efficient close.
Neighborhood Overview
The Financial District (FiDi) has become a magnet for development due to:
- Proximity to Wall Street, Fulton Center, and the World Trade Center
- Strong infrastructure and transit connectivity (2, 3, 4, 5, J, Z trains)
- Rapid growth in residential and hospitality demand
- Access to the East River Esplanade and Battery Park
- High-rise skyline and historic architectural context
Conclusion
The $19.95 million sale of 120-122 Water Street demonstrates the impact of expert advisory, precise positioning, and strong market knowledge. Bob Knakal’s ability to connect the right buyer with the right opportunity led to a swift and successful outcome for the seller.
Testimonial
“When it comes to development site sales, it’s tough to top Bob Knakal and his team. They did a great job for us on the sale of 120-122 Water Street. We highly recommend Bob and his team.”
— Ira Lifshutz, New Air Realty
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