Development Site Across Hudson Yards Redevelopment Sold for $43,500,000 at 356-366 Tenth Avenue

Successful Sale of 356-366 Tenth Avenue, Hudson Yards

Bob Knakal and his team successfully closed the sale of 356-366 Tenth Avenue, a 560,000 buildable square-foot development site located across from the proposed Hudson Yards redevelopment. The property, situated on the eastern blockfront of Tenth Avenue between West 30th and 31st Streets, sold for $43,500,000 in June 2011, marking the largest development site sale in New York City that year.

Development Site Sales - For the complete list click here Development Sites

Sale Details

The sale of 356-366 Tenth Avenue demonstrates Bob Knakal’s strategic market approach, which addressed the challenges of a high price point and neighborhood development concerns. The team leveraged cutting-edge marketing techniques, including aerial photography and virtual presentations, to showcase the site’s potential and maximize buyer interest.

Sale Price: $43,500,000
Seller Type: Institutional, Bank
Asset Class: Development Site
Sale Date: June 8, 2011
Buildable Square Footage: 560,000
Price Per SF: $77.68
Location: Eastern blockfront of Tenth Avenue between West 30th and 31st Streets

Property Highlights

356-366 Tenth Avenue was a vacant lot with a prime location directly across from the proposed Hudson Yards redevelopment. The site offered extraordinary development potential, including:

Panoramic 360-degree views of Manhattan upon completion of future development.
Proximity to Hudson Yards, a transformative project expected to redefine the neighborhood.
A unique opportunity for developers willing to invest in a long-term vision for the area.

Despite these advantages, the lack of immediate neighborhood amenities, particularly transportation, presented challenges in securing a buyer.

Neighborhood Overview

Hudson Yards, Manhattan is a burgeoning neighborhood characterized by:

Proximity to High Line Park, a major tourist and local attraction.
Access to Hudson Yards Redevelopment, one of New York City’s largest and most ambitious projects.
Significant commercial and residential demand, fueled by anticipated improvements in transportation and amenities.

Overcoming Challenges

Bob Knakal and his team faced the task of identifying a buyer willing to land-bank the site for future development while overcoming seller-imposed constraints, such as avoiding a binding closing contract.

To tackle these challenges, the team:

Hired a professional aerial photography company to capture the site’s unique views at varying heights.
Integrated the visuals into a virtual format to enhance the offering memorandum.
Strategically timed the release of marketing materials to maximize buyer engagement.

Results

In just 30 days of marketing and under 60 days from launch to closing, Bob Knakal’s team achieved remarkable results:

Secured a sale price of $43.5 million, exceeding expectations for a challenging property.
Delivered the largest development site sale in New York City for 2011.

Conclusion

The sale of 356-366 Tenth Avenue underscores Bob Knakal’s ability to craft innovative strategies and deliver exceptional results, even for complex transactions. By combining market knowledge, advanced marketing techniques, and strategic planning, Bob and his team achieved outstanding success for their client.

Testimonial

“Bob Knakal and his team did everything they said they would do and more to produce an outstanding result for us.”
– Haejin Baek, Managing Director, Head of Commercial Real Estate Capital Markets, Barclays Capital