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Successful Sale of 34-36 West 38th Street in the Garment District, Manhattan
Bob Knakal successfully arranged the $19,250,000 sale of 34-36 West 38th Street, a highly desirable development site in Manhattan’s Garment District. Located mid-block between Fifth and Sixth Avenues, the property offered 53,008 buildable square feet and a rare opportunity for ground-up construction in one of Midtown’s most central and transforming locations.
Bob’s strategic market positioning and active advisory resulted in a strong outcome for the seller, a developer looking to capitalize on the site's potential amid a wave of nearby hotel, office, and mixed-use developments.
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Sale Details
This prime development opportunity attracted wide interest due to its mid-block location in the core of Midtown Manhattan. The site sold on May 15, 2017, for $19,250,000—or approximately $363 per buildable square foot. Bob’s experience with zoning potential and his network of qualified developers helped drive the competitive bidding process.
- Sale Price: $19,250,000
- Buyer: Joginder Sharma, Onboard Hospitality
- Seller: William Obeid
- Seller Type: Developer
- Asset Class: Development
- Lot Size: 6,616 SF
- Buildable SF: 53,008
- Price per BSF: $363.15
- Date Closed: May 15, 2017
Property Details
The property consisted of two adjacent lots with significant development potential. Situated on West 38th Street just off Sixth Avenue, the 6,616-square-foot site was zoned for high-density commercial or hospitality use. With 53,008 buildable square feet, the site presented a rare infill opportunity in an area already undergoing major redevelopment.
- Address: 34-36 West 38th Street, New York, NY 10018
- Buildings: 2
- Stories: Currently none – sold as land
- Zoning: Development Site
- Buildable Square Footage: 53,008
- Lot Size: 6,616 SF
Strategy: Targeting Hospitality and Mixed-Use Developers
Given the property’s zoning and central Midtown location, Bob Knakal tailored his marketing to highlight its potential for hotel, office, or mixed-use development. The campaign reached both domestic and international investors actively pursuing development sites in Manhattan.
Key components of the strategy included:
- Detailed zoning analysis to confirm highest and best use
- Highlighting proximity to Bryant Park, Times Square, and Penn Station
- Targeted outreach to hotel and hospitality developers
By framing the site as a turnkey development opportunity within the city’s fast-evolving Garment District, Bob’s team generated strong interest and guided the deal to a successful close.
Neighborhood Overview
The Garment District, once dominated by manufacturing and textile uses, has been rapidly transforming with new investment in hotels, mixed-use projects, and creative office spaces. 34-36 West 38th Street benefits from:
- Proximity to major Midtown landmarks:
- Bryant Park
- Herald Square
- Times Square
- Convenient access to transit:
- Penn Station
- Grand Central Terminal
- Port Authority
- Emerging commercial landscape:
- Increasing demand for boutique office and hotel developments
- Ongoing zoning updates supporting mixed-use investment
Conclusion
The $19.25M sale of 34-36 West 38th Street underscores Bob Knakal’s continued success in Manhattan’s development market. Through data-backed positioning and a sharp understanding of buyer demand, Bob and his team were able to deliver top value for the client and unlock one of the Garment District’s premier development sites.
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