Successful Sale of 326-328 West 36th Street and 321-325 West 35th Street in the Garment District, Manhattan
Bob Knakal successfully closed the sale of a multigenerational parking property portfolio, including the development site located at 326-328 West 36th Street and 321-325 West 35th Street in Manhattan’s Garment District.
The site, which spanned both 35th and 36th Streets, was sold for $33,500,000 as part of a larger portfolio of parking assets owned by the Waxman and Feirstein families.
The deal highlights Bob’s ability to navigate market cycles and maximize value for long-term property owners.
Sale Details
The sale of the development site at 326-328 West 36th Street and 321-325 West 35th Street closed on January 16, 2013, for $33,500,000.
This deal was part of a larger portfolio sale that ultimately exceeded $120 million in total value, showcasing Bob Knakal’s ability to guide clients through challenging market conditions and deliver outstanding results.
Sale Price: $33,500,000
Seller: Waxman and Feirstein Families (Amon Partners)
Buyer: Confidential Hotel Developer
Seller Type: Multigenerational Family Portfolio
Property Type: Development, Garage, Industrial
Sale Date: January 16, 2013
Property Details
The development site created a block-through lot, with two lots on West 35th Street offering 52 feet of frontage and one lot on West 36th Street with 83 feet of frontage.
The total site offered approximately 164,000 buildable square feet, making it a prime development opportunity for commercial use, particularly for hotel developers due to its location in Midtown Manhattan.
Full Address: 326-328 West 36th Street and 321-325 West 35th Street, New York, NY 10018
Zoning: Commercial, Development, Garage, Industrial
Property Type: Development Site
Buildable Square Footage: 164,000 square feet
Sale Price: $33,500,000
Multigenerational Portfolio: Timing the Market
The Waxman and Feirstein families had amassed a significant portfolio of parking properties over several decades. In 2008, as the Great Financial Crisis (GFC) began to take hold, the families approached Bob Knakal to assess the value of their portfolio, which included properties across Midtown, Chelsea, and the Garment District. At the time, the parking assets were worth more for their revenue-generating potential than for their land value.
Despite the declining market conditions in 2008, Bob advised the families to hold onto the assets until the market improved, which they agreed to do. Over the following years, Bob kept in regular contact with the families, providing updates as the market began to recover.
When the time was right, Bob re-evaluated the properties and recommended selling them as the market had rebounded. The families retained Bob to sell the entire portfolio.
Market Strategy and Results
The properties at 326-328 West 36th Street and 321-325 West 35th Street created a block-through site that was zoned for commercial use only, making it a suitable candidate for hotel development.
Given the size of the site and the relatively small floor plates, Bob and his team targeted hotel developers as the primary buyers.
A competitive bidding war ensued between three hotel developers, resulting in a final sale price of $33,500,000 for the block-through site.
The successful execution of this transaction, along with the sale of the other properties in the portfolio, generated over $120 million for the Waxman and Feirstein families.
Neighborhood Overview
The Garment District has undergone significant growth and transformation over the past two decades.
Key factors driving interest:
- Prime location for new developments, especially in the hospitality sector.
- Proximity to Midtown Manhattan, Penn Station, and key transportation hubs.
Sale of 326-328 West 36th Street and 321-325 West 35th Street:
- Block-through sites demonstrate high demand for development opportunities.
- Reflects the neighborhood's continued appeal to developers.
Conclusion
The sale of 326-328 West 36th Street and 321-325 West 35th Street exemplifies Bob Knakal’s ability to manage large, multigenerational portfolios and time the market for maximum value.
His strategic guidance, long-term relationship building, and deep understanding of New York City’s commercial real estate market allowed the Waxman and Feirstein families to capitalize on their assets at the optimal moment.
Testimonial
"Bob Knakal and his team did an outstanding job selling our entire parking property portfolio. The execution was terrific and the results were spectacular!"
– Mike Feirstein, Amon Partners
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