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Successful Sale of 450-464 Ninth Avenue in Hudson Yards, Manhattan
Bob Knakal and his team successfully facilitated the sale of 450-464 Ninth Avenue, a full blockfront development site in the rapidly transforming Hudson Yards neighborhood. Spanning 197 feet along Ninth Avenue between 35th and 36th Streets, the property consisted of multiple buildings with significant air rights, making it a highly sought-after acquisition. The sale closed at $22,000,000, securing strong value for the seller in a competitive market.
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Sale Details
Situated in one of Manhattan’s fastest-growing districts, the property at 450-464 Ninth Avenue attracted significant interest from developers looking to capitalize on the area’s expanding skyline. Bob Knakal’s deep understanding of development potential and air rights played a key role in securing optimal pricing for the site.
- Sale Price: $22,000,000
- Property Type: Development Site
- Sale Date: January 3, 2005
- Building Size: 54,947 SF
- Lot Size: 197’ x 100’
- Price per SF: $400.39
- Stories: 5
Property Details
The property featured a mix of existing low-rise buildings and significant development potential, making it an attractive opportunity for redevelopment. Located in Hudson Yards, one of Manhattan’s most transformative districts, the site’s air rights and prime frontage along Ninth Avenue made it a strategic investment for the buyer.
- Full Address: 450-464 Ninth Avenue, New York, NY 10001
- Property Type: Development Site
- Lot Frontage: 197 feet along Ninth Avenue
- Number of Buildings: 12
Market Strategy and Competitive Positioning
Bob Knakal’s expertise in development transactions was instrumental in highlighting the site’s value. His team’s in-depth analysis of air rights and zoning potential created strong interest among developers, ensuring a highly competitive sales process. This approach ultimately led to a record-setting price for the blockfront site.
Neighborhood Overview
Hudson Yards is known for:
- Its transformation into Manhattan’s premier commercial and residential district.
- Significant infrastructure investments, including new office towers, luxury residences, and retail spaces.
- Proximity to Penn Station, the High Line, and the Javits Center.
- Strong demand for development sites due to ongoing neighborhood expansion.
Conclusion
The sale of 450-464 Ninth Avenue is a testament to Bob Knakal’s deep market knowledge and ability to position development assets for maximum value. By leveraging the site’s air rights and emphasizing its strategic location in Hudson Yards, Bob and his team secured a top-market price, delivering an outstanding result for the seller.
Testimonial
"Because of the development potential of our blockfront, we knew that a broker who understood the existing buildings as well as the air rights would be the best broker for us. Given his track record, Bob Knakal was an easy choice for us. He did an outstanding job getting us the highest possible price. Bob is a great guy and a great Rangers fan!"
— Arnold Gumowitz, AAG Management
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