First-Time Sale of Off Park Conversion Office Portfolio in Midtown East, NYC for $15.5 Million

Successful Sale of the Off Park Office Portfolio in Midtown East, Manhattan

Bob Knakal and his team successfully closed the sale of the Off Park Portfolio, a four-building office and conversion portfolio located in Midtown East. The seller, Ancla Investments led by Raymond Surgay, decided to work with Bob Knakal’s team after realizing the potential of maximizing value in the Midtown East market.

The sale price was $15,500,000, far surpassing initial expectations and providing a solid return for the seller. Bob’s strategic approach and market knowledge were crucial in securing this impressive sale price.

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Sale Details

The Off Park Portfolio, consisting of four buildings, was offered to the market with a unique opportunity for conversion and office use. With a total square footage of 33,894, the portfolio attracted significant interest due to its prime Midtown East location. Bob Knakal’s ability to navigate negotiations with TIAA-CREF (Teachers Insurance and Annuity Association of America) led to a successful deal with favorable terms.

Sale Price: $15,500,000
Seller: Ancla Investments (Raymond Surgay)
Buyer: TIAA-CREF (Teachers Insurance and Annuity Association of America)
Property Type: Conversion, Office, Portfolio, User
Sale Date: March 13, 2001
Location: Midtown East, Manhattan
Building Details: 4 Buildings
Total Square Footage: 33,894 SF
Price per SF: $457.31

Property Details

The Off Park Portfolio consists of four buildings at the following addresses:

119 East 54th Street (1309-7)
121 East 54th Street (1309-107)
116-118 East 55th Street (1309-65)
120 East 55th Street (1309-64)

The properties presented an exceptional opportunity for conversion into office space, which was a significant draw for the buyer. The Midtown East location added substantial value, offering access to key landmarks and a high demand for office space.

Market Strategy and Leverage

Bob Knakal’s team approached the sale with a clear market strategy, leveraging the portfolio’s potential and navigating through the complexities of the conversion and office sectors. Their ability to assess market trends and negotiate with institutional buyers such as TIAA-CREF helped secure the best deal for Ancla Investments.

Neighborhood Overview

Located in the heart of Midtown East, Manhattan, one of New York City's most sought-after commercial neighborhoods.
Strong demand for office spaces and conversion opportunities.
Close proximity to iconic landmarks such as the Chrysler Building and Grand Central Station.
Well-connected by public transportation with easy access to subway lines and bus routes.

Conclusion

The successful sale of the Off Park Portfolio highlights Bob Knakal’s exceptional market knowledge and negotiation skills. His ability to provide guidance and maximize value for sellers, particularly in the competitive Midtown East market, played a pivotal role in securing a favorable outcome. This sale further demonstrates Bob's track record of delivering impressive results for his clients.

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