Five-Story Midtown East User - Office Building at 16 East 46th Street, NYC Sells for $5.3M

Successful Sale of 16 East 46th Street in Midtown East, Manhattan

Bob Knakal and his team successfully closed the sale of 16 East 46th Street, an office building in Midtown East, Manhattan. The transaction, which closed on August 2, 2004, was completed at a sale price of $5,300,000.

This sale marked an important milestone for the seller, a private family that had owned the property for years. The buyer, Gotham Book Mart, a historic bookstore, sought a permanent location in the heart of Manhattan to continue its legacy. Bob Knakal’s strategic approach helped facilitate the transaction, ensuring the best possible outcome for both parties.

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Sale Details

16 East 46th Street, a five-story office building, offered an ideal space for the buyer’s unique needs. The 9,952-square-foot property provided ample space for operations while benefiting from Midtown East’s prime commercial location.

Sale Price: $5,300,000
Property Type: Office, User
Sale Date: August 2, 2004
Neighborhood: Midtown East, Manhattan
Stories: 5
Total Square Footage: 9,952
Price per SF: $532.56

Property Overview

The property at 16 East 46th Street is a classic Midtown East office building, offering a prime location for commercial use. Its proximity to key business hubs made it an attractive asset, particularly for a buyer seeking long-term ownership.

Bob Knakal’s team recognized the property’s strong potential and positioned it effectively in the market. The sale process involved strategic outreach to potential buyers who could maximize the building’s potential while preserving its commercial function.

Market Strategy and Transaction Approach

Bob Knakal’s team leveraged deep market insights and strategic positioning to attract the right buyer. Given the property’s appeal to users seeking a well-located office space, Bob and his team focused on:

Identifying potential buyers who needed long-term ownership.
Highlighting the property’s unique location and usability.
Ensuring a seamless negotiation process that met both parties’ expectations.

This approach resulted in a successful transaction, meeting the seller’s goals while securing a valuable Midtown East property for Gotham Book Mart.

Neighborhood Overview

Midtown East is a highly sought-after commercial district, offering:

Proximity to Grand Central Terminal: Ideal for business and retail operations.
Vibrant business environment: A prime location for office users.
Strong demand for user properties: Limited supply of office buildings suitable for direct ownership.

The combination of these factors made 16 East 46th Street a prime acquisition opportunity, ultimately leading to a successful transaction.

Conclusion

The sale of 16 East 46th Street demonstrates Bob Knakal’s expertise in connecting the right buyers with the right properties. Through a strategic approach, Bob and his team secured a seamless transaction, ensuring that the historic bookstore found a permanent home while achieving the best outcome for the seller.

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