Five-Story Multifamily Elevator Building at 264 Fifth Avenue in NoMad Sold for $25,500,000

Successful Sale of 264 Fifth Avenue in NoMad, Manhattan

Bob Knakal successfully closed the sale of 264 Fifth Avenue, a five-story, mixed-use elevator building located in the heart of NoMad. The property, spanning 29,750 square feet, presented a prime development opportunity in one of Manhattan’s most sought-after neighborhoods.

The transaction, which closed at $25,500,000, was a significant milestone for the seller. Bob’s strategic guidance, persistence, and deep market knowledge played a crucial role in navigating the complexities of the sale, ensuring an optimal outcome.

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Sale Details

The property at 264 Fifth Avenue offered a rare development opportunity, attracting significant interest from buyers. The final sale price of $25.5 million reflected the strong demand for well-located assets in NoMad, an area known for its rapid growth and high-end development projects.

Sale Price: $25,500,000
Property Type: Development, Multifamily – Elevator
Sale Date: January 5, 2015
Building Details: 5 stories, 29,750 SF
Lot Size: 29 x 100

Property Details

264 Fifth Avenue stood as a well-maintained, five-story elevator building with mixed-use potential. The property's scale and location positioned it as a prime candidate for redevelopment or repositioning.

Its Fifth Avenue frontage provided excellent visibility, while its size and zoning made it an attractive investment for developers looking to capitalize on NoMad’s thriving commercial and residential market.

Full Address: 264 Fifth Avenue, New York, NY 10001
Neighborhood: NoMad
Building Size: 29,750 SF
Stories: 5
Units: 20
Price per SF: $857.14

Market Strategy and Competitive Positioning

Bob’s approach to marketing 264 Fifth Avenue emphasized its redevelopment potential and prime location. His team strategically positioned the property in front of top-tier developers, ensuring it reached buyers capable of maximizing its value.

The NoMad real estate market's competitive nature meant strong demand from developers and investors looking to capitalize on the neighborhood’s evolution. By leveraging his deep market insights, Bob facilitated a seamless transaction that maximized value for the seller.

Neighborhood Overview

NoMad is one of Manhattan’s most dynamic neighborhoods, offering:

Prime location near Madison Square Park, Flatiron, and Midtown.
Thriving development scene with high-end residential and commercial projects.
Strong demand from investors due to its increasing desirability and accessibility.

264 Fifth Avenue’s sale attracted attention due to:

Strategic location on Fifth Avenue, ensuring strong long-term value.
Mixed-use potential, appealing to both developers and investors.
Continued growth in NoMad, reinforcing the area’s strong real estate fundamentals.

Conclusion

The successful sale of 264 Fifth Avenue underscores Bob Knakal’s ability to navigate high-value transactions in Manhattan’s most competitive markets. His expertise, persistence, and market knowledge helped secure the best possible terms for the seller.

Testimonial

“Bob Knakal led us brilliantly through the sales process. Thank you for your patience with us and persistence with the buyers. You achieved a spectacular result for us, and our family is very grateful for all of your hard work.”
— Fatima Naqvi

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