Ground Lease Development Site in NoHo NYC at Bond and Lafayette Streets Sells for $60 Million

Successful Sale of 10-12 Bond Street in NoHo, Manhattan

Bob Knakal and his team successfully completed the sale of 10-12 Bond Street, a prime development site and ground lease property owned by Frank Shahary. The transaction closed on April 30, 2003, for an impressive $60,000,000, making it one of the standout deals in the NoHo neighborhood.

The deal was secured with Scott Schnay and Joe Chetrit as the buyers, reflecting the high demand for prime development opportunities in Manhattan. Bob’s expertise and strategic marketing ensured the seller achieved the best possible outcome in a competitive market.

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Sale Details

The sale of 10-12 Bond Street highlighted Bob Knakal’s ability to navigate complex transactions and maximize value for his clients. The $60 million sale price set a benchmark in the NoHo market.

Sale Price: $60,000,000
Seller: Frank Shahary
Buyer: Scott Schnay, Joe Chetrit
Seller Type: Property Owner
Property Type: Development, Ground Lease
Sale Date: April 30, 2003

Property Details

Located in the highly desirable NoHo neighborhood of Manhattan, 10-12 Bond Street offered a unique development opportunity. The site included two buildings with a total size of 19,150 SF, making it a prime asset for redevelopment.

Full Address: 10-12 Bond Street, New York, NY
Zoning: Development, Ground Lease
Property Type: Development Site, Ground Lease
Buildings on Lot: 2
SF/BSF: 19,150
Price per SF/BSF: $3,133.16

The Client: A Property Owner Seeking Strategic Expertise

Frank Shahary, the property owner of 10-12 Bond Street, turned to Bob Knakal for his renowned expertise in high-value sales. Bob’s deep understanding of the Manhattan market, combined with his strategic approach, enabled Frank to achieve a record-breaking price for the property.

Bob’s ability to leverage market conditions and attract competitive offers resulted in an outcome that exceeded the seller’s expectations.

Market Strategy and Leverage

Bob Knakal’s marketing efforts targeted developers and investors eager to secure prime development sites in NoHo. By highlighting the site’s location and potential for redevelopment, Bob generated significant interest, creating a competitive environment that drove up the final sale price.

Neighborhood Overview

NoHo is one of Manhattan’s most vibrant and sought-after neighborhoods, offering a mix of cultural, retail, and residential appeal.

Proximity to major attractions like Washington Square Park and Astor Place
Known for its historic architecture and trendy atmosphere
High demand for development sites due to limited inventory
Thriving cultural and retail scenes

Conclusion

The sale of 10-12 Bond Street is a testament to Bob Knakal’s ability to deliver exceptional results for his clients. By combining market knowledge, strategic marketing, and strong negotiation skills, Bob achieved a record-breaking sale price for the property owner.