High-Rise Hotel Development Opportunity at 292 Fifth Avenue in NoMad Sold for $42.42 Million

Successful Sale of 292 Fifth Avenue in NoMad, Manhattan

Bob Knakal and his team successfully arranged the sale of 292 Fifth Avenue, a high-profile development site in the heart of NoMad, Manhattan. The transaction, which closed on March 29, 2017, achieved a sale price of $42,420,000. The site, known for its prime location along Fifth Avenue, attracted strong interest from developers due to its as-of-right potential and its positioning within one of Manhattan’s most sought-after neighborhoods.

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Sale Details

The sale of 292 Fifth Avenue exemplifies Bob Knakal’s expertise in navigating competitive bidding environments to secure the best possible terms for his clients. The property, a 5,769-square-foot lot, offered 69,223 buildable square feet, making it an attractive opportunity for large-scale development. The buyer, an active developer in the hospitality sector, recognized the site’s potential and moved forward with the acquisition at a price of $612.80 per buildable square foot.

Sale Price: $42,420,000
Date Closed: March 29, 2017
Property Type: Development Site
Lot Size: 5,769 SF
Buildable SF: 69,223 SF
Stories: 21
Neighborhood: NoMad, Manhattan

Property Overview‍

292 Fifth Avenue is a well-positioned development site along one of Manhattan’s most recognizable corridors. With a frontage along Fifth Avenue and zoning that allows for substantial development, the site was a prime target for investors looking to capitalize on NoMad’s ongoing transformation into a hub for luxury hotels, residential projects, and high-end retail.

‍Market Strategy and Leverage

‍Bob Knakal and his team employed a strategic approach to marketing the property, leveraging their extensive network of developers and investors to generate strong competition. By highlighting the site’s potential for a high-rise development in one of the city's most rapidly evolving districts, they were able to secure multiple offers, ultimately negotiating optimal terms for the seller.

‍Neighborhood Overview

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

Proximity to Major Landmarks: Steps from Madison Square Park and the Empire State Building.
Luxury Development Boom: Growing presence of high-end hotels, residences, and office buildings.
Vibrant Hospitality Scene: Home to renowned restaurants, rooftop bars, and boutique hotels.
Excellent Transit Access: Close to multiple subway lines, providing connectivity throughout the city.

Conclusion

‍The successful sale of 292 Fifth Avenue underscores Bob Knakal’s deep understanding of the development market and his ability to structure deals that maximize value. His team’s proactive outreach and strategic positioning of the asset ensured a highly competitive process, resulting in a record-setting price for the NoMad neighborhood.

‍Testimonial

‍“We wanted to work with advisors who know the land market cold and who would work tirelessly on our behalf to achieve a great result for us. Bob Knakal and his team did just that. We would be happy to recommend Bob and his team to anyone looking to sell a development site in New York.”
– Richard Born, BDH Hotels