Successful Sale of Development Site at 300 East 55th Street, Midtown East (Sutton Place), Manhattan
Bob Knakal facilitated the sale of a premier residential condo development site at 300 East 55th Street in Midtown East, Manhattan, for $33,000,000. Representing multiple sellers, Bob managed a complex series of negotiations to consolidate parcels into a valuable development opportunity for the buyer, Worldwide Holdings. His persistence and deep market expertise proved critical in completing this landmark transaction.
This assemblage, which combines multiple parcels, offered substantial development potential, making it a key acquisition in one of Manhattan’s most dynamic neighborhoods.
Sale Details
The property achieved a sale price of $33,000,000, with a price per buildable square foot of $164.18. Bob Knakal's expert management of negotiations resulted in a win-win outcome for both sellers and the buyer.
- Sale Price: $33,000,000
- Price per Buildable Square Foot: $164.18
- Seller: Multiple Sellers
- Buyer: Worldwide Holdings
- Sale Date: June 1, 2001
Property Details
The development site, located at 300 East 55th Street, sits in the heart of Midtown East. The site consolidates parcels into a prime development opportunity with flexible zoning, ideal for high-rise residential or mixed-use development.
- Full Address: 300 East 55th Street, New York, NY 10022
- Block: 1347
- Lot: 7501
- Lot Area: 11,666 sq ft
- Total Buildable Space: 201,000 sq ft
Investment Highlights
- Prime Location: Situated in Midtown East, surrounded by luxury residences and corporate offices.
- Significant Development Potential: 201,000 sq ft of buildable space.
- Zoning Flexibility: Ideal for residential or mixed-use high-rise projects.
- Strong Market Demand: High interest in Midtown East for new luxury developments.
Building Specifications
The site offers 201,000 square feet of buildable space on an 11,666-square-foot lot. This flexibility positions it as an attractive option for developers seeking to create flagship projects in Manhattan.
- Buildable Square Footage: 201,000 sq ft
- Lot Dimensions: 11,666 sq ft
Neighborhood Overview
Midtown East, including the Sutton Place neighborhood, is one of Manhattan’s most sought-after real estate markets. Its proximity to iconic business hubs, cultural landmarks, and transportation options makes it an attractive area for development.
- Nearby Landmarks: United Nations, high-end corporate offices, and luxury residences.
- Transit Access: Easy access to the 4, 5, 6, E, and M subway lines.
- Neighborhood Demand: A prime location for luxury residential and commercial developments.
Conclusion
The sale of the development site at 300 East 55th Street highlights Bob Knakal’s ability to manage intricate deals and deliver exceptional results for his clients. By leveraging his expertise in land assemblage and real estate strategy, Bob successfully secured a significant sale price and created a transformative development opportunity in Midtown East.
Testimonial
“Bob Knakal’s tenaciousness and perseverance were key ingredients in getting this deal done.”
– David Lowenfeld, Worldwide Holdings
Learn More About Manhattan Real Estate Development
Explore more of our remarkable deals in our exclusive online magazine featuring Sutton Place and surrounding area Development Site Sales. Discover how we consistently maximize value and sale prices for our clients across New York City's most desirable neighborhoods, including 503-505 East 75th Street in Upper East Side, Manhattan
