Successful Sale of 560 Seventh Avenue in Midtown West, Times Square, Manhattan
Bob Knakal successfully closed the sale of the development site at 560 Seventh Avenue, located at the northwest corner of 40th Street and Seventh Avenue in Manhattan’s Midtown West and Times Square area.
The site, owned by Parsons School of Design - The New School, was sold for $62,305,000 at a price of over $620 per buildable square foot (pbsf), far exceeding the initial valuations given by other brokers.
Sale Details
The development site at 560 Seventh Avenue was sold for $62,305,000, achieving a price per buildable square foot that was more than 50% higher than the valuations provided by other firms.
This transaction highlights Bob Knakal’s ability to leverage his deep understanding of the market to secure premium pricing for his clients.
Sale Price: $62,305,000
Seller: Parsons School of Design - The New School
Buyer: Confidential
Seller Type: Institutional (Educational)
Property Type: Development Site
Sale Date: May 1, 2014
Property Details
The development site at 560 Seventh Avenue comprised approximately 100,000 buildable square feet, making it a valuable location in one of Manhattan’s busiest and most desirable neighborhoods.
With its prime location near Times Square, the property attracted significant interest from developers looking to capitalize on the site’s potential for commercial and mixed-use development.
Full Address: 560 Seventh Avenue, New York, NY 10018
Zoning: Development, Religious (Institutional Use)
Property Type: Development Site
Buildable Square Footage: 100,000 square feet
Sale Price: $62,305,000
Price per Buildable Square Foot: $620+
Not Just a Fluke: Market Expertise in Action
When Parsons School of Design - The New School decided to sell the site, they interviewed several top brokerage firms to obtain valuations. Most firms estimated the property’s value at around $400 per buildable square foot, resulting in a valuation of approximately $40 million.
However, based on their extensive experience with similar sites and access to real-time market data, Bob Knakal and his team provided a valuation of $60 million, estimating the site’s worth at $600 pbsf.
Initially met with skepticism, Bob and his team were able to clearly demonstrate how the market had progressed, using up-to-the-minute data to substantiate their claim. The school trusted Bob’s analysis and retained him to market the property.
The result? Bob and his team delivered a sale price of $62,305,000, or over $620 pbsf, far exceeding the client’s expectations and proving once again that specialization and real-time market knowledge are key to maximizing value.
Neighborhood Overview
Midtown West and Times Square are highly coveted areas in Manhattan for commercial and mixed-use development.
Factors driving desirability:
- Proximity to iconic landmarks.
- Access to transportation hubs.
- High-foot-traffic locations.
560 Seventh Avenue:
- A prime development site in a surging market in 2014.
- Bob Knakal’s market insight enabled his team to capitalize on momentum.
- Secured a sale price that exceeded expectations.
Conclusion
The sale of 560 Seventh Avenue demonstrates Bob Knakal’s unparalleled expertise in New York City land sales. By relying on up-to-the-minute market data and years of specialized experience, Bob and his team were able to achieve a price far above initial valuations.
Demonstrating the value of market knowledge and specialization, this transaction delivered exceptional results for the client.
Testimonial
“When we decided to sell 560 Seventh Avenue, we interviewed several of the top brokerage firms in town. All of the firms told us the value of the property was approximately $40 million. Bob Knakal and his sales team told us the site was worth $60 million. At first, we were skeptical but Bob was able to clearly articulate his methodology and we decided to go with him. As you can imagine, my Board and I are extremely pleased with our $62.3 million sales price. I highly recommend Bob and his team, and, in fact, we are already working on another transaction together.”
– Roy Moskowitz, Parsons - The New School for Design
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