Successful Sale of 541-545 West 37th Street & 540-548 West 38th Street in Hudson Yards, Manhattan
Bob Knakal and his team facilitated the sale of 541-545 West 37th Street and 540-548 West 38th Street, a significant industrial and development site in Hudson Yards. The transaction, which closed on September 28, 2012, totaled $26,500,000.
Spanning multiple parcels, the site featured a mix of industrial and garage spaces, making it an attractive acquisition for future development. Bob’s deep knowledge of the Hudson Yards market and strategic outreach helped secure the best possible outcome for the seller.
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Sale Details
Positioned in one of Manhattan’s most rapidly transforming districts, the site encompassed four buildings across multiple lots, totaling 373,275 buildable square feet. Bob Knakal’s approach ensured the property’s value was maximized through targeted marketing and negotiation.
- Sale Price: $26,500,000
- Property Type: Development, Garage, Industrial
- Date Closed: September 28, 2012
- Neighborhood: Hudson Yards, Midtown West
- Total Buildable SF: 373,275
- Price per Buildable SF: $70.99
Property Details
The site consisted of four buildings with varying heights, including a mix of low-rise and mid-rise industrial structures. The properties were well-positioned within the Hudson Yards Special District, offering strong redevelopment potential.
- Full Addresses:
- 541-545 West 37th Street
- 540-548 West 38th Street
- Buildings on Site: 4
- Stories: Ranging from 1 to 5 stories
- Zoning: Development, Industrial
Strategic Market Positioning
Bob Knakal’s in-depth understanding of the Hudson Yards market was instrumental in this transaction. The site was uniquely positioned within an area poised for large-scale redevelopment, attracting interest from multiple potential buyers.
His team’s strategy included:
- Engaging developers focused on large-scale projects in Hudson Yards.
- Highlighting the property’s future potential in a rapidly growing district.
- Negotiating terms that reflected the increasing demand for industrial-to-development conversions.
Neighborhood Overview
Hudson Yards has become one of New York City’s most sought-after locations for development due to:
- Proximity to Major Transit Hubs: Easy access to Penn Station and the No. 7 subway extension.
- Ongoing Development Boom: Large-scale projects reshaping the neighborhood.
- Mixed-Use Appeal: A blend of residential, office, retail, and hospitality developments.
- Strong Investor Interest: A high-demand area for commercial and residential expansion.
Conclusion
The successful sale of 541-545 West 37th Street and 540-548 West 38th Street underscores Bob Knakal’s expertise in navigating complex transactions within the evolving Hudson Yards district. His strategic market positioning and negotiation skills secured a strong outcome for the seller.
Testimonial
"Bob Knakal and his team did an outstanding job for us on this challenging site. His track record in Hudson Yards is unmatched and made him an easy choice for us."
– John Jeagan, Fortress
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