Midtown East Commercial End User Building at 124 East 55th Street Sold for $6.25M

Successful Sale of 124 East 55th Street in Midtown East, Manhattan

Bob Knakal successfully closed the sale of 124 East 55th Street, a well-located commercial property in Midtown East. This transaction marked the second time Bob and his team had been involved with the property, underscoring their deep market knowledge and client trust.

Originally owned by Banco de Chile, the property was sold to Alpha Properties Holdings for $6,250,000. Bob’s strategic approach ensured the seller received optimal terms in a competitive market, leveraging his extensive network and expertise to navigate the deal.

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Sale Details

Located in a prime Midtown East location, 124 East 55th Street attracted strong interest due to its commercial and user-friendly asset class. The property, measuring 7,616 square feet, was priced at $820.64 per square foot.

Sale Price: $6,250,000
Seller Type: Bank
Asset Class: Commercial, User
Sale Date: October 18, 2000
Neighborhood: Midtown East, Manhattan

Property Details

124 East 55th Street stands as a valuable commercial asset in one of Manhattan’s most dynamic business districts. The property offers a prime location ideal for owner-users or investors seeking long-term value.

Full Address: 124 East 55th Street, New York, NY 10022
Block & Lot: Block 1309, Lot 62
Building Size: 7,616 SF
Price per SF: $820.64

Strategic Market Positioning

Bob Knakal and his team recognized the strong demand for well-located commercial properties in Midtown East and strategically positioned the asset to attract serious buyers. Their approach involved:

Engaging a targeted pool of potential buyers to maximize competitive interest.
Highlighting the property's strong location and usability for an end-user.
Structuring the deal to ensure favorable terms for the seller.

Neighborhood Overview

Midtown East is one of Manhattan’s most sought-after business hubs, offering proximity to key locations:

Grand Central Terminal: A major transportation hub providing unparalleled accessibility.
Park Avenue: A prime corridor for corporate offices and financial institutions.
Luxury Hotels and Dining: Surrounded by high-end amenities that attract business professionals.
Growing Commercial Demand: Continued interest in owner-user office spaces in prime locations.

Conclusion

The sale of 124 East 55th Street highlights Bob Knakal’s ability to execute strategic transactions and secure favorable terms for his clients. With a deep understanding of Midtown East’s commercial real estate market, Bob and his team facilitated a smooth transaction, ensuring a successful outcome for the seller.