Midtown East Walk-Up User Building Sold for $5,000,000 at 351 East 52nd Street

Successful Sale of 351 East 52nd Street in Midtown East, Manhattan

Bob Knakal successfully arranged the sale of 351 East 52nd Street, a 20-unit walk-up building in Midtown East. The sale, completed on November 15, 1989, for $5,000,000, marked a significant transaction in the area. The property, previously owned by Kamar Realty Associates and Marvin Tisser, was strategically marketed to attract the most suitable buyer.

Bob’s deep market knowledge and tailored approach led to the successful sale to The Royal Thai Government, a foreign government entity seeking a prime location for its use.

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Sale Details

Bob Knakal identified a strong buyer profile early in the process, recognizing that a foreign government could be an ideal match for the asset. By leveraging his network and expertise, he facilitated a smooth transaction that resulted in a full-price sale.

Sale Price: $5,000,000
Seller: Kamar Realty Associates, Marvin Tisser
Buyer: The Royal Thai Government
Asset Type: Multifamily - Walk-Up, User
Closing Date: November 15, 1989
Building Size: 12,480 SF
Price per SF: $400.64
Number of Units: 20

Property Details

Situated in the heart of Midtown East, 351 East 52nd Street is a classic walk-up building offering 20 residential units. The property, with its efficient unit layout and solid brick construction, was well-positioned for a user or an investor looking for long-term stability.

The seller had worked diligently to vacate the building to ensure a smooth transition for the new owner. Bob Knakal’s strategic insights played a crucial role in identifying the right buyer and securing favorable terms.

Full Address: 351 East 52nd Street, New York, NY 10022
Neighborhood: Midtown East
Building Type: Walk-Up, Multifamily
Stories: 5
Lot Size: Not Disclosed

Market Strategy and Leverage

Bob Knakal’s approach was centered on finding the most suitable buyer for the asset. Recognizing that foreign governments often seek centrally located properties for diplomatic use, he specifically targeted this buyer pool.

To maximize exposure, Bob:

Conducted targeted outreach to embassies and consulates in New York City.
Positioned the property as an ideal location for government use.
Ensured the building was vacated, making it more attractive to a user buyer.

This strategy proved successful, leading to a full-price sale to The Royal Thai Government.

Neighborhood Overview

Midtown East is a prime location known for:

Proximity to the United Nations Headquarters – a key factor for diplomatic buyers.
Access to major transit hubs – including Grand Central Terminal.
A mix of historic and modern buildings – making it attractive to both residents and investors.
Strong demand for user and investment properties – particularly in the walk-up and mixed-use asset classes.

Conclusion

The sale of 351 East 52nd Street highlights Bob Knakal’s expertise in understanding the needs of both sellers and buyers. By identifying a foreign government as the ideal purchaser, Bob facilitated a seamless transaction, ensuring maximum value for his client.

Testimonial

"Bob, you did a fantastic job for me in the sale of 351 East 52nd Street. You know how hard I worked to vacate the property just so a user could buy it. You told me a foreign government would be a logical buyer and a foreign government you found. Well done and thanks for all the hard work!"