Successful Sale of 350 West 39th Street in the Garment District, Hudson Yards, Manhattan
Bob Knakal successfully closed the sale of the development site at 350 West 39th Street, a prime property in Manhattan’s Garment District and Hudson Yards area. The site, owned by R/GA, was sold for $112,000,000. This transaction is a perfect example of how relationship-building, enthusiasm, and in-depth market knowledge allowed Bob and his team to outperform the competition and secure a record sale price for the property.
Sale Details
The development site sold for $112,000,000, exceeding the expectations of both Bob Knakal’s team and the property owner, R/GA.
This sale was particularly noteworthy as it surpassed the initial estimates provided by competing firms and secured the best possible terms for the seller.
Sale Price: $112,000,000
Seller: R/GA (Bob Greenberg)
Buyer: Confidential Developer
Seller Type: Corporate (Innovation Consultancy)
Property Type: Development Site
Sale Date: October 21, 2014
Property Details
The property at 350 West 39th Street consisted of a two-story building that sat on a substantial parcel of land with 125 feet of frontage on both West 38th and West 39th Streets.
While the existing building had only 50,000 square feet of space, the development site had the potential to accommodate a new building with 300,000 buildable square feet, making it an extremely attractive opportunity for developers.
Full Address: 350 West 39th Street, New York, NY 10018
Zoning: Development
Property Type: Development Site
Buildable Square Footage: 300,000 square feet
Sale Price: $112,000,000
Securing the Assignment: The Power of Personal Touch
In early 2014, Bob Knakal learned that R/GA, an innovation consultancy and digital design agency, was considering selling its headquarters at 350 West 39th Street. Although another firm was initially favored to win the assignment, Bob and his team sought to meet with R/GA’s owner, Bob Greenberg, to pitch their services.
Bob Knakal arranged an inspection of the building, not because the site required it (the property was clearly a teardown development site), but because he wanted to meet Bob Greenberg in person. During the meeting, Bob noticed a copy of Catcher in the Rye in Bob Greenberg’s office, a small detail that would later play a key role in winning the assignment.
After the valuation meeting, in which Bob’s team projected a sale price of $105 million to $110 million (higher than the other firm’s estimate of $100 million), Bob sent a follow-up email that referenced Catcher in the Rye: “I like it when somebody gets excited about something. It's nice.”
This personal touch, coupled with Bob’s demonstrated enthusiasm and deep market knowledge, resonated with Bob Greenberg, who decided to retain Bob Knakal and his team for the sale.
Market Strategy and Results
Bob and his team’s market expertise and dedication resulted in a highly competitive sale process. They successfully marketed the property to the right buyers and generated significant interest due to its prime location and development potential.
The site eventually sold for $112,000,000, surpassing the initial valuation and setting a new benchmark for development sites in the area.
Neighborhood Overview
The Garment District and Hudson Yards have experienced rapid growth and development over the past decade.
Key drivers of growth:
- Hudson Yards rezoning.
- Proximity to Midtown Manhattan.
High demand for development potential:
- Particularly for mixed-use and commercial projects.
Sale of 350 West 39th Street:
- Sold for $112 million.
- Highlights strong demand for well-located development sites in this dynamic area.
Conclusion
The sale of 350 West 39th Street illustrates how Bob Knakal’s enthusiasm, market knowledge, and attention to detail can deliver outstanding results for clients. By building a personal connection with Bob Greenberg and demonstrating a deep understanding of the property’s potential, Bob and his team were able to secure the assignment and achieve a record-breaking sale price.
This transaction showcases the importance of passion, persistence, and expertise in New York City’s competitive real estate market.
Testimonial
“I chose to work with Bob Knakal and his team because I could tell from the very beginning that they were not only the most enthusiastic about the potential assignment, but also because it was clear that their unparalleled experience with this type of property would bring our group the highest possible price coupled with the best terms.”
– Bob Greenberg, R/GA
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