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Successful Sale of 205-209 East 45th Street in Midtown East, Manhattan
Bob Knakal successfully closed the sale of 205-209 East 45th Street, a prime mixed-use development site in the heart of Midtown East. The sale price was $26,000,000, marking a major milestone for the seller, who had owned the property for generations. The deal was structured to secure optimal terms, ensuring a smooth and profitable transaction.
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Sale Details
Situated in one of Manhattan’s most sought-after commercial districts, the property attracted significant interest from developers. Bob Knakal’s market knowledge and strategic approach led to a competitive bidding process, resulting in an optimized final offer.
- Sale Price: $26,000,000
- Property Type: Development, Mixed-Use
- Sale Date: February 9, 2000
- Lot Size: 38 x 100
- Total Buildable SF: 111,700
- Price per Buildable SF: $232.77
- Buildings on Lot: 2
- Stories: 3
Property Details
The property at 205-209 East 45th Street was a rare opportunity in Midtown East, offering over 111,700 buildable square feet in a prime development corridor. The two-building site sat on a 38-foot-wide lot with three-story structures, making it an attractive prospect for redevelopment. Given its proximity to major transit hubs and corporate headquarters, the property held immense potential for future development.
The Client: A Business Owner Seeking Expert Real Estate Guidance
For decades, the seller’s family operated a well-known Midtown East restaurant out of the property. Although they had strong ties to the neighborhood, they recognized the value of working with an expert to navigate the sale.
Bob Knakal had been providing regular market insights and updates to the seller, building a trusted relationship over time. When the time came to sell, the owner relied on Bob’s expertise to maximize value and secure the best possible outcome.
The initial offer was lower than expected, with terms that didn’t fully align with the seller’s goals. Bob leveraged market interest to negotiate a significantly improved deal, ensuring an optimal price and favorable closing terms.
Market Strategy and Leverage
To maximize the property’s value, Bob Knakal implemented a competitive market strategy, reaching out to:
- Developers looking to expand their Midtown East portfolios
- Commercial tenants seeking owner-user opportunities
- Investors attracted to high-density zoning and buildable square footage
This approach created leverage, leading to a final sale price of $26 million, with a smooth and efficient closing process.
Neighborhood Overview
Midtown East remains one of Manhattan’s most dynamic business and development hubs, offering:
- Proximity to Grand Central Terminal – A key transit hub driving commercial demand
- Established corporate presence – Home to Fortune 500 headquarters and law firms
- Strong demand for development sites – High interest in repositioning older properties for modern use
Conclusion
The sale of 205-209 East 45th Street is a testament to Bob Knakal’s ability to provide market-driven solutions and strategic guidance. By maintaining long-term relationships and leveraging deep market knowledge, Bob secured a significantly improved deal for the seller, ensuring a successful outcome in one of Manhattan’s most competitive real estate markets.
Testimonial
"I am a restaurant guy, and my father was a restaurant guy. My dad bought the building we operated out of, but we really didn’t know a lot about real estate. When it was time to sell the building, I called Bob Knakal. He had been sending me market information for years, and it seemed like he sold all the buildings in my neighborhood. I chose Bob to help me, and he did a remarkable job. He had my back every step of the way. Bob, thank you! You helped my family more than you will ever know. If you’re selling a property in New York City, you’re crazy not to use Bob Knakal."
— John Bruno Jr., Proprietor, Pen & Pencil Restaurant
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