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Successful Sale of 333 West 38th Street in the Garment District, Manhattan
Bob Knakal successfully closed the sale of the commercial and development site at 333 West 38th Street in Manhattan’s Garment District. The property, owned by Nowy Dziennk Publications, was sold for $4.6 million to hotel developer Sam Chang. This deal highlights the power of persistence, relationship-building, and the effectiveness of traditional hard mail marketing, which ultimately led to a successful transaction after years of regular communication.
Sale Details
The sale of 333 West 38th Street closed on December 2, 2011, for $4,600,000. The successful execution of the deal was the result of Bob Knakal’s persistence, deep market knowledge, and long-term relationship-building with Nowy Dziennk Publications.
Sale Price: $4,600,000
Seller: Nowy Dziennk Publications (Barbara Wierzbianska)
Buyer: Sam Chang
Seller Type: Private Owner (Media Company)
Property Type: Hotel Development Site
Sale Date: December 2, 2011
Property Details
333 West 38th Street was the headquarters of Nowy Dziennk Publications, a Polish newspaper publisher. The property had significant development potential due to its unused air rights, making it an attractive site for developers in the rapidly growing Hudson Yards area. The building’s location and air rights provided the opportunity for future development, which eventually attracted interest from Sam Chang, one of New York’s most active hotel developers.
Full Address: 333 West 38th Street, New York, NY 10018
Zoning: Commercial, Development, Retail
Property Type: Development Site
Sale Price: $4,600,000
The Power of Persistence: A 10-Year Relationship
Bob Knakal’s first interaction with Nowy Dziennk Publications occurred in 2003, two years before the Hudson Yards rezoning was approved. The rezoning proposal, which had widespread support, was expected to pass, and Bob saw tremendous potential in the area. Over the next several years, Bob consistently called Nowy Dziennk, sending quarterly updates and monthly hard mailings to keep the company informed about the rapidly changing real estate market in Hudson Yards.
Although the initial calls were met with resistance and a firm "not for sale" stance, Bob continued to build the relationship by providing valuable information. His persistent follow-ups and compelling marketing materials showcased the numerous development sites his team had sold in the area, highlighting their expertise in creating value for property owners.
In early 2011, Barbara Wierzbianska, a representative from Nowy Dziennk, reached out to Bob. She had been receiving his mailings for years and now wanted to sell the building as the company needed larger quarters. By the time the meeting was set, Barbara had a file full of Bob’s mailings, a testament to the effectiveness of his consistent communication.
Market Strategy and Results
With no listing competition or other brokers involved, Barbara trusted Bob and his team to handle the sale of the property. Bob’s years of relationship-building and market expertise made him the natural choice to represent Nowy Dziennk in the sale.
The property, with its significant unused air rights, attracted strong interest from developers. Bob quickly secured dozens of offers and negotiated fiercely on behalf of the seller. The building ultimately sold to Sam Chang, a prolific hotel developer, for $4,600,000. Chang went on to develop yet another hotel on the site, adding to his extensive portfolio of hotel properties in New York City.
Neighborhood Overview
The Garment District, located near the burgeoning Hudson Yards area, has become an attractive location for developers due to its proximity to Midtown Manhattan and major transportation hubs. With the Hudson Yards rezoning, the area has seen increased interest from developers looking for prime development sites, particularly for commercial and hotel projects. The sale of 333 West 38th Street for $4.6 million reflects the continued demand for properties with development potential in this dynamic part of the city.
Conclusion
The sale of 333 West 38th Street is a testament to Bob Knakal’s persistence, relationship-building, and market expertise. By consistently staying in touch with Nowy Dziennk Publications over nearly a decade, Bob was able to secure the listing and achieve a successful sale at the right time. This transaction highlights the power of long-term communication, traditional marketing, and in-depth market knowledge in delivering outstanding results for clients.
Testimonial
“When it was time to sell our headquarters building, we knew Bob Knakal and his team would be the best choice. Bob got us dozens of offers and negotiated ferociously on our behalf. He achieved the best possible price we could have gotten, and we couldn’t be happier with his services. If you are selling a property in New York City, you simply must use Bob and his team.”
– Barbara Wierzbianska, Nowy Dziennk Publications
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