Successful Sale of 24-26 East 21st Street in the Flatiron District, Manhattan
Bob Knakal and his team successfully completed the sale of 24-26 East 21st Street, a mid-block office building located in the heart of the Flatiron District. The transaction closed at $3,779,250, marking a key moment in the area's continued commercial expansion during the mid-1990s.
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Sale Details
At the time of sale, this property stood out as a 36,000-square-foot office asset in a neighborhood quickly becoming a magnet for creative and professional tenants. The buyer, a major banking institution, recognized the property's potential due to its scale and strategic location.
- Sale Price: $3,779,250
- Property Type: Office
- Sale Date: August 20, 1996
- Building Size: 36,000 SF
- Price per SF: $104.98
- Full Address: 24-26 East 21st Street, New York, NY 10010
Property Details
24-26 East 21st Street is a full-lot office building offering approximately 36,000 square feet of space. The property presented a rare opportunity for an institutional buyer to acquire a commercial building in a rapidly transforming district. Its mid-block positioning and flexible floor plates made it ideal for future reconfiguration or continued use as a multi-tenant office asset.
Strategic Approach and Value Creation
Bob Knakal and his team took a proactive role in guiding the transaction, emphasizing the building’s scale, location, and long-term upside. The marketing strategy targeted institutional buyers who could recognize the Flatiron District’s emerging appeal and the building’s strong fundamentals.
Their approach positioned the asset competitively in the market, resulting in a well-timed and favorable closing for the seller.
Neighborhood Overview
The Flatiron District is known for:
- Iconic architecture and turn-of-the-century buildings converted to modern office use
- A growing presence of technology, design, and media firms
- Walkable access to Union Square, Madison Square Park, and major subway lines
- Continued demand for boutique office buildings and creative workspaces
Conclusion
The sale of 24-26 East 21st Street exemplifies Bob Knakal’s ability to identify value in transitional markets and deliver results for clients through strategic positioning and deep local knowledge.
This early transaction in the Flatiron District set the stage for many successful deals to follow in what has become one of Manhattan’s most dynamic commercial corridors.
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