Successful Sale of 55-57 West 44th Street in Midtown West, Manhattan
Bob Knakal and his team successfully facilitated the sale of 55-57 West 44th Street, a well-located office building in the heart of Midtown West. The property, featuring 28,574 square feet of office space, changed hands in a strategic deal that marked the second time Bob had sold the asset.
The transaction, which closed on October 16, 1998, was a significant milestone in the neighborhood’s evolving office market. With its prime location and strong demand for office properties, Bob’s expertise ensured that the seller achieved optimal pricing and favorable terms.
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Sale Details
Located in a high-demand business district, 55-57 West 44th Street offered a 28,574 SF office space in a sought-after Midtown West corridor. Bob Knakal’s approach to the sale ensured competitive interest, resulting in a final sale price of $6.7 million at $234.48 per square foot.
- Sale Price: $6,700,000
- Property Type: Office
- Sale Date: October 16, 1998
- Size: 28,574 SF
- Price Per SF: $234.48
The sale process required strategic positioning to highlight the building’s value, leveraging market demand for well-located office properties in Midtown West.
Property Details
The office building at 55-57 West 44th Street stood out due to its central location, solid office infrastructure, and proximity to major business and entertainment hubs. With one building on the lot, it was well-suited for businesses seeking a presence in Midtown West’s vibrant commercial district.
- Full Address: 55-57 West 44th Street, New York, NY 10036
- Neighborhood: Midtown West, Manhattan
- Property Type: Office
- Size: 28,574 SF
Market Strategy and Leverage
Bob Knakal and his team implemented a targeted marketing approach to generate interest from potential buyers seeking a well-positioned office asset. The sale strategy focused on:
- Engaging potential buyers looking for prime office space in a rapidly growing commercial corridor.
- Highlighting the building’s strategic Midtown West location, which provided easy access to transportation and key business hubs.
- Leveraging Bob’s deep market knowledge to negotiate favorable terms and maximize the asset’s value.
This strategic process ensured a smooth transaction, securing an optimal price for the seller.
Neighborhood Overview
Midtown West is known for its dynamic mix of office, retail, and entertainment venues, making it a prime location for commercial real estate investments. The area offers:
- Proximity to major business districts – Ideal for companies seeking office space near major corporate headquarters.
- Access to transportation hubs – Close to Grand Central Terminal, Times Square, and multiple subway lines, enhancing connectivity.
- A thriving office and hospitality market – Surrounded by hotels, restaurants, and corporate offices, boosting demand for office spaces.
The sale of 55-57 West 44th Street reinforced the area’s strong appeal for investors seeking office properties in one of Manhattan’s most established commercial districts.
Conclusion
The sale of 55-57 West 44th Street exemplifies Bob Knakal’s expertise in securing the best possible terms for his clients. Through strategic market positioning and a well-executed negotiation process, Bob helped facilitate a second successful sale of this Midtown West office asset, delivering strong results for the seller.
Testimonial
"When our board decided it was time to sell our building, we set out to interview several brokers and brokerage firms. We did just that and interviewed seven firms. All of our board members were immediately impressed with Bob Knakal's encyclopedic knowledge of all the comparable sales. It was not surprising given he was the broker on more than half of them. Bob was straightforward, exuded confidence - but humility, and was so enthusiastic about this opportunity. It was an easy choice to select him as our broker. The marketing program went perfectly. We had potential buyers coming to the property almost every day and Bob got us a total of 46 offers for our building. We could not be more pleased with the results. Bob is the best!"
-David Mammen, Institute of Public Administration
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