By Bob Knakal
I’m proud to share the successful sale of the 10-story office building located at 37 East 18th Street in the heart of the Flatiron District.
Along with my team at BKREA including Ryan Candel, Seth Samowitz , Faraz Cheema, Jas Saini and Justin Rice-Moore we completed the sale for $27 million.
This building is a prime example of the opportunities available in one of Manhattan's most desirable submarkets.
BKREA Broker Team – 37 E 18th Street
The Property at 37 East 18th Street
Located on the north side of East 18th Street between Broadway and Park Avenue South, the building is positioned within the Flatiron District, a highly sought-after area. It falls under the M1-5M zoning and resides in the Ladies' Mile Historic District.
- Address: 37 E 18th St, New York, NY 10003
- Submarket: Flatiron
- Zoning: M1-5M
- Historic District: Ladies' Mile Historic District
Investment Property Highlights
With 42% of the building currently leased, the new owner will immediately benefit from the in-place cash flow, while the vacant upper floors offer flexibility for occupancy or future leasing.
- Vacancy Opportunity: Four of the top five floors are unoccupied, and the fifth lease ends in early 2028, providing an ideal window for future user occupancy or additional leasing.
- Future Potential: The possibility for residential conversion offers an additional upside for investors, creating even more value in the future.
- Floor Plate Flexibility: The 7,500 RSF floor plates allow for diverse tenant requirements, catering to businesses with varying space needs.
37 E 18th Street, Building Details
The property includes several desirable features that made it attractive for new owners and tenants alike.
Built in 1900, it has retained its historic charm while offering modern amenities across its 10 stories.
- Stories: 10
- Elevators: 3 (2 passengers, 1 freight)
- Lot Dimensions: 75’ x 92’
- Total Lot Square Footage: 6,899 SF
- Total Rentable Square Footage: 77,500 RSF
- Office RSF: 68,500
- Retail RSF: 9,000
Prime Location in Flatiron
The location of 37 East 18th Street is simply unmatched. Located between Union Square, Chelsea, and Flatiron, the building is positioned in what has become known as "Silicon Alley" due to the growing presence of major tech corporations in the area. Surrounded by a mix of business and leisure amenities, this area has proven to be highly desirable for tenants seeking proximity to both work and lifestyle conveniences.
Transit Access is another significant advantage, with eight major subway lines (4, 5, 6, L, N, Q, R, W) located nearby. Additionally, Grand Central Station, Penn Station, and the PATH train are all easily accessible, making this property highly appealing to tenants who prioritize connectivity in their leasing decisions.
Conclusion
The sale of 37 East 18th Street represents a tremendous opportunity in the high-demand Flatiron real estate market.
I’m pleased to have played a role in facilitating this sale, further solidifying BKREA’s track record in New York City investment property sales.
Testimonial: Recommending Bob Knakal for Outstanding NYC Sales
“Our partnership had owned 37 East 18th Street for decades and consisted of several families and stakeholders. When it became apparent that it was in our best interest to sell the property, we asked our long-time managing agent for a recommendation for a broker. He immediately suggested we speak to Bob Knakal whom he had known for almost 40 years. It was a great recommendation. Bob and his team met with us and gave us their opinion about what the property would sell for an how they would maximize our price. We were drawn to the fact that over the course of his career, Bob has only represented sellers and has a long track record of getting the highest prices for his clients. He laid out the realities of the process, and did exactly what he said he would for us. After his departure from JLL, we stuck with him and we are certainly glad we did. He produced a great result for us and we are very happy with the service he provided. We are happy to recommend Bob and his team to any seller in NYC.” Steve Kerler
