Office Building Sold for $8,500,000 at 286 Fifth Avenue and 30th Street in NoMad, Manhattan, NYC

Successful Sale of 286 Fifth Avenue in NoMad, Manhattan

Bob Knakal and his team successfully arranged the sale of 286 Fifth Avenue between 30th and 31st Streets, a 47,637-square-foot office building in the heart of NoMad, Manhattan. The property, owned by Drew University, was sold for $8,500,000 to Ab & Sons Group.

The transaction marked a significant milestone for the nonprofit institution, as it navigated the complexities of selling a commercial asset. Bob’s strategic guidance ensured that the sale achieved strong pricing and favorable terms.

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Sale Details

Bob Knakal’s team leveraged their deep market knowledge and extensive network to secure the best possible outcome for Drew University. Their approach focused on identifying buyers who saw value in the property's prime NoMad location and long-term potential.

Sale Price: $8,500,000
Seller Type: Non-Profit, Institution
Property Type: Office
Sale Date: April 30, 2001
Building Size: 47,637 SF
Price per SF: $178.43

Property Details

286 Fifth Avenue is a well-positioned office building in the NoMad district, known for its strong commercial appeal and accessibility. The property’s location along one of Manhattan’s most prominent corridors made it an attractive opportunity for investors.

Full Address: 286 Fifth Avenue, New York, NY 10001
Neighborhood: NoMad, Manhattan
Zoning: Office
Asset Class: Office
Stories: Multi-story office building

Bob Knakal’s market expertise helped navigate negotiations, ensuring that Drew University maximized the property’s value while facilitating a smooth transaction.

Market Strategy and Leverage

Bob and his team employed a targeted marketing strategy to highlight the building’s location, size, and redevelopment potential. They connected with a range of investors and office users interested in NoMad’s commercial growth, ultimately securing a strong offer from a motivated buyer.

The strategic outreach emphasized:

The property’s visibility along Fifth Avenue.
Its potential for repositioning within NoMad’s evolving office market.
Comparable sales in the area to drive competitive bidding.

By leveraging these factors, Bob Knakal was able to achieve favorable terms for the seller.

Neighborhood Overview

NoMad has become one of Manhattan’s most sought-after commercial districts, attracting office tenants, hospitality brands, and investors. The area’s appeal is driven by:

Prime Location: Proximity to Midtown South and key transit hubs.
Historic Architecture: A mix of prewar office buildings and modern developments.
Commercial Growth: Increasing demand for office space from creative and tech firms.
Vibrant Atmosphere: Home to hotels, restaurants, and retail destinations.

Conclusion

The sale of 286 Fifth Avenue is a testament to Bob Knakal’s ability to guide institutional clients through complex real estate transactions. By understanding market dynamics and leveraging competitive interest, Bob and his team secured a strong result for Drew University.