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Successful Sale of 216-218 East 49th Street in Midtown East, Manhattan
Bob Knakal successfully closed the sale of 216-218 East 49th Street, a 25,000-square-foot office building in Midtown East. The seller, Dr. Adele Canale, sought a buyer who would use the space rather than redevelop it. Bob’s deep understanding of user-driven demand in the area allowed him to secure a law firm as the buyer, ensuring the property's continued use as an office space.
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Sale Details
Bob Knakal and his team identified Janoff & Gurevich, a law firm, as the ideal buyer, aligning with the seller’s goal of keeping the property in active use. The deal closed at $4.4 million, reflecting a competitive price of $176 per square foot.
- Sale Price: $4,400,000
- Buyer: Janoff & Gurevich (Law Firm HQ)
- Seller: Dr. Adele Canale
- Asset Class: Office, User
- Sale Date: May 19, 1997
- Property Size: 25,000 SF
- Price per SF: $176.00
Property Details
216-218 East 49th Street is a classic Midtown East office building with a single structure spanning 25,000 square feet. The property was well-suited for a professional services firm, offering a strong location and flexible office space.
- Full Address: 216-218 East 49th Street, New York, NY 10017
- Stories: Multi-story office building
- Property Type: Office, User
The Seller’s Goal: Finding the Right Buyer
Dr. Adele Canale owned 216-218 East 49th Street and wanted to ensure the property remained an office space. With redevelopment interest growing in Midtown East, finding a user-buyer rather than an investor was crucial.
Bob Knakal leveraged his market knowledge and network to source a law firm actively seeking office space in the area. By focusing on user-buyers, he secured an offer that met the seller’s expectations while ensuring the building remained in use.
Market Strategy and Buyer Selection
To achieve the best outcome, Bob Knakal:
- Targeted local professional firms seeking office ownership.
- Highlighted the property’s long-term value for an end-user rather than an investor.
- Positioned the building’s location and size as ideal for a law firm headquarters.
These efforts resulted in a smooth transaction, with Janoff & Gurevich acquiring the property at a competitive price.
Neighborhood Overview
Midtown East is a highly sought-after office district, known for:
- Proximity to Grand Central Terminal, providing excellent transportation access.
- High demand for boutique office spaces, particularly among law firms and financial firms.
- A mix of historic and modern office buildings, appealing to professional users.
The area’s appeal made 216-218 East 49th Street a prime opportunity for a user-buyer looking for long-term office ownership.
Conclusion
The sale of 216-218 East 49th Street highlights Bob Knakal’s ability to connect sellers with the right buyers, maximizing value while aligning with the seller’s goals. By identifying a law firm in need of office space, Bob ensured a seamless transition and a successful transaction.
Testimonial
"When I was selecting a broker to represent me, Bob Knakal's track record really stood out. It felt like he sold every building in the neighborhood. Bob did a great job for me on the sale and found a user to purchase the property, just as he said he would. I highly recommend him to other sellers."
– Dr. Adele Canale
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