Office-User Building Sold for $9M at 26 West 47th Street, Midtown West, Manhattan

Successful Sale of 26 West 47th Street in Midtown West, Manhattan

Bob Knakal successfully closed the sale of 26 West 47th Street, a 7-story office building in Midtown West, Manhattan, for $9,000,000 on January 7, 2010. The property was originally owned by Gary Barnett of Extell Development. With Bob’s insightful marketing strategies, the final sale price exceeded the initial offer, showcasing his ability to create value in complex transactions.

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Sale Details

The 11,046 square-foot office building was sold to Rami Borochov of R&R Jewelers, a retail buyer. The negotiated price was $9,000,000, translating to $814.77 per square foot. Bob’s proactive approach in engaging the current tenant as a potential buyer ultimately resulted in a more favorable deal for the seller. His strategic marketing efforts ensured the tenant’s interest in purchasing the property, while the sale price was significantly improved from earlier offers.

Sale Price: $9,000,000
Property Address: 26 West 47th Street, New York, NY 10036
Building Size: 11,046 SF
Buyer: Rami Borochov, R&R Jewelers
Seller: Gary Barnett, Extell Development
Sale Date: January 7, 2010
Asset Class: Office, User
Price per SF: $814.77
Lot Size: 7 stories
Zoning: Office Building

The Client: A Developer Seeking Strategic Real Estate Expertise

‍Gary Barnett, a prominent real estate developer, sought Bob’s help to maximize the sale of 26 West 47th Street. Initially, the current tenant on the ground floor, R&R Jewelers, seemed like the most logical buyer, but the price remained a challenge. Bob’s strategy, which included comprehensive marketing and leveraging the tenant’s interest, eventually led to a higher sale price and better terms than the original offer.

‍Market Strategy and Leverage

‍Bob’s team identified the tenant’s growing interest and capitalized on this by implementing targeted marketing tactics, highlighting the building’s potential for a retail buyer. This approach helped shift the dynamic of the deal, leading to a successful negotiation and ultimately securing the best price possible.

‍Neighborhood Overview: Midtown West

Proximity to major landmarks:
- Times Square
- Broadway Theaters
- Penn Station
- Bryant Park
Appeal for office and retail spaces:
- Popular area for businesses and creative industries
- High foot traffic, making it an attractive location for retail
Real estate trends:
- Strong demand for office and mixed-use developments
- Increasing interest from developers seeking prime Midtown locations

Conclusion

‍The sale of 26 West 47th Street highlights Bob Knakal’s ability to navigate the complexities of office-to-retail property transactions. By consistently providing strategic insights and implementing targeted marketing efforts, Bob helped the seller achieve a higher sale price and favorable terms. This deal is another testament to Bob’s expertise in leveraging market conditions and tenant dynamics to secure optimal results for his clients.

‍Testimonial

‍“From the start of this project, we assumed the tenant on the ground floor would be the most logical buyer for a number of reasons, but we just couldn’t get them to the fair price. Bob Knakal and his team implemented some very ingenious tactics in the marketing of this property and, ultimately, the tenant purchased the property but at a much more favorable price than was previously offered. Bob did a great job for us here.”
– Dov Hertz, Extell Development