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Successful Sale of 319-321 West 38th Street in Hudson Yards, Manhattan
Bob Knakal and his team successfully closed the sale of 319-321 West 38th Street, a residential condo development site in the Hudson Yards neighborhood of Midtown West. The 54,000-square-foot property sold for $23,500,000, reflecting strong demand for large-scale residential development opportunities in one of Manhattan’s most transformative areas.
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Sale Details
Located in the rapidly expanding Hudson Yards district, 319-321 West 38th Street presented a rare opportunity for large-scale residential development. Bob Knakal’s strategic guidance and market knowledge enabled the seller to navigate a complex transaction and achieve the best possible outcome.
- Sale Price: $23,500,000
- Property Type: Development – Residential Condo
- Sale Date: December 16, 2014
- Building Size: 54,000 SF
- Price per SF: $435.19
- Units: 16
Property Details
The site at 319-321 West 38th Street, located within Hudson Yards, comprised three interconnected buildings with 54,000 buildable square feet. The property’s prime location and zoning allowed for the development of 16 residential condo units, making it a highly desirable acquisition for developers looking to capitalize on the area's rapid growth.
- Full Address: 319-321 West 38th Street, New York, NY 10018
- Property Type: Development – Residential Condo
- Stories: Not Disclosed
- Lot Size: Not Disclosed
The Client: Institutional Seller Seeking Expert Guidance
The seller, a commercial board, faced a complex sale process requiring an experienced advocate to protect their interests. Bob Knakal’s reputation as a market leader led the seller’s advisors to select him to represent the property. Bob’s expertise in navigating intricate transactions allowed the seller to secure the most favorable terms in a competitive environment.
The seller initially faced challenges related to market uncertainty and the complexities of handling an institutional sale. Bob’s methodical approach and consistent communication helped streamline the process and ensure a smooth transaction.
Market Strategy and Competitive Positioning
Bob Knakal and his team implemented a comprehensive marketing strategy, reaching out to a broad pool of potential buyers, including residential developers and investors with an interest in Hudson Yards. This approach generated strong interest and competitive offers, ultimately leading to the successful sale at $23.5 million.
Neighborhood Overview
Hudson Yards is known for:
- Being the largest private real estate development in U.S. history.
- Proximity to world-class dining, shopping, and entertainment.
- Easy access to major transportation hubs, including Penn Station and the 7 subway line.
- High demand for luxury residential and mixed-use development sites.
Conclusion
The sale of 319-321 West 38th Street exemplifies Bob Knakal’s ability to guide clients through complex transactions while maximizing value. Through a strategic approach and in-depth market knowledge, Bob successfully led the institutional seller to achieve the best possible outcome for this prime Hudson Yards development site.
Testimonial
“We really needed an advocate in our corner. Our advisors said Bob Knakal was the best man for the job. Bob protected us in every way and led us beautifully through a difficult process. He really was the best man for the job.”
– David Cohen, 319-321 W 38th Condo Assoc.
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