Strategic Sale of a Prime Development Site in Gramercy
Bob Knakal and his team successfully facilitated the sale of 160 Madison Avenue, a high-rise development site located in the sought-after Gramercy neighborhood of Manhattan. The property, offering 122,264 buildable square feet, was a prime opportunity for large-scale residential or mixed-use development.
With Bob’s deep market knowledge and strategic outreach, the property was positioned to attract competitive interest, leading to a final sale price of $39,735,800.
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Sale Details
Bob’s approach ensured the property reached the right audience, generating strong demand and maximizing value. The transaction closed on July 3, 2007, at a price of $325 per buildable square foot.
- Sale Price: $39,735,800
- Property Address: Residential
- Asset Type: Development Site
- Size: 122,264 Buildable Square Feet
- Price per BSF: $325
- Closing Date: July 3, 2007
- Neighborhood: Gramercy, Manhattan
Development Potential in a High-Demand Location
160 Madison Avenue offered a rare large-scale development opportunity in Gramercy, an area known for its blend of historic charm and modern high-rise developments. The property sat in a prime corridor, benefiting from strong demand for residential and mixed-use spaces.
With the neighborhood’s limited supply of high-density development sites, this sale highlighted the continued investor appetite for well-located assets with strong long-term potential.
Neighborhood Overview
- Prime Midtown South location – Positioned between NoMad and Gramercy, offering excellent connectivity.
- High foot traffic – Surrounded by top-tier residential buildings, hotels, and office spaces.
- Proximity to major transit hubs – Convenient access to multiple subway lines and Penn Station.
- Thriving commercial and residential demand – Ideal for high-end residential or mixed-use development.
Expert Guidance Secures Maximum Value
Bob Knakal’s deep market expertise and strategic negotiation skills played a pivotal role in achieving a successful outcome for 160 Madison Avenue. His ability to identify and leverage market opportunities ensured the property reached its full potential.
Testimonial
"When it comes to development site sales in New York City, no one comes close to Bob Knakal. He is simply the best land broker in the market."
– Andrew Heiberger, Buttonwood Development
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