Successful Sale of 37 West 56th Street in Midtown West, Manhattan
Bob Knakal successfully closed the sale of 37 West 56th Street, a development and mixed-use site owned by Anthony DiSeverio, the operator of Abruzzi Restaurant.
The sale price was $12,950,000, marking a significant milestone for the client, who had been approached by a developer looking to acquire the property. Bob’s consistent communication and strategic approach resulted in an improved offer with better terms for the seller.
Sale Details
The developer's final offer came in at $12.95 million, with improved terms that included a 10% deposit and a 90-day closing period. Anthony’s decision to work with Bob Knakal led to a significant improvement over the initial offer, securing the best possible deal for the property.
Sale Price: $12,950,000
Seller: Anthony DiSeverio (Abruzzi Restaurant)
Buyer: Developer (Confidential)
Seller Type: Restaurateur and Property Owner
Property Type: Development, Mixed-Use
Sale Date: January 20, 2006
Property Details
The property at 37 West 56th Street, located in the bustling Midtown West neighborhood, was a prime development opportunity. As the restaurant owner, Anthony DiSeverio was approached by a developer who had recently purchased the three adjacent buildings to the east.
The initial offer came with challenging terms, but Bob Knakal’s expertise helped secure better terms and a higher price.
Full Address: 37 West 56th Street, New York, NY 10019
Zoning: Development, Mixed-Use
Property Type: Development Site, Mixed-Use
Sale Price: $12,950,000
The Client: A Restaurant Owner Seeking Real Estate Guidance
Anthony DiSeverio owned Abruzzi Restaurant at 37 West 56th Street and had regularly been in contact with Bob Knakal. Over the years, Bob provided Anthony with regular market updates and neighborhood information, helping to build a strong relationship.
When Anthony was approached by the developer who purchased the neighboring properties, he called Bob for advice.
The initial offer from the developer was $11 million, but it came with a low deposit and a lengthy closing period. Bob recommended using market leverage to improve the terms, suggesting the possibility of finding another buyer, particularly a user who could occupy the retail space. With this strategy, Bob was able to negotiate better terms for Anthony, securing a 10% deposit, a 90-day closing, and an improved price of $12.95 million.
Market Strategy and Leverage
Bob’s strategy involved reaching out to all the retailers on the block to assess their interest in owning the property. This generated interest from a shoe company, creating leverage to negotiate better terms with the developer.
The competitive nature of the Midtown West real estate market, combined with Bob’s expertise, allowed for a successful outcome.
Neighborhood Overview
Midtown West is near some of Manhattan’s most desirable locations, such as:
- Fifth Avenue.
- Central Park.
Long-standing appeal:
- Sought-after area for commercial and mixed-use developments.
Sale of 37 West 56th Street:
- Attracted significant interest due to:
- Strong demand for development sites.
- Vibrant retail environment in the neighborhood.
Conclusion
The sale of 37 West 56th Street is a testament to Bob Knakal’s long-term relationship-building and his ability to maximize value for clients.
By consistently providing market insights and maintaining contact, Bob was able to secure a significantly improved offer for Anthony DiSeverio, helping him achieve a higher price and better terms than originally expected.
Testimonial
“Bob Knakal contacted me every three months for many years with market updates and information on what was happening in the neighborhood. As an owner who was not a full-time real estate expert, I needed someone in my corner. Bob was the perfect choice to represent me. I highly recommend him to any potential seller in New York City.”
– Antonio DiSeverio, Abruzzi Restaurant
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