Sale of Commercial Office Building at 123 Lafayette Street in SoHo, Manhattan for $33,500,000

Successful Sale of 123 Lafayette Street in SoHo, Manhattan

Bob Knakal and his team at BKREA successfully closed the sale of 123 Lafayette Street, a prime office building located in the heart of SoHo, Manhattan. The property, owned by Matt Lembo of Stellar Management, sold for $33,500,000, achieving a remarkable outcome for the seller.

The sale price far exceeded the original investment, marking a highly successful transaction. Bob’s expertise, combined with a targeted marketing strategy, helped attract the right buyers, including institutional, foreign, and high-net-worth investors. His efforts led to a final price of $33,500,000, surpassing expectations and securing an exceptional return for the seller.

Office Building Sales - For the complete list click here Office Buildings

Sale Details

The sale of 123 Lafayette Street was completed on January 12, 2016. The final price of $33.5 million was achieved after a competitive process that saw interest from various sectors of the investor market.

Sale Price: $33,500,000
Seller: Matt Lembo, Stellar Management
Buyer: Andy Cohen, First Atlantic Capital
Property Type: Office
Sale Date: January 12, 2016
Property Address: 123 Lafayette Street, New York, NY 10013
Neighborhood: SoHo, Manhattan
Building: 1
Square Footage: 21,916 SF
Price per SF: $1,528.56
Units: 7

Property Details

123 Lafayette Street is located in the vibrant and highly desirable SoHo neighborhood, known for its artistic culture, iconic cast-iron buildings, and bustling retail environment. This office property, offering 21,916 square feet, presented a rare opportunity in one of Manhattan's most sought-after areas.

Full Address: 123 Lafayette Street, New York, NY 10013
Zoning: Commercial/Office
Neighborhood Highlights:some text
- Renowned for its creative atmosphere
- Close proximity to major transportation hubs and retail landmarks
- Popular area for both commercial and residential properties
- Increasing demand for office spaces in prime locations

‍Market Strategy and Leverage

Bob and his team developed a customized marketing program that highlighted the unique characteristics of 123 Lafayette Street. Their approach ensured that the property was seen by the right audience and attracted competitive bids. By leveraging their extensive network, they were able to secure a sales price well above the initial expectations, resulting in a significant return on investment for the seller.

Neighborhood Overview: SoHo, Manhattan

A hub for arts, culture, and creative industries
High demand for office, retail, and residential spaces
Prime location in Lower Manhattan, close to major transportation
Strong historical appeal, attracting both local and international investors

Conclusion

The sale of 123 Lafayette Street showcases Bob Knakal’s ability to deliver exceptional results through strategic marketing, extensive market knowledge, and a commitment to achieving the best outcomes for his clients. By providing expert advice and connecting with the right buyers, Bob was able to help Matt Lembo achieve a sale price that exceeded expectations, turning the investment into a significant success.

Testimonial

“When we decided to go to market with 123 Lafayette, we knew that we needed to hire an advisor that had the unique ability to reach every sector of the investor audience in order to achieve our target pricing. We hired Bob Knakal & Jon Hageman because of their specific experience with similar properties and their proficiency for reaching all local, foreign, institutional, and high-net-worth investors. This coupled with their customized marketing program produced incredible execution and a sales price that allowed us to more than triple our original investment. I would absolutely hire their team again and would urge anyone with a similar asset to do so.”
– Matt Lembo, Principal / CIO, Stellar Management