Second-Time Sale of Off Park Portfolio in Midtown East, NYC for $21.5 Million

Successful Second Sale of The Off Park Portfolio in Midtown East, NYC

Bob Knakal successfully closed the sale of The Off Park Portfolio for the second time. The development site, comprised of four buildings in Midtown East, Manhattan, was sold for $21,500,000 to the State University of New York. This marked a significant milestone for both Bob and the seller, TIAA-CREF, who had previously worked with him on the initial acquisition of the portfolio.

Bob’s ability to navigate the complexities of this sale, coupled with his deep understanding of the Midtown East market, helped secure favorable terms for both the seller and the buyer. The deal, which closed on February 25, 2005, stands as a prime example of Bob's repeat success in handling high-value transactions.

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Sale Details

The Off Park Portfolio, which includes properties at 119 East 54th Street, 121 East 54th Street, 116-118 East 55th Street, and 120 East 55th Street, was sold for $21,500,000. This translates to a price of $634.33 per square foot, with a total of 33,894 square feet across the four buildings. The buyer, State University of New York, plans to utilize the space for a training facility.

Sale Price: $21,500,000
Sale Date: February 25, 2005
Neighborhood: Midtown East
Seller: TIAA-CREF (Teachers Insurance Annuity Association of America)
Buyer: State University of New York
Asset Class: Development, Portfolio, User
Building Type: 4 Buildings
Total Square Feet: 33,894 SF
Price per SF: $634.33

Property Details

The properties included in The Off Park Portfolio are:

119 East 54th Street (1309-7)
121 East 54th Street (1309-107)
116-118 East 55th Street (1309-65)
120 East 55th Street (1309-64)

These buildings are located in Midtown East, an area known for its prime real estate offerings and institutional appeal. The buildings are well-suited for both development and user-specific needs.

Lot Size: 32 x 100
Stories: 5 stories across the four buildings

Market Strategy and Leverage

Bob Knakal’s second sale of The Off Park Portfolio highlights his proven ability to deliver results for long-term clients. Having previously sold this portfolio to TIAA-CREF, Bob was their trusted advisor when it came time to sell. By leveraging his deep knowledge of the market and understanding the needs of the buyer, State University of New York, Bob successfully secured the right deal at the right price.

Neighborhood Overview

Midtown East is a vibrant and highly desirable area, attracting a variety of users and developers. Key characteristics include:

Proximity to key landmarks: Close to Grand Central Terminal, a major transportation hub for commuters.
Nearby attractions: A mix of luxury retail, office spaces, and cultural destinations such as the Museum of Modern Art.
Commercial appeal: Midtown East remains one of the most sought-after areas for businesses and institutional users.

Conclusion

The second sale of The Off Park Portfolio showcases Bob Knakal’s expertise and his ability to foster long-term relationships with institutional clients. By understanding both the seller’s and buyer’s needs, Bob was able to deliver a favorable outcome for all parties involved. This successful transaction further solidifies his reputation as one of the most trusted names in real estate.

Testimonial

“We at TIAA-CREF have admired and respected the work of Bob Knakal for years. Bob sold us this site, so when it was time to sell, naturally we went back to him. Bob is the consummate professional and found the perfect buyer for us – a user. We could not be happier with the results.”
– Tom Fjellman, TIAA-CREF