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Successful Sale of 333-339 East 62nd Street in Lenox Hill, Upper East Side, Manhattan
Bob Knakal successfully facilitated the sale of the development site at 333-339 East 62nd Street, located in the Upper East Side's Lenox Hill neighborhood.
The site, owned by the Catholic Archdiocese of New York, was a 68-foot-wide rectory with a vacant side lot. This wide frontage, particularly for a side street location, made the property an attractive development site, marking the sale as a significant transaction.
The relationship between Bob Knakal and the Archdiocese began in the 1980s, when Bob was covering the area from East 55th to 63rd Streets, between Lexington and First Avenue.
The property had long been recognized as a prime development opportunity, and over years of consistent contact and market discussions, Bob was ultimately retained to manage the sale of the site when the Archdiocese decided it was no longer needed for its original use.
Sale Details
The development site sold for $7,000,000, closing on March 8, 2012. The straightforward transaction highlighted the benefits of consistent market engagement and the strong, long-standing relationship Bob had with the Archdiocese.
Sale Price: $7,000,000
Seller: Catholic Archdiocese of New York
Buyer: Confidential
Seller Type: Non-Profit (Religious Organization)
Property Type: Development Site
Sale Date: March 8,2012
Property Details
The property at 333-339 East 62nd Street featured a 68-foot-wide frontage, which is exceptionally wide by New York City standards for a side street location.
The vacant lot, combined with its Upper East Side location, presented a prime opportunity for development.
The Catholic Archdiocese of New York had owned the property for many years, using it for purposes that were no longer required by 2011.
Full Address: 333-339 East 62nd Street, New York, NY 10065
Zoning: Development
Property Type: Development Site
Lot Width: 68 feet
Long-Standing Relationship and Market Insight
The sale of this property was the result of a decades-long relationship between Bob Knakal and David Brown, the Catholic Archdiocese of New York’s Director of Real Estate. After years of consistent communication, market analysis, and updates on property values, Bob was entrusted with the sale.
From the first cold call in the 1980s to the eventual sale in 2012, Bob’s expertise in the local market and his relationship with the Archdiocese were instrumental in securing this development opportunity.
Bob and his team prepared a comprehensive valuation of the site and presented a detailed marketing program designed to maximize the value of the property. By maintaining regular contact over the years, Bob positioned himself as the go-to broker when the time came for the Archdiocese to sell the property.
Neighborhood Overview
Lenox Hill and the Upper East Side are highly desirable Manhattan neighborhoods for development.
Key appeal factors:
- Strong demand for luxury residential projects.
- Prime location and wide frontage of sites like 333-339 East 62nd Street.
Sale of 333-339 East 62nd Street:
- Valuable asset in a high-demand area.
- Advantageous zoning and location contributed to its appeal.
- Ensured a favorable sale for the Catholic Archdiocese.
Conclusion
The sale of 333-339 East 62nd Street illustrates the importance of long-term relationships and consistent market engagement.
Bob Knakal’s extensive experience and knowledge of the Upper East Side real estate market, combined with his decades-long relationship with the Catholic Archdiocese of New York, resulted in a successful transaction that maximized the value of the development site.
Testimonial
“Our relationship with Bob Knakal is decades long and we have successfully closed several transactions together. When it was time to sell our 62nd Street site, Bob and his team were an easy choice given their knowledge of the neighborhood and their extensive track record in the New York City land sales market. Bob planned a comprehensive marketing campaign, did everything he said he would do and achieved a great sales price for us. We are extremely pleased with the results and would recommend Bob and his team to other sellers of land in New York.”
– David Brown, Catholic Archdiocese of New York
Learn More About Manhattan Real Estate Development
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