Successful Sale of 28-30 West 22nd Street in Chelsea, Manhattan
Bob Knakal and his team successfully closed the sale of 28-30 West 22nd Street, a six-story office building owned by the Van Alen Institute. The property was sold for $31,500,000, marking a significant achievement for the client. The Van Alen Institute, which had owned the property for many years, decided to rebalance its portfolio to support its mission of creating more equitable cities through inclusive design. With Bob’s deep knowledge of the marketplace and his ability to target the right buyer, the property was sold at a competitive price, securing a favorable deal for the Institute.
Sale Details
The final sale price was $31,500,000, and the buyer was Akelius, a family office investor. The building, located in the highly sought-after Chelsea neighborhood, consisted of approximately 35,500 square feet of space. The property’s long-term leases were a consideration, but Bob’s strategic marketing approach ensured the deal proceeded smoothly.
- Sale Price: $31,500,000
- Seller: Van Alen Institute (Non-Profit)
- Buyer: Akelius (Family Office)
- Property Type: Office, User
- Sale Date: November 28, 2018
- Property Address: 28-30 West 22nd Street, New York, NY 10010
- Zoning: Office
- Lot Size: 4,945 SF
- Building Size: 35,500 SF
- Price per SF: $887.32
The Client: A Non-Profit Seeking Portfolio Rebalancing
The Van Alen Institute, a 125-year-old design-focused non-profit, owned 30 West 22nd Street for many years. As the organization sought to adjust its portfolio to better align with its mission, it turned to Bob Knakal and his team for help. The property was not completely vacant at the time of sale, with several short-term leases still in place. However, Bob’s experience working with non-profits and his extensive track record in user and investment property transactions positioned him to strategically target potential buyers.
Market Strategy and Expertise
Bob and his colleague, Stephen Palmese, tailored a marketing strategy that emphasized the unique qualities of the property and its location in the vibrant Chelsea neighborhood. By reaching out to a select group of users and developers, they attracted the ideal buyer in Akelius, who recognized the value of the location and the opportunity to acquire a well-located office building with steady tenancy.
Neighborhood Overview
Chelsea is one of Manhattan’s most desirable neighborhoods, known for its dynamic mix of commercial, residential, and cultural attractions. Key features include:
- Vibrant Arts Scene: Known for its galleries, museums, and cultural venues.
- Proximity to Major Avenues: Located between Fifth and Sixth Avenues, offering excellent access to transportation and amenities.
- Creative and Tech Hubs: A central location for the arts, technology, and creative industries.
- Retail and Dining: A lively area with diverse retail shops, restaurants, and cafes.
- Attractive to Commercial Tenants: Popular with businesses due to its strategic position and unique character.
These factors contribute to Chelsea’s strong demand for office spaces and its reputation as a prime real estate destination.
Conclusion
The sale of 28-30 West 22nd Street is a testament to Bob Knakal and his team’s ability to deliver results for clients in complex transactions. Through consistent communication, targeted marketing, and a strategic approach, they were able to secure a competitive price for the Van Alen Institute and help the organization realign its assets to further its mission of advancing equitable design.
Testimonial
“The Van Alen Institute, a 125-year-old design not- for-profit, owned 30 West 22nd Street for many years when we decided it was time to rebalance our portfolio to advance our mission. We wanted to retain a team who not only understood the local marketplace but also had a great track record. Although our property could not be delivered completely vacant upon sale, the leases were relatively short term and we wanted a team that could target user buyers with accuracy. Bob Knakal and Stephen Palmese were the perfect choice for this assignment given their extensive track record with not for profits and on transactions of this kind. The marketing approach was clear and the results undeniable. Bob and Stephen helped the Van Alen Institute rebalance our portfolio thereby enabling us to invest in creating more equitable cities through inclusive design." - Jared Della Valle, Alloy Development-Jared Della Valle, Alloy Development
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