Walk-Up Multifamily Building at 417 West 47th Street in Hell’s Kitchen, Midtown West Sells for $1.7M

Successful Sale of 417 West 47th Street in Hell’s Kitchen, Midtown West

Bob Knakal and his team successfully closed the sale of 417 West 47th Street, an 11-unit walk-up multifamily building located in the heart of Hell’s Kitchen, Midtown West. The transaction, finalized on December 12, 2003, was a key deal in a neighborhood known for its vibrant residential and commercial appeal.

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Sale Details

Positioned in a prime Midtown West location, 417 West 47th Street attracted interest from investors seeking well-located multifamily assets. The final sale price was $1,700,000, with a price per square foot of $204.20 across 8,325 square feet of building area.

Sale Price: $1,700,000
Property Type: Walk-Up Multifamily
Building Size: 8,325 SF
Price per SF: $204.20
Units: 11
Sale Date: December 12, 2003
Neighborhood: Hell’s Kitchen, Midtown West

Property Details

The property at 417 West 47th Street is a classic New York City walk-up building with two adjacent structures on a single lot. Its prewar architecture and efficient unit layout made it a strong investment in an area with continued rental demand.

Full Address: 417 West 47th Street, New York, NY 10036
Stories: 5
Building Type: Walk-Up Multifamily
Lot Block: 1057, Lot 24

Market Strategy and Transaction Success

Bob Knakal and his team leveraged their deep market knowledge and strategic outreach to position the property for a successful sale. The team ensured a smooth transaction by presenting the asset’s potential to investors seeking value in a highly desirable neighborhood.

Neighborhood Overview

Hell’s Kitchen’s appeal: A sought-after neighborhood for multifamily investments due to its proximity to Midtown’s business district and major transit hubs.
Surrounding attractions: Close to Times Square, the Theater District, and the Hudson River waterfront, enhancing demand for rental properties.
Ongoing growth: The area's continued development has strengthened its real estate values and investment potential.

Conclusion

The sale of 417 West 47th Street underscores Bob Knakal’s expertise in navigating the Midtown West multifamily market. His ability to effectively market the property and engage with the right buyers resulted in a well-executed transaction that maximized value for the seller.