In the vibrant heart of Manhattan’s Penn Plaza district, the exceptional sale of 21 Penn Plaza stands as a shining testament to strategic real estate investment and the unparalleled expertise of Bob Knakal. This 16-story, Class B office building, sold for an impressive $244,000,000, is a beacon of commercial opportunity in the bustling New York City real estate market.
Class B Office Building Sale Highlights
- Location: Ideally situated in the Penn Plaza district, with approximately 98.75 feet of frontage on Ninth Avenue and 220 feet on West 31st Street.
- Building: A 16-story, Class B office building
- Property Size: 380,000 rentable square feet.
- Sale Price: Sold for a remarkable $244,000,000, demonstrating the high value of real estate in this prime location.
Prime Location in Manhattan’s Penn Plaza District
Nestled between Penn Station and the thriving Hudson Yards neighborhood, 21 Penn Plaza’s location is unmatched. This prime positioning ensures high visibility and strategic access, making it an attractive destination for businesses and customers alike.
Impressive Building Specifications
Boasting approximately 380,000 rentable square feet, 21 Penn Plaza offers ample space for a variety of businesses. Its 16 floors of potential make it a versatile property suitable for an array of commercial applications.
The sale of 21 Penn Plaza underscores the powerful potential for growth and prosperity within Manhattan’s vibrant real estate market. It serves as a prime example of Bob Knakal’s unrivaled skill in navigating this complex landscape, and his ability to secure outstanding outcomes for his clients.
What the Property Owner Said…
“After another successful transaction with him in the neighborhood, we decided to give Bob the opportunity to compete for the assignment to sell our office building at 21 Penn Plaza. He and his team gave us a valuation that was tangibly higher than the other brokers we interviewed and also told us that the buyer would not be one of the typical buyers of this type of asset. The buyer did indeed fall into the non-typical category for this type of asset and the price Bob achieved for us was in excess of his valuation. We are extremely pleased with the quality of the execution we received here.”