Bob Knakal and BKREA Announces $27 Million Sale of Iconic Office Building at 37 East 18th Street in New York City’s Flatiron District

Bob Knakal and the BKREA team successfully completed the $27 million sale of a 10-story office building at 37 East 18th Street in NYC’s Flatiron District. The historic property offers significant lease-up potential and user-occupancy opportunities in a prime Manhattan submarket near Union Square.

New York, United States – September 13, 2024 —

Bob Knakal and the BKREA team, specialists in New York City investment property sales, announced the successful sale of the 10-story office building located at 37 East 18th Street in the Flatiron District for $27 million. This historic property, offering significant lease-up potential and user-occupancy opportunities, is located in one of Manhattan’s most desirable submarkets, just steps from Union Square.

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“This transaction underscores the demand for well-located office properties in Manhattan, especially in neighborhoods like Flatiron, which continues to attract a mix of tech companies and other industries,” said Bob Knakal. “We’re thrilled to have facilitated the sale of such a distinctive building that offers future growth potential for the new owner.”

The sale of this 10-story office building provides an immediate opportunity for the new owner to capitalize on the 42% in-place cash flow, while leveraging the potential of the vacant upper floors. Four of the top five floors are currently unoccupied, with the fifth lease set to expire in early 2028, making this an ideal space for user occupancy or future leasing.

Additionally, the property offers flexible 7,500 RSF floor plates, appealing to a variety of tenants. There is also a potential for residential conversion, further enhancing the value of this historic building.

Situated at the heart of the Flatiron District, 37 East 18th Street is surrounded by some of Manhattan’s most vibrant neighborhoods, including Union Square and Chelsea. Known as “Silicon Alley” for its concentration of major tech companies, the area offers an ideal mix of business and leisure amenities.

The seller was a group of private families led by Steve Kerler. In regard to the sale, Steve said, “Our partnership had owned 37 East 18th Street for decades and consisted of several families and stakeholders. When it became apparent that it was in our best interest to sell the property, we asked our long-time managing agent for a recommendation for a broker. He immediately suggested we speak to Bob Knakal whom he had known for almost 40 years. It was a great recommendation. Bob and his team met with us and gave us their opinion about what the property would sell for an how they would maximize our price. We were drawn to the fact that over the course of his career, Bob has only represented sellers and has a long track record of getting the highest prices for his clients. He laid out the realities of the process, and did exactly what he said he would for us. After his departure from JLL, we stuck with him and we are certainly glad we did. He produced a great result for us and we are very happy with the service he provided. We are happy to recommend Bob and his team to any seller in NYC.” 

Bob Knakal has been at the forefront of New York City investment property sales for 40 years with 2341 Building Sales and Development sites for over $22 Billion. With deep expertise in the Manhattan market, Bob Knakal is known for his ability to identify strategic opportunities and guide clients through complex deals.

For more information about the sale of 37 East 18th Street or other investment opportunities, please contact Bob Knakal and the BKREA team.

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