Bob Knakal sells iconic office building in NYC’s Flatiron District for $27 million

Bob Knakal and the BKREA team have successfully facilitated the sale of a historic 10-story office building located at 37 East 18th Street in New York City's Flatiron District for $27 million. This transaction highlights the ongoing demand for well-located office properties in Manhattan, particularly in vibrant neighborhoods like Flatiron, which attract a diverse range of industries, including tech companies. The building presents significant lease-up potential, with 42% of its cash flow currently in place and several upper floors vacant, offering opportunities for user occupancy or future leasing. The seller, a group of private families led by Steve Kerler, had owned the property for decades. When they decided to sell, they sought a broker recommendation from their long-time managing agent, who suggested Bob Knakal due to his extensive experience and successful track record in representing sellers. Knakal's expertise in the Manhattan market and his strategic approach to identifying opportunities were key factors in the successful sale. The building's future owner can capitalize on the existing cash flow while also considering the potential for residential conversion, which could further enhance the property's value. The sale underscores the importance of having knowledgeable representation in real estate transactions, especially in a competitive market like New York City. Overall, the successful sale of this iconic building not only reflects the strong demand for office space in desirable locations but also demonstrates the effectiveness of experienced brokers in navigating complex real estate deals.