NYC Two-lot assemblage offering 50,210 buildable square feet as-of-right, steps from Fifth Avenue, Bryant Park, and Times Square, draws strong developer demand
— BKREA announces the sale of 21-23 West 45th Street, a two-lot development site in the heart of Midtown Manhattan, for $14,000,000. The transaction closed on 9/16/2026. Bob Knakal, Jas Saini, Nick Tuleu and Julia Perrone of BKREA exclusively represented the seller throughout the marketing and sale process.
Located on the northside of West 45th Street between Fifth Avenue and Avenue of the Americas, the site offers 50 feet of frontage along West 45th Street. The assemblage consists of two tax lots: Lot 25, improved with a three-story commercial building, and Lot 26, improved with a six-story commercial building, together totaling approximately 23,374 square feet of existing space.
The site is zoned C6-4.5 within the Special Midtown District and carries an as-of-right floor area ratio of 10.0, yielding approximately 50,210 zoning floor area (ZFA). At the sale price, the transaction equates to roughly $279 per buildable square foot, an attractive basis for a Midtown development site of this caliber.
The flexible zoning allows a new owner to pursue a range of development strategies. The site is well positioned to capitalize on the continued strong demand for new residential product in Manhattan, while its proximity to Times Square, Bryant Park, Rockefeller Center, and the Theater District also supports hospitality and other commercial uses.
“Infill development sites in Midtown and getting harder and harder to find. We were happy to generate the interest we did, especially because of the existing tenancy in the building,” said Bob Knakal, Chairman & CEO of BKREA. “The combination of more than 50,000 buildable square feet, flexible zoning, and a compelling basis because of tenancy created a rare opportunity for developers. We saw strong interest throughout the marketing process because buyers recognized the long-term value of controlling a 50′ wide site in the core of Manhattan.”
Situated just one block from Bryant Park and a short walk from Grand Central Terminal, the property benefits from exceptional transit access, including the B, D, F, and M trains at 42nd Street-Bryant Park and the 7 train at Fifth Avenue, as well as numerous other lines at Times Square and Grand Central. The surrounding area offers world-class dining, retail, cultural institutions, and some of the most recognized destinations in New York City.
About the company: BKREA is a New York City commercial real estate brokerage founded by Bob Knakal in 2024. Specializing in investment sales and advisory, the firm combines proprietary market research, decades of transaction experience and technology to help property owners evaluate opportunities and maximize property sales value.
Contact Info:
Name: Bob Knakal
Email: Send Email
Organization: BKREA
Address: 135 West 36th Street NY NY 10018
Phone: 212-888-8850
Website: https://bkrea.com
Release ID: 89206076
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