Thread by @BobKnakal

🧵Buckle in for this one! 2 for the price of 4!

In land assemblage, the whole is usually worth more than the sum of the parts. In these transactions, due to two unusually shaped properties and different zoning districts, the sum of the parts were worth more than the whole.

2/12 Suggesting a tax lot subdivision, and a joint venture development strategy, which left one of the unwilling sellers with a retail condo interest, were keys to maximizing the value of all the component properties.

#cre #retwit #TestimonialTuesday

3/12 This was one of the most interesting deals we ever worked on. We created two development sites and changed the skyline in this newly emerging neighborhood

1205 and 1225 Broadway were two adjacent office and retail properties with short-term leases.

#cre #retwit

4/12 They made up the majority of the blockfront, but not all of it.

846 Sixth Avenue was an odd trapezoid-shaped property with 68 feet of frontage. The same ownership group also owned 1227 Broadway which created a joint site with 289 feet of frontage along 30th Street.

#cre

5/12 1227 completed the entire blockfront between 29th & 30th Streets. There were 2 different zoning districts for Sixth Avenue and for Broadway. When hired to sell the 2 Broadway properties, we immediately went to the owners of the 846 & 1227 to see if they were willing to sell.

6/12 There were two partners – one willing to sell and one who was reluctant. We encouraged the owners of these to subdivide the Sixth Avenue property to effectively “square off” the Broadway site.

#cre #retwit #TestimonialTuesday

7/12 The buyer of the other two Broadway buildings (John Lam) was eager to purchase a portion of this newly subdivided property. This site is now the home of the new Virgin Hotel.

8/12 We structured a transaction where a condo developer (Alchemy Properties Inc.) bought into the partnership that owned the property and paid enough to buy out the motivated seller.

#cre #retwit #TestimonialTuesday

9/12 The seller who was reluctant, had their interest in the partnership converted to an equity interest in the retail condo when the new residential condo was completed – a built-in 1031 exchange!

#cre #retwit #TestimonialTuesday

10/12 Here is what the sellers of the component properties had to say:

“We thank Bob Knakal for all his hard work, diligence, honesty, ingenuity and integrity in brokering the sale of 1205-1225 Broadway. This is the second such transaction effectuated by Bob for us and,

#cre

11/12 if such services are needed in the future, we will not look anywhere else but Bob Knakal.” - Calvin C. Haddad

Closing Price: $87,900,000

#cre #retwit #TestimonialTuesday

12/12 “Our partnership group did not always agree. Bob Knakal perfectly shepherded us through a very complex deal.” Howard Waxman

Closing Price: $36,800,000

And that's how you get a deal done.

#cre #retwit #TestimonialTuesday