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Bob Knakal Announces “The Ultimate Guide to Investment Property Conversion Sales in New York City"

July 3, 2025

Bob Knakal, Chairman and CEO of BKREA, has announced the release of The Ultimate Guide to Investment Properties Sold for Change of Use Conversion in New York City , a comprehensive resource for property owners, investors, and developers seeking to understand and capitalize on one of the most powerful value-creation strategies in urban real estate: conversions. Get the Guide Here https://www.bkrea.com/conversion-properties In the guide, Knakal details how adaptive reuse and property repositioning have become essential tools for unlocking upside in a complex, high-density market like New York. With over four decades of experience selling thousands of buildings across all five boroughs, Knakal presents a framework for understanding when and how conversion opportunities can drive pricing premiums that exceed traditional sales. “In New York, vacancy isn’t a liability—it’s often an asset. In most markets across America, occupied properties are worth more than vacant buildings. That is not the case here. User buyers or investors who are going to change the property’s use, will often pay a premium. ” said Knakal. “What most people see as an empty building, a savvy buyer sees as a blank canvas. When you combine imagination with zoning expertise and strategic marketing, that’s when you create the kind of outcomes that define careers.” The guide walks through real examples, including a detailed case study of 141 East 44th Street, which evolved from an apartment building to an office property, then to a hotel, and is now would have a highest and best use as luxury residential condominiums. This evolution, according to Knakal, illustrates the true spirit of New York real estate—where the most valuable assets are those that can adapt as highest and best use changes as market conditions fluctuate. Knakal explains that many of the most profitable sales in his career came from identifying underutilized buildings and marketing them not just for what they were, but for what they could become. He emphasizes that owner users and creative developers who look at changing use, often pay substantial premiums—sometimes over 100 percent more—when they see an opportunity to tailor a building to their specific vision. “Conversions are about market conditions, timing, imagination, and positioning,” Knakal noted. “A vacant office building in Midtown may not attract a yield-focused investor—but it might command a premium from a school, a hospital, or a luxury residential developer. Knowing how to tell that story to the right buyer makes all the difference.” The guide also includes a breakdown of common NYC conversion types—from office to residential, warehouse to loft, hotel to student housing—as well as insights into what makes a building ideal for repositioning. Owners will find answers to the most pressing questions, including how to market partially occupied buildings, how to evaluate zoning overlays, and what kinds of buyers are actively pursuing these opportunities in today’s market. With this release, BKREA continues its mission of equipping property owners with the tools, insights, and strategies needed to navigate an evolving real estate landscape and to achieve spectacular outcomes. For more New York City Guides to Selling Properties at a Premium Price visit https://www.bkrea.com/press/bob-knakal-launches-the-ultimate-guide-to-selling-user-buildings-at-a-premium-in-nyc

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