Massey Knakal Reel

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A blog for breaking sales, leasing and neighborhood real estate news.

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 28 East 14th Street, located between University Place and Fifth Avenue in Manhattan’s East Village neighborhood.  The asking price is $30,000,000.

The five-story building contains approximately 11,875 square feet and sits on a 25’ x 103.25’ lot.  It consists of a ground floor retail unit and eight residential units, all of which are free market.  The building features approximately 25 feet of frontage on East 14th Street, directly east of Union Square.  It benefits from additional development rights and is within a block of several major subway stops.  This offering presents an excellent opportunity for an investor looking for stable in-place cash flow on one of the best retail corridors in Manhattan or a condominium conversion opportunity.

“Benefiting from its close proximity to Union Square station, which according to the MTA is the fourth busiest subway station in Manhattan with over 35,000,000 annual travelers, 28 East 14th Street stands to gain from the continued success of the 14th Street retail corridor,” said Massey Knakal’s James Nelson who is exclusively marketing the property along with Matthew Nickerson.

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Neighborhoods: East Village/ Agents: James Nelson

By, Andrew Posil, Massey Knakal Realty Services

Through the first half of 2014, Brooklyn’s hotel market exhibited strong  performance  despite  growth  in  supply.   Market-wide  ADR has increased to record levels and occupancy remains well above the  national  average.  Brooklyn’s  hotels  leverage  the  high  urban density and growing business and leisure travel to the Borough. An increasing percentage of New York’s (over) 55 million visitors are making the choice to stay in Brooklyn hotels, a fi gure that is likely to continue as the Borough continues to develop world-wide appeal for all types of travelers. As a result, hotel investors and developers have a keen eye on Brooklyn.

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Agents: Andrew Posil

78 Grand Street, a prime mixed-use loft building located between Wooster and Greene Streets in Manhattan’s SoHo Cast Iron Historic District, was sold in an all-cash transaction valued at $15,600,000.

The five-story elevator-serviced former co-op building contains approximately 11,975 square feet and sits on a 25’ x 100’ lot.  It consists of a ground floor retail space and four full-floor upper lofts in excess of 2,000 square feet each. The retail tenant had a short lease term remaining and was paying a substantially below-market rent.

“At roughly $1,300 per square foot for an essentially non-stabilized building, this transaction demonstrates the continued strong demand for well-located property in SoHo," said Massey Knakal’s Paul Smadbeck, who exclusively handled this transaction with colleague Robert Burton. “When both the buyer and the seller want to get a transaction done, things progress smoothly. Both parties in this sale were very pleasant and worked together to accomplish the sale in a very timely manner,” added Burton.

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Neighborhoods: SoHo/ Agents: Paul Smadbeck, Robert Burton

By, David Simon, Massey Knakal Realty Services

Solid fundamentals in New Jersey continue attracting commercial real estate investors from New York. We have been experiencing tremendous interest from our database of New York buyers who are diligently pursuing investment opportunities in the Garden State and many institutional and entrepreneurial investors are finding well located, quality properties that meet their investment criteria.
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Neighborhoods: New Jersey/ Corporates: David Simon

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail cooperative unit at 104 West 13th Street. The property is located between Sixth and Seventh Avenues in Manhattan’s Greenwich Village Historic District. The asking price is $2,950,000.

The retail unit encompasses the entire ground floor and a portion of the basement for a total of approximately 3,074 square feet.  It is situated in a two-unit cooperative townhouse on a historic tree-lined street.  The unit is currently occupied by the owner and operating as a restaurant. It benefits from a front garden, rear patio, existing kitchen and liquor license, and a lower level that includes ample space for storage as well as a bathroom for patrons. The unit will be delivered vacant.

“This is an excellent opportunity to purchase a retail co-op space outfitted for a restaurant on a tree-lined residential block in undoubtedly one of the most food centric neighborhoods in all of Manhattan. This year, similar retail spaces have sold for an average of $3,300 per square foot, making this an attractive investment,” said Massey Knakal’s James Nelson, who is exclusively marketing this property with Brock Emmetsberger.

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Neighborhoods: Greenwich Village/ Agents: Brock Emmetsberger, James Nelson

Massey Knakal Realty Services has been retained to explore the sale or lease of the properties owned by FIP Ventures (“FIPV”), owner of a majority of the commercial properties of the waterfront resort complex just 60 miles east of Manhattan.  The properties consist of approximately 80% of the real estate in the commercial district in The Pines, an upscale gay community. The commercial district, which has been a staple in the area for decades, stretches 250 feet along the harbor and main pedestrian promenade leading to the residential and beach access areas.
The offering includes the Botel hotel and the Blue Whale restaurant and bar, famous for the Low Tea party; the newly rebuilt, architecturally distinct Pavilion night club with a 20 foot deck overlooking the harbor, famous for the High Tea party; the Pool Deck and Outdoor Bar; the Cultured Elephant, an outdoor restaurant; the Harbor Club and The Rack Gym.  There are also several retail stores which could be greatly expanded upon. Additionally, there are two multifamily properties that are included in the offering.  

“This is a once in a lifetime opportunity for a world class operator to run the majority of commercial businesses in this highly coveted community,” said Massey Knakal’s James Nelson, who is exclusively marketing FIPV with Andrew Posil and Brendan Gotch. Jon Wilner from Island Properties of the Pines, Inc. is also the on-site broker.

“Incredible upside potential exists to elevate the performance of these assets and to serve the loyal following that has come to The Pines year after year,” added Nelson.

The properties are being offered as a package with an asking price of $19,500,000, or individually. The Botel hotel and Blue Whale must be sold together and have an asking price of $8,500,000.  The Pavilion and adjacent house have an asking price of $5,500,000.  The Pool Deck and Cultured Elephant have an asking price of $3,500,000 and the staff house multifamily properties have an asking price of $2,000,000.
“The Botel hotel presents an outstanding opportunity to continue to operate on an as-is basis, or to redevelop the property into a larger, more modern hotel,” said Massey Knakal’s Andrew Posil.

“FIPV retail stores, which currently command rents upwards of $300 per square foot, are no larger than 500 square feet, so name brand luxury tenants have not been given the opportunity to serve this market,” said Massey Knakal’s Brendan Gotch. “Converting the ground floor of the hotel to retail would face a pool deck with thousands of potential customers each weekend,” added Gotch.

Now in its fifth year of ownership, and after successfully rebuilding a triumphantly redesigned Pavilion, ownership has decided to explore the sale and/or lease of the properties, passing the torch on to someone who can continue their vision and execute a broader redevelopment plan.
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Agents: Andrew Posil, Brendan Gotch, James Nelson

Massey Knakal Realty Services has been retained on an exclusive basis by Carlyle House, Inc. to assist with the leasing of their Madison Avenue retail space located between East 76th and East 77th Streets. Ownership is considering all options, including master lease and direct lease.  CEO Paul J. Massey, Jr., Thomas D. Gammino, Jr., and Jill Lovatt are exclusively handling this assignment.

“This location is one of the premier retail locations in all of New York City and we are excited to assist ownership in finding the perfect opportunity for the space,” said Massey Knakal CEO Paul J. Massey, Jr.

The space, which is currently master leased to The Carlyle, consists of approximately 6,956 square feet on the first and second floors, plus an additional 593 square feet of cellar space.  It is currently subdivided into five stores, but could be combined. It boasts approximately 132 feet of prime Madison Avenue frontage.  The entire space will be delivered vacant upon expiration of the master lease on April 30, 2016.

Madison Avenue and the surrounding area is North America’s premier luxury shopping district.  It features the flagship boutiques of the finest international designers, over 100 world-class galleries, exquisite restaurants, dozens of spas and salons for exclusive pampering, and renowned hotels and museums.  

“A testament to the robust nature of Madison Avenue, this vibrant corridor has experienced a recent transformation of the brownstones adjacent to the Whitney, with a significant amount of new store openings – 30 in 2013 and 11 in the first half of 2014.  Rents for the diverse retail mix have soared to record levels.  Those seeking prime sites on Madison Avenue include retailers from around the globe,” said Jill Lovatt.

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Neighborhoods: Upper East Side/ Agents/Corporates: Jill Lovatt, Paul Massey Jr., Thomas Gammino Jr.

Massey Knakal Retail Leasing Services has secured a retail lease for 716 Broadway, located between West 4th Street and Astor Place in Manhattan’s NoHo neighborhood.  The space will be occupied by Foot Locker.

This stunning, column-free retail space is located in an extraordinarily beautiful building and features two floors of potential selling space, though the future tenant intends to only sell out of the ground floor.  Previously occupied by bookstore Shakespeare & Co., it contains approximately 3,000 square feet on the ground floor with ceilings over 14 feet high and 2,000 square feet of basement space with almost 12-foot high ceilings. It benefits from approximately 20 feet of frontage as well as front and rear staircases.

The property receives heavy foot traffic from the local student, tourist, office, and resident populations. Retail neighbors include American Apparel, Superdry, French Connection, Duane Reade, and Aldo, while other neighbors include NYU, Facebook, and J. Crew.

“I remember buying my textbooks at Shakespeare & Co. as an NYU student, and while both the landlord and I are sad to see them go, the realities of today’s market combined with the effect of online retailing made it undesirable for them to continue their business,” said Massey Knakal’s Brendan Gotch, who exclusively represented the landlord in this transaction.  “Foot Locker is an ideal solution for the landlord and provides a product that is hotly in demand in this market, especially by NYU students,” he continued.

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Neighborhoods: NoHo/ Agents: Brendan Gotch

By: Betty Castro, Massey Knakal Realty Services

The Massey Knakal Brooklyn Summit is fast approaching. It is jammed packed with networking opportunities, educational workshops and fascinating panels.

Here are some tips to get the most out of this event.

Plan ahead
Review the event agenda beforehand and create a schedule for yourself so you're not taking time the day of to figure out what session to attend. Be prepared to take notes and bring plenty of business cards.

Do your homework
Review panel topics and bios of the speakers so you can come up with questions ahead of time to ask during the Q&A (or if you run into speakers at the networking session). You will also be able to recognize them from the pictures on our website.

Have a Goal
At each networking session, set a goal for yourself to meet at three people. Focusing on meaningful relationships instead of "working the room" will go a long way.

Arrive early
Instead of walking into a packed room, which can be overwhelming, arrive early so you can strike up meaningful conversations. It will also give you time to become familiar with the venue.

Ask questions
Ask people questions about their line of work, what they like about it and what challenges they face. Get to know their needs and offer your help instead of asking for something first.

Keep it light  
It doesn't have to be all business. Make it fun. Put a smile on your face and strike up a relaxed conversation about their hometown, favorite sports team or hobbies. It's important to make a connection with people.

Follow up!
You’ll probably come back with a bunch of business cards from the event. Add them to your contacts in Outlook. Send a follow up email reiterating what you discussed and offer next steps, i.e. coffee, lunch. Look them up on LinkedIn and make a connection.

Event Information

WHAT: Massey Knakal Brooklyn Real Estate Summit

WHO: Massey Knakal Realty Services and GreenPearl Events

WHEN: Tuesday, September 16, 2014
            7:45a.m. - 5:00p.m.

WHERE: Brooklyn Museum
               200 Eastern Parkway
               Brooklyn, NY 11238

Corporates: Betty Castro

Chairman Bob Knakal recently sat down with Bill Moller of First Business News to discuss the EB-5 program and its effect on the real estate industry.

Click here to view interview

Agents: Robert Knakal

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail tenant for 108 Delancey Street, located between Ludlow and Essex Streets on Manhattan’s Lower East Side.

The space contains approximately 2,200 square feet on the ground floor, 2,200 square feet on the second floor, 880 square feet on the third floor and 880 square feet on the fourth floor.  It features approximately 16 foot high ceilings and 22-feet of high visibility frontage along Delancey Street.  All uses will be considered and divisions will be considered.

This space is ideally located near The Williamsburg Bridge and steps from the J, M, Z subway entrance.  It is adjacent to the $1.1 billion Essex Crossing Development, which will add 1.9 million square feet of office, retail, and residential development, including 1,000 apartments.  Neighboring retailers include T-Mobile, Starbucks, Duane Reade, Chase, and McDonald’s.

“Even though Delancey Street is already a major thoroughfare, new types of retailers are looking to capitalize on the Essex Crossing Development while rents in the surrounding areas are still relatively low,” said Massey Knakal’s Ryan Reszelbach, who is exclusively marketing this space.  

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Neighborhoods: Lower East Side/ Agents: Ryan Reszelbach

The fifth annual Massey Knakal Brooklyn Real Estate Summit, which brings together top retail, condo, multifamily and office players for a full day event focused on the real estate trends of Brooklyn, will be held on September 16, 2014 at the Brooklyn Museum. Over 600 attendees are expected at the event, which will focus on the theme of how Brooklyn developments will shape the borough into a place to live, work, and play.
Deputy Mayor Alicia Glen, who has been at the forefront of bridging the gap between the private sector and Mayor de Blasio’s administration on both housing and economic development issues, will take part in the Keynote Interview. In this fireside chat, “One Love, One Brooklyn”, she will discuss the administration’s plans for affordable housing, economic policy, and job growth, and how Brooklyn will benefit from these strategic priorities. In addition to the keynote address, there will be numerous panels and workshops covering a wide range of topics including the office market, commercial debt financing, and retail condos.

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A commercial building at 35-19 150th Street, located between Northern Boulevard and 35th Avenue in the Flushing neighborhood of Queens, was sold in an all-cash transaction valued at $2,750,000.

The three-story building contains approximately 6,000 square feet and sits on a 62’ x 133’ lot. It has been fully renovated and features ample onsite parking. It was delivered vacant at closing and the sale price equates to approximately $458 per square foot.

The property is located just 175 feet from Northern Boulevard, a main thoroughfare in Flushing.  It has convenient access to the major highways including the Van Wyck Expressway and Grand Central Parkway as well as public transportation via MTA bus, subway and LIRR Murray Hill station.

“The rarity of office space available in Flushing and the highly desirable location helped to generate a great level of interest from investors and users,” said Massey Knakal’s Stephen R. Preuss, who exclusively handled this transaction.

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Neighborhoods: Flushing/ Agents: Stephen Preuss

Massey Knakal's sophisticated training programs and rigorous certification board are peerless among realty services firms, ensuring that our agents are the most disciplined, skilled and talented in the industry. Creating the best work environment is something we strive for on a daily basis, and intelligence, integrity, professionalism and passion are the keys to maintaining it. Talented individuals are valued at Massey Knakal.

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Massey Knakal Realty Services has been retained on an exclusive basis to sell two contiguous mixed-use properties at 1703-1705 Second Avenue. The properties are located between East 88th and East 89th Streets on Manhattan’s Upper East Side. The asking price is $26,500,000.

The two five-story buildings combine for approximately 15,350 gross square feet on a 50’ x 75’ lot with one commercial and 16 residential units.  Previously home to the famous restaurant Elaine’s, the commercial space has been extended to the lot line and totally rebuilt with a new storefront, new mechanical system, gas service, water service including a sprinkler system, HVAC system, completely new kitchens, and a new black iron exhaust to the roof.  There are 16 residential units above the restaurant, of which 14 have been beautifully renovated.  The unit mix of the renovated free market units consists of two three-bedroom/two-bathroom apartments, 11 two-bedroom/one-bathroom apartments, and one one-bedroom/one-bathroom apartment. These apartments were completely gut renovated down to the structural framing, and the renovations include upgraded electric service and distribution, stainless steel appliances, new hardwood floors, washer-dryers, and new windows.  The two rent stabilized apartments consist of one one-bedroom/one-bathroom apartment and one studio.  Overall building renovations include structural steel improvements to the lower portions of the building, upgraded electric service throughout, new boiler/heat and hot water system as well as risers throughout the building.  

The C2-8 zoning designation permits a maximum residential FAR of 10.0 or approximately 37,500 square feet, which can be increased by 2.0 FAR or 7,500 square feet using an Inclusionary Housing Bonus for a total of 45,000 buildable square feet.  There are additional development rights available from adjacent buildings which could increase the size of a potential development on the site to over 60,000 square feet.  Furthermore, the site is surrounded by low-rise buildings providing additional light and air to any future development on the site.

The Upper East Side is poised for a major transformation as the first phase of the Second Avenue subway is scheduled to be completed in December of 2016.  New subway stations will be located on 72nd, 86th, and 96th Streets along Second Avenue and the Upper East Side is set to experience rapid retail and residential growth as the project nears completion.  The acquisition of 1703-1705 Second Avenue represents a unique opportunity to capitalize on the lack of residential inventory and guaranteed retail progression within one of Manhattan’s most coveted residential enclaves.

This property is being marketed exclusively by Massey Knakal’s Thomas D. Gammino, Jr.

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Neighborhoods: Upper East Side/ Agents: Thomas Gammino Jr.

In 2Q14, 106 properties sold, up 23% from 1Q14 and 51% higher compared to the same quarter a year ago.  Dollar volume was $449 million in 2Q14, up 20% from 1Q14 and 52% from 2Q13.  Combined, the first and second quarter make up the strongest first half on record.  The largest sale in Northern Manhattan, a 10-building portfolio in Washington Heights was handled by Massey Knakal and sold for $73 million.

In 2Q14, cap rates continued to compress and now stand at an all-time low of 5%.  Since peaking in 2010, cap rates have fallen by almost 300 bps.

A corner retail building at 2856-2860 Steinway Street, occupying the entire block front of 30th Avenue between Steinway and 38th Streets in the Astoria neighborhood of Queens, was sold in an all-cash transaction valued at $32,000,000.

The three-story building contains approximately 37,334 square feet on a 100’ x 190’ lot and features 390’ of high visibility frontage. Currently, the property is leased long-term to a diverse trio of national credit tenants, New York Sports Club, JP Morgan Chase Bank and Duane Reade. The sale price equates to approximately $627 per square foot.

The building is located in Astoria, which is one of the most desirable neighborhood in Queens. The 2.4 mile Steinway Street corridor has emerged as the area’s preeminent shopping destination with over 300 stores featuring a mix of national retailers, local boutiques/shops, and eateries. The property is in close proximity to countless transportation options, including the N and Q subway lines at 30th Avenue, as well as the E, M and R subway lines at the intersection of Steinway Street and 34th Avenue.

“With the value of retail properties in Manhattan increasing at a record breaking pace, it is not surprising to see demand spill over into the outer boroughs. This transaction is a clear example of that dynamic, as there were many parties bidding who have been primarily Manhattan investors who are now broadening their property searches geographically,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Thomas A. Donovan.

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Neighborhoods: Astoria/ Agents: Robert Knakal, Thomas Donovan

The 13th annual RealShare New York conference will take place on October 9th at The Roosevelt Hotel in Manhattan.  The event gathers more than 300 of the top commercial real estate executives from across New York and the tri-state region to cover the hottest topics in financing, investment, brokerage, development, and property management.

Massey Knakal Chairman Bob Knakal will take part in "The Future of NYC's Hot Markets" panel which will discuss the expanded commercial real estate opportunities in New York, what is driving demand, and what neighborhoods are emerging as the next hot markets.

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Agents: Robert Knakal

Massey Knakal Realty Services has been retained on an exclusive basis to sell the former William Ulmer Brewery, a mixed-use conversion opportunity at 81 Beaver Street.  Originally built in 1876, the building is located on the corner of Beaver and Belvidere Streets in North Bushwick, Brooklyn, an area that was once known as “Brewers’ Row.” Ownership is requesting proposals. 

The four-story building contains approximately 56,649 square feet, 39,126 of which is above grade, and sits on a 152’ x 137’ irregular lot. The property is L-shaped with over 152 feet of frontage on Beaver Street and over 136 feet on Belvidere Street, providing considerable light and air. The building includes a below grade three-story cellar and benefits from a partial residential variance approved in 2002, allowing for up to 20,885 square feet of residential development/conversion across a portion of the second floor and entirety of the third and fourth floors. The remaining 35,764 square feet will remain for commercial use, including but not limited to creative office space or hotel conversion.

The building is located four blocks from the J, M and Z train lines at both Flushing and Myrtle Avenues and is within walking distance from the L train at Morgan Avenue. The subject property is also directly across the street from Rheingold Gardens on Bushwick Avenue and just blocks from the newly approved Rheingold Brewery Development project, slated to bring roughly 1,000 new residential units to the immediate neighborhood.

“This quintessential, Bushwick loft warehouse is in a phenomenal location and begging for the right developer to adapt this special property to its full potential,” said Massey Knakal’s Michael Amirkhanian, who is exclusively marketing this property.

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Neighborhoods: Bushwick/ Agents: Michael Amirkhanian

The Real Estate Board of New York (REBNY) today announced that it will launch New York Commercial Professional, a special curriculum for commercial brokers who aspire to raise their own level of professionalism and leadership. The new credentials program, starting in October 2014 and spearheaded by REBNY’s Commercial Board of Directors, will raise the bar for standards in the real estate industry.

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Agents: James Nelson