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A 48-unit apartment building located at 204 West 108th Street between Broadway and Amsterdam Avenue on Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $27,500,000.

The six-story, elevator-serviced building contains approximately 42,186 square feet on a 100’ x 100.92’ lot with 48 residential units, of which 33 are free market, 11 are rent stabilized, and four are rent controlled.  The unit mix consists of one two-room studio, 13 one-bedroom, 24 two-bedroom, 10 three-bedroom apartments, and a basement super’s unit.  The apartments possess crisp layouts and generous sizes, receive ample light and air, and are individually metered for gas and electric.  Recent improvements include a new roof, numerous apartment renovations, and updated gas service.  The building features approximately 9-10’ ceilings throughout, a large center courtyard providing additional light and air to the interior apartments, a full basement with tall ceilings, a laundry room, and ample storage space.  The sale price equates to approximately $652 per square foot.

“204 West 108th Street received a tremendous amount of interest from the marketplace due to its excellent overall condition and strong location. Demand for multifamily properties continue to far exceed the supply of available opportunities leading to high velocity and previously uncharted pricing,” said Cushman & Wakefield’s Hall Oster, who exclusively handled this transaction along with Teddy Galligan.

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Neighborhoods: Upper West Side/ Agents: Hall Oster



Cushman & Wakefield has been retained on an exclusive basis to sell a commercial building at 12 Franklin Street, located on the corner of Franklin Street and Meserole Avenue in Brooklyn’s Greenpoint neighborhood.  The asking price is $19,500,000.
 
The property currently consists of a single-story commercial building containing approximately 30,500 square feet on a 180’ x 122’ irregular lot.  Currently occupied by five noteworthy commercial tenants with a few years remaining on their leases, it holds approximately 55,550 buildable square feet or up to approximately 133,320 buildable square feet with Community Facility.
 
The property is ideally located across from the East River and Bushwick Inlet Park.  This manufacturing zoned pocket of Greenpoint and Williamsburg is currently experiencing an influx of office, hotel, and retail developments.
 
“Situated across the street from the slated Bushwick Inlet Park, the retail potential is strong and with unobstructed views of Manhattan, a new tower would be the preeminent location for an office, hotel or school,” said Cushman & Wakefield’s Brendan Maddigan, who is exclusively marketing this property.

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Neighborhoods: Greenpoint/ Agents: Brendan Maddigan



The New York City investment sales market set an all-time record in quarterly dollar volume in 1Q15 with $20.8 billion sold, surpassing the previous record of $20 billion established in 1Q07. Large ticket sales dominated the first quarter headlines, with three sales over $1 billion occurring in 1Q15 compared to four in all of 2014.  These large transactions, which all occurred in Manhattan, meant the borough contributed 81% of total dollar volume for New York City. The city is on pace to record 4,936 building sales in 2015, with 1,234 buildings sold in 1Q15. This year’s total number of buildings sold is expected to fall behind 2014’s record of 5,532 properties sold.

“After an incredible 2014, with more investment properties selling in New York City than ever before, it is remarkable that the market is continuing to roll along. The dollar volume in 1Q15 established a new record and expectations are for this unprecedented level of activity to continue throughout the year. New York real estate has become the hard asset of choice for wealthy investors from across the country and around the globe,” said Bob Knakal, Chairman, New York Investment Sales.

Some highlights include:

·    Global capital seeking safety will look towards the U.S. with ‘gateway cities’ its preferred destination – with the US economy set to outperform most of the developed world in 2015, and New York City’s economy expected to outperform most of the nation, New York City is an attractive destination for foreign and domestic capital placement.

·    Citywide dollar volume set an all-time quarterly record with $20.8 billion – we expect dollar volume to remain high throughout the year, ending 2015 with $65 billion, an all-time high.

·    On a submarket level, Brooklyn also set an all-time record for its dollar volume with $2.3 billion, representing 61% of total outer borough dollar volume.

·    Large transactions dominate the headlines with three transactions over $1 billion making up 25% of total dollar volume, led by the acquisition of 3 Bryant Park by Ivanhoe Cambridge and Callahan Capital Properties.

·    Price per square foot was down year over year, finishing 1Q15 at $519, mainly due to a lackluster quarter by the retail sector.

·    For the first time in history, citywide cap rates fell below 5% to 4.8% with all property sectors in Manhattan recording cap rates below 4%.

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Agents: Robert Knakal





In the latest Knakal News Network installment hosted by Jon Hageman, Director at Cushman & Wakefield, Bob Knakal discusses the acqusition of Massey Knakal by Cushman & Wakefield.

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Agents: Robert Knakal



Paul J. Massey, Jr. will be honored at Bridges to Community 2015 Leadership Dinner.  The event will be held tonight at TriBeCa 360!

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Corporates: Paul Massey Jr.



Cushman & Wakefield is pleased to announce the closing of a $1.8 million cash-out refinance, collateralized by two multifamily buildings in Brooklyn’s Crown Heights neighborhood. The loan features a 5-year term and 30 year amortization.

“We secured a loan for the borrower that not only reduced his current interest rate by as much as 1.75%, but also provided a significant amount of cash-out,” said Cushman & Wakefield’s Jessica Ke, who exclusively handled this transaction.

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Neighborhoods: Crown Heights/ Agents: Jessica Ke

Bob Knakal exclusively sat down with Rayma Katz, East Coast Editor of Globe St., to discuss the market's performance in 1Q15, growth potential, and outlook.

Click here to view video at GlobeSt.com

Agents: Robert Knakal



A commercial building at 150-42 12th Avenue, located between Clintonville and 150th Streets in the Whitestone neighborhood of Queens, was sold in an all-cash transaction valued at $1,475,000.

The property consists of an approximately 4,500 square foot commercial building with a parking lot in the rear which can hold 14 vehicles.  It was delivered vacant and can be renovated or developed into a variety of uses.  Zoned C2-2/R3-2, the property holds up to approximately 10,000 buildable square feet.  The sale price equates to approximately $328 per square foot or $148 per buildable square foot.

The property benefits from its location in one of the most desirable areas of Queens and in close proximity to all major thoroughfares including the Whitestone Expressway and Cross Island Parkway.

“This owner-user property allows the buyer to use the existing space and, as his business grows, eventually add-on square footage with the additional available development rights afforded by the zoning in this area,” said Cushman & Wakefield’s Stephen R. Preuss, who exclusively handled this transaction with Stephen P. Palmese.

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Neighborhoods: Whitestone/ Agents: Stephen Preuss, Stephen Palmese



Cushman & Wakefield has been retained on an exclusive basis to sell a medical office building at 407-409 East 70th Street.  The property is located between First and York Avenues on Manhattan’s Upper East Side.  The asking price is $26,500,000.
 
The five-story, plus fully built out lower level, elevator-serviced building contains approximately 15,000 square feet plus and sits on a 50’ x 55.33’ lot.  This property, which can be delivered vacant, could be suitable for a doctors’ practice, investment, conversion, or local hospital.  The Upper East Side, one of New York City’s most elegant neighborhoods, is known for its top ranked hospitals and schools and the neighborhood continues to attract young professionals and families.

This turnkey medical office property is located in the heart of New York’s major medical center.  It is less than one block from New York Presbyterian Hospital and Weill Cornell Medical College, both consistently ranked in the top 10 hospitals in the nation.  Additionally, across the street from the property is the Lasdon House, a 15-story doorman style building providing housing for medical and graduate students.  Memorial Sloan Kettering is also within walking distance.  The surging healthcare market has clearly driven long-term growth in the area and this offering could allow an investor to take advantage of a surging market.

This property also presents a residential development opportunity.  It is zoned R8, allowing for a residential conversion as-of-right.  It benefits approximately 4,157 square feet of air rights, potentially allowing a developer to add a penthouse.  The Upper East Side features an astoundingly low residential vacancy rate and an excellent residential sales market.  

“This is a rare opportunity to purchase a 50 foot wide, free market building in the heart of the Upper East Side.  We anticipate strong demand from medical users, institutions, and investors alike,” said Cushman & Wakefield’s Guthrie Garvin, who is exclusively marketing this property with Mitchell Levine and James Nelson.  “With medical office space located in close walking distance to some of Manhattan’s top hospitals being in high demand, we expect this to be a highly sought after asset,” said Mitchell Levine.

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Neighborhoods: Upper East Side/ Agents: Guthrie Garvin, James Nelson



A development site at 41-43 Dean Street, located between Court and Smith Streets in Brooklyn’s Boerum Hill neighborhood, was sold in an all-cash transaction valued at $2,450,000.
 
This property consists of an approximately 2,226-square foot lot which measures 53’ x 42’ and is ideally located on a tree-lined residential block.  The site holds approximately 4,452 buildable square feet for residential development, and the sale price equates to approximately $550 per buildable square foot.

This property is located just one block from the Bergen Street F and G subway station and the Borough Hall 2, 3, 4, 5, and R subway station is just a few short blocks north.  It is well-positioned among Brownstone Brooklyn’s most desirable retail destinations with Atlantic Avenue to the north, Court Street to the west, and Smith Street to the east.  The property is surrounded by an array of local bars, eateries, and boutiques as well as national retailers including Trader Joe’s, J. Crew, Barneys, CVS, New York Sports Club, and Starbucks.  The Brooklyn waterfront and Brooklyn Bridge Park are also a few blocks west.

“Not only does this sale establish a new record for price per buildable square foot within the greater Downtown Brooklyn markets, it is indicative of an upward trend in value for smaller-scale development opportunities in desirable residential enclaves,” said Cushman & Wakefield’s Stephen P. Palmese, who exclusively handled this transaction.

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Neighborhoods: Boerum Hill/ Agents: Stephen Palmese

Four contiguous mixed-use buildings, located at 56-48/50/52/54 Myrtle Avenue between Hancock and Cornelia Streets in the Ridgewood neighborhood of Queens, were sold in an all-cash transaction valued at $6,750,000.  

The three-story buildings run block-through and total approximately 17,645 square feet, two retail stores, and eight apartments.  They combine for approximately 80’ of frontage on Myrtle Avenue and 73’ on Hancock Street.  The properties also benefits from approximately 8,890 square feet of additional air rights.  The sale price equates to approximately $383 per square foot.

The properties are ideally located on Myrtle Avenue in proximity to the M and L subway lines in the heart of Ridgewood.

“These properties are ideally located in the heart of Ridgewood, currently one of the most in-demand neighborhoods in Queens,” said Cushman & Wakefield’s Thomas A. Donovan, who exclusively represented the seller in this transaction along with Tommy Lin, Eugene Kim and Robert Rappa.  “We were able to utilize our proven marketing process and leverage the tremendous interest in Ridgewood to achieve the full asking price for our client,” Donovan added.  The buyer was represented by Danny Millan of MNS.

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Neighborhoods: Ridgewood/ Agents: Thomas Donovan



A mixed-use building at 8309 Third Avenue, located between 83rd and 84th Streets in Brooklyn’s Bay Ridge neighborhood, was sold in all-cash transaction valued at $1,450,000.  

The three-story building contains approximately 2,964 square feet and sits on a 19.08’ x 80’ lot.  It consists of a ground floor retail unit and floor-through, two-bedroom units on each the second and third floors.  The sale price equates to approximately $489 per square foot.

This property is conveniently located four blocks from the 86th Street R train station, three blocks from the B16 bus stop, and across the street from the B37 bus stop.

“The transaction was smooth and quick.  A 1031 buyer purchased the property and the seller was pleased with our process and the sales price,” said Cushman & Wakefield’s Aaron Warkov, who exclusively represented the seller in this transaction with John Ciraulo and Hunter L. Moss.  “Our marketing process proved to maximize value by achieving a price far beyond any comparable sales in the neighborhood,” added Moss.  The buyer was represented by Alan Ng of House N Key Realty.  

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Neighborhoods: Bay Ridge/ Agents: Aaron Warkov, John Ciraulo



Cushman & Wakefield has been retained on an exclusive basis to sell four development sites in Brooklyn’s Greenpoint and Williamsburg neighborhoods.

624 Metropolitan Avenue, located between Lorimer and Leonard Streets in Williamsburg, is an approximately 25’ x 100’ development site.  It holds approximately 8,625 buildable square feet and offers the potential to build a mixed-use or residential building less than a block from the entrance to the combined Lorimer Street L and Metropolitan Avenue G train station.  The area benefits from many popular restaurants, bars, and cafes, which make this site ideal for a project with a retail component.  The asking price is $3,300,000.

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75 McGuinness Boulevard, located between Nassau and Norman Avenues in Greenpoint, is an approximately 25’ x 100’ development site currently improved by a two-family building.  The site holds approximately 8,625 buildable square feet for residential development and is less than three blocks from the Nassau Avenue G train station.  The asking price is $2,800,000.

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186 Greenpoint Avenue, located between Leonard and Eckford Streets in Greenpoint, is a residential development site on an approximately 25’ x 112.58’ irregular lot.  Plans have been approved by the DOB to build a five-story residential building comprising six large apartments.  The property is located less than two blocks from the Greenpoint Avenue G train station.  The asking price is $2,775,000.

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263 Union Avenue, located between South 3rd and South 4th Streets in East Williamsburg, is an approximately 25’ x 91’ irregular development site.  Ownership has submitted plans to the DOB and MTA for approval to build a six-unit, seven-story building.  The site is in close proximity to the J and M trains at Hewes Street, the G train at Broadway, and the G and L trains at Metropolitan Avenue and Lorimer Street.  The asking price is $2,150,000.

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These development sites are being marketed exclusively by Cushman & Wakefield’s Brendan Maddigan.

Neighborhoods: Greenpoint, Williamsburg/ Agents: Brendan Maddigan





Cushman & Wakefield's Rob Shapiro will be a speaker at Bisnow's upcoming New York City Emerging Markets conference.  The event will focus on the next frontiers of Investment and Development, including Harlem, Queens, Staten Island, and the Bronx.

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Agents: Robert Shapiro



A loft building at 39 Ainslie Street, located between Rodney and Keap Streets in Brooklyn’s Williamsburg neighborhood, was sold to Brooklyn Standard in an all-cash transaction valued at $7,000,000.
 
The four-story brick building contains approximately 20,000 square feet and sits on a 50’ x 100’ lot.  The property benefits from excellent transportation options, and is located less than two blocks from the combined Lorimer Street L and G train station, which provides direct access to Manhattan and throughout Brooklyn.

“In a multiple bid process, the ultimate buyer was able to offer the seller a strong price and a flexible closing timeframe which was key for the owner's relocation,” said Cushman & Wakefield’s Brendan Maddigan, who exclusively handled this transaction.

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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan



Cushman & Wakefield has been retained on an exclusive basis to sell a 50% fee interest in a property located at 323-335 West 96th Street, between West End Avenue and Riverside Drive on Manhattan’s Upper West Side.  Ownership is requesting proposals.
 
The offering consists of a 50% fee interest in the property.  The land is currently subject to a 99-year ground lease which commenced in October of 2000.  At the beginning of the lease term, the Lessee constructed a new, 15-story, elevator-serviced apartment building totaling approximately 133,700 gross square feet and 174 units.  

This is an opportunity for an investor to place long-term capital into one of the safest real estate investments available in the marketplace.  Additionally, at the expiration of the lease, the building and all improvements revert back to the fee owners who can operate the existing structure, develop a new building, or conduct an outright sale of the property.

This fee interest is being marketed exclusively by Bob Knakal, Chairman, New York Investment Sales and Hall Oster, Senior Director.

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Neighborhoods: Upper West Side/ Agents: Hall Oster, Robert Knakal



A retail co-op unit at 85 Fifth Avenue, located on the corner of Fifth Avenue and East 16th Street in Manhattan’s Ladies’ Mile Historic District, was sold in an all-cash transaction valued at $86,000,000.
 
The turn-key retail space contains a total of approximately 12,946 square feet with, 6,406 square feet on the ground floor with ceiling heights of 15’6” and 6,540 square feet of sellable lower level space with ceiling heights up to 10’10”.  It benefits from superior frontage, with approximately 49’ on Fifth Avenue and an additional 140’ on East 16th Street.  Additionally, the beautiful build out of the co-op includes an internal staircase, independent elevator, and independent HVAC system.  Presently, 85 Fifth Avenue is home to Anthropologie, a popular American based women’s clothing retailer with over 175 stores worldwide.  Anthropologie is scheduled to remain in the space until April of 2021.  The sale price equates to approximately $6,643 per square foot.

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Neighborhoods: Union Square/ Agents: John Ciraulo, Robert Knakal



Cushman & Wakefield has been retained on an exclusive basis to sell two contiguous mixed-use buildings at 96-98 Greene Street, located between Prince and Spring Streets in Manhattan’s SoHo – Cast Iron Historic District.  Ownership is accepting offers on the entire building as well as the retail and residential portions separately.
 
The two five-story, elevator-serviced buildings combine for approximately 22,152 square feet on a 50’ x 100’ lot.  Each building contains a ground floor retail unit with floor through lofts above.  Of the eight loft units, three are rent stabilized.  There are landmark approved plans for the addition of a single-story, setback penthouse, bringing the total size of the property to over 26,000 square feet with mezzanine space.  The retail space at 96 Greene Street is leased to Rebecca Minkoff through December 2023 with a five-year option and the retail space at 98 Greene Street is leased to Alice & Olivia through December 2019 with a five-year option.

This is a rare opportunity to acquire two high cash-flowing buildings with substantial upside on one of the strongest retail corridors of SoHo.  Neighboring retailers include Tiffany & Company, Cotélac, Reed Krakoff, and Chloé.    

“96-98 Greene Street offers in-place cash flow with future upside in the below market retail and residential rents, as well as the added bonus of Landmarks approved plans,” said Cushman & Wakefield’s James Nelson, who is exclusively marketing these properties with Robert Burton.

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Neighborhoods: SoHo/ Agents: James Nelson, Robert Burton



Four parcels of land at 3449-3461 Fort Hamilton Parkway, located between Chester Avenue and 36th Street in Brooklyn’s Kensington neighborhood, were sold in an all-cash transaction valued at $5,000,000.

The property consists of four parcels of land on a 125’ x 120’ combined lot.  The property holds four single-story buildings, totaling approximately 9,900 square feet.  All buildings have been completely renovated and zoning allows for Community Facility Group 4 and most commercial uses.  Extra wide sidewalks may provide additional utility and the location benefits from strong vehicular traffic.

“The C8 zoning is the only commercial zoning that allows automotive uses. The buyer, an auto dealer, needed a property that was in move-in condition and this one fit all of his requirements,” said Cushman & Wakefield’s Jeffrey A. Shalom, who exclusively represented the seller in this transaction.  The buyer was represented by Leiby Gold of Eretz Realty.

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Neighborhoods: Kensington/ Agents: David Shalom



Cushman & Wakefield is pleased to announce the closing of a $3.8 million non-recourse loan, collateralized by a mixed-use building at 92 West Houston Street in Manhattan’s Greenwich Village. The loan features 30-year amortization and a rate of 3.6%.

"Cushman & Wakefield’s Brendan Gotch recently handled the leasing of the retail space and because of a significant increase in the value of the property due to this new leasing, we were able to secure a cash-out refinance for the owner,” said Cushman & Wakefield’s John Leslie, who exclusively handled this transaction.  “This is a classic example of how Cushman & Wakefield offers our clients a variety of services to maximize the value of their real estate assets,” he continued.

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Neighborhoods: Greenwich Village/ Agents: Brendan Gotch, John Leslie