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Massey Knakal Reel

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Cushman & Wakefield has been retained on an exclusive basis to sell a mixed-use building at 265 Pleasant Avenue that is home to the world renowned Rao’s restaurant. The property is located on the corner of Pleasant Avenue and East 114th Street in Manhattan’s East Harlem neighborhood. The asking price is $10,475,000.

The seven-story elevator-serviced building totals approximately 19,584 gross square feet and was built above Rao’s in 2005.  The building contains twenty two (22) residential units which feature condo finishes, generous layouts and spectacular views overlooking Jefferson Park and the East River.  The unit mix consists of eleven (11) one-bedroom units, ten (10) two-bedroom units, and one (1) studio, of which five of the two-bedroom units feature elevator access that opens directly into the unit.  

Although the property is uniquely situated on a quiet residential block, East River Plaza shopping center is located only two blocks away and is currently home to Costco, Target, and Best Buy, with an additional 1,100 residential units slated to be added in 2016.  The property will also benefit from the proposed 116th Street stop for the Second Avenue subway.

This property is being marketed exclusively by Cushman & Wakefield’s Thomas D. Gammino, Jr. and Lev Kimyagarov. “In addition to offering the once-in-a-lifetime opportunity to own a building anchored by a New York institution, future ownership will not only be able to enjoy immediate upside in rents, but also have the future ability to convert the building to condominiums” said Thomas Gammino.

“This property is located on one of the best residential blocks in East Harlem with fantastic water views. With the expansion of the East River Plaza and the arrival of the Second Avenue subway, values in the neighborhood will only continue to increase,” said Lev Kimyagarov.  

Click here for listing details

Neighborhoods: Harlem/ Agents: Lev Kimyagarov



A block through development site at 1525 Bedford Avenue, located between Lincoln Place and Eastern Parkway in Brooklyn’s Crown Heights neighborhood, was sold in an all-cash transaction valued at $32,500,000.
 
The site features a combined lot area of approximately 29,182 square feet with nearly 500’ of wrap around frontage on Eastern Parkway, Bedford Avenue, and Lincoln Place.  It is currently split between R7D and R6B zoning designations, translating into a combined as-of-right buildable square footage of 110,203.  Additionally, a developer has the opportunity to further increase the total buildable square footage by utilizing the Inclusionary Housing Program.  If implemented, the bonus would add 34,201 square feet to the site, increasing the maximum buildable to approximately 144,404 square feet.

The Crown Heights area is an ideal residential neighborhood benefitting from a variety of amenities.  The property is ideally located along Eastern Parkway, a major corridor running through the borough, and one block west of the 2, 3, 4, and 5 subway lines, providing residents with convenient access to the Barclays Center, Downtown Brooklyn, and Manhattan.

“The scale and positioning of this site makes it one of the most important in Crown Heights.  The sale attracted a range of institutional interest that had never been seen in the neighborhood,” said Cushman & Wakefield’s Michael Amirkhanian, who exclusively represented the seller in this transaction with Chairman, New York Investment Sales, Bob Knakal.  The buyer, Adam America Real Estate, was represented by Terra CRG.

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Neighborhoods: Crown Heights/ Agents: Michael Amirkhanian, Robert Knakal



Cushman & Wakefield has been retained on an exclusive basis to sell a mixed-use property at 32-37 Greenpoint Avenue. The property is located on the corner of Greenpoint and Bradley Avenues in the Long Island City neighborhood of Queens.  The asking price is $1,950,000.

The two-story building contains approximately 6,100 square feet and sits on a 59’ x 100’ lot.  It consists of approximately 3,050 square feet of retail space and two, three-bedroom apartments and one, two-bedroom apartment.  The property also features a multi-car parking lot with an additional oversized garage.

The property is located on Greenpoint Avenue, a main corridor connecting Greenpoint and Long Island City.  It has tremendous upside potential and offers an incredible opportunity for investors in the Long Island City market.

“This property has tremendous upside potential and offers an incredible opportunity for investors in an up-and-coming area in the Long Island City market,” said Cushman & Wakefield’s David Chkheidze, who is exclusively marketing this property with Conrad Martin.

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Neighborhoods: Long Island City/ Agents: David Chkheidze



Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the court-ordered long-term lease of 77-79 Rivington Street, located on the corner of Rivington and Allen Streets on Manhattan’s Lower East Side.
 
The approximately 2,889 square foot lot features a total of approximately 114 feet of frontage, with 77 feet on Allen Street and 37 feet on Rivington Street, offering the possibility of excellent retail frontage.  A portion of the basement has already been excavated as part of the neighboring 16-story hotel development at 139 Orchard Street.
 
This offering represents an excellent opportunity to take advantage of a strong retail market in one of the fastest growing neighborhoods in Manhattan.  Neighboring retailers include Red Mango, Sweet Buttons, Goodfella’s, Russ & Daughters, Longboard Loft, and Tokyo Rebel.  In addition, it is within three blocks of the F train at Delancey Street and the J, M, and Z trains at Essex Street, as well as the Essex Crossing development.  

“The 1.9 million square feet of residential, commercial, and community space that will be available at Essex Crossing in the coming years will also have a tremendous impact, not only for the retail space at 77-79 Rivington, but the neighborhood as a whole,” said Cushman & Wakefield’s James Nelson, who is exclusively marketing this property with Michael DeCheser. “There are two hotels in progress on this block, which will increase the already vibrant foot traffic,” said Michael DeCheser.

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Neighborhoods: Lower East Side/ Agents: James Nelson, Michael DeCheser



By, James Nelson

2014 was the year of the boroughs for New York City. After the correction in the market in 2009-2010, we saw a flight to safety with Manhattan sales leading the recovery.

In 2011, Manhattan generated 32% of the sales even though the borough accounts for only 17% of the properties, according to data by Massey Knakal (now Cushman & Wakefield).

This year, it looks like that level will decline to a more proportionate share of the sales with “only” 17% of the sales, meaning that the Boroughs should end up with about 83% of the City’s activity.

Click here to read article in Real Estate Weekly

Agents: James Nelson

Cushman & Wakefield has been retained on an exclusive basis to sell an a mixed-use development site at 30-05 Vernon Boulevard, located between 30th Road and Main Avenue in the Astoria neighborhood of Queens. The asking price is $18,240,000.

The site holds approximately 96,000 buildable square feet for mixed-use development on an 18,589-square foot lot.  It benefits from frontage on both Vernon Boulevard and Welling Court.  

This Astoria waterfront assemblage is situated amongst several planned and recently completed developments, making it an excellent opportunity for a developer looking to capitalize on the explosive growth of the neighborhood.

“With approximately 73’ feet of frontage along Vernon Boulevard and 106’ on Welling Court, this site represents a substantial development opportunity on Astoria’s waterfront,” said Cushman & Wakefield’s David Chkheidze, who is exclusively marketing this property with Stephen R. Preuss.

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Neighborhoods: Astoria/ Agents: David Chkheidze, Stephen Preuss



A retail building at 522-528 Atlantic Avenue, located on the corner of Atlantic and 3rd Avenues in Brooklyn’s Boerum Hill neighborhood, was sold in December 2014 in an all-cash transaction valued at $15,000,000 by Massey Knakal, now Cushman & Wakefield.
 
The single-story building contains approximately 14,150 square feet and is occupied by Walgreens on a long-term lease. The property features approximately 100 feet of frontage along Atlantic Avenue, 180 feet on 3rd Avenue, and 100 feet on Pacific Street.  The property is located in the R7A/C2-4 zoning district and benefits from approximately 57,850 square feet of additional air rights.  The sale price equates to approximately $1,060 per square foot or $260 per buildable square foot.
 
The property is located in the highly sought-after neighborhood of Boerum Hill, two blocks from Atlantic Terminal and Barclays Center with access to nine subway lines and the Long Island Rail Road.  The neighborhood is undergoing a massive transformation with new developments such as Atlantic Yards and dozens of national retailers entering the market along the Atlantic Avenue corridor. 
 
“This sale illustrates the enthusiasm investors have for the continuing transformation of Downtown Brooklyn and its surrounding neighborhoods, especially for retail corridors like Atlantic Avenue," said Cushman & Wakefield's Stephen P. Palmese, who exclusively handled this transaction.

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Neighborhoods: Boerum Hill/ Agents: Stephen Palmese



Cushman & Wakefield has been retained on an exclusive basis to sell a landmarked carriage house at 180 East 73rd Street. The property is located between Lexington and Third Avenues on Manhattan’s Upper East Side.  The asking price is $18,000,000.

The three-story, 25-foot wide townhouse contains approximately 9,450 square feet and is one of the few carriage houses to survive into the 21st century.  It benefits from an elevator, additional air rights, ample ceiling heights, and the rare and sought after curb cut.  Designed by William Schickel & Co. and built in 1890 for Max Nathan, president of Nathan & Co., the home was designed in a transitional Romanesque Revival/neo-Renaissance style that was commonly found in the 19th century.  It was built in a form characteristic of contemporary carriage houses with a stone ground floor with blocks of limestone and brick upper stories.

The collection of carriage houses on this landmarked block is truly a unique find, offering a glimpse into the elegant lifestyle of old New York in the late 19th and early 20th centuries.  As transportation shifted away from the horse-drawn carriages in the early to mid-20th century many of the existing carriage houses were demolished, with only a few surviving.

“Due to its large open layouts, this property presents an opportunity to convert a historic piece of New York to a spacious single-family residence on one of the most sought after blocks in Manhattan,” said Cushman & Wakefield’s Guthrie Garvin, who is exclusively marketing this property. 

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Neighborhoods: Upper East Side/ Agents: Guthrie Garvin



A retail condominium situated in a mixed-use building at 1400 Fifth Avenue, on the corner of Fifth Avenue and West 116th Street, in Manhattan’s Harlem neighborhood, was sold in December 2014 in an all-cash transaction valued at $12,500,000 by Massey Knakal, now Cushman & Wakefield.

The nine-unit condominium contains approximately 15,254 square feet on the ground floor with an additional 15,553 square feet of cellar space.  It benefits from approximately 384 feet of frontage on two corridors with heavy vehicular and pedestrian traffic.  The condominium features a credit rated tenant as the anchor complimented by neighborhood retail, providing a national and local tenant mix.  The sale price equates to approximately $406 per square foot.

The property is conveniently located on the same block as the 2 and 3 subway stop at 116th Street and within blocks of both Central Park and Marcus Garvey Park.  It is at the center of the 116th Street corridor, a retail strip that has seen investment and development in both retail and residential over the past ten years.  

“The property’s location on the intersection of 116th Street and Fifth Avenue is one the prime retail corners in Central Harlem. New ownership will benefit greatly from the area’s continued resurgence,” said Cushman & Wakefield’s Lev Kimyagarov, who exclusively handled this transaction.  “There was a tremendous amount of interest in the property and, ultimately, both the buyer and seller were pleased with the outcome.”

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Neighborhoods: Harlem/ Agents: Lev Kimyagarov



Cushman & Wakefield has been retained on an exclusive basis to sell a loft apartment building at 885 Park Avenue, located between Broadway and Marcus Garvey Boulevard in Brooklyn’s Bushwick neighborhood.  The asking price is $26,500,000.

The five-story, elevator-service building contains approximately 51,502 square feet and sits on a 114.25’ x 100’ irregular lot.  Originally built in the early 1900s for the Continental Furniture & Storage Company, the former warehouse was transformed into 34 high-end, oversized loft apartments.  Now known as the Continental Warehouse, the units feature wide-plank cedar floors, weathered brick walls, exposed wood beam ceilings, modern black cabinetry, and new appliances.  All of the units are free market and a future condominium conversion could also be a possibility for this asset.

The property is located within a block of Woodhull Hospital and around the corner from the J and M subway stops.  This is an excellent opportunity for an investor to acquire a low maintenance, high cash flowing asset with tremendous upside in one of Brooklyn’s fastest growing neighborhoods.  

“Rarely do institutional quality rental assets like 885 Park come to market in Brooklyn. This will be a tremendous addition to any portfolio,” said Cushman & Wakefield’s James Nelson, who is exclusively marketing this property along with Michael Amirkhanian and Matthew Nickerson.

“885 Park offers investors substantial scale and upside and is ideally positioned right off of Broadway, one of the fastest growing commercial corridors in Brooklyn,” said Michael Amirkhanian.

Click here for listing details


Neighborhoods: Bushwick/ Agents: James Nelson



A development site located at 191-231 Moore Street, running block through from Seigel Street to Moore Street between White Street and Bushwick Avenue in Brooklyn’s East Williamsburg, was sold in an all-cash transaction valued at $28,250,000 in December 2014 by Massey Knakal, now Cushman & Wakefield.
 
This development opportunity is an approximately 2.3-acre site located in a dual zone of M1-1/M1-2, which permits a total of approximately 169,497 buildable square feet for retail or commercial development.  It features over 1,100 feet of frontage on Moore, Seigel, and White Streets.  The site currently consists of five industrial buildings totaling nearly 47,000 square feet.  The sale price equates to approximately $167 per buildable square foot.
 
This site is ideally located in East Williamsburg, surrounded by some of the newest and best received restaurants, art galleries, clothing boutiques, music venues, and technology and manufacturing startups. It is conveniently situated one block from the Morgan Avenue L train.
 
“This is the first major site in the Industrial Williamsburg area zoned for manufacturing that was successfully marketed for development of retail, hotel and office space. It will go a long way to solidifying the changing nature of the area,” said Cushman & Wakefield’s Brendan Maddigan, who exclusively handled this transaction with Stephen P. Palmese. “The sellers were business and property owners in the neighborhood for over 70 years, and we felt honored when they entrusted us to market their asset," said Stephen Palmese.

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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan, Stephen Palmese



Cushman & Wakefield is announcing that 139-141 Orchard Street, a partially complete hotel development, is going to auction. The property is located between Delancey and Rivington Streets on Manhattan’s Lower East Side.

This 16-story hotel was originally envisioned as a 96-key boutique development, with significant food and beverage operations. Pursuant to a court order, an auction will take place on February 4, 2015. Bid packages must be submitted no later than January 30th, 2015 at noon in order to participate in this auction

A stalking horse bidder has been approved, resulting in a minimum initial bid of $34,150,000. Clean title will be delivered, free and clear upon sale.  Additional details, including the full bidding procedures, conditions of sale and necessary qualifications will be provided after execution of the confidentiality agreement.

Additionally, Cushman & Wakefield is also offering the ground floor and lower level of 77 & 79 Rivington Street for long-term lease, pursuant to a separate court order. Although this offering will not be part of the auction for Orchard, it is complementary of it.

“This court ordered sale will help facilitate a quick transaction which should be beneficial to all parties involved,” said Cushman & Wakefield’s James Nelson, who is exclusively marketing this property with Michael DeCheser and Matt Nickerson. “This is one of only a few sites on the Lower East Side that can reach to 16 stories,” added Michael DeCheser.

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Neighborhoods: Lower East Side/ Agents: James Nelson, Michael DeCheser



Cushman & Wakefield has been retained on an exclusive basis to sell the Claudio Complex, a prime 2-plus acres waterfront property located in the heart of Greenport Village’s Central Business District.  This is a well located and unique offering just 90 miles from New York City, five miles from the New London Connecticut/Orient ferry, and walking distance from the Shelter Island ferry.  This is the first time the property has been available for purchase in 145 years.  It is recognized by the National Restaurant Association as the oldest same family owned restaurant in the United States. Ownership is requesting proposals.

With awe-inspiring views of Shelter Island and Greenport Harbor, Claudio’s accommodates its guests with three-established harbor front restaurants with unique dining experiences, totaling approximately 5,800 square feet of seating area and live music at the Wharf Club.  Additionally, there is a snack bar, two souvenir shops, ample parking, and transient and overnight dockage with approximately 2,200 feet of deep-water dockside and 1,600 feet of bulk heading. 

Claudio’s Restaurant operates under a hotel liquor license and has always had a third floor, used as a hotel at the turn of the 20th century that now accommodates staff.  Demand for hotel accommodations is high and room supply in the area is limited.  A notable benefit of this rare offering is that the current configuration of the property allows for major construction without disrupting current business operations.

This property is being marketed exclusively by Cushman & Wakefield’s Guthrie Garvin and Stephen R. Preuss.

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Neighborhoods: Nassau County/ Agents: Guthrie Garvin, Stephen Preuss



Massey Knakal, now Cushman & Wakefield, arranged the sale and financing of a historic landmark building at 281 Park Avenue South, on the southeast corner of 22nd Street and Park Avenue South in Manhattan.  The property was sold in an all-cash transaction valued at $50,000,000 in December, 2014. The transaction was handled by John Ciraulo, Robert M. Shapiro and Craig Waggner of Cushman & Wakefield and Howard Poretsky and Patrick Gardner of Savills Studley.  A non-recourse loan of $40 million with a 3-year term was arranged by Scott Aiese of Cushman & Wakefield.

The property served as the headquarters for The Federation of Protestant Welfare Agencies (FPWA) since 1963. The six-story plus cellar and attic building contains approximately 32,000 above grade square feet and sits on an 80’ x 70’ lot.  This magnificent steel-framed building, with its light-hued terra cotta stone façade was added to the National Register of Historic Places in 1982. The last major restoration and renovation took place in 1991 and included renovating the copper and terra-cotta roof, uncovering marble mosaic floors and plaster ornamentation, restoring wood entry doors, wood wainscoting, and stained-glass windows. The cast iron architecture is featured throughout the building, offering expansive lofts with high ceilings ranging from 11.5’ to over 20’ and enormous windows allowing tremendous amounts of natural light to pour in. The building also benefits from approximately 150 feet of wraparound frontage ideal for retail in a high traffic location on a premiere corner.  It is conveniently located just a short walk from Madison Square Park, Gramercy Park, and Union Square, as well as many of Manhattan’s top rated restaurants, fashionable retailers, and high-end residential neighborhoods. The sale price equates to approximately $1,562 per square foot.

The property was purchased by RFR Holding LLC a Manhattan based, privately controlled real estate investment, development and management company founded in 1991 by Aby Rosen and Michael Fuchs. RFR has built a world-class portfolio of commercial and residential real estate, including many of New York’s signature office towers, ultra-luxury condominiums, hotels and high-end retail developments.

The attorney for the seller was Andrew L. Herz, Esq. of Patterson Belknap Webb & Tyler, LLP and the attorney for the buyer was Matthew Danow, Esq. of Katsky Korins LLP.

“This property presents the purchaser an ideal opportunity for a single tenant office building, a high-end retailer, restaurant, showroom or a high-profile flagship headquarters,” said Cushman & Wakefield’s John F. Ciraulo. “We were delighted to assist in the reinvestment and growth of FPWA, one of New York City’s premier social service support organizations,” added Robert M. Shapiro.

“The bank financing provided RFR with the optimal time to reposition and lease the building, allowing the organization to convert this iconic structure from its current condition to one that is state of the art.  It will act as the flagship location for world-class tenants,” said Scott Aiese.

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Agents: John Ciraulo, Robert Shapiro, Scott Aiese



By, Edward Gevinski, Massey Knakal Realty Services

As Mayor Bill de Blasio has settled into office, his plan to increase the volume of affordable housing in New York City is gaining more and more traction. It was announced recently that a major portion of Brooklyn’s East New York neighborhood will be rezoned to promote new housing projects. The details of the rezoning are unclear at this point, however, the Mayor plans to develop 200,000 affordable housing units within the next ten years.

According to the city planning report, the bulk of the East New York rezoning will occur within a 25-block span of Atlantic Avenue between Pennsylvania Avenue to the east and Euclid Avenue to the west. This area is particularly desirable for new developments due to its accessibility to public transportation.

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Neighborhoods: East New York/ Agents: Edward Gevinski

By, Thomas A. Donovan, Massey Knakal Realty Services

Transformation is under way in the Queens neighborhood of Ridgewood.  As young professionals continue to get priced out of nearby areas they are rediscovering Ridgewood as a more economical alternative.  This uptick in demand for housing in this supply constrained market is leading to rising rents and higher per unit sale prices for multifamily investors.

Much of the neighborhood’s well-maintained housing stock consists of higher density, brick six-family buildings located near the Ridgewood-Bushwick border and lower density homes located deeper into Queens.  Recently, the NYC Landmarks Preservation Commission unanimously approved the designation of the Central Ridgewood Historic District, which comprises 990 buildings, consisting mostly of brick row houses. This new district represents one of the most harmonious and architecturally-notable enclaves of working-class dwellings built in New York City during the early twentieth century.

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Neighborhoods: Ridgewood/ Agents: Thomas Donovan

Queens is well on track to reach an all-time high in dollar volume.  During the first three quarters of 2014, dollar volume was $2.6 billion, which exceeds 2013's entire year total. In annualized terms, Queens is on track to reach a dollar volume of $3.5B in 2014, almost $1B more than the previous high of 2006. Price per square foot was $297 during the first three quarters of 2014, up 5% from 2013's annual average.

Ridgewood is on track to become the most active neighborhood in terms of number of buildings sold in Queens.  The average price per square foot in Ridgewood was $198 in the first three quarters of 2014, significantly lower than the other top investment markets like Astoria, Long Island City, Flushing, and Sunnyside, which all have prices per square foot north of $300.

Neighborhoods: Ridgewood



A hotel development site at 710 Third Avenue, located between East 44th and East 45th Streets in Manhattan’s Midtown East neighborhood, was sold in an all-cash transaction valued at $17,400,000.

Located in a C5-3/MiD zone, the approximately 25’ x 95’ site allows for a maximum of approximately 35,625 buildable square feet, based on the 15.0 FAR.  The property was delivered vacant, and the sale price equates to approximately $488 per buildable square foot.

The site offers convenient access to Grand Central Terminal, the United Nations, and Times Square and is surrounded by shopping, corporate headquarters and landmarks.

“This purchase was made by an out of town buyer getting started in New York City, so the location near Grand Central and the deal size made this an ideal choice for them,” said Massey Knakal’s Clint Olsen, who exclusively represented the seller in this transaction.  The buyer was represented by Limor Nesher of Core.

Click here for press release

Neighborhoods: Midtown East/ Agents: Clint Olsen



A mixed-use building at 754 Grand Street, located between Graham Avenue and Humboldt Street in Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $4,350,000.

The four-story, brick building contains approximately 5,840 square feet and sits on a 24.33’ x 100’ lot. It consists of six vacant residential units and one retail unit. The residential units are in need of renovations and the building possesses approximately 4,000 square feet of additional air rights. Furthermore, a developer can take advantage of the ICAP, J-51 or 421a tax exemption programs. The sale price equates to approximately $745 per square foot.

The building is just two blocks away from the Grand Street L train station, which provides direct access to Manhattan.

“Grand Street is seeing great growth in popularity and this property was well suited to take advantage of this momentum. The price realized is the highest paid on Grand Street for any building under 30’ wide, by 25% more than the next highest sale,” said Massey Knakal’s Brendan Maddigan, who exclusively represented the seller in this transaction. The buyer was represented by Matt Fernandez of Town Real Estate.

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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan



A mixed-use building at 7 West 24th Street, located between Sixth Avenue and Broadway in Manhattan’s Flatiron District, was sold in an all-cash transaction valued at $9,500,000.
 
The property’s lot totals approximately 2,370 square feet and features 24’ of frontage.  Based on the C5-2 zoning and 10.0 FAR, the site can be developed into approximately 23,700 square feet for various uses including residential, hotel, office, retail, community facility, or mixed-use.  Currently, the site is improved by a five-story mixed-use building that totals approximately 9,282 square feet, with five residential units and a ground floor commercial unit with a long-term lease in place. The sale price equates to approximately $1,023 per existing square foot, an in-place 3.29% capitalization rate and 21.35 times gross rent roll. As a development site the price equates to approximately $401 per buildable square foot. 
 

The property is located less than one block west of Madison Square Park, adjacent to the new high-end conversion at 10 Madison Square West. The Flatiron District has seen a surge in neighborhood improvements and recent developments, making it one of the most desired areas to live and work in the city.  It offers convenient access to almost every subway line as well as the city’s major employment centers including Midtown South
 
The property was purchased by Mark Geragos, a prominent trial attorney whose client list has included Michael Jackson, Mike Tyson, Chris Brown, and Sean Combs.  Geragos is also a legal analyst on CNN’s Anderson Cooper 360, where he comments on high profile legal cases.  Geragos has always had a passion for real estate, and in particular, for buildings which are historically significant.  Since a young age, he has bought and sold hundreds of properties throughout California and has recently broadened his real estate portfolio to include investments in New York.  Earlier this year, Geragos purchased 107 Greenwich Avenue in the Greenwich Village neighborhood. In 2012, he purchased 256 Fifth Avenue as the New York offices of his Los Angeles-based law firm, Geragos & Geragos. 
 
Attorney Tina Glandian, Geragos's longtime partner, represented Geragos as the broker in the transaction.  The attorney for the seller was Larry Haber of Abrams Garfinkel Margolis Bergson, LLP and the attorney for the buyer was Yelena Nersesyan of Busson & Sikorski.
 
“This transaction exemplifies how deep the current buyer pool is for investment properties in New York City. After months of marketing, targeting and negotiating with developers for this site, the eventual purchaser saw it as a solid long-term investment opportunity with an eventual exit strategy of redevelopment. Every day we’re meeting new buyers, foreign buyers and first time buyers searching for wealth preservation,” said Massey Knakal Chairman Bob Knakal, who exclusively represented the seller in this transaction with Vice Chairman John Ciraulo.  

Click here for press release

Neighborhoods: Financial District/ Agents: John Ciraulo, Robert Knakal