Massey Knakal Reel

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Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 30-55 Vernon Boulevard. The property is located between 30th Road and 30th Drive in the Astoria neighborhood of Queens. Ownership is requesting proposals.

The development site consists of four tax lots which combine for approximately 140,665 buildable square feet on a 37,116 square foot irregular lot. The site currently holds a commercial structure, measuring approximately 24,000 square feet. There are preliminary plans for approximately 220,000 buildable square feet with a rezoning.

Situated amongst several planned and recently completed developments on the Astoria waterfront, the site’s prime location makes an excellent opportunity for a developer looking to capitalize on the explosive growth of the neighborhood.

“This area is quickly emerging and the site holds immediate value with its waterfront location along with the benefit of several local mega-projects underway,” said Massey Knakal’s Stephen R. Preuss, who is exclusively marketing this property with David Chkheidze. “This site presents a great opportunity to build a mixed-use property in the vibrant neighborhood of Long Island City,” added Chkheidze.

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Neighborhoods: Astoria/ Agents: David Chkheidze, Stephen Preuss

The Palace Portfolio, consisting of five apartment buildings at 633, 636, 642, 643, and 650 West 173rd Street, was sold in an all-cash transaction valued at $30,000,000. The properties are located between Broadway and Fort Washington Avenue just north of Columbia Presbyterian Hospital in Manhattan’s Washington Heights neighborhood.

The five walk-up buildings total 146 residential units and approximately 120,000 square feet.  Of the 146 units, 133 are rent stabilized, two are rent controlled, eight are free market, and three are reserved for supers.  The unit mix consists of 45 one-bedroom, 81 two-bedroom, 19 three-bedroom, and one four-bedroom apartment.  The sale price equates to approximately $250 per square foot.

The properties are well-maintained and have undergone exterior building renovations including painting, landscaping, and masonry work on the entry walkways.  Many of the properties have undergone numerous major capital improvements including conversion to gas boilers and burners, roof renovations, pointing, new windows, and wiring. 

“Bidding on these assets was highly competitive due to the tremendous upside in rents, superior west of Broadway locations and ability for an owner to purchase 146 units in one shot,” said Massey Knakal’s Robert M. Shapiro, who exclusively handled this transaction with Thomas A. Donovan.

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Neighborhoods: Washington Heights/ Agents: Robert Shapiro, Thomas Donovan

Massey Knakal Realty Services has been retained on an exclusive basis to sell a hotel development opportunity at 39-35 27th Street, located between 39th and 40th Avenues in the Dutch Kills neighborhood of Long Island City, Queens.  Ownership is requesting offers.

Construction of the hotel is approximately one-third complete and upon conclusion, it will total 38,000 square feet and 79 guest rooms.  Given the current progress, investors will benefit from a shortened development timeline and the well-developed business plan of the seller, an experienced local hotel developer and operator.

“The offering presents a unique opportunity to acquire a full or partial interest in a hotel in the construction phase, in one of the most rapidly developing hotel markets in the New York metro area,” said Massey Knakal’s Andrew Posil, Director of Sales, Hospitality, who is exclusively marketing this property with Chairman Bob Knakal and David Chkheidze.

The site’s location offers close proximity to the subway providing easy access to Manhattan as well as a growing number of local amenities.  

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Neighborhoods: Long Island City/ Agents: Andrew Posil, David Chkheidze, Robert Knakal

Massey Knakal's Seth Pollack was recently named to Real Estate Forum's Top New Jersey Brokers list.

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Neighborhoods: Bergen County, Passaic County/ Agents: Seth Pollack

A development site at 264 Fifth Avenue, located on the corner of Fifth Avenue and West 29th Street in Manhattan’s NoMad district, was sold in an all-cash transaction valued at $25,500,000.  

The prime development site features approximately 130 feet of wrap-around frontage along Fifth Avenue and West 29th Street, providing excellent visibility in one of Manhattan’s premiere neighborhoods.  The existing structure is a five-story, approximately 13,875 square foot mixed-use building, which currently consists of six retail stores and 13 residential units.  Under the current C5-2 (R10) zoning designation, the approximately 2,975 square foot lot has an FAR of 10.0, thus allowing for a total development of approximately 30,000 square feet.  The sale price equates to approximately $850 per buildable square foot.

Located in the heart of Manhattan just north of Madison Square Park, this site is situated in one of Manhattan’s best live/work neighborhoods.  There are a variety of public transportation options servicing the area, including six subway lines as well as the New Jersey Path train and multiple bus lines.  Supported by an influx of new businesses, creative agencies, renowned restaurants, and upscale residences, the NoMad district is one of Manhattan’s most desirable submarkets.

“This transaction was a perfect example of our proactive engagement with the brokerage community. Not only did we send the property information to investors and developers but to all potential co-brokers. Eran Elhanani was able to bring us a highly qualified, first-time purchaser who paid a premium for the property. Our client benefited tremendously from this approach,” said Massey Knakal Chairman Bob Knakal, who exclusively represented the seller in this transaction with Vice Chairman John Ciraulo.  

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Agents: John Ciraulo, Robert Knakal

After the first three quarters of 2014, Brooklyn's dollar volume is $5 billion, higher than any other given full year.  Annualized, dollar volume is projected to increase by almost 75% from 2013.  The number of properties sold is projected to be just above 2,000, exceeding the 2006 peak volume.

Through the third quarter of 2014, the average price per square foot was $310, up 14% from 2013's annual average.  Price per buildable square foot was $166 during the first three quarters, up 23% from a year ago.  Both price per square foot and price per buildable square foot started increasing rapidly in 1H13 - a trend we believe is going to stay as Brooklyn transforms into a more mature live and work environment.

Corporates: Adrian Mercado

Acquisition enhances global real estate services firm with a more formidable Capital Markets presence in the New York Tri-State region.

Cushman & Wakefield announced today that it has entered into an agreement to acquire Massey Knakal Realty Services, New York’s No. 1 Investment Sales firm (based on transaction volume) for more than a decade. The acquisition enhances the global commercial real estate services firm with a more formidable Capital Markets presence in the New York Tri-State region.

Massey Knakal Realty Services was founded by Paul J. Massey Jr. and Robert A. Knakal in 1988. With over 200 employees serving more than 200,000 property owners in New York City’s five boroughs, Westchester County, Long Island and New Jersey, the firm is best known for dominating the market for midsized office, retail and apartment building sales. Since 1988, Massey Knakal has closed more than 5,000 transactions, with a market value in excess of $21 billion.
“This was a very big decision for Paul and Bob and it means a great deal to us that they have chosen to join our firm,” said Ed Forst, President & CEO of Cushman & Wakefield. “Together, they have built a truly dominant force in Capital Markets in the New York metro area. With the Client Only belief that we share, we believe this transformational pairing will have positive implications for our firm here in New York and around the world.”

“This is a very exciting time for us, joining our firm with the Cushman & Wakefield brand that has such deep roots in New York and a global platform that will enhance the breadth of real estate services we can now offer our clients,” said Paul J. Massey Jr., Chief Executive Officer, Founding Partner, Massey Knakal Realty Services. “Bob and I spent time together with our Partners deciding what would be the best opportunity for the firm, with our client’s best interests in mind, and without question, Cushman & Wakefield stood out from the rest. They have a great reputation, led by Ed Forst, who has brought a high level of energy to the firm, and Ron Lo Russo in New York and we’re really looking forward to the opportunity to grow the firm together.”

Cushman & Wakefield’s success in winning the bid was said to be attributed to the firm’s collaborative culture, impeccable brand and highly ethical and talented professionals.

“From the outside looking in, this is a great fit and opportunity for both firms to continue to grow and provide their clients with an added level of expertise on a global platform,” said Ric Clark, Chief Executive Officer of Brookfield Property Partners and a member of Massey Knakal’s Board of Advisors. “Paul and Bob are strong leaders joining a strong brand in Cushman & Wakefield, which resonates in the industry all over the world. I expect to see great things from this collaboration in the years ahead.”

“Massey Knakal is a very well respected high-quality firm, with two leaders in Paul and Bob that I’m really looking forward to working with as we join forces here in New York,” Ron Lo Russo, President, NY Tri-State Region. “The timing couldn’t be more perfect, following a strong year for our firm in New York, led by some of the most talented professionals in the industry. This is an exciting time for both of our firms and we’re poised to bring C&W to greater heights in 2015.”

The acquisition has been approved by the parties’ respective governing bodies and is expected to close prior to year-end 2014, subject to customary closing conditions. Cushman & Wakefield was advised in the acquisition process by Goldman, Sachs & Co. Massey Knakal was advised by Perella Weinberg Partners LP.

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Massey Knakal ICSC Recap

12/12/2014 10:08:50 AM/ Massey Knakal/ News - General Real Estate News

Massey Knakal attended the ICSC National Deal Making New York Conference this week, held at the Javits Center.  The event was ICSC’s largest New York conference to date and featured a keynote presentation by Donald Trump, panels led by industry leaders, networking opportunities, and numerous exhibits.

Massey Knakal represented by agents, managing directors, and executives at the two-day event.  We asked some of them to reflect on their experience.

“I found creating meetings before the show and having an agenda for both Monday and Tuesday made my days extremely productive,” said Michael Azarian.

I found the keynote with Donald Trump to be insightful, inspiring, and motivating. I got a lot out of his speech that I will translate back into my business,” said Mitzi Flexer.

“I’m definitely echoing a sentiment that I heard many times, when I say this was the best New York ICSC to date.  The venue was a huge improvement; the crowd was better and more engaged than ever,” said Brendan Gotch.

“My favorite aspect of the conference was interacting with all the different tenants and brokers that I have been speaking with on a consistent basis,” said Nicole Liebman.

Agents: Brendan Gotch, Michael Azarian, Mitzi Flexer, Nicole Liebman

In the latest KNN, Bob Knakal and Jonathan Hageman discuss the negative impact a pied-à-terre tax would have in New York City.

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Agents: Robert Knakal

The Real Estate Board of New York (REBNY) announced the results of its elections for the Commercial Board of Directors, which oversees the commercial brokerage division for REBNY.

James P. Nelson, Partner at Massey Knakal Realty Services, has been elected as the new chairman, succeeding William C. Montana of Savills Studley who served for five years as chairperson. Joanne Podell, Vice Chairman at Cushman & Wakefield, has been elected vice chairman.

“It is an honor and privilege to be of continued service to REBNY,” said Mr. Nelson. “The Commercial Board of Directors will continue to do their part to promote the best interests of the New York City real estate industry and the people who live and work here.”  

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Agents: James Nelson

Multifamily owners, operators, investors and experts came together at the Massey Knakal Multifamily Summit & Operations Academy, a two-day event held at the McGraw-Hill Conference Center.  With over 800 in attendance, this was the largest multifamily conference to date.

Day 1, which was an “invite only” event for property and asset managers of multifamily units, offered a boardroom style setting with an in-depth discussion of the key issues.  Day 2 featured over 40 titans of multifamily real estate as they discussed where and how to create value. 

In the morning keynote conversation, Aby Rosen, Co-Founder & Principal of RFR, sat down with Paul J. Massey, Jr., CEO of Massey Knakal, to discuss his career, love of art and the New York City residential market.

In the afternoon, Ofer Yardeni, Co-Chairman & CEO of Stonehenge, discussed how he has shaped the city, the challenges he has overcome, and his expectations for 2015.

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So far in 2014, the strength of northern New Jersey’s commercial real estate market has been linked primarily to the multifamily and industrial sectors, but one of the best-performing subsectors rarely mentioned is medical office buildings. As an inconspicuously popular asset class, medical offices are quietly reaching peak levels of investment and leasing activity at steadily rising prices per square foot and continually compressing cap rates. An evolving healthcare industry, along with a unique stock of buildings in the Garden State, has created ripe conditions for medical office properties to flourish as an outperforming highlight of the northern New Jersey market.

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Corporates: Adrian Mercado

We asked a few of our agents and directors what's the best part about having the conference right here in New York City.

Michael Azarian: "Home court advantage - understanding that everyone there wants to do business in New York City."

Betty Castro: "The best part is having it local; New York is such an exciting city.  Also, the Javits Center is an excellent venue."

Brendan Gotch: "New York is structurally, financially, geographically, and architecturally unlike anywhere else in the world.  The best part about this conference is that it is tailored to what makes New York unique."

You can find Massey Knakal at Booth 1033 on Monday and Tuesday!

Massey Knakal's James Nelson will be a speaker at Bisnow's 4th annual Future of Downtown Manhattan event on December 17th.

The event will break down the exciting advancements that downtown is seeing across the board and talk about expectations for what the future holds.

Click here for event information

Agents: James Nelson

Massey Knakal at ICSC

12/4/2014 2:48:52 PM/ Massey Knakal/ News - General Real Estate News

As Massey Knakal prepares for ICSC, we asked a few of our agents and managers what they found most impactful at previous conferences.

Betty Castro: "I found the networking sessions extremely helpful.  I made some useful business contacts."

Brendan Gotch: "Putting faces to names and voices of people I've known for ages, but only by phone."

Neil Heilberg: "The event is a great opportunity to expand our network and make sure that we have an understanding about the latest trends in the marketplace."

You can find Massey Knakal at Booth 1033 on Dec. 8th and 9th!

ICSC is Next Week!

12/4/2014 2:36:10 PM/ Massey Knakal/ News - General Real Estate News

We asked a few of our agents and managers what they're looking forward to at this year's conference.

Michael Azarian: "I am looking forward to seeing what tenants are in the market and also dropping by institutional landlords to introduce myself."

Mitzi Flexer: "Putting a face to the names that I speak to on the phone and via email."

Nicole Liebman: "I am looking forward to speaking with brokers and tenants - hearing about everyone's progress, expansion plans, and goals for 2015."

David Simon: "I am looking forward to meeting new people and reconnecting with people I haven't seen in a while."

Don't forget to stop by and see Massey Knakal at Booth 1033!

Corporates/Agents: David Simon, Michael Azarian, Nicole Liebman

Sales activity in the Bronx is driven by multifamily assets and development properties.  Multifamily pricing is cresting towards record levels with demand well outpacing current on-market supply.  Development properties thrive and are anticipated to continue to as Mayor de Blasio's "10-year Housing Plan" rolls out.

While price per square foot remained static, the price per unit increased.  The average price per square foot for elevator, walk-up, mixed-use, office, and retail properties was $159, unchanged from 2013.  However, the average price per unit for elevator and walk-up properties increased by 11% from 2013.  Elevator product particularly saw a strong increase in pricing as the average price per unit was $122,000, up 25% from 2013.

In the latest KNN, Bob Knakal and Jonathan Hageman discuss the factors that drive value in the New York City sales market.

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Agents: Robert Knakal

Massey Knakal Leasing Services has secured a retail lease for 6 St. Mark’s Place, located between Second and Third Avenues in Manhattan’s East Village neighborhood. The space will be occupied by Nimble Fitness, which offers customized personal training, ranging from corrective exercise to elite performance.
The space contains approximately 2,800 square feet of second floor space, with 10-foot high ceilings.  It benefits from approximately 25 feet of frontage in an area with high foot traffic due to strong student, tourist, and resident populations. Neighboring tenants include Chipotle, Pinkberry, Yoga to the People, Cooper Union, NYU, St. John’s University, Facebook, IBM, and 1st Dibs.

“We’re thrilled to see Nimble opening up here.  It’s an ideal location for a gym, and for a second floor, it offers them unusually strong street presence,” said Massey Knakal’s Brendan Gotch, who exclusively represented the landlord in this transaction.

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Neighborhoods: East Village/ Agents: Brendan Gotch

Massey Knakal Realty Services has been retained on an exclusive basis to sell Colony 1209, a newly-developed lifestyle rental building at 1209 Dekalb Avenue between Bushwick and Evergreen Avenues in Brooklyn’s Bushwick neighborhood. 

The five-story building contains approximately 119,681 gross square feet and sits on a 200’ x 261.67’ lot.  It consists of 127 residential units, 42 parking spaces, and 11 storage units.  The building offers a vast abundance of amenities, including a full-time doorman, lobby lounge, private gym, screening room, residents lounge with rehearsal studios, pinball arcade, and billiards tables.  Every apartment features hardwood floors, washer/dryer hookups, stainless steel appliances, quartz countertops, and bathrooms with deep soaking tubs.  The landscaped roof deck and courtyard add recreational outdoor space and offer spectacular views of the Brooklyn and Manhattan skylines.  The property benefits from a 15-year 421a tax abatement and is currently in year three.

The property is conveniently located just blocks from the J and M trains and a short distance from the Morgan Avenue L train, connecting tenants to Manhattan in a short subway ride.  Additionally, numerous bus lines service the area.

“Colony 1209 differentiates itself from other new construction buildings in Brooklyn. Easy access to Williamsburg and Manhattan coupled with unique amenities provide for an all-inclusive lifestyle to support both families and young professionals,” said Massey Knakal’s Stephen P. Palmese, who is exclusively marketing this property with Michael Amirkhanian.

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Neighborhoods: Bushwick/ Agents: Michael Amirkhanian, Stephen Palmese