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Massey Knakal Realty Services has been retained on an exclusive basis to sell an office building with redevelopment potential at 550 West Old Country Road. The property is located between Duffy and Charlotte Avenues in Hicksville, Nassau County. The asking price is $7,950,000.

The four-story building contains approximately 48,000 square feet and sits on two contiguous lots including a large parking lot. The irregular shaped parking lot contains approximately 32,850 square feet and offers development rights fit for retail and office. The property also offers antenna rights, and it will be delivered in “as-in” condition.  

Located on a major thoroughfare, the property is less than a block away from the Wantagh State Parkway. The LIRR is located 1.5 miles away and the N24 and N48 bus lines are located directly outside the property.

“This property has an ideal location on the busy Old Country Road corridor directly off Wantagh Parkway, providing extremely high exposure with the convenience of several major thoroughfares in the immediate area,” said Massey Knakal’s Stephen R. Preuss, who is exclusively marketing this property with Benjamin Efraimov.

Click here for listing details

Neighborhoods: Nassau County/ Agents: Benjamin Efraimov , Stephen Preuss



The Massey Knakal Multifamily Summit & Operations Academy, which brings together owners, operators, investors, and multifamily experts, will be held on November 12th and 13th at the McGraw-Hill Conference Center.  Day 1, which is an “invite only” event for property and asset managers of multifamily units, will offer a boardroom style setting with an in-depth discussion of the key issues.  Day 2 features over 40 titans of multifamily real estate as they discuss where and how to create value.  Over 850 attendees are expected, making it the largest day-long multifamily event in New York.

In the morning Keynote Interview, Paul J. Massey, Jr., CEO of Massey Knakal, will speak with Aby Rosen, Co-Founder & Principal of RFR, about his career, love of art and the New York City residential market.  In the afternoon Fireside Chat, Paul Massey will sit down with Ofer Yardeni, Co-Chairman & CEO of Stonehenge, to discuss how he has shaped the city, the challenges he has overcome, and his expectations for 2015.

Click here for event information

Corporates: Paul Massey Jr.



Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail and office building at 159-16 Union Turnpike. The property is located on the corner of Union Turnpike and 160th Street in the Fresh Meadows neighborhood of Queens. The asking price $14,650,000.

The newly-built, retail-anchored office building contains approximately 37,814 square feet and sits on a 123.25’ x 111.5’ lot. Consisting of six retail units and 11 office units, the building is currently fully-leased and poses tremendous upside. It is also ideal for a user to position themselves as a major tenant in a building with great visibility and high vehicle traffic.

The subject property is conveniently located in proximity to the Grand Central Parkway and Van Wyck and Long Island Expressways. In addition, multiple bus lines service the area along Union Turnpike, Parsons Boulevard, and 164th Street. The offering poses a rare opportunity for a large office investment property in one of the most highly desirable areas in Queens.

“There is a tremendous opportunity to add significant value by increasing the rents which are currently on average at 50% market value.  Additionally, the asset is being offered well below replacement cost,” said Massey Knakal’s Stephen R. Preuss, who is exclusively marketing this property with Brian J. Sarath.

Click here for listing details

Neighborhoods: Fresh Meadows/ Agents: Brian Sarath, Stephen Preuss



A development site at 345-353 West 38th Street, running block-through to West 39th Street between Eighth and Ninth Avenues in Manhattan’s Hudson Yards, was sold in an all-cash transaction valued at $112,150,000.

The block-through site features approximately 125 feet of frontage on both West 38th and West 39th Streets.  It currently consists of a two-story commercial building occupied by R/GA who will vacate the building in late 2015. Uniquely located within the Garment Center Special Purpose Zoning District, it allows for a combination of commercial and/or residential uses, including retail, hospitality, community facility, and/or luxury condominiums.  The maximum FAR of 12.0 in this zoning district allows for a development of up to approximately 296,250 square feet, and the sale price equates to approximately $400 per buildable square foot.

The site is located in arguably Manhattan's most exciting submarket near some of the city's largest privately and publicly funded development projects including Hudson Yards, Manhattan West, the #7 subway extension, Hudson Yards Boulevard & Park, and the West Chelsea High Line.

“This transaction illustrates the continued demand that exists for development properties in and around the Hudson Yards District. Every week, buyers who are new to the area are expressing interest in purchasing something there,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Jonathan Hageman and David Kalish

Click here for press release

Neighborhoods: Hudson Yards/ Agents: Robert Knakal



Massey Knakal is pleased to announce the sale of an apartment building known as The Marquee.  Located at 29 1st Street between Essex and Atlantic Streets in Hackensack, Bergen County, the property was sold in an all-cash transaction valued at $13,995,000.

The luxury, 40-unit, eight-story building contains approximately 90,000 square feet. Constructed in 2011, with steel reinforced concrete, the building features high-end finishes in both the common areas and units. Each unit features an open floor plan, high ceilings, granite countertops, stainless steel appliances, hardwood floors, floor-to-ceiling windows, HVAC unit, washer/dryer unit, walk-in closet, marble bathrooms with Jacuzzi tub and dual vanity sinks. The sale price equates to approximately $350,000 per apartment unit. “We were able to generate significant interest through our marketing efforts which ultimately enabled our client to achieve multiple offers,” stated David A. Simon, Executive Managing Director, New Jersey.
 
Located in Bergen County, the property is steps from Hackensack University Medical Center. Transportation is easily accessible to major highways and the George Washington Bridge. Access to the Port Authority Bus Terminal is available through nearby express and local bus service and the Essex Street NJ Transit rail station is within a quarter mile.
 
“This property was sold to a private investor who was impressed by the quality of the building and its proximity to Hackensack Hospital and the nearby train station. This sale is an example of the strength of the Northern New Jersey multifamily market,” said Massey Knakal’s Seth Pollack, who represented the seller in this transaction.  The buyer was represented by George Eggers of KenKap Realty Corp.
 
Click here for press release

Neighborhoods: New Jersey/ Corporates/Agents: David Simon, Seth Pollack



In 2014, retail properties were a driving force of investment sales dynamics.  Through 3Q14, the retail dollar volume for Manhattan was $2.5 billion, almost three times as much as 2013’s annual total of $915 million. With more large-scale retail deals pending, for example the St. Regis retail condo for $700 million and the 432 Park Avenue retail condo for $450 million, 2014 will likely set an all-time record. The strong demand for retail assets is reflected by the recent surge in value as the average price per square foot for retail properties was $3,113 in 2014 – an increase of 68% over 2013.

A main reason why retail properties are doing so well in 2014 is rental growth. In prime and emerging prime corridors, retail rents have increased considerably over the last two years.

This is based on a number of factors:
-Certain retailers have to be in certain locations of certain cities - prime Manhattan is one of those locations
-Having a store in these locations is not only important for sales purposes but those stores are used as a brand building and/or marketing tool
-Record high tourism numbers are strongly supporting retailers in the city

Elevated rents in prime corridors force retailers to rent space in the next best locations: the 'edge-of-prime' locations.  Rents in those prime and edge-of-prime locations have begun to experience increased rental growth elevating property values.  As a result, the trend of retail driving up sales is spreading.



Massey Knakal Is Hiring

10/21/2014 9:04:47 AM/ Massey Knakal/ Massey Knakal News

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.

Click here to browse available positions



Skyway Development Group has retained Massey Knakal Realty Services to sell a single-family development opportunity at 34 West 21st Street. The property is located between Fifth and Sixth Avenues in Manhattan’s Flatiron District. The asking price is $5,750,000.

The property is an approximately 16.08’ x 92’ lot with what can be fully approved dramatic plans for a seven-story, elevatored single-family mansion containing approximately 7,974 square feet and rare curb cut allowing for private indoor parking. Designed by Andres Escobar and Karl Fisher, plans call for six bedrooms, six full baths, four powder rooms and private indoor parking. In addition, the house would have custom glass elevator, spa, oversized windows and 25 foot high ceilings overlooking the garden. Current ownership has meticulously designed what could be one of the most luxurious new construction single-family townhouses in the entire market. “We spent months optimizing and perfecting the plans for this site. Every last detail was considered for the exclusive buyer who wants to drive into their dream home,” said Steven Mashaal of Skyway Development Group.

“This is a rare opportunity for an end user to build a magnificent single-family mansion and end up at a basis well below market value,” said Massey Knakal’s James Nelson, who is exclusively marketing this property along with John Ciraulo, Matthew Nickerson and Craig Waggner.

Click here for listing details

Neighborhoods: Flatiron/ Agents: James Nelson, John Ciraulo







Massey Knakal Capital Services is pleased to announce the closing of a $13,500,000 million cash-out refinancing, collateralized by a 201-unit garden style apartment complex in southern New Jersey.  The loan featured a 7-year term with a fixed-rate at 3.50%, and one year I/O.

"Close management of the financing process enabled us to deliver a seamless transaction, with substantial cash-out, and a material reduction in debt service. The borrowers were very happy,” said Massey Knakal’s Preston Flammang, who exclusively handled this transaction.

Click here for press release

Neighborhoods: New Jersey/ Agents: Preston Flammang



Massey Knakal Realty Services has been retained on an exclusive basis to sell a single-family home with adjacent garden at 313-317 Vanderbilt Avenue. The properties are located between Dekalb and Lafayette Avenues in Brooklyn’s Clinton Hill neighborhood.  The asking price is $6,000,000.

The two-story building contains approximately 5,475 square feet and sits on a 37.5’ x 73’ lot.  Built in 1920 as the original home to the Candy and Confections Workers Union, it is currently occupied as an artist’s studio and residence.  The interiors feature a mix of industrial and modern styling with double height ceilings on both levels, concrete floors, two large, open living spaces and two master suites.  The property includes a private elevator and dedicated parking spots for two cars.  Adjacent to the building is a development site that is currently used as a beautifully landscaped garden with seating.  It contains approximately 1,891 square feet on a 22.25’ x 85’ lot.  In total, the property holds approximately 5,032 square feet of unused air rights.

The offering presents the opportunity for an owner-user to occupy the existing space or for an investor to add value through developing the unused air rights.  The property is ideally located just a few blocks from scenic Fort Greene Park.  It is also in close proximity to the G and C subway lines, offering convenient transportation through Brooklyn and Manhattan.
 
This property is being marketed exclusively by Massey Knakal’s Stephen P. Palmese, Aaron Warkov and Joana Filgueiras.

Click here for listing details

Neighborhoods: Clinton Hill/ Agents: Aaron Warkov, Joana Filgueiras, Stephen Palmese







Massey Knakal has completed its third quarter 2014 extensive analysis of the New York City real estate market.  This study includes an in-depth look at the retail, capital markets, and hospitality landscapes as well as the New York City investment sales market overall and its submarkets.

The New York City investment sales market continues on pace to set an all-time record for the number of properties sold in a given year. The city is expected to see more than 5,100 properties sold, breaking the previous high set in 2007. The on-going rise in transactional volume can be attributed to the resurgence of the outer markets (Brooklyn, Queens, Northern Manhattan, the Bronx) where 83% of all activity has taken place. This is due in large part to the “Manhattanization” of the outer markets, where increased investor interest and confidence has begun to blur the lines in institutional investor consciousness between Manhattan and certain submarkets within the outer markets.

Click here to view press release

Corporates: Adrian Mercado



Recently, Massey Knakal’s New Jersey division participated in an event with Habitat for Humanity.  The team worked with the organization to build the foundation for a home in Perth Amboy, New Jersey. Tasks included stacking insulated concrete forms, placing reinforcing steel, attaching bracing and preparing for the sewer and water lines.  The team was happy to lend a helping hand to a family in the New Jersey community.

Check out photos from the event below







A prime development site at 163-05/25 Archer Avenue, located on the northeast corner of Guy R. Brewer Boulevard and Archer Avenue in the heart of Jamaica, Queens, was sold in an all-cash transaction valued at $22,000,000.

The subject property consists of two contiguous lots which combine for approximately 719,736 buildable square feet.  It features substantial frontage on Archer Avenue and Guy R. Brewer Boulevard and a total footprint of approximately 89,967 square feet.  The site currently holds a single-story, approximately 32,471 square foot retail building and a seven-story, approximately 280,000 square foot parking garage.  The sale price equates to approximately $31 per buildable square foot.

The site is located directly across from York College and in close proximity to St. John’s University.  Major commercial tenants in the immediate area include Home Depot, Marshalls, Old Navy, Verizon, AT&T, Chase Bank, Capital One Bank, UPS, Foot Locker, Duane Reade, Walgreens, Bally Total Fitness, Jamaica Multiplex Cinemas, and Applebee’s.  The property is in close proximity to numerous MTA bus lines and just three blocks from the E, J and Z subway lines.

“This sale signifies the return of the residential development market in Downtown Jamaica.  It is the largest site to trade since the downturn and will be a catalyst for the Jamaica development market moving forward,” said Massey Knakal’s Brian J. Sarath, who exclusively handled this transaction.  “We received numerous bids in a short period of time from developers that were priced out of other areas in the city and see tremendous value in the Downtown Jamaica market,” he continued.

Click here for press release

Neighborhoods: Jamaica/ Agents: Brian Sarath



As of 3Q14, New York City's dollar volume was $39.1 billion, already surpassing 2013's annual total by over $500 million.  Annualized, the number of properties sold is on track to exceed the pre-recession high of 5,018 in 2007 and we expect sales activity to pick up pace in 4Q14.

The four-quarter running total of the number of properties sold in the outer markets was at a new all-time high in 2Q14.  Beginning in the second half of 2012, the outer markets bounced back strongly and are largely responsible for 2014's record sales volume.  Despite the fact that the outer markets have been so dominant in 2014, the average price per property increased by 4.5% from 2013.

Across the city, the average price per square foot was $439 in 2014 YTD, up 13% from 2013.  Northern Manhattan (23%) and Manhattan (24%) experienced the most pronounced rise in value.



Two multifamily buildings at 193 and 197 Chestnut Street, located between Fulton Street and Ridgewood Avenue in Brooklyn’s Cypress Hills neighborhood, were sold in an all-cash transaction valued at $1,150,000.

The property consists of two identical three-story walk-up buildings that combine for approximately 9,450 square feet on a 50’ x 150’ lot. They total 12 residential units, each containing six railroad-style two-bedroom apartments.  The buildings are located one block away from the J subway line at the Crescent Street station, and the sale price equates to approximately $122 per square foot.

“The properties combine for 12 rent stabilized units that boast tremendous upside due to their location in the emerging neighborhood of Cypress Hills,” said Massey Knakal’s Edward Gevinski, who exclusively handled this transaction.

Click here for press release

Neighborhoods: Cypress Hills/ Agents: Edward Gevinski



Massey Knakal Realty Services has been retained on an exclusive basis to sell a multifamily complex at 208-212 Shrewsbury Avenue and a mixed-use building at 40-42 Broad Street in Red Bank, New Jersey.

40-42 Broad Street, located at the intersection of Broad and White Streets in downtown Red Bank, is a three-story mixed-use building.  It contains approximately 8,800 square feet and sits on a 33’ x 94’ lot.  Formerly the Register Building, it is a landmark building.  Fully-occupied, it consists of a retail space on the ground floor, two offices on the second floor, and three New York loft-style residential units on the third floor.  The property features a long history of stabilized tenants, a regional/corporate retail tenant, and a prime Broad Street location next to Starbucks.  The asking price is $3,000,000.

208-212 Shrewsbury Avenue, located between Catherine and River Streets, is an eight-unit fully-occupied multifamily property that contains approximately 6,000 square feet on a 10,800-square foot lot.  It consists of two one-bedroom, four two-bedroom, and two three-bedroom units, all individually metered for electric, gas, and water.  Two units have separate entrances and there is ample on-site parking in the rear lot.  Located in Red Bank’s trendy west side, this property is in walking distance to restaurants and shopping and it is just blocks from the Red Bank train station.  The asking price is $1,300,000.

The properties are conveniently located in close proximity to Route 35, CR-520, Garden State Parkway, public transportation options to New York City as well as miles of New Jersey beaches.  They are being marketed exclusively by Massey Knakal’s Kim Kretowicz.

Click here for listing details for 40-42 Broad Street
Click here for listing details for 208-212 Shrewsbury Avenue

Neighborhoods: New Jersey/ Agents: Kim Kretowicz





The Massey Knakal Multifamily Summit & Operations Academy, which brings together owners, operators, investors, and multifamily experts, will be held on November 12th and 13th at the McGraw-Hill Conference Center.  Day 1, which is an “invite only” event for property and asset managers of multifamily units, will offer a boardroom style setting with an in-depth discussion of the key issues.  Day 2 features over 40 titans of multifamily real estate as they discuss where and how to create value.  Over 850 attendees are expected, making it the largest day-long multifamily event in New York.

In the morning Keynote Interview, Paul J. Massey, Jr., CEO of Massey Knakal, will speak with Aby Rosen, Co-Founder & Principal of RFR, about his career, love of art and the New York City residential market.  In the afternoon Fireside Chat, Paul Massey will sit down with Ofer Yardeni, Co-Chairman & CEO of Stonehenge, to discuss how he has shaped the city, the challenges he has overcome, and his expectations for 2015.

Click here for event information

Corporates: Paul Massey Jr.



Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail tenant for 35 Union Square West, located between East 16th and 17th Streets in Manhattan’s Union Square.

The space contains approximately 4,312 square feet on the ground floor, a 2,394-square foot open mezzanine level with 16-foot dramatic ceiling heights and 4,200 square feet of basement space. It features approximately 30 feet of frontage and benefits from amazing visibility with excellent street presence overlooking Union Square Park. All uses will be considered.

The space is ideally located by the 14th Street Union Square station, one of Manhattan’s busiest subway stations, with over 35 million riders annually. Neighboring tenants include Reebok FitHub, Lululemon, Starbucks, American Eagle Outfitters, Whole Foods, DSW, Nordstrom Rack, HSBC, Citibank, and Capital One.

“Union Square continues to flourish with contributing factors like this summer’s opening of The Pavilion, The Feil Organization’s retail repositioning of 853 Broadway, and the growth of diverse attractions for all ages,” said Massey Knakal’s Michael A. Azarian, who is exclusively marketing this space.

Click here for listing details

Neighborhoods: Union Square/ Agents: Michael Azarian



On October 29th, Bob Knakal will be speaking at Bisnow's 6th Annual NY State of the Market event.  The lively and informative discussion will review the state of the market and the key trends ahead for the next 12 months.

Click here for event information

Agents: Robert Knakal



A development site at 450-482 Union Street, located on the corner of Union and Bond Streets with block-through exposure to the Gowanus Canal in Brooklyn’s Gowanus neighborhood, was sold in an all-cash transaction valued at $12,300,000.

The site contains approximately 28,500 square feet on a 100’ x 300’ lot. It benefits from approximately 80 feet of frontage along Bond Street, 100 feet along the Gowanus Canal and 300 feet along Union Street. The site, currently improved by an approximately 9,880-square foot warehouse, is zoned M2-1 and benefits from approximately 57,000 square feet of as-of-right development. The sale price equates to approximately $216 per buildable square foot.

“South of Atlantic Avenue, Union Street is the only corridor that provides access to Prospect Park from the Columbia Waterfront.  It is poised to become a destination for major retail tenants,” said Massey Knakal’s Stephen P. Palmese, who exclusively handled this transaction with Winfield Clifford.  “Land pricing in Gowanus continues to improve for sellers as the market gets comfortable with the strength in commercial rents and the anticipation for the potential rezoning of the surrounding area continues,” said Clifford.

Click here for press release

Neighborhoods: Gowanus/ Agents: Stephen Palmese, Winfield Clifford