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Massey Knakal Realty Services has been retained on an exclusive basis to sell a large development site located at 320 West Fordham Road. The property is bound by the Harlem River to the west, Fordham Road to the north, and the Major Deegan Expressway to the east, in the University Heights neighborhood of the Bronx.  The asking price is $29,000,000.

The riverfront development site consists of an approximately 149,750 upland square foot lot.  It offers over 515,000 square feet of residential development rights and almost 1,000,000 square feet with full community facility FAR. Development sites of this size and location are rare and an increasingly desirable commodity.

The Bronx is an increasingly attractive market for both public and private housing developers as sites in Manhattan, Brooklyn, and Queens reach record prices, as evidenced by the number of large, high-profile residential and commercial development sites planned or under construction.  This property is easily accessible via public transportation, with the University Heights Metro-North station adjacent to the site as well as subway and bus access in the proximity.

“An offering of this size and scale is timely, given Mayor de Blasio’s housing plan and requirement for new construction housing units.  This site offers developers an opportunity to create one of the largest housing development projects in the Bronx,” said Massey Knakal’s Karl Brumback, who is exclusively marketing the property.

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Rendering Credit: Greenberg Farrow

Agents: Karl Brumback







Massey Knakal Realty Services has been retained on an exclusive basis to sell the leasehold interest of a retail property at 1821-1837 Richmond Avenue. The property is located on the corner of Richmond Avenue and Eton Place on Staten Island. The asking price is $1,675,000.

The property is occupied by two tenants, TD Bank and Z One Restaurant and Lounge, which are located on separate lots with in-place absolute NNN leases.  The land is encumbered by a 49-year leasehold agreement which runs through 2051.  Combined, the lot size is over 84,000 square feet with 500 feet of frontage on Richmond Avenue and over 151 feet of frontage on Eton Place.  Additionally, TD Bank has 52 dedicated parking spaces and Z One has 99 spaces.

This offering represents an excellent opportunity for an investor to take advantage of strong in-place cash flow with minimal management required.  The property is located on one of the busiest intersections of Staten Island, and nearby retail tenants include McDonald’s, Dunkin’ Donuts, 7-Eleven, and CVS.

“This is an excellent opportunity for an investor to have a high cash flowing, 100% depreciable asset for the next 37 years,” said Massey Knakal’s James Nelson, who is exclusively marketing the leasehold interest.

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Neighborhoods: Staten Island/ Agents: James Nelson



A two-unit loft building at 268 Water Street, located between Dover Street and Peck Slip in Manhattan’s South Street Seaport Historic District, was sold in an all-cash transaction valued at $5,000,000.

The three-story building contains approximately 5,544 square feet and sits on a 26.7’ x 110’ lot. It consists of floor-through apartments on the second and third floors with ground floor home-office space. About 15 years ago, the entire building was gut renovated with non-toxic, natural and green/recycled materials. Most of the building’s mechanicals were new at the time of the sale and the building was delivered vacant. The sale price equates to approximately $902 per square foot.

“Vacant loft buildings are a rare commodity,” said Massey Knakal’s Michael DeCheser, who exclusively handled this transaction. “We relied heavily on the brokerage community to help us find the right user given the uniqueness of the property,” he continued.

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Agents: Michael DeCheser



Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 285 West 12th Street.  The property is located between Eighth Avenue and West 4th Street in Manhattan’s Greenwich Village Historic District.  The asking price is $7,950,000. 

The five-story building contains approximately 6,648 square feet and sits on a 32’ x 65’ lot.  It consists of a lower level retail space, occupied by iconic eatery and cocktail bar The Beatrice Inn, and 11 residential units above, with seven free market, two rent stabilized, one rent controlled, and one which will be delivered vacant.  The property benefits from approximately 1,507 square feet of air rights and presents an excellent opportunity for an investor to take advantage of in-place cash flow in one of the most exclusive neighborhoods of Manhattan. 

“This property offers significant upside, while providing in-place cash flow in the heart of Greenwich Village,” said Massey Knakal’s James Nelson, who is exclusively marketing this property with David Shalom and Matt Nickerson.

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Neighborhoods: Greenwich Village/ Agents: James Nelson



Massey Knakal's Winfield Clifford was recently named to Commercial Observer's 30 Under 30. The list outlines the up-and-comers in New York's real estate industry.

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Agents: Winfield Clifford



The Eastern Parkway Multifamily Portfolio, five properties located at 1613, 1617, 1621, 1625, and 1631 Eastern Parkway between Saratoga Avenue and Thomas S. Boyland Street in Brooklyn’s Ocean Hill neighborhood, was sold in an all-cash transaction valued at $9,650,000.

The portfolio includes five walk-up properties consisting of four multifamily buildings and one mixed-use building all located on a single block. They hold approximately 309 feet of total frontage, with 235 feet on Eastern Parkway and an additional 74 feet on Thomas S. Boyland Street. The buildings combine for approximately 73,450 square feet, featuring 60 residential units and one commercial unit.  The residential units consist of two studios, 32 one-bedroom, 23 two-bedroom, and three, three-bedroom apartments.  The sale price equates to approximately $131 per square foot.

This portfolio boasts tremendous upside in the emerging Ocean Hill market.  The buildings are centrally located near a number of transportation options, including the 3, 4, A, and C subway lines in close proximity and the B7 bus stop conveniently one block away.

“This stretch of Brooklyn has traditionally been viewed as a tertiary market. However, while Brooklyn’s demand continues to spread, investors are identifying areas of opportunity throughout the borough,” said Massey Knakal’s Stephen P. Palmese, who exclusively handled this transaction with Chairman Bob Knakal and Edward Gevinski.

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Neighborhoods: Ocean Hill/ Agents: Edward Gevinski, Robert Knakal, Stephen Palmese



Massey Knakal Retail Leasing Services has been retained to secure a tenant for a prime retail space at 116 Nassau Street, at the corner of Ann Street in Manhattan’s Financial District.  The space is located just steps away from the newly opened Fulton Street transit hub.

The space contains approximately 11,000 square feet on the ground floor with a 7,000 square foot basement which is approved as selling space.  It features approximately 165 feet of wraparound frontage and is located directly across the street from a 24-hour CVS.

This section of Nassau Street is undergoing enormous change with additions such as The Lara, a 64-unit condominium development directly across the street, and the Beekman Hotel.

“Because of the building’s design, the retail space would be perfect for a restaurant,” said Massey Knakal’s Benjamin Fox, who is exclusively marketing this space with Clare Kelly.  “Moreover, the 5,000 square foot open roof would make for a perfect outdoor beer garden concept,” Fox added.

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Neighborhoods: Financial District/ Agents: Benjamin Fox, Clare Kelly



Massey Knakal is Hiring

11/14/2014 4:35:49 PM/ Massey Knakal/ News - General Real Estate 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.

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Massey Knakal Realty Services is pleased to announce the release of their exclusive Third Quarter 2014 Property Sales Reports. These unique, industry-leading, reports provide a comprehensive study of the investment sales market by product type in the New York City area (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens).

“After a torrid start to the year, sales volumes stepped back a bit in the third quarter as market dynamics continued to exert upward pressure on record setting property values which continue to escalate. The pace of the dollar volume of sales continues slightly off the 2007 peak while the number of properties sold remains on an all-time record pace,” stated Bob Knakal, Massey Knakal Chairman.

Through the first three quarters of 2014, the New York City investment sales market continued its strong performance, with nearly $39 billion in total dollar volume. 2014 has already surpassed 2013’s annual dollar volume, and is on pace for $52 billion.

“We expect a strong fourth quarter and for dollar volume to accelerate in the final quarter, ending the year north of $60 billion,” said Adrian Mercado, Vice President, Research.

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Corporates/Agents: Adrian Mercado, Robert Knakal





Tomorrow at the Massey Knakal Multifamily Summit, Brock Emmetsberger, President of the Massey Knakal Charitable Foundation, will share with attendees some information about the Foundation.  We asked Brock a few questions in preparation for the event.

Can you give us a brief overview of the Massey Knakal Charitable Foundation?

The Massey Knakal Charitable Foundation was founded in 2005 on the premise that the greater New York area is one community where all its inhabitants live and work together side by side, and that to help any is to help all by strengthening the community at its most basic level. Our target is the small-to mid-size charitable organizations, where a donation of $500 to $5,000 can be meaningful in helping the charity reach its annual goals. We strive to help eradicate illiteracy, poverty, hunger and homelessness, and attempt to provide long-term opportunities to those individuals who otherwise have none.

Massey Knakal has always believed that philanthropy is good for the soul and good for business. The Foundation was established to continue the firm's tradition of extensive giving to a wide array of youth and educational programs. The Foundation allows Massey Knakal's partners, agents, and employees to consolidate their philanthropic efforts and give back to the neighborhoods that have afforded the firm the opportunity to grow.

How can Massey Knakal employees get involved with MKCF?

We have a 1% club where all MK brokers and employees can contribute 1% of their salary. This is our financial backbone and we couldn’t be more thankful for those who have been loyal over the years. Without their support we wouldn’t be able to help so many charitable organizations flourish.  Throughout the year we also organize volunteer events and charitable drives as well. Human capital is always creates the biggest impact.

Tell us a little more about MKCF volunteer events.


We aim to hold a charitable drive or volunteer event at least once a quarter. Charitable drives Career Gear and Bottomless Closet where we collected professional clothing for men and women. We have also conducted toy drives for the young patients at Slone Kettering. The MK family has volunteered at soup kitchens including the Bowery Mission and St. Xavier Church in Chelsea and kicked off the school year with Operation Backpack. Friends and family are always invited to our events, more is certainly merrier!







The Massey Knakal Multifamily Summit & Operations Academy, which brings together owners, operators, investors, and multifamily experts, begins today at the McGraw-Hill Conference Center.  Day 1, which is an “invite only” event for property and asset managers of multifamily units, offers 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.



A townhouse at 209 East 111th Street, located between Second and Third Avenues in Manhattan’s East Harlem neighborhood, was sold in an all-cash transaction valued at $1,250,000.

The four-story townhouse contains approximately 3,036 square feet and sits on a 22.33’ x 100.92’ lot. Built in 1998, it consists of three free market residential units, with a ground floor one-bedroom unit, a three-bedroom owner’s duplex and a fourth floor two-bedroom unit. The property benefits a driveway and garage. The sale price equates to approximately $412 per square foot.

The building is located just two blocks from the 6 subway line stop at 110th Street and Lexington Avenue. Access to shopping, restaurants and entertainment are all in close proximity and the East River Plaza shopping center is only a short walk away.  

“This is a unique property. It is relatively new construction and offers 22 feet of frontage as well as a garage,” said Massey Knakal’s Lev Kimyagarov, who exclusively handled this transaction. “The all-cash buyer was able to move quickly, closing in less than 30 days. This property will provide a fantastic live-plus income opportunity for the new owner,” he continued.

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Neighborhoods: Harlem/ Agents: Lev Kimyagarov



The excitement and general optimism of Brooklyn’s real estate market in the most recent cycle is usually reserved for north Brooklyn neighborhoods like Williamsburg, Greenpoint and extends as far south as Park Slope and to a lesser extent Gowanus. However, little mention is made of the impact southwest Brooklyn has had on the uptick in activity. Although the southwest part of the borough was one of the last areas investors focused on following the successes of the aforementioned sections of Brooklyn, the neighborhoods that make up this slice of Brooklyn (Bay Ridge, Bensonhurst, Borough Park, Brighton Beach, Coney Island, Dyker Heights, Gravesend, Kensington, Sheepshead Bay, South Slope, and Sunset Park) have actually contributed a significant amount of volume to the transactional pie.

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In the latest KNN, Bob Knakal and Jonathan Hageman discuss the third quarter 2014 New York City sales market.

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Agents: Robert Knakal



Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a NNN lease for 148 Ninth Avenue, a two-story building located on the corner of West 19th Street and Ninth Avenue in Manhattan’s Chelsea neighborhood.

The building contains approximately 1,550 square feet on each of the ground and second floors with ceilings approximately 9.5 feet high and an additional 1,550 square feet of cellar space with nine foot high ceilings. It features approximately 87 feet of wrap-around frontage and presents fantastic exposure for any potential use. New utilities were recently brought into the building and there is additional FAR available.

Located in the heart of Chelsea, the property is in close proximity to Chelsea Market, The High Line, Meatpacking District, Google’s New York headquarters, and numerous art galleries.  There is an abundance of planned retail, office and residential development such as the expansion of Chelsea Market, The Whitney Museum, and Youngwoo’s SuperPier. Neighborhood tenants include, Tao Downtown, Buddakan, La Botegga, Cookshop, Billy’s Bakery, The Meatball Shop, Fonda, Wells Fargo (Coming Soon), and Capital One.

“This property represents a unique opportunity for a tenant to mark a flagship location in the middle of a rapidly expanding neighborhood,” said Massey Knakal’s Michael A. Azarian, who is exclusively marketing this space.

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Neighborhoods: Chelsea/ Agents: Michael Azarian



A mixed-use building at 244 Front Street, located between Peck Slip and Dover Street in Manhattan’s South Street Seaport Historic District, was sold in an all-cash transaction valued at $7,200,000.

The six-story walk-up building contains approximately 15,765 square feet and sits on a 27.33’ x 87’ lot. Originally built in 1850, the building now consists of a ground floor retail unit and eight loft units above. The property is situated between a boutique hotel redevelopment and a planned seven-story, five-unit condominium building. There are plans to gut renovate the building and install an elevator. The sale price equates to approximately $457 per square foot.

The building is in close proximity to the Blue School and Manhattan’s only sand beach. It is only two blocks from the Howard Hughes repositioning of the South Street Seaport into a destination retail development, which will undoubtedly change the landscape of the neighborhood.

In addition to the much-anticipated work in and around Pier 17, there are several residential and commercial developments in the works just north on Fulton and Beekman Streets that will contribute to the Seaport-bound foot traffic originating at the brand new Fulton Transit Center.  These developments include 5 Beekman Hotel & Residences, the new Pace University Dormitory, and Carmel Partners’ high-rise residential tower.

“The South Street Seaport Historical District has always played a special role in Lower Manhattan’s waterfront culture. A genuine neighborhood has emerged including schools, restaurants, and retail amenities that service the growing resident, tourist, office worker and student populations,” said Massey Knakal’s Will Suarez, who handled this transaction with James Nelson and Mitchell Levine. David Goldoff served as the managing agent in the facilitation of the sale.

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Agents: Guillermo Suarez, James Nelson



Massey Knakal Realty Services has been retained on an exclusive basis to sell a Class-A office property at 180 Livingston Street, located on the south side of Livingston Street between Smith and Hoyt Streets in Downtown Brooklyn.

The subject property is an office condominium that measures approximately 165,210 rentable square feet.  It occupies floors three through six of the building and features three office tenants, with the MTA serving as the anchor.  The property also holds development potential with an additional approximately 142,525 buildable square feet as-of-right, which can be expanded to approximately 213,155 square feet with use of an inclusionary housing bonus.

180 Livingston Street is surrounded by some of the largest private and public development projects in all of New York City, including City Point, Pacific Park, Avalon Willoughby Square, and the many redevelopments of the Brooklyn Academy of Music.  Its location features unparalleled transportation accessibility, with nine subway lines within three blocks and access to the Long Island Rail Road as well as four additional subway lines within a half-mile.

This property is being marketed exclusively by Massey Knakal’s Stephen P. Palmese.

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Neighborhoods: Downtown Brooklyn/ Agents: Stephen Palmese



43-19-23 Bell Boulevard, located just off of Northern Boulevard, is a block-through retail strip with second floor office space.  It contains approximately 13,000 square feet and features 75 feet of frontage with full visibility from Northern Boulevard.  The property also holds additional development potential of 22,000 total buildable square feet.  It was sold in an all-cash transaction valued at $5,550,000, with the sale price equating to approximately $252 per buildable square foot.

39-26 Bell Boulevard, located between 39th and 41st Avenues, is a net-leased two-story commercial building that contains approximately 2,800 square feet on an 18’ x 82’ lot.  It consists of two units fully-leased by long-standing tenants.  The property is ideally located one block from the Bayside LIRR station. It was sold in an all-cash transaction valued at $2,065,000, with the sale price equating to approximately $738 per square foot. 

Both properties are situated on Bell Boulevard, one of the busiest and most desirable retail corridors in Queens, full of restaurants, bars, shops, and other neighborhood amenities.  It also offers convenient access to major roadways including Northern Boulevard, Clearview Expressway, and Cross Island Parkway.

“Both of these sales were record-pricing for their specific asset types signifying the continued interest and premium paid for high-quality properties,” said Massey Knakal’s Stephen R. Preuss, who exclusively handled these transactions.

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Neighborhoods: Bayside/ Agents: Stephen Preuss





Massey Knakal Realty Services has been retained on an exclusive basis to sell a waterfront property at 7-9 Bank Street. The property is located on the north side of Bank Street between Jersey Street and Westervelt Avenue in the St. George section of Staten Island. The asking price is $3,750,000.

The property consists of two lots that combine for approximately 46,950 square feet and measure 150’ x 313’.  They are situated at the tip of the Northshore Waterfront Esplanade, approximately a half-mile from the Staten Island Ferry Terminal and the new proposed New York Ferris Wheel and retail mall, which are expected to attract 4 million new visitors a year to the area.  

The New York Wheel promises to become one of New York City’s, and the world’s, great landmark attractions, alongside the Statue of Liberty and the Empire State Building.  The 630-foot tall attraction will be the tallest observation wheel in the world and the only one in New York City.  The new retail mall, Empire Outlets, is said to include 1 million square feet of mixed-use space anchored by an outlet shopping center with 80 high-end retailers.  

 The site holds up to approximately 46,950 buildable square feet, presenting an excellent opportunity for a developer to build out a waterfront hotel or commercial property.

This property is being marketed exclusively by Massey Knakal’s James Nelson and David Shalom.

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Neighborhoods: Staten Island/ Agents: James Nelson



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.

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