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A blog for breaking sales and neighborhood real estate news.

Featured Listing: 220 Park Ave S, New York, NY

11/25/2008 2:50:52 PM/ Massey Knakal/ Listings

Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of 220 Park Avenue South (AKA 48 East 18th Street) just one block from Union Square Park. This corner, 9 story plus penthouse, elevatored loft building represents a tremendous opportunity for a condominium conversion or to hold as a rental, as the asset is currently completely occupied with a waiting list for apartments. The property also benefits from prime retail frontage on Park Avenue South, with the well known Japanese restaurant Haru, owned by Benihana, Inc., in possession.
 
Retail vacancy along this highly coveted stretch of Park Avenue South, just one block from Union Square Park remains highly desirable. The impressive façade of the building was constructed out of limestone, brick and cast-iron and features oversized windows throughout.

The availability of investment opportunities of this quality, location, and size are growing increasingly rare. Investors not participating in the downtown market would be missing a tremendous opportunity.

Click here for listing details.

Neighborhoods: Union Square/ Agents: James Nelson, John Ciraulo

Featured Closing: 322 West 15th Street

11/25/2008 9:58:03 AM/ Shannon Krause/ Closings

A four story mixed-use building, located on the south side of West 15th Street between Eighth and Ninth Avenues, sold for $4,350,000.

The building contains a restaurant on the ground floor with three free market units above. Behind the main building is a carriage house with two rent controlled tenants.

Neighborhoods: Chelsea/ Agents: Brock Emmetsberger

The subject property is 42,200 square foot sports facility located directly off of Route 17 North on the entrance of Pleasant Avenue in the affluent neighborhood of Upper Saddle River, Bergen County, NJ. The property is currently fully occupied as a sports facility and is fully leased to two tenants: a baseball training facility and rock climbing facility, each with separate entrances and separately metered. The lessee of the baseball facility has built a 5,000 SF observation mezzanine.

This property is an ideal investment opportunity for an investor looking for a non-management intensive investment with future upside potential.

Click here for listing details.

Agents: Robert Knakal

Neighborhood Watch: Bed-Stuy Brooklyn

11/21/2008 5:26:54 PM/ Massey Knakal/ Statistics

Massey Knakal is proud to report that Michael Amirkhanian, Director of Sales for Bedford Stuyvesant, was a top finisher at the recent 27th Annual Bed-Stuy 10k Run. 

Contact Michael below for more information.

Neighborhoods: Bedford Stuyvesant/ Agents: Michael Amirkhanian

The East Village/Lower East Side Rezoning Plan was approved yesterday after a lengthy 3 year process. From a statement released by Mayor Bloomberg Wednesday afternoon:

"The new zoning of 111 blocks within the two areas will preserve the unique character of the neighborhoods by establishing height limits for the first time that will prevent new out-of-scale towers from undermining the existing building stock and established streetscapes. At the same time, the plan will create opportunities for new and affordable housing where appropriate on wider streets. It is expected to spur the production of 1,670 additional housing units over the next ten years, including 560 units permanently affordable to low- and middle-income families."

More information about the rezoning can be found here http://www.nyc.gov/html/dcp/html/evles/evles4.shtml

If you have any questions please feel free to reach out to myself at 212-660-7754 or Michael DeCheser at 212-660-7772.

Neighborhoods: East Village, Lower East Side/ Agents: Michael DeCheser

The subject properties are two (2) rent regulated six (6) story elevatored apartment buildings located in the Fordham/Bedford Park neighborhood. The buildings are attached surrounding a central courtyard.

The property generates approximately $1,839,540 in gross revenue with a net operating income of approximately $956,905. The average room charge is $251.73 and the average rent per apartment is $830.85. The current debt on the properties is assumable through New York Community Bank for a 1% assumption fee.

Click here for listing details.

Neighborhoods: Fordham/ Agents: Karl Brumback

These Soundview, The Bronx properties consist of five (5) 6-story, walk-up apartment buildings with a combined lot size of approximately 62,500 square feet and have a total gross square footage of approximately 222,500 square feet. There are a total of 297 residential units (plus two (2) super's units and five (5) basement units the 298th-304th units.). 

The current debt on the properties is assumable through New York Community Bank for a 1% assumption fee.

Click here for listing details.

Neighborhoods: Soundview

The Prince Street/Bowery corner comprises of 6 lots that are used by Bari, currently holding a mix of single to 3 story properties that will be delivered vacant. This portfolio is under the Special Little Italy District zoning restrictions that limit the height of new developments to 8 stories.

The property faces the New Museum of Contemporary Art and stands at the intersection of Soho, Nolita, and the Bowery. This is a unique and interesting development opportunity as it is one of the rare large plots of land available in the area for development. Please contact us for further information on this property.

Click here for listing details.

Neighborhoods: SoHo, NoLIta, Lower East Side/ Agents: Robert Burton

Featured Listing: 115 W 57th St., New York, NY

11/14/2008 2:20:20 PM/ Massey Knakal/ Listings

This Manhattan property is a 6-story mixed-use walk-up apartment building featuring two (2) commercial tenants and seven (7) residential apartments. The first floor is occupied by a deli while the second floor is currently rented to a spa. Out of the seven (7) free market apartments, five (5) are vacant, one (1) is month to month and one (1) is leased to a tenant with a life estate. All the apartments have recently been completely gut renovated featuring hardwood floors, stainless steel appliances and marble counter tops.

The property is located in Midtown on one of the best retail corridors in Manhattan.

Click here for listing details.

Neighborhoods: Midtown West/ Agents: Robert Knakal

37-05 90th Street is a six story, 44,214 SF (approx.) elevatored apartment building that consists of 49 residential units and 7 retail stores. All units are rent stabilized with the exception of 3 units which are SCRIE.

The property has undergone significant renovations in 2003.

Click here for listing details.

Neighborhoods: Jackson Heights

This property is currently an operating daycare licensed for 30 children with a 1,700 sf attached church paying a total of $3,600/month and a vacant 1,200 sf (plus basement) adjacent building including daycare license for 29 kids.

This property could be delivered vacant making it ideal for a mission house or daycare looking to expand.
The daycare could potentially hold up to 120 kids as extensive renovations have recently been completed.

Click here for listing details.

Neighborhoods: Marine Park, Flatlands/ Agents: Edward Gevinski

Located on the corner Old Country Road and Glen Cove Road in Garden City NY, this property is located on the best retail corner in Nassau County. The property contains 2 National Tenants, T-Mobile store/regional office and The Vitamin Shoppe. The property is located directly across from the Roosevelt Field and Carle Place Malls.

The 10 year term leases are backed by corporate guarantees. Steep increases which will make any investor looking for a stable, recurring and increasing income stream delighted. This is a rare opportunity to acquire a prime retail property in a location with huge exposure to high traffic counts and affluent demographics.

Click here for listing details.

Neighborhoods: Nassau County

Massey Knakal, In The News

11/10/2008 3:21:21 PM/ Shannon Krause/ News

Massey Knakal is pleased to announce that we were featured in 20 news articles in the last 7 days.

Of note:

All Articles can be found at Massey Knakal News.

Agents/Corporates: Paul Smadbeck, Paul Massey Jr., Robert Knakal

A prime development site totaling a footprint of approximately 26,445 SF. The site includes tentative plans from the Department of Buildings for an 88-unit residential apartment building (44 1BR units & 44 2-BR units), with 15,235 SF of medical space and 17,891 of on-site parking.

The tentative development potential includes 73,296 SF residential, 15,235 SF medical, 358 SF shared lobby, and 17,891 SF of parking totaling 106,780 SF of building area.

This deal is subject to an auction sale by the U.S. Bankruptcy Court on Dec. 11 2008, 2:00PM at 271 Cadman Plaza East, Brooklyn, NY in room 3577.

Click here for listing details.

Neighborhoods: Flushing/ Agents: Thomas Donovan

Massey Knakal has been retained to sell 2 adjacent walk up apartment buildings located on Henry Street between Pike and Rutgers in the Lower East Side.

There are a total of 33 residential units, of which 18 are rent stabilized, 5 rent controlled, and 10 free market.

Click here for listing details.

Neighborhoods: Lower East Side/ Agents: Michael DeCheser

566 E. Boston Post Road is a freestanding, three level elevator retail building on heavily trafficked Boston Post Road (U.S. 1) in Westchester County.

This 21,500+/- SF building has 2 full floor plates of 9,500+/- SF with (3) penthouse office units totaling 2,500+/- SF above. The second floor and penthouse units offer views of the harbor and Long Island Sound.

The property is within (1/2) mile of the New England Thruway (Interstate-95) and just blocks from the village of Mamaroneck Metro-North train station. Ideal for professional or retail use.  The location offers excellent visibility and presence on Boston Post Road, surrounded by a dense highly affluent population. 

Click here for listing details.

Neighborhoods: Westchester County

The subject property is a 3 story plus basement pre-war walk up apartment building totaling approx. 20,385 SF located on the Northeast corner of Brooklyn Ave. and 5th St in the heart of Valley Stream in Nassau County, Long Island. 

All 32 of the units are Free Market and the property is currently 100% occupied.

The Long Island Rail Road - Valley Stream Station is located 4 blocks away. This property posing a prime opportunity for a investor or a 1031 tax deferred exchange.

Click here for listing details.

Neighborhoods: Nassau County

853 Riverside Drive is a 54 unit, plus super’s unit, elevator building in Washington Heights renting at approx. $12 PSF where market rents can achieve $30 PSF. 

Ownership of an elevator property such as this is a rarity, and even more so on highly desirable Riverside Drive. Numerous surrounding properties have been converted to condominiums with sellouts approaching $600 PSF. Its obvious that the long term investor will have numerous profitable exit strategies.

Both 839 and 845 Riverside Drive are also available for sale.

Click here for listing details.

Neighborhoods: Washington Heights/ Agents: Robert Shapiro

Massey Knakal, In The News

11/4/2008 9:48:58 AM/ Shannon Krause/ News

I am pleased to announce that we were featured in 26 news articles in the last 2 weeks.
Of note:

  • Matt Giordano was quoted in The New York Observer on Staten Island's North Shore.
  • Stephen Preuss' Sale of 32-47 Queens Boulevard hit the Queens publications.
  • Bob was all over the papers with quotes in The New York Observer, Daily News, New York Post and Real Estate Weekly!
  • Rob Shapiro's state of the market article can be found in NYREJ.
  • James Nelson and John Ciraulo's listing at 236 Second Avenue and 306 East 15th Street (former Gateway School and adjacent brownstone) was picked up by Real Estate Weekly, crefeed.com, The Villager and GlobeSt.

All articles can be found at Massey Knakal News.


Agents: James Nelson, John Ciraulo, Robert Shapiro, Robert Knakal, Stephen Preuss

Last Friday, the Commerce Department reported that personal spending fell 0.3% in September marking the biggest decline since June of 2004. These numbers followed flat readings in both July and August which contributed to the worst quarterly performance for consumer spending in 28 years. This spending accounts for approximately 2/3 of total economic activity in the United States and the September numbers were slightly worse than expected. Last Thursday, the Government reported that gross domestic product, which is the broadest measure of economic health, declined at an annual rate of 0.3% in the third quarter. Current reports are demonstrating that the financial crisis has driven consumer confidence to a record low and economists believe that the fourth quarter will be no different. We have been feeling like we have been in a recession for quite some time but given the expected fourth quarter economic performance, the economy will meet the standard definition of a recession by the end of the year.

 

Much of the consumer spending that has occurred over the last few years has been stimulated by the massive amounts of mortgage equity withdrawal taken by homeowners who have, essentially, used their homes as ATM machines. Additionally, the wealth effect of feeling as if they had massive equity in their homes created spending habits which fueled the economy. As these dynamics no longer exist, it is important for the housing market to bottom out in order for our economy to turn around. This is also vitally important because the value of mortgage backed securities and derivative products based on these securities cannot be accurately valued unless there is a high level of confidence in the value of our housing stock. A big concern about the implementation of the TARP is what the government will pay for these toxic securities. If we know what houses are worth, it will be easier to determine fair market value of the securities.

 

While there is clearly no easy solution to the foreclosure crisis, recently J.P. Morgan and Bank of America have implemented mortgage modification programs which could cover approximately 800,000 borrowers. These plans come amid intense national focus on the root cause of global financial turmoil, rising home foreclosures, and what the role of the banks and the government should be in helping struggling home owners. Approximately 1.5 million homes were in foreclosure at the end of June and economists expect several million more may default in the coming year as housing prices erode and job losses rise. The political pressure the banking industry is under to address the foreclosure problem is immense.

 

The TARP has enhanced liquidity in the banking system but now the focus on borrowers, who are in default or delinquent, is coming to the forefront. Recently, FDIC Chairman Sheila Bair floated a plan that could help 3,000,000 troubled borrowers which the White House is considering. You will recall that the FDIC is presently in control of IndyMac Federal Bank and is assisting strapped borrowers who had mortgages with that bank. Thus far, the agency has been able to help 40,000 of the 60,000 delinquent IndyMac borrowers.  These moves by major banks and the FDIC are addressing one of the last elements of the global and financial upheaval as yet untouched by major Federal programs.

 

The economy and financial markets will have trouble beginning a reversal until there is a halt to the decline in housing prices, a phenomenon that is worsened by foreclosures. Banks are willing to recast troubled mortgages because they are realizing that they can improve the value of their loan portfolios through mass modifications rather than foreclosures which tend to produce larger losses. A clear consensus is emerging that broad based and systematic loan modifications are the best way to maximize the value of mortgages while preserving homeownership. This should ultimately help stabilize home prices and the broader economy.

 

Last week’s announcement by J.P. Morgan increases pressure on other mortgage companies to respond with relief programs for distressed borrowers. The bank will open 24 counseling centers and hire 300 employees to work with borrowers and will suspend foreclosures on loans it owns for 90 days as it puts new policies into place. Nationwide 7.3 million American homeowners are expected to default on mortgages between 2008 and 2010, about triple the usual rate. Approximately 4.3 million of these borrowers are expected to lose their homes. The focus of J.P. Morgan and Bank of America is specifically aimed at option adjustable rate mortgages or option ARMs. These mortgages allow borrowers to make minimum payments that may not even cover the interest due resulting in increasing principal loan balances. While an extremely cumbersome process, mortgages which are owned completely by a bank can be modified. There is a question as to whether mortgages which serve as collateral for mortgage backed securities can be modified. Investors in these mortgage securities may be more willing to foreclose to try to recoup their investment than to allow a servicer to renegotiate underlining mortgages.

 

The need to slow down the foreclosure rate is important because as more properties are taken by lenders, they are placed on the market which adds to the already bloated available inventory. This additional supply exerts downward pressure on value which serves to exacerbate the downward spiral the market is experiencing. It is positive that these issues are now being addressed by those who can do something about it. Mortgage recasts are difficult, particularly on the scale which is necessary, but this could be a way to help the housing market stabilize and when this happens it will be a sign that we are on our way out of the crisis.

Have a great week,

Bob

Agents: Robert Knakal

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