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A blog for breaking sales and neighborhood real estate news.

A 20' wide, Clarence True designed Renaissance Rival brownstone constructed circa 1891. The house is presently built 4.5 stories with a two story rear extension and contains 7 renovated Free Market apartments; a basement floor-through with garden access, 5 one bedrooms, and a two bedroom duplex with a roof terrace. The house is heated by a gas-fired boiler and is individually metered for both gas and electric. All the apartments have been de-controlled making the house ideal for conversion to a single family home or a live plus income arrangement. The property lies within the Riverside - West End Avenue Historic District.

Click here for listing details.

Neighborhoods: Upper West Side/ Agents: Hall Oster

Massey Knakal Is Now Recruiting!

1/31/2011 9:44:25 AM/ Massey Knakal/ News

Massey Knakal is now recruiting for Retail Leasing and Investment Sale Agents company wide!

For more information, visit the career section of our website or reach out to our Director of HR, Gia LaMarca, at glamarca@masseyknakal.com

A vacant warehouse at 335-347 38th Street, located between 3rd Avenue and 4th Avenues in Brooklyn’s Sunset Park neighborhood, was sold in an all cash transaction valued at $1,650,000.

These two adjoining warehouse buildings sit on a 100’ x 100’ lot and contain approximately 12,737 useable square feet. The ground floor contains 10,042 square feet of modern warehouse space with 15 foot ceilings and there is 2,700 square feet of built out office space located above 347 38th Street. The property is located one block off the 38th Street exit ramp from the BQE/Gowanus Expressway and walking distance to express trains.

“We are very happy that once again, we were able to provide a new home for another business in Sunset Park's industrial zone, in this case a thriving young window repair contractor,” said Massey Knakal First Vice President of Sales Adam Hess who exclusively represented the seller. 

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Neighborhoods: Sunset Park

TOTAL:Approx. 24,600 Square Feet
FRONTAGE: Approx. 80’ Berry Street, Approx. 40’ North 3rd Street
POSSESSION:Immediate
TERM: 15 Years

Click here for listing details.

Neighborhoods: Williamsburg/ Agents: Benjamin Fox

A NNN leased Walgreens at 2307 Flatbush Avenue, located in Brooklyn’s Flatlands neighborhood, was sold in an all cash transaction valued at $7,000,000.

The building sits on a 14,695 square foot lot. There is a twenty year term on the lease with four, five-year options and 10% increases every five years. The annual rent is $380,000. The sale price equates to 5.42% capitalization rate.

“There is such a high demand for triple net properties with quality tenants that we had over 20 offers in the first 30 days of marketing and sold the building within 4% of the original asking price, “said Massey Knakal First Vice President of Sales Edward Gevinski who exclusively handled this transaction with First Vice President of Sales Brian Hanson. “2307 Flatbush Avenue is almost two points lower than the neighborhood average because Walgreens (S&P A+) is the tenant and this is one of the best corners in the area as Utica Avenue and Flatbush Avenue meet,” added Gevinski.

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Neighborhoods: Flatlands/ Agents: Edward Gevinski

The subject property is a below grade parking garage condominium located in The Regency Condominiums at 132-03 Sanford Avenue, Flushing, Queens, NY. The property features 56 total units, including the retail units on the ground floor. The condominium is in an ideal location, just blocks from Downtown Flushing, Flushing Hospital, and the 1 million+ square foot Sky View Parc Development, which is currently being constructed. The garage occupies the cellar and sub-cellar (connected by ramp) of the property and features 105 legal parking spaces as well as two street level entrances, one on Sanford Avenue and the other on College Point Boulevard.

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Neighborhoods: Flushing/ Agents: Robert Knakal, Stephen Preuss

A vacant commercial building at 350 East 81st Street, located between First and Second Avenues on Manhattan’s Upper East Side, was sold for the first time in 25 years in an all cash transaction valued at $3,750,000.

The four-story plus mezzanine elevator building is approximately 9,201 square feet and sits on a 24’ x 102’ lot.  The elevator building was delivered vacant and is currently configured with a restaurant at grade with office above. The sale price equates to $408 per square foot.

“The building was bought by foreign buyers who closed all cash with the intention of converting it into multiple residential units,” said Massey Knakal Vice President of Sales Thomas D. Gammino who exclusively represented the seller in this transaction.

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Neighborhoods: Upper East Side/ Agents: Thomas Gammino Jr.

Massey Knakal Is Now Recruiting!

1/24/2011 9:40:27 AM/ Massey Knakal/ News

Massey Knakal is now recruiting for Retail Leasing and Investment Sale Agents company wide!

For more information, visit the career section of our website or reach out to our Director of HR, Gia LaMarca, at glamarca@masseyknakal.com

The subject property is a retail condominium currently occupied by a women's’ retail store named Otte. It is located on the first floor of the building and is approximately 715 square feet. The retail store’s lease expiration is March 2019. Given the prime location as well as the lease currently in place, this property is an ideal investment opportunity.

Click here for listing details.

Neighborhoods: Upper East Side/ Agents: Thomas Gammino Jr.

Massey Knakal Realty Services, NYC’s #1 building sales firm, is pleased to announce the release of their exclusive Year-End Property Sales Reports. These unique, industry-leading, reports provides a comprehensive study of the investment sales market by product type in the entire New York City area (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens).

“While investment activity has increased dramatically from this time last year we are still finding our way along the bottom with regard to pricing,” said Massey Knakal Chairman and Founding Partner Robert A. Knakal.

With so much uncertainty surrounding the investment sales market moving into 2010, New York City showed positive signs of stabilization with a total dollar volume of $14.5 billion. This represented an increase of 131% from the $6.3 billion completed in 2009, but was still 77% below the market peak of $62 billion set in 2007.

Fourth quarter rebounded nicely from a disappointing 3Q’10 with $5.6 billion in sales, the highest dollar volume since 3Q’08. This represented an increase of 109% from 3Q’10 and an increase of 237% from 4Q’09. The total number of properties sold citywide in 2010 was 1,667, representing a turnover of 1.01%, an increase of 16% from 2009’s turnover of 0.87% of the total stock of properties.

The highlights from each report include the following:
Manhattan (south of 96th Street on the east side and south of 110th Street on the west side)

  • There were 473 properties sold, a 47% increase over 2009, but still 53% off the market high set in 2007. 
  •  In 4Q’10, there were 125 properties sold, an increase of 12% from 4Q’09 and up 7% from 3Q’10.
  • The aggregate sales consideration in 2010 was $12 billion, an increase of 187% over 2009 which produced the lowest dollar volume in the past five years. 
Brooklyn
  • There were 569 properties sold, an increase of 19% from 2009.
  • In 4Q’10, there were 165 properties sold, an increase of 36% from 4Q’09 and an increase of 27% from 3Q’10.
  • The aggregate sales consideration in 2010 was $929 million, an increase of 17% over 2009, but still 76% off the market peak of $3.8 billion set in 2007.

Queens
  • There were 307 buildings sold, a decrease of 11% from 2009.
  • In 4Q’10, there were 78 properties sold, down 19% from 4Q’09, but up 34% from 3Q’10.
  • The aggregate sales consideration in 2010 was $557M, down 6% from 2009, and 77% off the market peak of $2.5 billion set in 2006.

Northern Manhattan (north of 96th St. east of Central Park and north of 110th St. west of Central Park)

  • There were 127 properties sold, an increase of 43% from 2009.
  • In 4Q’10, there were 26 properties sold, down 7% from 4Q’09 and down 26% from 3Q’10.
  • The aggregate sales consideration in 2010 was $509 million, an increase of 75% over 2009, which saw the least amount of volume in the last five years of $290 million.
The Bronx
  • There were 191 properties sold, down 5% from 2009.
  •  In 4Q’10, there were 62 properties sold, an increase of 51% from 4Q’09 and a 77% increase from 3Q’10.
  • The aggregate sales consideration in 2010 was $485 million, an increase of 21% over 2009, but still 78% off the market peak of $2.1 billion set in 2007.
 
“While the volume of sales has been impressive, we expect pricing to continue to vary widely across boroughs and product type. The overwhelming demand for quality product continues to outpace the supply and this dynamic will exert upward pressure on values, particularly in Manhattan. However, as the supply of distressed assets continues to climb, this addition to supply will exert downward pressure on value,” said Knakal.

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Agents: Robert Knakal

$170 per buildable SF - Approximately 169,000 buildable SF.

The property is a prime block through development site on Nassau Street in the C5-5 LM district.
When built, upper floors can have direct views of City Hall park.  The zoning allows residential and commercial component. With the WTC nearby and an amazing accessibility the property is an excellent investment and has many potential uses – from hotel/ condo to student housing, medical offices or vertical retail. For Sale or Long Term Lease.

Click here for listing details.

Neighborhoods: Financial District

Massey Knakal Realty Services, in its continued effort to build upon its tradition of exclusively representing building owners, is pleased to announce their entrance into retail leasing with Benjamin Fox and the formation of Massey Knakal Retail Leasing Services (MKRLS).

For over two decades, Massey Knakal has focused exclusively on the New York metropolitan area specializing in representing sellers in the sale of investment and user properties.  Branching off the success of being named CoStar’s #1 Building Sales Firm for eight consecutive years, the firm is expanding their ownership services menu by entering the leasing services business.

Massey Knakal Retail Leasing Services will provide unparalleled market knowledge that will allow owners to identify and capitalize on retail strategies that can most effectively enhance property value. We create maximum asset value by positioning the property in the marketplace, identifying suitable prospects and creating customized marketing and financial strategies.  Our unique Territory System™ and sole focus on landlord representation will enable a partnership between our leasing agents and sales agents that will result in the achieving the maximum rental price of our client’s properties.

Paul J. Massey Jr., CEO states, “By continuing to provide ancillary services to building owners, Massey Knakal will strengthen its existing core investment sale business. We are extremely pleased that someone of Ben Fox’s reputation, experience and integrity would join us to help build this important service. He is the undisputed éminence grise, who is incredibly well liked and respected.”

Mr. Fox will become a partner of the division and work with Ken Krasnow, Managing Director, who has had a long and distinguished career in real estate leasing services, in building the retail division at Massey Knakal. Mr. Krasnow states “Our unique territory platform and our singular focus of only representing Landlord’s interests will prove to be one of the differentiating factors for our company.”

Mr. Fox was the former President of Winick Realty Group. In 1987, he co- founded New Spectrum Realty Services and grew it to a 35-broker powerhouse and one of New York City’s leading retail real estate brokerage firms. In 2000, New Spectrum was acquired by Newmark Knight Frank. Over his thirty year career, he has served as leasing agent for many dozens of high profile owners and tenants and has been responsible for some of New York’s largest and most important transactions, not only delivering value to his clients but transforming neighborhoods.

Under Mr. Fox’s leadership, all three brokerage firms were honored with major industry awards and he himself has been the recipient of REBNY’s Louis Smadbeck Memorial Broker Recognition Award for outstanding service to and accomplishment in the industry as well as multiple awards for his significant transactions.

Mr. Fox has been singled out by his peers and the news media for his successes in building companies and elevating retail real estate brokerage to a high level of integrity, professionalism, and profitability.

Mr. Fox serves as Member, REBNY Board of its Governors; former Member, Board of Directors; Co-Chair, Seminar Committee on Domestic and International Affairs; and Member and Program Chair, Store Brokers Committee. Mr. Fox is also a major expert source for retail real estate and urban affairs reporters and editors, who value both his up-to-the-minute command of issues and trends and the clarity and incisiveness of his comments.

“I am thrilled to become a member of such a terrific, well oiled organization. From a strategic perspective, investment sale brokerage and retail store leasing go hand in hand. We are both pounding the pavement day in and day out looking at opportunities. Combining the two disciplines into one seamless specialty allows us to present property owners with a broader understanding of the present and future potential of their assets,” said Benjamin Fox.

Click here for press release

Corporates: Paul Massey Jr.

A mixed-use building at 242 Prospect Park West, located in Park Slope in Brooklyn, was sold in an all cash transaction valued at $1,875,000.

The four-story building is approximately 5,880 square feet and sits on a 25’ x 98’ lot.  There are six apartments and two commercial spaces. The building and the units are in great condition and have been meticulously cared for by the same owner since 1981. The property is located three blocks from historic Prospect Park and two blocs from the F and G trains.

“We are very pleased that we could help the sellers, who have owned the building for almost 30 years, achieve an impressive sale price of $318 per square foot,” said Massey Knakal First Vice President of Sales Adam Hess who exclusively handled this transaction.

Click here for press release

Neighborhoods: Park Slope

A commercial condominium at 225 Eastern Parkway, located on the corner of Classon Avenue and Lincoln Place in Brooklyn’s Prospect Heights neighborhood, was sold in an all cash transaction valued at $1,050,000.

This pre-war condominium consists of seven stores with a total of 4,157 square feet on the ground floor and an additional 2,672 square foot basement. The ceiling heights are 14’. There are eight entrances to the basement from the street and six stores have roll down gates. The property benefits from 100’ frontage on Classon Avenue and about 67’ on Lincoln Place and boasts views of the Brooklyn Museum and Prospect Park.  

“We were able to find a buyer for this unique commercial condominium within weeks of the property being listed. This is a true testimony to the success of the Massey Knakal Territory System™,” said Massey Knakal First Vice President of Sales Jonathan Berman who exclusively handled this transaction with Chairman and Founding Partner Robert A. Knakal.

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Neighborhoods: Prospect Heights/ Agents: Robert Knakal

Directly across the street from the renowned Harlem Dance Theatre stands Aqueduct Court. The two, five story, plus basement, gut-renovated, elevator, luxury condominium buildings are designed by AIA award winning architect Michael Schmitt. After restoring the exquisite exteriors, Mr. Schmitt designed modern yet classy one, two, three bedroom and full floor condominium residences.

Click here for listing details.

Neighborhoods: Washington Heights/ Agents: Robert Shapiro

A multifamily portfolio consisting of four buildings in the heart of Astoria, Queens was sold in an all cash transaction valued at $30,100,000. The buildings are located at 25-21 31st Avenue, 31-49 29th Street, 29-07 31st Avenue and 30-95 29th Street.

The buildings consist of 220 residential units (three which are super’s units) which total approximately 165,675 gross square feet. Out of the 217 residential units, 211 are rent stabilized and six are rent controlled. The unit mix consists of 62 studios, 114 one-bedrooms, and 41 two-bedrooms. Residents enter each building through a central courtyard which has multiple entrances. The four buildings are located two blocks from Broadway where the main retail corridor and N/Q subway line are located.

“This transaction began as a tax motivated sale given the anticipation of an increase in the capital gains tax. Even after congress extended the current rates, there was so much momentum here that all parties continued to the finish line,” said Massey Knakal Chairman and Partner Robert A. Knakal who exclusively handled this transaction with First Vice President of Sales Al Holloman.

The buyer was represented by Aaron Jungreis, President of Rosewood Realty Group who said, “The buyer signed and closed this deal in only six days and moved like lightning to get it done. Working with the Massey Knakal team was great and our collaborative efforts were able to get it done.”

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Neighborhoods: Astoria/ Agents: Robert Knakal

Five contiguous mixed-use buildings at 321-27 First Avenue and 356-58 East 19th Street, located in Manhattan’s Gramercy Park neighborhood, were sold in an all cash transaction valued at $11,200,000.

The five buildings are each four stories and together contain approximately 19,645 square feet.  The property boasts 92 feet of frontage along First Avenue wrapping around the corner onto 19th Street with an additional 80 feet of frontage. The buildings contain 30 residential apartments and six stores. Of the 30 units, there are 24 one-bedroom units and six studios. The sale price equates to $570 per square foot, a 6.07% capitalization rate, and a 12.08 gross rent multiple.

“Although, not ‘ready for development,’ this corner represents a solid short and long term investment with a future development play as a possible exit strategy,” said Massey Knakal Vice Chairman and Partner John F. Ciraulo who exclusively handled this transaction with Massey Knakal Chairman and Founding Partner Robert A. Knakal.

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Neighborhoods: Gramercy Park/ Agents: John Ciraulo, Robert Knakal

Featured Listing: 1182 Broadway, New York, NY

1/10/2011 2:49:06 PM/ Massey Knakal/ Listings

The subject property is a 53' wide, 17-story prewar elevator loft building in the Flatiron / NoMad District built in 1910 and recently renovated and converted in 1998 to an apartment building. The building is approximately 75,338 gross square feet. The building is currently comprised of 61 apartments, 2 ground floor retail stores and a 2nd floor retail, showroom or banquet space that benefits from 16'+ ceilings, intricate original detail and nearly 6,000 square feet. There are two passenger elevators, one freight elevator and one fire staircase. The property lies at the center of a district which is a key hub for major corporations, specialty industries, tourism, transportation, shopping, dining, and entertainment.

Click here for listing details.

Neighborhoods: Flatiron/ Agents: John Ciraulo, Robert Knakal

Just as the Dow reported a 28-month high, Massey Knakal has had their own 34-month high for closings since March of 2008. Massey Knakal completed 35 transactions in December throughout the New York metro area with an aggregate value of approximately $221,175,000.

Some of the notable transactions included:
·    The Bleecker Street Luxury Retail Portfolio consisting of six leased retail condominiums on Bleecker Street which sold for $34,000,000. The portfolio is located on the prime luxury retail corridor in Manhattan’s West Village. According to REIS, the sale marks the third highest priced per square foot retail transaction in the United States.

·    A four-building multifamily portfolio consisting of approximately 217 units located in Astoria, Queens which sold for $30,100,000.

·    A 100,000 square foot block-through development site in Midtown West with foundation in place and approved plans which sold for $18,700,000.

·    A six-building package with 200 feet of frontage on Canal Street in Chinatown which sold for $15,000,000.

In addition to 33 property transactions, Massey Knakal handled two confidential note sales in December totaling an aggregate value of $31,325,000.

“There was a big rush by lenders to close in the Fourth Quarter, so we were pleased to have participated on these sales,” said Massey Knakal Partner James P. Nelson.

“Things are looking up in the investment sales arena,” said CEO Paul J. Massey Jr. “For the past 90 days, investment sales activity has increased dramatically due to a combination of interested buyers and available financing from local savings and commercial banks. Massey Knakal has also become a valued partner with financial institutions who, by using our New York metro area Territory System™, have come to realize maximum asset value,” added Massey.

On January 19th, Massey Knakal will release their exclusive year-end Property Sales Report, the most comprehensive study of the investment sales market by product type in the entire New York City area.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 2001, our agents have closed over 2,500 transactions, with an aggregate value exceeding $12 billion.

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Agents/Corporates: James Nelson, Paul Massey Jr.

This 10,000 square foot property is currently a parking lot. Preliminary plans were prepared to build a commercial building. The building was designed to contain four units totaling approximately 9,800 gross square feet. Plans may need to be updated to comply with the current codes. The property is environmentally clean.
86th Street is a major retail corridor. McDonald’s is down the block on the 24th Avenue corner and the subway entrance is on the 25th Avenue corner.

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Neighborhoods: Gravesend/ Agents: Jeffrey Shalom

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