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A blog for breaking sales and neighborhood real estate news.

Two four-story, mixed-use buildings at  252-54 Tenth Avenue, located between 24th and 25th Streets in Manhattan’s West Chelsea neighborhood, was sold in an all cash transaction valued at $5,150,000.

Neighborhoods: Chelsea/ Agents: Brock Emmetsberger, James Nelson

Brooklyn Leads NYC Investment Sales Activity

4/28/2011 9:12:18 AM/ Massey Knakal/ News

The overall NYC investment sales market has continued to rebound in 2011.  Thus far, there have been 433 properties sold, representing an annualized turnover of 1.06%. Brooklyn has outpaced all markets with 146 property sales through 1Q11, or 34% of total properties sold. Manhattan leads all markets in terms of dollar volume with $3.1B of sales or 79% of the $3.9B sold citywide.

“We have clearly turned the corner in terms of sales velocity in Brooklyn,” said Massey Knakal Managing Director Ken Krasnow.  
During the first quarter of 2011, there was $3.9B in NYC property sales, a 45% increase from 1Q10 but 30% off the two year high of $5.6B set in 4Q10.

The aggregate sales consideration for Brooklyn in 1Q11 was $324M, an increase of 103% over 1Q10, and 33% from the $244M in 4Q10. Average price per property in Brooklyn was $2.2M, up from the $1.7M in 2010.

While the volume figures above reflect activity across all property types, below we examine pricing and volume trends in Brooklyn based on product type.

Click here for pricing and volume trends


Featured Listing: Uptown Commercial Portfolio

4/27/2011 3:33:01 PM/ Massey Knakal/ Listings

Massey Knakal has been retained on an exclusive basis to arrange the sale of a 6 property, approximately 200,000 SF retail and development portfolio consisting of prime northern Manhattan locations in Harlem, Washington Heights, and Inwood. The portfolio is a mixture of value-add, stabilized/high-yield, and potential redevelopment opportunities. For more information, including the offering memorandum and due diligence materials, please execute the confidentiality agreement. The bid deadline is scheduled for June 2011.

The properties are 246-248 West 125th Street, 3410-3418 Broadway, 3560 Broadway, 4168-4172 Broadway, 141-149 Dyckman Street, and 177-185 Dyckman Street.

Click here for listing details.

Neighborhoods: Harlem/ Agents: Robert Shapiro, Robert Knakal

A warehouse and office building at 112-20 14th Avenue, located on the corner of 14th Avenue and 113th Street in College Points, Queens, was sold in an all cash transaction valued at $4,800,000.

The two-story property is approximately 35,570 square feet and sits on a 200’ x 250’ lot.  The meticulously maintained block-front building consists of 17,785 square feet of office and storage space on two floors and 17,785 square feet of warehouse space. The ceilings in the warehouse space range from 25’ to 35’. There is a parking lot with gated entry on 113th Street which has approximately 30 spaces and four drive-in garages. The sale price equates to $135 per square foot.

“Through our marketing efforts we were able to attain over a dozen qualified offers for this property and eventually found the perfect user for this building who will use the entire space immediately” said Massey Knakal Director of Sales Stephen Preuss who exclusively handled this transaction.

Click here for press release

Neighborhoods: College Point/ Agents: Stephen Preuss

A mixed-use building at 3430 Fulton Street, located between Nichols and Lincoln Avenues in Brooklyn’s Cypress Hills neighborhood, was sold in an all cash transaction valued at $400,000.

The three-story building is approximately 2,963 square feet and sits on a 19.75’ x 100’ lot.  The building consists of a retail unit on the ground floor and two three-bedroom apartments above. The sale price equates to $135 per square foot.

“The building was sold above the asking price due to the tremendous amount of activity by multiple bidders,” said Massey Knakal Director of Sales Edward Gevinski who exclusively handled this transaction.

Click here for press release

Neighborhoods: Cypress Hills/ Agents: Edward Gevinski

The subject property is a block through net leased retail shopping center located on the east side of Nostrand Avenue and Foster Avenue in the East Flatbush neighborhood of Brooklyn. The shopping center is currently fully occupied by 14 retail tenants, including such prominent tenants as Subway, Papa John's, Key Food Supermarket and Thriftway. The Newkirk Avenue subway station for the #2 and #5 train is located on the corner of Nostrand and Newkirk Avenue, adjacent to the Subway restaurant.

Click here for listing details.

Neighborhoods: East Flatbush/ Agents: Robert Knakal

A commercial loft building at 167 West 21st Street, located between Sixth and Seventh Avenues in Manhattan’s Chelsea neighborhood, was sold in an all cash transaction valued at $1,920,000.

The four-story property is approximately 2,400 square feet and sits on a 25’ x 24.65’ lot. There is a step-down retail unit and three commercial units above. The interior benefits from an open-air steel staircase, interior windows, and two top floor skylights. The building included updated HVAC and electrical systems. The sale price equates to $800 per square foot.

“Some of the current tenant will remain in place and the balance of the property will be occupied by the buyer, who designs and manufactures custom light fixtures.” said Massey Knakal Director of Sales Brock Emmetsberger who exclusively represented the seller in this transaction.

Click here for press release

Neighborhoods: Chelsea/ Agents: Brock Emmetsberger

Massey Knakal Realty Services and ScheinMedia are pleased to announce the launch of a new guest blog Thursday, April 21st on NYinc.com.
 
Full Nelson, a weekly blog by Massey Knakal Partner James Nelson, will highlight recent real estate deals in the New York Metropolitan area and utilize them as a jumping point for exploring national trends. Every Thursday, James will welcome commentary and conversations with his readers.

NYinc.com is dedicated to the New York market focusing on commercial and residential real estate, law, finance, and economic development news. NYinc reaches over 10,000 subscribers providing C-level and senior executives with the highest quality and most pertinent business information.

James Nelson began his real estate career at Massey Knakal assisting Founding Partner Robert Knakal with property sales throughout New York City. Since 1998, he has been involved in the sale of more than 200 properties and loans with an aggregate value of over $1.3 billion. With the exception of the founding partners, he has been the company's top salesperson three out of the last four years. He holds a brokerage license in New York, Connecticut, and Massachusetts; and a salesperson license in Pennsylvania. In early 2004, Mr. Nelson was named the youngest partner in the company's history.

Click here for press release

Click here to read Full Nelson

Agents: James Nelson

A mixed-use, vacant development site located on the eastern blockfront of Tenth Avenue between West 30th and West 31st Street directly across the street from the Hudson Yards. The site has a base FAR of 10.0; an additional 11.6 of FAR can be purchased from the Hudson Yards District Improvement Fund. 116 421a certificates may be purchased along with the site for an additional consideration. The property greatly benefits from its location on the edge of the Hudson Yards Redevelopment Project, a multi-billion dollar, 26-acre mixed-use project that will completely transform the west side of Manhattan. It will include approximately 24 million square feet of Class A office space, +/- 13,500 residential units, an estimated 1 million square feet of retail, hotels, a 750-seat public school, and an extension of the No. 7 Subway to 34th Street. The property also sits across from the planned second phase of the High Line, an elevated park which is envisioned to stretch from the Hudson Yards to the West Village. The first phase, which opened in June 2009, constituted a $172 million investment by the city.

Neighborhoods: Hudson Yards/ Agents: James Nelson, Robert Knakal

A 17’ wide, 5 story townhouse with a three story rear extension and a usable basement. The property has high ceilings throughout and contains 10 apartments of which 7 are Free Market and 3 are Rent Stabilized. The apartments consist of a two-bedroom with garden access, 2 one-bedrooms, and 7 studios. All of the free market apartments have been nicely renovated and much of the original detail has been left in-tact. The basement level is currently vacant and was previously used as the bottom floor of a duplex apartment. A buyer could easily connect the lower three floors to create a spacious owner’s triplex while continuing to derive income from the remaining 6 apartments.

Click here for listing details.

Neighborhoods: Upper West Side/ Agents: Hall Oster

A mixed-use building at 171-173 West Broadway, located on the corner of Worth Street and West Broadway in Manhattan’s TriBeCa neighborhood, was sold in an all cash transaction valued at $4,200,000.

The five-story property is approximately 6,500 square feet and sits on a 26’ x 50’ lot.  The ground floor retail space is approximately 1,100 square feet and the basement is approximately 600 square feet. All five floors may be used as commercial or residential. The property was sold to an international buyer for approximately $640 per square foot.

“The buyer plans to convert the property to residences and lease the retail unit and part of the basement,” said Massey Knakal Director of Sales Nick Petkoff who exclusively handled this transaction.

Click here for press release

Neighborhoods: TriBeCa

Massey Knakal Realty Services, NYC’s #1 building sales firm, is pleased to announce the release of their exclusive First Quarter 2011 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).

“After remarkable sales volume in the fourth quarter of 2010 caused by lenders wanting to clean up balance sheets by year end and discretionary sellers rushing to beat what they thought would be an increase in capital gains taxes, we fully expected volume to plunge in the first quarter of this year. While it was lower than 4Q10, the $3.9 billion in sales in the first quarter was a very pleasant surprise. It is also indicative of a very strong market due to low interest rates and substantial demand,” said Massey Knakal Chairman and Founding Partner Robert A. Knakal.

During the first quarter of 2011, there was $3.9B in NYC property sales, a 45% increase from 1Q10 but 30% off the two year high of $5.6B set in 4Q10. Thus far, there have been 433 properties sold, representing an annualized turnover of 1.06%.

Brooklyn has outpaced all markets with 146 property sales through 1Q11, or 34% of total properties sold. Manhattan leads all markets in terms of dollar volume with $3.1B of sales or 79% of the $3.9B sold citywide.

The highlights from each report can be found here


Agents: Robert Knakal

These twenty-two unit walk-up apartment buildings are located in Williamsburg, Brooklyn. The property is nine blocks from the Bedford Avenue L train station and four blocks from the Marcy Avenue J,M,Z train station. There are currently no vacancies in either building, and a blended average of the current rents is at only 60% of market value. All of the apartments are three bedrooms with box layouts. The owner recently refinanced his mortgage, which could be potentially assumed by the buyer.

Click here for listing details.

Neighborhoods: Williamsburg/ Agents: Mark Lively

506 & 510 West 150thStreet are two adjacent 50’wide walk-up apartment buildings, containing a total of 61 residential units (includes 1 supers unit). The properties boast 100’of combined frontage on the south side of 150thStreet between Broadway and Amsterdam Avenue. Specifically, the 150thStreet block is considered extremely desirable because of the high potency of renovated one, two, and three family homes. These properties have been very well maintained and 37 of the 61 units have been recently renovated.

Click here for listing details.

Neighborhoods: Hamilton Heights/ Agents: Robert Shapiro, Robert Knakal

Massey Knakal’s Special Asset Strategy Group is pleased to announce the sale of a corner retail building at 1570 New York Avenue, located at the intersection of New York Avenue (aka Route 110) and East 11th Street in Suffolk County’s Huntington Station, was sold in an all cash transaction valued at $425,000.

The single story retail property is approximately 3,895 square feet and sits on a 132’ x 130’ lot.  The lot benefits from side and rear parking and 132 feet of frontage on New York Avenue. The sale price equates to $109 per square foot.

“We were able to achieve a short sale due to the cooperation from a lender and the property owners,” said Massey Knakal Director of Sales Lev Kimyagarov who exclusively handled this transaction with the assistance of Massey Knakal’s Special Asset Strategy Group.

Click here for press release

Neighborhoods: Nassau County

A five-story townhouse at 115 East 37th Street, located between Park and Lexington Avenues in Manhattan’s Murray Hill Historic District, was sold in an all cash transaction valued at $3,000,000.

Originally built in 1861, the ornately detailed Italianate-style townhouse is approximately 5,620 square feet and sits on a 21’ x 99’ lot.  The building has five sizable free market apartments.

 The ground and parlor floors consist of a four-bedroom, 2,470 square foot (approx.) duplex unit that benefits from 14’ ceiling heights on the parlor floor, two highly detailed marble trimmed fireplaces, and a private garden. The third floor consists of a three-bedroom, floor-through unit with an updated kitchen and bathroom. There is a 10’ x 15’ patio leading off the rear bedroom. The fourth floor is divided into a studio and one-bedroom unit. The fifth floor consists of a floor-through, three-bedroom unit.

In addition, the property is conveniently located near Grand Central Terminal providing excellent public transportation options within close walking distance.

“With tremendous interest from many different lawyers this estate sale proved to be successful even though there were hurdles to overcome towards the end of the marketing campaign,” said Massey Knakal Vice Chairman and Partner John F. Ciraulo who exclusively handled this transaction with Vice President of Sales Thomas D. Gammino Jr.

Click here for press release


Neighborhoods: Murray Hill/ Agents: John Ciraulo, Thomas Gammino Jr.

Located in Prospect Heights, the property provides close to 94,000sf in buildable air rights on a lot surrounded by new development. The existing structure would merit a build up with plenty of air and light. Currently this property is a fully air conditioned and heated school containing classrooms, offices, an assembly room, multiple bathrooms for children and adults, and a fully functioning kitchen. This building also comes with two secured recreation areas. The property will be delivered vacant and available for purchase or lease immediately.

Click here for listing details.

Neighborhoods: Prospect Heights/ Agents: Jeffrey Shalom, Michael Amirkhanian

A townhouse at 107 East 37th Street, located between Park and Lexington Avenues in Manhattan’s Murray Hill neighborhood, was sold in an all cash transaction valued at $5,250,000.

The five-story elevatored townhouse is approximately 8,296 square feet and sits on a 21’ x 99’ lot.  This meticulously maintained property, just steps from Park Avenue, is comprised of six residential apartments. The ground and parlor floors consist of a completely renovated and modernized spacious owner’s duplex with a master suite and study which will be delivered vacant and move-in ready. The third floor consists of a renovated two-bedroom unit with a balcony and a rent stabilized one-bedroom unit in the rear. The fourth floor is a renovated floor-through three-bedroom, one and half bathroom unit with a large tiled and landscaped terrace. The fifth floor has a renovated one-bedroom apartment and a rent stabilized one-bedroom unit in the rear.

In addition, the property is conveniently located near Grand Central Terminal providing excellent public transportation options within close walking distance. The sale price equates to approximately $633 per square foot.

“In just under two months we identified the perfect user who plans to hold the renovated duplex as a pied-a-terre and collect the income from the other five apartments,” said Massey Knakal Vice Chairman and Partner John F. Ciraulo who exclusively handled this transaction with Director of Sales Michael A. Azarian.

Click here for press release

Neighborhoods: Murray Hill/ Agents: John Ciraulo

3 East 44th Street is a 16,200 SF, six-story commercial property located just off of Fifth Avenue, just two blocks from Grand Central Terminal and Bryant Park and directly across from The Cornell Club. It consists of a restaurant occupying the basement through the second floors, with the remaining three floors set up as office space. The building is serviced by a single passenger elevator.

Click here for listing details.

Neighborhoods: Midtown East/ Agents: Clint Olsen

Two multifamily buildings at 1247 and 1249 Bradford Avenue, located in the Pelham Bay neighborhood of the Bronx, was sold in an all cash transaction valued at $1,075,000.

The three-story property at 1247 Bradford Avenue is approximately 4,563 square feet and sits on a 24’ x 100.62’ lot. There are seven one-bedroom apartments. The building has been meticulously maintained by the same family since 1970.

The two-story property at 1249 Bradford Avenue is approximately 3,100 square feet and sits on a 24’ x 100.62’ lot. There are three one-bedroom apartments and two two-bedroom apartments. There are laundry facilities located on the ground floor for use by tenants in both buildings. The building has been owned and operated by the same owner since 1992.

“Due to a very strong interest in the property, we were able to achieve a final sale price within two percent of the initial asking price in just two months,” said Massey Knakal Director of Sales Nick Burns who exclusively handled this transaction.

Click here for press release

Neighborhoods: Pelham Parkway