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A pre-war Tudor-style apartment building at 155 Garth Road, located between Popham and Harney Road in Scarsdale, New York, was sold in an all cash transaction valued at $10,375,000.

The brick five-story building is approximately 59,783 square feet and sits on a 520’ x 135’ lot. The building was built in 1923 and has recently been renovated with new kitchens and bathrooms and upgrades to the common areas. There are 39 units, including 3 one-bedroom units, 26 two-bedroom units, and 10 three-bedroom units. All units have a working fireplace and two bathrooms. The transaction occurred at a capitalization rate of 5.25% and a price per unit cost of $266,000.   

First Vice President of Sales John Barrett along with Vice President of Sales Swain Weiner and Associate Darragh Clarke exclusively represented the seller, Laurel Capital, and found the undisclosed buyer.

"The property has significant upside due to its very strong location and the small amount of available rental product on Garth Road. Of the 16 residential buildings nearby, all but 2 were converted to either co-op in the 1980’s or condominium form of ownership in the 1990’s. There is very strong demand for such high quality rental units in the current market,” said John Barrett.

“There was an extraordinary high level of interest in the property; we received well over 40 offers from both operators and condominium converters. The buyer plans to operate the property as a rental property in the future,” added Swain Weiner.

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Neighborhoods: Westchester County

Two adjacent corner mixed-use buildings with rear parking lot in prime Carroll Gardens. The buildings include twelve rent stabilized units over two stores. Unique investment-development opportunity, great long-term upside on rare corner lot and possibility of developing the parking lot.

Click here for listing details.

Neighborhoods: Carroll Gardens

A retail property at 64-68 West 125th Street, located between Lenox and Fifth Avenues in the heart of Harlem, was sold in an all cash transaction valued at $7,100,000.

The single story property is approximately 7,569 square feet and sits on a 75’ x 100.92’ lot.  There are three retail units that are substantially below market rate. The property benefits from 75 feet of frontage on the 125th Street and significant air rights.  The sale price equates to approximately $938 per square foot.

“With the leases set to expire in a few months and the huge amount of air rights, this property is extremely attractive,” said Massey Knakal First Vice President of Sales Jeffrey A. Shalom who exclusively handled this transaction with Director of Sales Lev Kimyagarov. “There was strong interest from several local owners as well as many other retail investors and developers. Within weeks of marketing this property, we received an aggressive offer from a local owner who was able to close within a few days after signing the contract,” added Shalom.

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Neighborhoods: Harlem/ Agents: Jeffrey Shalom

Without a doubt, the Manhattan hotel segment of the market has surged this year. Since hotels are not subject to long term leases and adjust their income daily, their pricing and demand can shift quickly.

Agents: James Nelson

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

During the first half of 2011, there was $12.6B in NYC property sales, a 52% increase from 2H10 and 103% from 1H10. This is the highest dollar output since 1H08. Thus far, there have been 960 properties sold, representing an annualized turnover of 1.16%.

The Brooklyn market has outpaced all markets with 336 property sales through 1H11, or 35% of total properties sold. Manhattan leads all markets in terms of dollar volume with $11B of sales or 90% of the $12.6B sold citywide.

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)
·    251 transactions occurred, a 12% increase over 2H10 and an increase of 29% over 1H10
·    277 properties sold, an increase of 14% from 2H10 and 20% from 1H10
·    The aggregate sales consideration was $11.0B, an increase of 56% over 2H10, and an increase of 124% over 1H10.  The $7.9B from 2Q10, produced the highest quarterly dollar volume in the past 14 quarters

Brooklyn
·    286 transactions occurred, an 8% increase over 2H10 and an increase of 17% from 1H10
·    336 properties sold, an increase of 14% from 2H10 and an increase of 23% from 1H10
·    The aggregate sales consideration was $700M, an increase of 54% over 2H10, and 38% from the $508M in 1H10

Queens
·    148 transactions occurred, an increase of 16% from 2H10 and down 3% from 1H10
·    164 properties sold, an increase of 21% from 2H10, but down 4% from 1H10’s 171 properties sold
·    The aggregate sales consideration was $452M, an increase of 52% over 2H10, and 74% from 1H10

Northern Manhattan (north of 96th St. east of Central Park and north of 110th St. west of Central Park)
·    44 transactions occurred, down 12% from 2H10 and down 17% from 1H10
·    69 properties sold, an increase of  13% from 2H10 and 5% from 1H10
·    The aggregate sales consideration was $167M, down 4% from 2H10, and down 50% from 1H10

The Bronx
·    85 transactions occurred, a 13% increase from 2H10 and 8% from 1H10
·    114 properties sold through 1H11, an increase of 18% from 2H10, and a 21% increase from 1H10
·    The aggregate sales consideration was $283M, down 3% from 2H10, but up 46% from 1H10

“While market wide trends are clearly moving positively, the investment sales market in New York City is somewhat uneven. Larger asset sales are skewing total dollar volume higher while the number of properties sold is lagging,” said Massey Knakal Chairman and Founding Partner Robert A. Knakal. “Values in Manhattan are generally trending upward while the properties in the outer boroughs are still trying to find their footing,” added Knakal.

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Agents: Robert Knakal

This 68' wide opportunity consists of a walk-up building (can be delivered vacant) and adjacent vacant lot, on East 62nd Street, between Second and Third Avenue. The property benefits from convenient access to the Queens/Midtown Tunnel, the FDR, and the major east side hospitals. This is an ideal opportunity for a new institutional end user to develop a new facility in the heart of the coveted Upper East Side. Ideal users would include hospitals, non-profit organizations, foreign governments, private schools, charter schools, or religious institutions. The location also make residential development a real possibility.

Click here for listing details.

Neighborhoods: Upper East Side, Midtown East/ Agents: Clint Olsen, Robert Knakal

A 16.67' wide, 4.5 story Romanesque Revival townhouse built circa 1895 by John G. Prague. The house is configured as 9 Rent Stabilized apartments consisting of 8 studios and a one-bedroom penthouse. Two of the apartments will be vacating and 4 others are on preferential leases. Much of the property's detail has been maintained including the original wooden staircase, fireplaces, wainscoting, and high ceilings with intricate moldings. The house is heated by a #2 oil-fired boiler, is individually metered for electric, and contains one gas meter. The property lies within the Upper West Side – Central Park West Historic district and is an excellent opportunity for a buyer looking for a value-add investment.

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Neighborhoods: Upper West Side/ Agents: Hall Oster, Paul Smadbeck

The subject property is a 3 story, 5,506 square foot warehouse-loft space on the south side of Madison Street between 1st and 2nd Street. The building has a 10’w x 10’h drive-through with a curb-cut. This is an excellent opportunity for industrial storage or an artists, dance, or yoga studio. The property can easily be converted into loft space living. Ownership will sell or lease (NNN) the property.

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Neighborhoods: Hudson County

A mixed-use building at 1115 Manhattan Avenue, located on the corner of Manhattan Avenue and Clay Street in Brooklyn's Greenpoint neighborhood, was sold in an all cash transaction valued at $950,000.

The three-story brick building is approximately 6,750 square feet and sits on a 25' x 100' lot.  There is 2,125 square feet of retail space on the ground floor and two apartments above. The second and third floors suffered from fire damage and will require some repairs. The sale price equates to approximately $140 per square foot.

"There was a tremendous amount of interest in the property, mainly due to the growing popularity of Greenpoint and a price point of less than one million dollars," said Massey Knakal Director of Sales Mark Lively who exclusively handled this transaction with Director of Sales Brendan Maddigan. "In just one month of marketing the building, over fifty people toured the property, over two dozen offers were received and a closing occurred in a little over a week from the contract signing," added Maddigan.

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Neighborhoods: Greenpoint/ Agents: Mark Lively

With all the recent uncertainty in the stock market, real estate is looking like a very favorable asset class. It’s the only hard asset which cash flows, as gold and other commodities purely benefit from appreciation.  Decent returns are available in Manhattan. Receiving a 6-7% return with long term upside is an attractive alternative to parking money in treasuries.

Agents: James Nelson

Luxury Corner Retail on Madison Avenue. Formerly Petit Bateau. Located at E 82nd Street. With 15 Ft of Frontage on Madison Avenue and 20 Ft of Frontage on E 82nd Street. Perfect for any upscale retail tenant. Located in the heart of one of the most affluent neighborhoods in the country. One block to The Metropolitan Museum of Art - Main Entrance and one block to Central Park.

Neighborhoods: Upper East Side/ Agents: Jill Lovatt

A development site at 2439-45 86th Street, located between 24th and 25th Avenues in Brooklyn's Bensonhurst neighborhood, was sold in an all cash transaction valued at $1,650,000.

This 10,000 square foot site is currently a parking lot. It was purchased by a commercial developer who plans on creating a one-story retail building on the site.

"The sale price of $165 per buildable square foot reflects a renewed optimism for retail on the 86th Street retail corridor," said Massey Knakal First Vice President of Sales Jeffrey A. Shalom who exclusively handled this transaction along with Associate Mendy Inglis.

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Neighborhoods: Bensonhurst/ Agents: Jeffrey Shalom

The retail space is located on Mott Street between Prince and Houston Streets in NoLIta:

Ground Floor - Approx. 4,945 sf
Basement Level - Approx. 8,898 sf
Sub-Basement - Approx. 8,429 sf
2nd Sub-Basement - Approx.9,657 sf

Total Approx.31,929 sf

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Neighborhoods: NoLIta/ Agents: Benjamin Fox

A mixed-use building at 984 Prospect Avenue, located in Morrisania in the Bronx, sold in an all cash transaction valued at $815,000.

The four-story walk-up building is approximately 14,135 square feet and sits on a 37' x 85' lot.  The building features seventeen units containing fifteen residential units and two commercial units. The residential units are all rent-stabilized and are comprised of three studios, nine one-bedrooms and three two-bedrooms. The commercial units are occupied by a funeral parlor and a florist. Five of the residential units are vacant and all require renovation. However, below market rents offer immediate upside potential.

"The purchaser was a local investor who is very active in the neighborhood," said Massey Knakal Director of Sales Nick Burns who exclusively handled this transaction with Director of Sales Karl Brumback.

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Neighborhoods: Morrisania/ Agents: Karl Brumback

Two adjacent, mixed-use buildings at 450-452 Amsterdam Avenue, located between West 81st and West 82nd Streets on Manhattan's Upper West Side were sold in an all cash transaction valued at $8,100,000.

The two five-story buildings sit on a 50' x 87' lot and total approximately 18,500 square feet. The buildings contain four stores and sixteen apartments. All apartments are configured as floor-through railroads of which seven are Rent Controlled, six are Rent Stabilized, two are Free Market and one is Temporarily Exempt. The sale price equates to $437 per square foot and a 3.71% capitalization rate on the in-place income.

"Ownership of the buildings along the avenues in the Upper West Side is heavily consolidated amongst a handful of operators who rarely sell their assets. Case in point, 450-452 Amsterdam had been owned by the same family for multiple generations. Such tight supply coupled with low interest rates produced a tremendous amount of interest from neighborhood owners, foreign buyers, and fund-backed operators looking to a add a prime strip of Amsterdam retail to their portfolios," said Massey Knakal Director of Sales Hall Oster who exclusively handled this transaction with Senior Vice President of Sales Paul Smadbeck.

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Neighborhoods: Upper West Side/ Agents: Hall Oster, Paul Smadbeck

A mixed-use development site located at the former Stella D’oro Bakery at 184-190 West 237th Street, in the Kingsbridge/Riverdale neighborhood of the North Bronx, was sold in an all cash transaction valued at $18,750,000.

Neighborhoods: Riverdale, Kingsbridge/ Agents: Karl Brumback

For the last two years or so, I’ve cautioned investors about buying in areas which were overdeveloped. Williamsburg was an easy target to mention. In 2006-2007, thousands of units were planned or constructed in the area. Since then many investors have jumped at the chance to convert broken condo projects to either sell them off at a discount or convert them into rentals.

My theory was that as these distressed situations worked their way through the system, there would not be enough demand to absorb them. Furthermore, I thought that those tenants previously priced out of Manhattan would look to return once pricing corrected.

I was wrong on several accounts...

Visit The Full Nelson at NYInc for the rest of this article

Agents: James Nelson

The subject property is an approx. 15,325 SF warehouse/office building, situated on two adjacent lots totaling 22,000 SF. The office area of the building totals approx. 5,825 SF on two floors plus a trailer on the roof. The warehouse is approx. 9,500 SF with 16 feet plus ceilings and includes an approx. 650 SF manager’s office. Servicing the building is an approx. 10,000 SF parking lot accessible from either the street or the warehouse. The property is situated in an M1-2 zoning district (commercial/industrial use-2.0 F.A.R.), which allows for a maximum allowable floor area of approx. 44,000 SF. The total existing Sq. Footage is approx. 15,353, which leaves approx. 28,647 SF of air rights available for future development or improvements.

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Neighborhoods: Glendale/ Agents: Thomas Donovan

The property is a vacant 25’ wide commercial building with a garage on the ground floor and a commercial space above. It requires significant renovations. The property has a curb cut, which is an extremely rare feature for most Manhattan properties. It is perfect for an owner/user in need of office/production/garage and possible residential space adjacent to Times Square and Midtown.

Click here for listing details.

Neighborhoods: Midtown West/ Agents: Christoffer Brodhead, Robert Knakal

A mixed-use development site at 3555 White Plains Road, located between 212th and 213th Streets in the Williamsbridge neighborhood of the Bronx, was sold in a transaction valued at $1,030,000.

The 11,600 square foot lot offers a maximum of approximately 34,800 buildable square feet with 100 feet of frontage on White Plains Road, and close proximity to the busy Gun Hill Road intersection. The lot is currently zoned R6/C2-2, however City Planning has proposed rezoning this portion of White Plains Rd. to R7A/C1-4.  The site was previously used as a parking lot. The sale price equates to approximately $30.00 per buildable square foot

“This site was sold to a Bronx investor who intends to develop the site into retail,” said Massey Knakal Director of Sales Karl Brumback who exclusively handled this transaction.

Click here for press release

Neighborhoods: Williamsbridge/ Agents: Karl Brumback

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