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What Defines Massey Knakal?

12/27/2012 3:24:05 PM/ Massey Knakal/ News

What defines Massey Knakal?

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A brownstone at 304 West 90th Street, located between Riverside Drive and West End Avenue on Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $4,200,000.

This 20' wide, Clarence True designed Renaissance Rival brownstone was constructed in 1891 and lies within the Riverside - West End Avenue Historic District. The brownstone is built four and a half stories with a two-story rear extension and contains approximately 5,400 square feet on a 20’ x 101’ lot. At the time of sale the house was configured as seven renovated apartments. All of the apartments were vacated, and the buyer plans to convert the building to a single family home. The sale price equates to approximately $775 per square foot.

“Pricing for convertible multifamily townhouses across the entire UWS is being driven by the demand for renovated single family product. Once outshined by Central Park, buyers and developers alike are realizing the value potential and beauty of the Riverside Park blocks,” said Massey Knakal Director of Sales Hall H. Oster, who exclusively handled this transaction.

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Neighborhoods: Upper West Side/ Agents: Hall Oster

Massey Knakal Realty Services has been retained on an exclusive basis to sell or NNN lease a retail building at 1102-1106 Avenue U. The property is located on the corner of Coney Island Avenue and Avenue U in Brooklyn’s Coney Island neighborhood. The asking price is $3,500,000 for the sale of the building. The lease price is available upon request.

The two-story building contains approximately 8,703 square feet and sits on a 57’ x 82’ lot.  It has a full basement, ground floor retail, and offices and two small apartments on the second floor.  The lot offers value-add potential with approximately 14,880 buildable square feet of development rights. Located on a busy intersection of a well-established retail corridor, it benefits from 82 feet of frontage on Coney Island Avenue and 57 feet of frontage on Avenue U.

Neighboring tenants include Chase Bank, McDonald’s, Burger King, Dunkin Donuts, and Walgreens.  Along with high vehicular and foot traffic, local mass transit includes the B68 and B3 buses as well as the Q subway line at Avenue U and East 15th Street.

For more information on this listing, contact Massey Knakal Director of Sales Brian R. Hanson at 718.238.8999.

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Neighborhoods: Coney Island

An office building at 27-35 West 24th Street, located between Broadway and Avenue of the Americas in Manhattan’s Midtown South, was sold in an all-cash transaction valued at $55,500,000.

This 11-story pre-war building, located mid-block on West 24th Street in the heart of Midtown South’s “Silicon Alley”, contains approximately 114,880 rentable square feet and sits on a 100’ x 98.75’ lot.  The building’s 100% occupancy reflects the neighborhood transformation that has driven nearby vacancy rates to historic lows.  The tenancy is comprised of 51 office tenants who pay approximately $40 per net rentable square foot and one retail restaurant tenant who currently pays approximately $67 per square foot.  The sale price equates to approximately $556 per gross square foot and a 5.32% capitalization rate.

“This property offered a rare acquisition opportunity in one of New York City’s hottest submarkets due to the short term in place leases which allow the new ownership the flexibility to continue to enjoy current rent growth, reconfigure the footplates or reposition the asset altogether,” said Massey Knakal Vice President of Sales Thomas Gammino, who exclusively who exclusively handled this transaction, with Vice Chairman and Partner John Ciraulo and Director of Sales Craig Waggner.

The seller was represented by J. Gregory Saver of Satterlee Stephens Burke & Burke LLP.

The purchaser, a joint venture of Kaufman Organization and Lubert-Adler was represented by Olshan Frome Wolosky LLP partner Thomas D. Kearns and counsels Hyman Kindler and Martin Cooper.  Lubert was separately represented by Shep Federgreen and James Petrucci, Directors of Gibbons P.C.

Signature Bank, the lender for the deal, was represented by Robert Liner and Ann Marie Kearney Wood of Stark Amron Liner, LLP.

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Neighborhoods: Midtown West/ Agents: John Ciraulo, Thomas Gammino Jr.

Massey Knakal is pleased to announce that four properties located at 4168 Broadway, 3560 Broadway, 553 West 146th Street, and 538 West 147th Street have sold for a combined sales price of $19,000,000.
 
4168 Broadway is a 104 feet wide, six- story, 85,200 square foot corner building with two ground floor retail stores and a parking garage.  The parking garage is approximately 77,000 square feet and holds a capacity of 590 cars. Ownership recently installed three new elevators to service the parking tenants.  The property has future potential to be converted into a multi-level retail destination.

3560 Broadway is a three-story (plus cellar) commercial building offering 100 feet of frontage on the northeast corner of Broadway and West 146th Street.  Directly behind is a 20,000sf vacant theater with an attached 5,000 sq. ft. lot that extends through West 147th Street.  The theater’s exterior only was designated as an official landmark of New York City in 2000 because of its history, aesthetics, and value to the development and cultural heritage of the city. The exterior of the theater represents two neo-Renaissance style facades. The windows are large and arched with cast-iron and terra-cotta detailing. In 1928, the theater was sold and converted into one of the first movie theaters to show “talking pictures” in New York City.

“Northern Manhattan continues to remain one of the city’s most resurgent and thriving neighborhoods. Commercial property investors were eager to capitalize on the new found strong demand for local amenities,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with First Vice President of Sales Robert Shapiro.

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Agents: Robert Shapiro, Robert Knakal

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail / development site at 157 Empire Boulevard, located on the corner of Empire Boulevard and Bedford Avenue, in Brooklyn’s Crown Heights / Lefferts Garden neighborhood.
 
This prime investment / development property is currently being used as a gas station but offers a substantial development potential with up to 32,000 square feet of buildable space on a 160’ x 100’ lot.  It is ideally located on the corner of two high volume arterial roadways. The Manhattan bound 2 and 5 trains are within five blocks away offering convenient east and west side access within 25 minutes and Prospect Park is only one avenue to the west.  This is a unique opportunity to purchase an already profitable investment property with tremendous upside attributed to development potential and increasing neighborhood exposure.

For more information contact Director of Sales Mike Amirkhanian or Director of Sales Edward Gevinski.  Both can be reached at 718.238.8999.

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Neighborhoods: Crown Heights/ Agents: Edward Gevinski, Michael Amirkhanian

A mixed-use townhouse at 164 East 61st Street located between Lexington and Third Avenues on the border of Manhattan’s Midtown East and Upper East Side neighborhoods, was sold in an all-cash transaction valued at $5,900,000.

The five-story building contains approximately 5,800 square feet and sits on a 20’ x 100’ lot. It currently consists of one recently renovated commercial unit and six residential units.  Of these residential units, one is a three-bedroom duplex.  The remaining units consist of two studios and three one-bedroom units.  The sale price equates to approximately $1,017 per square foot.

The building was delivered entirely vacant, making it an exceptional opportunity in a well established and accessible neighborhood of Manhattan.

“The buyer, Ira Lifshutz, has been very active in the neighborhood and plans on renovating and operating the building as a boutique rental property,” said Massey Knakal Director of Sales Clint B. Olsen, who represented the seller in this transaction.

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

Massey Knakal Retail Leasing Services has secured a lease for a retail space at 214 Sullivan Street. The property is located between Bleecker and West 3rd Streets in Manhattan’s Greenwich Village neighborhood.
 
The ground floor space contains approximately 2,000 ground floor square feet along with 15 feet of frontage on Sullivan Street and 12’ high ceilings, which are rare in this part of the Village. Foot traffic in the area is driven by a combination of locals, tourists, and members of the NYU community. This space will be occupied by a dermatologist’s office.

“This tenant is a fantastic fit, as their previous location was damaged in Hurricane Sandy, and they were in need of a new office very quickly,” said Director of Sales Brendan Gotch, who exclusively handled this transaction.  “On top of that, having a dermatologist on the ground floor here will be a fantastic addition to both the building and the neighborhood.”

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Neighborhoods: Greenwich Village/ Agents: Brendan Gotch

An apartment building at 35-11/15 Linden Place, located between 35th Avenue and Carlton Place in the Flushing neighborhood or Queens, was sold in an all-cash transaction valued at $2,925,000.

This four-story 18-unit walk-up apartment building contains approximately 12,000 square feet and sits on a 50’ x 100’ lot.  It consists of ten two-bedroom apartments, four one-bedroom apartments, two studios, and two community facility units with a parking lot in the rear.  This brick construction was built in 2000, and is in very good condition. It has tax abatement in place until 2015.  The sale price equates to approximately $244 per square foot.

This rarely available and desirable multifamily opportunity is located in the heart of Flushing just one block north of Northern Boulevard.  Downtown Main Street, Union Street, College Point Boulevard, the Van Wyck Expressway, and the 7 train are all in close proximity.

“The proximity of this building to Downtown Flushing was a driving factor for the great amount of interest we received for this asset” said Massey Knakal First Vice President of Sales Stephen R. Preuss, who exclusively handled this transaction.

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Neighborhoods: Flushing/ Agents: Stephen Preuss

Massey Knakal Capital Services is pleased to announce the closing of a $7.5 million construction loan collateralized by 46 luxury condominium units, totaling 40,000 square feet, in the Crown Heights neighborhood of Brooklyn. 

“Even though construction financing is still the most difficult loan to procure, there are still a few select lenders who are willing to fund solid projects for qualified developers, even in somewhat unproven markets.” said Director Preston Flammang, who exclusively handled this transaction. “The success of this transaction was mainly due to our diligence in working with the lender, appraiser, and engineer, to get them comfortable with the project and developer. Massey Knakal’s comprehensive property database was a tremendous resource in validating the project’s proforma,” added Flammang.

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Neighborhoods: Crown Heights/ Agents: Preston Flammang

A development site at 155 East 79th Street, located between Lexington and Third Avenues on Manhattan’s Upper East Side, was acquired by Anbau Enterprises in a transaction arranged by Massey Knakal Realty Services.

The site currently consists of a one-story gallery, which contains approximately 3,550 square feet on a 34.75’ x 102.17’ lot.  With approximately 31,954 square feet of air rights remaining, the site totals approximately 35,504 buildable square feet. The site will be used for residential development.

“This sale, after 30 years of ownership, underscores the current strength of the redevelopment taking place on East 79th Street within the Upper East Side development market.  This site is bookended by developments by The Brodsky Organization and Skyline Developers and is uniquely positioned to complement the offerings of those developments due to its smaller floorplate,” said Massey Knakal Vice President of Sales Thomas D. Gammino Jr., exclusively handled this transaction with CEO Paul J. Massey Jr.

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Neighborhoods: Upper East Side/ Corporates/Agents: Paul Massey Jr., Thomas Gammino Jr.

A mixed-use development site at 350-356 Neptune Avenue located on the south side of Neptune Avenue between Brighton 1st Street and Brighton 3rd Street in Ocean Parkway, Brooklyn, was sold in an all-cash transaction valued at $5,000,000.

This property is a unique combination of four lots (95, 97, 218, 221) providing frontage on four streets. The largest lot (97) consists of two one-story buildings that are currently used as offices. Lots 95 and 218 consist of three one-story buildings while lot 221 has a two-family house. All of the buildings will be delivered vacant. There is a total buildable potential of approximately 73,640 square feet. The sale price equates to approximately $68 per buildable square foot.

The site is located just 200 feet from Ocean Parkway and within close proximity to Brighton Beach Avenue, Coney Island Avenue, and the Belt Parkway.

“The property's size and block-front situation attracted the attention of numerous local developers,” said Massey Knakal Director of Sales Brian Hanson, who exclusively handled this transaction.  “The building's existing commercial use in a residential zone will likely allow the developer to incorporate retail or commercial offices where the zoning would not otherwise allow it. This realization allowed us to achieve a higher price,” added Hanson.

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Neighborhoods: Ocean Parkway

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mansion at 18 East 64th Street. The property is located between Fifth and Madison Avenues on one of the Upper East Side’s most desirable blocks. The asking price is $40,000,000.

This five-story property contains approximately 11,000 square feet and is 25 feet wide.  Ceiling heights range from approximately eight to thirteen feet.  This exceptional property is in need of a full renovation to single family.

For more information on this listing, contact Massey Knakal First Vice President of Sales Guthrie Garvin at 212.696.2500.

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Neighborhoods: Upper East Side/ Agents: Guthrie Garvin

Massey Knakal Retail Leasing Services has completed the renewal of a retail lease for a store at 110 West End Avenue, located on the northeast corner of West 64th Street and West End Avenue, on Manhattan’s Upper West Side.

The tenant, Toga Bike Shop, renewed the lease for 15 years, starting December 1st, 2012.  The space consists of approximately 3,100 square feet on the ground level with an additional 3,000 square feet of basement space.  

This space benefits from high visibility frontage at the base of a residential building. Just steps from bus stops and a subway station, it is located on one of the most heavily foot trafficked blocks on the Upper West Side. Neighborhood retailers include Western Beef, SVC, Subway, and Hertz.

“The property owners were happy that Toga Bike Shop renewed their lease at 110 West End Avenue. They were the top bidders among other well established retailers,” said Director of Retail Leasing David Chkheidze, who exclusively handled this transaction.

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Neighborhoods: Upper West Side

Massey Knakal Capital Services is pleased to announce the closing of a $7.0 million ground-up construction loan for a mixed-use rental property in Chelsea.  The loan amount represents 65% loan-to-cost and 100% of the development budget (excluding land value). 

“This was the sponsor’s first high-rise development.  We were able to source a lending relationship that had closed several construction loans in Chelsea and was interested in developing a new relationship with our client. The challenge in this transaction was finding a lender who would give our client credit for the embedded equity in the land even though the site was purchased for a nominal sum in the 1980s,” said Director Morris Betesh, who exclusively handled this transaction.

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Neighborhoods: Chelsea/ Agents: Morris Betesh

A mixed-use building at 7136 Myrtle Avenue, located between 71st Place and 72nd Street, in the Glendale neighborhood of Queens, was sold in an all-cash transaction valued at $2,150,000.

The two-story building contains approximately 12,810 square feet and sits on a 143’ x 109’ lot.  With five commercial units, it has approximately 10,000 square feet of retail space on the ground floor and 1,500 square feet of office space on the second floor with approximately 5,600 feet of on-site parking in the rear.  The sale price equated to approximately $168 per square foot.

“Massey Knakal sold this building for the second time. The buyers are owner users who plan to operate a laundromat,” said Massey Knakal Partner Thomas Donovan, who exclusively handled this transaction.

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Neighborhoods: Glendale/ Agents: Thomas Donovan

Massey Knakal Realty Services has been retained on an exclusive basis to sell four commercial buildings, three located in the Pelham Bay neighborhood and one in the Throggs Neck neighborhood of the Bronx.  The buildings total approximately 31,114 square feet and have a combined asking price of $12,150,000.

The first two properties are prime Pelham Bay single-story commercial buildings located at 3130 and 3132 East Tremont Avenue, between Latting Street and Waterbury Avenue.  Built in 1998, each is approximately 2,600 square feet and sits on a 25’ x 104.23’ irregular lot.  At 25 feet wide, each property provides a strong retail presence and exposure. The current tenant at 3130 East Tremont Avenue, Hudson Valley Bank, is operating on a NNN lease expiring November 30th, 2018. The current tenant at 3132 East Tremont Avenue, Sylvan Learning Center, is operating on a NNN lease expiring September 30, 2012.  The asking price for each is $975,000 (7.6% and 9.0% Cap Rates respectively).
 
The third property is a newly constructed commercial building at 3227-3233 East Tremont Avenue, located between Waterbury and Puritan Avenues in the Pelham Bay section of the Bronx.  It is approximately 12,000 square feet and sits on a 150.11’ x 100’ irregular lot.  The site consists of four units and features parking for approximately 20 cars in the rear.  Throggs Neck Medical Care is operating on a long term lease until May 31st, 2022.Club Babalu is also on a long term lease that expires in July 2016.  Providing 150 feet of frontage on a main thoroughfare in Pelham Bay, the property is ideal for an investor or owner/user.  The asking price is $4,500,000 (6.2% Cap Rate).

The fourth property is a retail/commercial building at 3677-3783 East Tremont Avenue, located between Philip and Randall Avenues in the Throggs Neck section of the Bronx.  It is approximately 13,914 square feet of commercial space on a 125’ x 126.75’ irregular lot and provides 100 feet of frontage.  The property is built on a slope, which provides covered parking in the rear of the lot.  Fusion Fitness and New York Community Bank currently occupy the property with long term NNN leases. The asking price is $5,700,000 (8% Cap Rate).

For more information on this listing, contact Massey Knakal Director of Sales Nicholas Burns at 212.660.2500.

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Neighborhoods: Tremont

A development site at 1227 Broadway, located on the southwest corner of Broadway and 30th Street, in the Midtown West neighborhood of Manhattan, was sold in an all-cash transaction valued at $16,000,000.

The site is an unusual triangularly shaped parcel which has just 15 feet of frontage on Broadway and 165 feet of frontage on 30th Street. The total lot area is approximately 5,142 square feet. It lies in an M1-6 zoning district, which has an FAR of 10.0.  This zoning designation would allow for approximately 51,420 buildable square feet. The site currently contains two buildings, one four-story and one three-story, adjoined and accessible from one another, and a parking lot. 

The buyer of the site also recently purchased the buildings at 1205 and 1225 Broadway and this acquisition completes the entire blockfront. The future use of the site is likely to be for construction of a new hotel or two.  The sale price equates to approximately $311 per buildable square foot.

“This transaction completes the assemblage of an entire blockfront in one of Manhattan’s most transitional neighborhoods,” said Massey Knakal Chairman Bob Knakal, who exclusively represented the sellers of all three parcels along with Partner John Ciraulo. The buyer was represented by Venture Capital Properties.

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Neighborhoods: Midtown West/ Agents: John Ciraulo, Robert Knakal

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, and we encourage you to take a moment to browse the available positions.

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail lease for 38-15 Queens Boulevard, located on the corner of 39th Street and Queens Boulevard in the Long Island City section of Queens.
 
This property has a footprint of 30,240 square feet on a 80’ x 378’ lot. There are currently two small buildings on the lot, a car wash and tire shop, totaling approximately 1,950 square feet. The property will be delivered completely vacant offering substantial square footage to a retailer in need of a large corner location with ample on-site parking.  The space could be easily subdivided to suit smaller needs and an additional 20,000 square feet can be made available as well for larger requirements.  Build-out could be done by tenant or landlord.  This property is ideal for a large food establishment or shopping center.

With a prime location on a high traffic corridor near subway and bus lines, this site benefits from 80 feet of frontage on Queens Boulevard and over 375 feet of frontage on 39th Street.  Tenants in the immediate vicinity include McDonald’s, Burger King, Citibank, and New York Sports Club.

For more information, contact Director of Retail Leasing Paulina Apostolides at 718.275.3400, who will be handling the listing with Director of Sales Evan J. Daniel.

Click here for listing details

Neighborhoods: Long Island City

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