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Massey Knakal Reel

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A blog for breaking sales, leasing and neighborhood real estate news.

Without a doubt, the NYC property sales market has rebounded. Our office tracked $25.6B in trades last year, which was an 80% increase from 2010 and approaching the 7 year average of $30B. There are several reasons for this recovery ranging from low interest rates to increased foreign demand. However, the one that stands out in my mind is that NYC was not overbuilt in this last cycle.

While major cities around the world added tens of millions of square feet in 2008-2009, Manhattan added just one speculative office building: 11 Times Square. Due to its timing, the building still sits partially vacant. As unfortunate as this is, can you imagine if there were ten more buildings constructed at the same time?

Agents: James Nelson

Massey Knakal Realty Services is pleased to announce the sale sell of a new construction, luxury residential building at 109 Gold Street. The property is located on the corner of Gold and York Streets on the border of Brooklyn's DUMBO and Vinegar Hill neighborhoods. The building sold in an all cash transaction valued at $14,500,000.

 The seven-story property measures approximately 36,944 square feet and contains 33 units, averaging approximately 725 square feet and ranging from studios to two-bedroom units, some with home offices. The building features a 15-year 421-A Tax Abatement and received final Certificate of Occupancy. There are 17 onsite parking spaces, bike storage, and tenant storage.  The building is pre-wired for FiOS and Time Warner Cable and has a common roof terrace with Manhattan, Brooklyn and Bridge Views.
 
The property is conveniently located two blocks from the F train, which runs through Brooklyn & Manhattan, and two blocks from the Brooklyn and Manhattan Bridges and Brooklyn Queens Expressway entrances.

"There is a supply and demand imbalance in today's market.  New construction, luxury properties are the most sought-after asset class, yet the rarest. This property received interest from local, out-of-state and international buyers, all eager to deploy capital." said Massey Knakal Director of Sales Stephen Palmese who exclusively handled this transaction.

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Neighborhoods: DUMBO/ Agents: Stephen Palmese

The subject property is a 3-story mixed-use building located on the west side of Nevins Street between State Street & Atlantic Avenues. The building comprises two residential apartments over a commercial store. The ground floor is built full while the above floors remain approximately 30’ deep. The subject is located in a C2-4/R7A zone & can accommodate approximately 4,000 build able square feet of development rights. The subject is located around the corner from the active retail strip of Atlantic Avenue and just 2 blocks from the ‘Barclay Center’ & ‘Atlantic Terminal’ subway station which contains the 2, 3, 4, 5, B, Q, D, N & R trains.

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Neighborhoods: Boerum Hill/ Agents: Stephen Palmese

A six-family building at 84 Newel Street, located between Norman and Nassau Avenues in Brooklyn’s Greenpoint neighborhood, was sold in an all cash transaction valued at $975,000.

The three-story building is approximately 4,950 square feet and sits on a 25’ x 100’ lot.  The building consists of six railroad apartments. The building is located less than five blocks from the Nassau Avenue G train station. The sale price equates to approximately $196 per square foot.

“This property was unusual in that there were two vacancies with a third unit to be vacated a few months later. This would allow a buyer to renovate and maximize the rents. There was considerable interest in the building which ultimately drove a final round of bidders well above the asking price,” said Massey Knakal Vice President of Sales Mark Lively who exclusively represented the seller in this transaction with Director of Sales Brendan Maddigan.

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Neighborhoods: Greenpoint/ Agents: Mark Lively

This retail space is at the base of Azure, a 34-story, 128-unit cond-op that occupies the northwest corner of East 91st Street. Boasting 98 feet of frontage on First Avenue, with ceiling heights of up to 13 feet, the newly constructed facility can be divided into three stores to satisfy the high retail demand in this upscale Upper East Side neighborhood.

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Neighborhoods: Upper East Side/ Agents: Jill Lovatt

Massey Knakal Realty Services is pleased to announce the sale of a walk-up apartment building located in Brooklyn Heights, at 161 Columbia Heights, between Clark and Pierrepont Streets. The property was sold in a transaction valued at approximately $3 million.

This beautiful property has been immaculately maintained since the prior owner purchased the property in 1988. The seller was The Watchtower Bible and Tract Society of New York, Inc. The five-story property contains approximately 6,273 square feet with a cellar providing an additional 1,240 square feet. The building consists of seven fair market units, one rent stabilized unit, and two rent controlled units.

Massey Knakal Chairman Bob Knakal exclusively handled this transaction with Director of Sales Stephen Palmese. 

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Neighborhoods: Brooklyn Heights/ Agents: Robert Knakal, Stephen Palmese

A 37.5’ wide, 5 story commercial building located on the south side of East 30th Street between Madison and Fifth Avenues. The property is zoned C5-2 (R10) having an FAR of 10.0, yielding approximately 37,030 buildable square feet for both commercial and residential development. Ownership has previously approved plans to develop a boutique hotel with 92 rooms, a restaurant and rooftop lounge. This property is situated in Manhattan’s Midtown South NoMad neighborhood and is in close proximity to Madison Square Park, Herald Square, Penn Station and Grand Central Station. The property is partially occupied with month to month tenants and could be delivered vacant, providing an excellent opportunity for a boutique hotel, residential development or foreign government headquarters.

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

A multifamily building at 2869 West 17th Street, located between Neptune and Mermaid Avenues in Coney Island, Brooklyn, was sold in an all cash transaction valued at $580,000.

The three-story building is approximately 4,500 square feet and sits on a 20’ x 119’ lot.  The building consists of two three-bedroom units, three two-bedroom units and one single-bedroom unit. The sale price equates to approximately $129 per square foot.

“The buyer is a local investor with experience in renovation and property management,” said Massey Knakal Director of Sales Brian Hanson who exclusively handled this transaction.

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Neighborhoods: Coney Island

A multifamily building at 190 Claremont Avenue, located between Tiemann Place and La Salle Street in Morningside Heights, was sold in an all cash transaction valued at $3,950,000.

The building is a 40’ wide walk-up apartment building with approximately 13,680 gross square feet. The building contains 15 three-bedroom apartments, of which, eight are rent stabilized, six are fair market, and one is rent controlled. The building is ideally positioned in one of Manhattan’s most highly anticipated neighborhoods, given its close proximity to Columbia University’s ongoing 17-acre expansion and the planned high-end rental developments between Twelfth Avenue and Broadway from West 125th Street to West 133rd Street. The sales price represented a Gross Rent Multiple of 14.02 and a Cap Rate of 3.71%, $263,000 per unit and $289 per square foot.

Massey Knakal Chairman Bob Knakal exclusively handled this sale with First Vice President of Sales Robert Shapiro. “This property was in such high demand that the ultimate sales price reflected a record cap rate and gross rent multiple for the area.  This is a true testament to the insatiable demand for well located multifamily properties in today’s market place,” said Knakal.  “Bidding was ferocious and we received dozens of offers on this asset in the first week of marketing,” added Shapiro. “Many of those offers were at or above asking price before we ultimately signed a contract.”

According to Massey Knakal data this is lowest Cap Rate paid for a walk-up multifamily building in this section of Northern Manhattan.

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

163 Chrystie Street is a five story walk up apartment building, located in the white hot Lower East Side. There are 21 apartments plus a super’s unit. Of the 21 apartments, 5 are Rent Stabilized, 3 are Rent Controlled and 13 are vacant. Furthermore, of the 13 vacant units, 10 are Permanently Exempt and deregulated according to the DHCR. The remaining 3 vacant units need to be deregulated.

The building is projected to gross over $488,000 of annual revenue. The expenses are estimated to be approximately $111,000 and the projected NOI is estimated to be approximately $377,000 per year.

Recent extensive renovations include upgraded common areas, new stairs with marble stair treads, tile flooring, new mailboxes, upgraded wiring, new bulkhead, new roof, new parapet capping, new sidewalk, new facade and more. Although improvements to the vacant units vary, new subfloors have been installed in all 13 vacant units. The vacant units will be delivered unfinished and additional finishes will be required by the new owner. In addition, there are approved plans with the DOB for renovations. This LES property is blocks from many neighborhood hotspots such as The New Museum, Whole Foods, Bowery Ballroom and more. The property is prime for a conversion or tenant relocation considering the high number of current vacancies. The possibility also exists to convert the lower level and 1st floor into commercial space for a potential gallery or alternative retail use.
Note: The air rights are in tact.

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Neighborhoods: Lower East Side/ Agents: Michael DeCheser, Robert Knakal

A 25 foot wide, 5 story walk-up apartment building. The 10,410 SF (approx.) property is built 96 feet deep, and is configured as 14 rental apartment units, of which 5 are rent stabilized and 2 are vacant. The layout consists of four studios and ten 1-bedroom units. There are very high ceilings throughout and many of the units have decorative fireplaces.

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Neighborhoods: Upper West Side/ Agents: Paul Smadbeck

A multifamily building at 216 Macon Street, located between Tompkins and Throop Avenues in the Bedford-Stuyvesant neighborhood of Brooklyn, was sold in a transaction valued at $2,400,000.

The four-story, pre-war building is approximately 15,888 square feet and sits on a 57.5’ x 80’ lot. The meticulously maintained, turn-key building contains 17 residential units. There is a computerized electronic key system, brand new dual use gas/oil burner for superior heat efficiency, and a new skylight. The building is ideally located in the Stuyvesant Heights Landmark District and just two blocks from the C train. The sale price equates to approximately $151 per square foot.

“The sale price, which was executed by a Turkish investment group, is 20% north of the best offers we received for this building in 2009, a time when the market in Central Brooklyn was dominated by investors requiring significant value-added opportunities along with heavy discounts,” said Massey Knakal Director of Sales Michael Amirkhanian who exclusively handled this transaction. “Today, owners of well-managed properties that offer reasonable returns should be comforted that patient investors have returned to this market and are willing to pay a premium for a great asset," added Amirkhanian.

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Neighborhoods: Bedford Stuyvesant/ Agents: Michael Amirkhanian

A development site at 27-40 21st Street, located on the northwest corner of 28th Avenue and 21st Street in Astoria, Queens, was sold in an all cash transaction valued at $2,100,000.

The 5,000 square foot lot currently has a 3,850 square foot industrial building which is occupied by the United States Post Office. Additionally, there is a 1,150 square foot parking lot in the rear of the building.  The property is ideally located along the Q69 and Q100 bus line and is just minutes from the RFK Bridge. The zoning allows for up to 25,000 buildable square feet of mixed-use development.  The sale price equates to $84 per buildable square foot.

“Due to its prime location and generous zoning, this site received a tremendous amount of attention from buyers which translated into the owners achieving a premium price in a fairly stagnant development market. We received in excess of 50 bids and obtained a qualified buyer within six weeks of marketing the property,” said Massey Knakal First Vice President of Sales Al Holloman who exclusively handled this transaction with Chairman Robert A. Knakal.

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Neighborhoods: Astoria/ Agents: Robert Knakal

Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of a 102 unit, trophy multifamily asset located at 300 East 64th Street. The building, which stands at 27 stories at the southeast corner of East 64th Street and Second Avenue, offers luxury living in New York City’s most affluent neighborhood—a fact illustrated
in the rental premium it consistently achieves over its Upper East Side peers. The corner location, surrounded by mid-rise buildings, provides large amounts of natural light to each apartment and offers many upper floor units panoramic views of Midtown Manhattan and the East River.

Completely renovated in 2008 to condominium standards, the building presents both the opportunity to own a beautifully finished rental building and a turnkey condominium conversion. Manhattan vacancy rates are lower today than they were at the height of the real estate market in 2007, and with almost no new construction in the area over the past several years, there is little supply available to meet increasing demand in a strengthening local economy.

The bid deadline is April 12th.

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Neighborhoods: Upper East Side/ Agents: Guthrie Garvin, Robert Knakal

Massey Knakal Retail Leasing Services has secured a retail lease at 224 West 79th Street located between Broadway and Amsterdam Avenue on Manhattan’s Upper West Side.

The retail space contains approximately 1,100 square feet on the second level of a four-story mixed-use building. The space is fully renovated with a new floor, ceiling, electric and a heating and cooling system. The building is just steps away from the 1 subway stop at 79th Street and within close proximity to national retailers such as Duane Reade, Filenes Basement, Sunglass Hut, AT&T and The Children’s Place.

“Due to an aggressive marketing strategy, we were able to secure the lease for this building in just three weeks,” said David Chkheidze, Director of Retail Leasing, who exclusively represented the landlord in this transaction.

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Neighborhoods: Upper West Side/ Agents: David Chkheidze

The subject property is a twenty-six foot wide, five-story walkup building located on the south side of East 82nd Street between York and East End Avenue. There are 10 residential units, of which 9 are Free Market and 1 is Rent Stabilized. The property is split zoned between R8B and R10A, and can take advantage of Section 77-11 of the Zoning Resolution which permits a lot split by two zoning districts to be developed (both as to use and bulk) by the district regulations governing more than 50% of the site. In this instance, that means that lot 31 can take advatage of the R10A regulations. This building is a prime candidate for a user and/or developer.

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

A multifamily building at 83 Clifton Place, located between Classon and Grand Avenues, in Brooklyn’s Clinton Hill neighborhood, was sold in an all cash transaction valued at $11,250,000.  The sale price equates to approximately $193 per square foot.   

The six-story property is approximately 58,191 square feet and sits on a 206’ x 100’ lot.  In 1999, the building was converted from a factory to a 40-unit, affordable housing multifamily building.  

“Onerous regulatory agreements associated with the property made this a complicated transaction and created a buyer pool of specific clientele.  While the building faces an immediate substantial tax burden as the J-51 expires in a few years, the end result for the investor will be the opportunity to convert to condominiums,” said Massey Knakal Director of Sales Stephen Palmese who exclusively represented the seller in this transaction.

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Neighborhoods: Clinton Hill/ Agents: Stephen Palmese

This approx. 3,300 SF retail space is located in SoHo and available for lease.

It boasts high ceiling and is in terrific condition. This represents an excellent retail opportunity, steps away from the Canal Street A C E subway lines and directly across from the Soho Grand Hotel. It is ideal for high-end retail, gourmet food concept, or other uses. Currently the space is fully vented.

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Neighborhoods: SoHo/ Agents: Benjamin Fox

A portfolio of seven elevator buildings, known as the Broadway West Portfolio, located throughout the Hamilton Heights and Washington Heights sections of Northern Manhattan were sold in an all cash transaction valued at $62,000,000. The portfolio includes the following properties: 3421 Broadway, 610 West 157th Street, 3851 Broadway, 559 West 164th Street, 4141 Broadway, 4151 Broadway and 4180 Broadway.

The Broadway West Portfolio consists of seven elevator buildings, containing 361 residential units and 28 commercial units with a combined square footage of over approximately 434,605 square feet. This package offers tremendous upside potential on both the residential and commercial fronts.

“The momentum in the multifamily market created by a very low supply of properties for sale and extraordinarily low interest rates has been remarkable. Properties are selling as rapidly as they were at the peak of the market in 2007,” said Massey Knakal Chairman Robert A. Knakal who exclusively represented the seller along with First Vice President of Sales Robert Shapiro. They were the sole brokers in this transaction.

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

A multifamily building at 134 Haven Avenue, located between West 172nd and West 173rd Streets in Northern Manhattan’s Washington Heights neighborhood, was sold in an all cash transaction valued at $9,050,000.

The six-story building is approximately 44,442 square feet and sits on an 81’ x 143’ lot. The building is composed of two elevators and 38 residential units.

“Multifamily properties of this class will always be in high demand and trade for a premium,” said First Vice President of Sales Robert Shapiro, who was the sole broker in this transaction. “The unobstructed sweeping views of the Hudson River and George Washington Bridge, as well as the location west of Broadway, were all key factors in the pricing,” added Shapiro.

The seller was Daniel Wrublin and Andrew Wrublin of Dalan Management.

The sale price represented $204 per square foot and approximately $239,000 per unit.  According to Massey Knakal comparable sales data this is the highest price per unit ever paid for a strictly residential property with an elevator in Washington Heights. 

Robert also represented the seller in the previous record holding sale of 920 Riverside Drive which sold for $15,675,000 in 2010 which represented approximately $221,000 per unit.  In addition, Robert and Chairman Robert A. Knakal sold a seven-building elevator portfolio that traded for north of $62,000,000 earlier this year.

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

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