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A blog for breaking sales and neighborhood real estate news.

Headlined by Jeff Sutton, Founder and President of Wharton Properties - The prestigious CRE conference saw a 50% increase in attendance in last year's event, indicating strong recovery in CRE markets.  This year, the conference is set to be larger than ever, giving an ample opportunity to discuss the bull market.


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Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail lease for 211 Front Street, located on the corner of Beekman and Front Streets in Manhattan’s South Street Seaport District.

The space contains approximately 850 square feet on the ground floor with ceilings 12 feet high and 500 square feet on the lower level.  This corner location benefits from almost 60 feet of dramatic wraparound frontage with outdoor café seating potential. Most uses will be considered.

Agents: Guillermo Suarez

A community facility building at 149-34 35th Avenue, located between 149th Place and 150th Street in the Flushing neighborhood of Queens, was sold in an all-cash transaction valued at $3,100,000.

The three-story building with finished cellar contains approximately 9,000 square feet and sits on a 60’ x 100’ lot.  It was previously operated as a preschool and daycare center, which had a capacity for approximately 200 children.  The property was completed in 2009 by an experienced developer and has been built with the highest quality construction.  Improvements include state of the art mechanics, new elevator, and high-end finishes.  It is currently configured with 12 classrooms, two offices, and a playground located on the roof.  A parking area is located in front of the building suitable for several cars. Located one block north of Northern Boulevard in the heart of Flushing, the building will be occupied by a school. The sale price equates to approximately $344 per square foot.

“This transaction was another example of the high demand for quality assets in the Flushing marketplace,” said Massey Knakal Director of Sales Stephen R. Preuss, who exclusively handled this transaction.

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Neighborhoods: Flushing/ Agents: Stephen Preuss

Massey Knakal Realty Services has been retained on an exclusive basis to sell a unique retail building at 100 Broad Street. This amazing retail opportunity provides a buyer with 388 feet of retail frontage, an unheard of amount for properties in the Financial District. The property has 22’ of frontage on Broad Street, 175’ of frontage on Pearl Street and 191’ of frontage on Bridge Street.   

This two-story retail building contains a total of over 25,000 square feet and is currently vacant. The ground floor is nearly 10,000 square feet with a double height, full glass-front, entranceway on Broad Street. The second floor is about 7,200 square feet and the lower level contains about 8,200 square feet with high ceilings, making this space suitable for selling. The building has been recently renovated is ideal for various types of retail, commercial or office use.

For more information on this listing, contact Massey Knakal Chairman Bob Knakal or Director of Sales Nick Petkoff at 212.696.2500.

Click here for listing details

Neighborhoods: Financial District/ Agents: Robert Knakal

Massey Knakal Realty Services has been retained on an exclusive basis to sell an office building and adjacent parking lot at 1160 & 1165 Morris Park Avenue. The properties are located between Hering and Yates Avenues in the Morris Park section of the Bronx.

1165 Morris Park Avenue is a four-story building with usable basement containing approximately 53,500 gross square feet on a 200’ x 100’ lot. It features approximately 200 feet of frontage along Morris Park Avenue with additional on-site parking for up to ten cars. Constructed in 1969, the building is nicely built-out and consists of numerous office, classroom and seminar spaces, with the basement level containing predominantly large modern classrooms. Additional features include two passenger elevators, concrete construction with steel framing, a partial sprinkler system and at least 1,600 amps of electric service. The property will be delivered vacant. 1160 Morris Park Avenue is an approximately 200’ x 100’ parking lot with spaces for up to 70 cars. It contains approximately 18,000 buildable square feet.

The properties are located within Community Board 11 in the highly sought after neighborhood of Morris Park.  They are easily accessible by public or private transportation and benefit from their immediate proximity to public health servicers, including Albert Einstein College of Medicine, Jacobi & Montefiore Medical Centers, and Calvary Hospital.  These properties represent a rare opportunity for an owner/user or investor to acquire a substantial office building in a prime Bronx commercial district.

For more information on this listing, contact Massey Knakal Chairman Bob Knakal or Director of Sales Nick Burns at 212.696.2500.

Click here for listing details

Neighborhoods: Morris Park/ Agents: Robert Knakal

Massey Knakal Realty Services has been retained on an exclusive basis to sell two residential loft spaces at 74 and 82 Sullivan Street. The properties are located between Van Brunt and Richards Streets in Brooklyn’s Red Hook neighborhood. The combined asking price for the two properties is $4,100,000.

74 Sullivan Street is raw residential loft space containing approximately 12,000 gross square feet on an 80’ x 100’ lot.    Ceilings are approximately 15 feet high, and it benefits from a hydraulic elevator and finished lobby area. The asking price is $2,500,000.  82 Sullivan Street contains approximately 6,000 gross square feet of raw residential loft space with partial commercial overlay and sits on an 80’ x 100’ lot.    It benefits from ceilings approximately 30 feet high.  The asking price is $1,600,000.

Both spaces are ideal for artist live/work space.  Each features approximately 2,000 square feet of backyard outdoor space with an amazing roof deck opportunity and high power capacity and electric overhead doors with driveways.  The lofts require residential fit-out.

For more information on this listing, contact Massey Knakal Senior Vice President of Sales Ken Freeman at 718.238.8999.

Click here for listing details on 74 Sullivan Street

Click here for listing details on 82 Sullivan Street

Neighborhoods: Red Hook

A corner retail building at 156-164 Delancey Street, located on the northwest corner of Delancey Street and Clinton Street on Manhattan’s Lower East Side, was sold in an all-cash transaction valued at $6,000,000.

The single story building boasts 109 feet of frontage in a high traffic location, directly adjacent to the Manhattan entrance of the Williamsburg Bridge. The building currently consists of six commercial units of ideal size, five of which are occupied with most of the leases expiring in the next few years. The building receives additional income from billboard advertising on the roof.

This future development site was sold to Ben Ashkenazy of Ashkenazy Investments and can be built to nearly 20,000BSF including inclusionary bonus, and given its proximity to the Seward Park Urban Renewal Area, presents a strong future development opportunity.

“Retail properties like this are in extraordinarily high demand today. With some repositioning, this asset can produce much more cash flow than it does today,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with First Vice President of Sales Michael DeCheser.

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

Massey Knakal Realty Services has been retained on an exclusive basis to sell two, corner development sites at 840 and 882 Fulton Street, located in Brooklyn’s Fort Greene neighborhood. Combined, the lots measure approximately 18,681 square feet and potentially hold up to 87,612 square feet of available air rights.

840 Fulton Street, located on the southeast corner of Fulton Street and Vanderbilt Avenue, is an approximately 101’ x 98’ lot currently occupied by a gas station.  The site is located in a R7A/C2-4 zoning district and benefits from approximately 23,301 as-of-right buildable square feet.  In addition, approximately 520 buildable square feet from the neighboring property is included in the offer, for a total of approximately 23,821 buildable square feet.  The site benefits from an Inclusionary Housing bonus allowing the site an additional 8,927 buildable square feet for affordable housing development.  The property will be delivered vacant.

882 Fulton Street, located on the southwest corner of Fulton Street and Waverly Avenue, is an approximately 106’ x 107’ vacant lot, featuring approximately 215 feet of frontage along Fulton Street and Waverly Avenue.  The property is located in a R7A/C2-4 zoning district and benefits from approximately 41,1,48 as-of-right buildable square feet.  In addition, there is an Inclusionary Housing bonus, which allows for an FAR of 4.60, giving the site an additional 13,316 buildable square feet for affordable housing development, totaling 54,864 buildable square feet.  The property will be delivered vacant.

These properties are located within blocks of the Barclays Center and the Atlantic Terminal subway station, which provides access to over ten subway lines running through Manhattan, Brooklyn, Queens, the Bronx, and Long Island.

“These two corner development sites will have a dramatic effect on the Fulton Street corridor,” said Director of Sales Stephen Palmese, who is exclusively marketing these properties.

For more information on this listing, contact Stephen Palmese at 718.238.8999.

Click here for listing details


Neighborhoods: Fort Greene/ Agents: Stephen Palmese

An apartment building at 539 East 87th Street, located between York and East End Avenues in Manhattan’s Upper East Side neighborhood, was sold in an all-cash transaction valued at $8,050,000.

The five-story building contains approximately 10,068 square feet and sits on a 25’ x 100.67’ lot.  It consists of ten residential units, all Free Market, of which two are garden duplexes and eight are three-bedroom, two-bath.  The exterior has been substantially renovated and the interior was gutted and rebuilt.  The highlights of each unit include extra high ceilings, oversized solid doors, oak strip flooring, A/C window units, all aluminum kitchen appliances, exposed brick walls, thermopane windows, marble windows sills, countertops, and bathrooms, dental crown molding, recessed lighting, and a washer and dryer.  There is an updated security system that feeds throughout the entire building.  Each unit has its own boiler and hot water tank located in the basement.  The sale price equates to approximately $800 per square foot.

“The $800 price per square foot realized in this transaction set the new high water mark for multifamily walk-ups in the Carnegie Hill area, eclipsing the prior record of $778 per square foot which was set by the sale of 163 East 87th in May 2006,” said Massey Knakal Senior Vice President of Sales Thomas D. Gammino, Jr., who exclusively handled this transaction.

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Neighborhoods: Carnegie Hill/ Agents: Thomas Gammino Jr.

Massey Knakal took part in the the event, which consisted of the top real estate agents and firms networking and giving advice to newcomers to the field. 

Chairman Bob Knakal addressed the attendees on the state of the economy and job market as the keynote speaker.  Vice President of Human Resources and Recruiting Gia LaMarca, Manhattan Executive Managaing Director Todd Korren and Brooklyn and Queens Executive Managing Director Rob DiBiase represented MK at the event as well.

Click here to check out a video from NTD TV on the event

Agents: Robert Knakal

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building in Midtown Manhattan. The property, 410 West 36th St, is located on the south side of West 36th Street, between Ninth and Tenth Avenues. Ownership is currently accepting offers.

The six-story building contains approximately 13,050 square feet and sits on a 25’ x 98.75’ lot. It consists of 23 units: three commercial units and twenty residential units. Of the twenty residential units, fourteen are rent stabilized, two are rent controlled units, and the remaining four are free market units.

“This property will benefit tremendously from its proximity to the Hudson Yards Redevelopment and extension of the 7 Subway line,” said Partner James Nelson.

For more information on this listing, contact Massey Knakal Chairman Bob Knakal, Partner James Nelson or Senior Associate Matt Nickerson at 212.696.2500.

Click here for listing details

Neighborhoods: Midtown West/ Agents: James Nelson, Robert Knakal

An apartment building at 84-02 143rd Street, located on the southwest corner of 143rd Street and 84th Drive in the Briarwood neighborhood of Queens, was sold in an all-cash transaction valued at $2,950,000.
    
The six-story, elevator building contains approximately 14,763 square feet and sits on an irregular lot.  It consists of 15 one-bedroom units. Each unit has its own gas and electric meter and washer and dryer, and 12 of the units have private balconies.  The property also includes seven parking spaces.  The sale price equates to approximately $200 per square foot.

“This property was sold as a rental building with the future upside of converting the apartments into condos,” said Massey Knakal Director of Sales Brian Sarath, who exclusively handled this transaction with Partner Thomas A. Donovan.

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Neighborhoods: Briarwood/ Agents: Thomas Donovan

Massey Knakal Realty Services has been retained on an exclusive basis to lease a vacant parking lot at 1387 Spofford Avenue. The property is located on the northwest corner of Spofford Avenue and Halleck Street in the desirable Hunts Point neighborhood of the Bronx.

The vacant parcel contains approximately 18,000 square feet on an 180’ x 100’ irregular lot.   It benefits from approximately 180 feet of frontage along Halleck Street and 100 feet along Spofford Avenue.  Both streets offer curb cuts to allow easy access for continued industrial uses.

Located directly across from the Hunts Point Market, the site is ideal for an industrial parking tenant or distribution platform for a commercial business.

For more information on this listing, contact Massey Knakal Director of Sales Nick Burns at 212.696.2500.

Click here for listing details

Neighborhoods: Hunts Point

A mixed-use building at 1645 East 19th Street, located between Quentin Road and Kings Highway in Brooklyn’s Sheepshead Bay neighborhood, was sold in an all-cash transaction valued at $760,000.

This two-story, two-family building contains approximately 2,500 square feet and sits on a 26.25’ x 125’ lot.  The first floor had been converted to a dental office, which was recently renovated and remains in good condition.  The second floor apartment is also in good condition and has three bedrooms and one bathroom.  The shared driveway leads to a private two-car garage with space for an additional two cars outside.  Approximately 13,125 buildable square feet add significant development potential.  The sale price equates to approximately $304 per square foot.

This property is centrally located near the major thoroughfares of Kings Highway and Ocean Avenue.  Mass transportation is nearby, with several bus lines in the area as well as the B and Q subway lines at Kings Highway.

“Multiple bids enabled the sellers to find the buyer with the best price and terms,” said Massey Knakal Director of Sales Brian Hanson, who exclusively handled this transaction with Chairman Bob Knakal.

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Neighborhoods: Sheepshead Bay/ Agents: Robert Knakal

Massey Knakal Realty Services has been retained on an exclusive basis to sell one of the few remaining prime development sites on the Upper West side located at 206-210 West 77th Street, between Amsterdam Avenue and Broadway.

The site is 75 feet wide and contains up to approximately 92,000 square feet of development rights, including allowable bonuses. The property is currently improved with a six-story, 250 space parking garage. Allowable uses for the property include mixed-use, residential and retail, or community facility.  

“As we had anticipated, the land market is white hot right now as fundamentals are improving and construction financing is plentiful,” stated Massey Knakal Chairman Bob Knakal, who is exclusively representing the seller along with Senior Vice President of Sales Paul Smadbeck. “It is a perfect time to be bringing development sites to the market,” he added. Mr. Knakal and Mr. Smadbeck can be reached at 212.696.2500.

Click here for listing details

Neighborhoods: Upper West Side/ Agents: Paul Smadbeck, Robert Knakal

Featured Closing: CB5 Inclusionary Air Rights

3/18/2013 3:19:28 PM/ Massey Knakal/ Closings

Massey Knakal has sold a bundle of Inclusionary Air Rights (IAR’S) within Community Board 5 which stretches from 57th Street down to 14th Street, covering most of the area between Lexington and Eight Avenues in Manhattan.

The bundle includes 21,600 square feet of off-site Inclusionary Air Rights, which may be applied within Community Board 5 or within a ½ mile radius of the original site, 1 East 35th Street, so long as they are transferred to a property within an R10 (or equivalent) zoning district. Properties in manufacturing districts are not eligible.

“There is a limited supply of unimproved land in Community Board 5 that is not encumbered by a landmark district and is situated in the proper R10 zoning district. The purchaser of these air rights had assembled a site over the past few years and will now benefit from lowering their all-in cost basis in the land acquisition,” said Massey Knakal Vice Chairman and Partner John F. Ciraulo, who exclusively handled this transaction with Senior Vice President of Sales Robert Burton.

“As land sales continue on their upward trend and the development market continues to thrive we have been fielding a barrage of inquiries from both developers trying to identify qualifying sites to produce IAR’s and from developers that can use them across mostly all NYC Community Boards. As a result, pricing of IAR’s, which is completely supply and demand driven, has also been on an upward trend,” added Ciraulo.

“The parties were previous clients who were happy with our work so we were delighted to receive the referral,” said Burton.  

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Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 1542 Flatbush Avenue. The property is located between Hillel Place and Glenwood Road in the Flatbush neighborhood of Brooklyn. The asking price is $1,700,000

The three-story building contains approximately 2,400 square feet and sits on a 20’ x 100’ lot.  It is fully-tenanted, with a jeweler on the ground floor, lawyer’s office on the second floor, and an apartment on the top floor.

This property is located in the Junction section of Flatbush. Neighboring retailers include Starbuck’s, Target, McDonald’s, Dunkin Donuts, Chase Bank, and HSBC.

For more information on this listing, contact Massey Knakal Director of Sales Nick Mahedy at 718.238.8999.

Click here for listing details

Neighborhoods: Flatbush

A development site at 277 East 7th Street, located between Avenues C and D in Manhattan’s East Village neighborhood, was sold in an all-cash transaction valued at $1,850,000.

The vacant 22.25’ x 97.5’ lot benefits from a curb cut. Currently, the lot is used for ten parking spaces. With a zoning of R8-B and FAR 4.00 residential, the site contains approximately 7,461 buildable square feet.  The sale price equates to approximately $248 per buildable square foot.

“We were able to identify a buyer who was willing to be flexible on the close so our client could have ample time to find a replacement property for a 1031 Exchange,” said Massey Knakal Partner James P. Nelson, who exclusively handled this transaction along with Senior Associate Matt Nickerson.

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Neighborhoods: East Village/ Agents: James Nelson

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure retail leases for 89-10 and 89-12 Queens Boulevard, located between 56th and 57th Avenues in the Elmhurst neighborhood of Queens. The spaces total approximately 3,104 square feet with 34 feet of frontage on Queens Boulevard.
 
89-10 Queens Boulevard contains approximately 1,440 square feet with ceilings 12 feet high and 18 feet of frontage.  89-12 Queens Boulevard contains approximately 1,664 square feet with ceilings 12 feet high and 16 feet of frontage.

These sites feature exposure to over 48,000 cars daily.  Retailers can draw from more than 900,000 consumers within a three mile radius.  The location provides easy access to the Q53, Q59 and Q38 bus lines, which combine for more than 9 million riders annually, and the Woodhaven Boulevard and Grand/Newton subway stations, which combine for nearly 13 million riders annually.  The spaces are in close proximity to the Queens Center Mall and Queens Place Mall. Neighboring retailers include Macy's, Target, Best Buy, H&M, McDonald's, and Chase Bank.

“These Queens Boulevard storefronts give retailers an excellent opportunity to draw shoppers from Queens’ largest mall and most active retail corridor,” said Director of Retail Leasing Mark Gallucci, who is exclusively marketing the spaces.

For more information, contact Mark Gallucci at 718.275.3400.

Click here for listing details for 89-10 Queens Boulevard
Click here for listing details for 89-12 Queens Boulevard

Neighborhoods: Elmhurst

A mixed-use building at 1689 Putnam Avenue (55-45 Myrtle Avenue), located between Cypress and Myrtle Avenues in the Ridgewood neighborhood of Queens, was sold in an all-cash transaction valued at $1,025,000.

The three-story, all brick building contains approximately 4,400 square feet and sits on a 20’ x 100’ lot.  The ground floor is currently leased to a beauty supply store with six years remaining on the lease, and there are two three-bedroom apartments above on one year leases.  The sale price equates to approximately $233 per square foot.

“This property generated a tremendous amount of interest due to its high foot traffic and the lack of similar property available in the area,” said Massey Knakal Partner Thomas A. Donovan, who exclusively handled this transaction with Director of Sales Stephen Preuss.

Click here for press release

Neighborhoods: Ridgewood/ Agents: Stephen Preuss, Thomas Donovan

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