News

Massey Knakal Realty Services has been retained to arrange the sale of a note collateralized by approximately 7.11 acres of land which has been sub-divided into four (4) building lots totaling approximately 234,000 gross square feet. These four (4) buildings known as The Royal Club at Winthrop Court will be the third and final phase within the greater finished Cambridge Crossing Development project.

Each site has been improved with roadways and is zoned for 30 age restricted residential units per building lot. The building lots #1, #2, #3 and #5 are all in various stages of construction. Building lot #1 is undeveloped. Building #2 is close to completion and 11 units have sold. Building lot #3 has been cleared and a foundation is in place. Building #5 is framed and currently undergoing winterization. Delivered with the site are rights to 109 deeds for the existing and undeveloped units.

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Neighborhoods: Passaic County

A five-story townhouse apartment building at 338 West 77th Street, located between Riverside Drive and West End Avenue on the Upper West Side, was sold in an all cash transaction valued at $2,100,000.

Purchased by an investor, the townhouse is approximately 5,505 square feet and is 24’ wide and 55’ deep. There are ten units, of which six are Rent Stabilized and four are Free Market. The apartments consist of seven one-bedroom units and three studios. Many of the units have been fully renovated and some have original features such as beamed ceilings.

Neighborhoods: Upper West Side

A multiple-use building located on Steamboat Road in Great Neck, Nassau County. This building sits on a 5,040 SF lot and has a total of 4,645 interior SF above grade. It has four retail spaces and two residential units. The auto repair shop has a lease expiring in early 2010 and pays $2400 per month. Three commercial spaces are vacant. The two residential tenants pay $1400 and $1500 respectively. They both have month to month leases. There is also car parking for about 5 cars located on the lot. The building has gas heating. There are separate electric meters for each tenant. This is an excellent opportunity for an owner/user/investor.

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Neighborhoods: Nassau County/ Agents: Paul Massey Jr.

Massey Knakal Realty Services and GreenPearl Events is delighted to announce NYC's leading investment sales broker, Robert Knakal, Chairman of MASSEY KNAKAL REALTY SERVICES, is a featured speaker at GreenPearl Events' MULTIFAMILY INVESTMENT SUMMIT on December 3rd. The premier conference and networking event for commercial real estate executives who specialize in the acquisition, disposition, or development of multifamily properties will be held at the McGraw Hill Conference Center in Midtown Manhattan.

Robert Knakal will join a panel focused on political measures and new legislation that could impact rental rates and values of New York City multifamily properties, "Politics, Recession, Rent Stabilization: What are the Political Forces, and Legislation, that Could Impact New York City Real Estate?" is a prominently-featured panel at the summit, and will also feature Robert LiMandri, Commissioner of the New York City Buildings Department, CITY OF NEW YORK, in addition to a state representative (to be announced).

"I look forward to participating in GreenPearl's MULTIFAMILY INVESTMENT SUMMIT," said Knakal. "New York City is a real estate market dominated, mostly, by multifamily units. We are facing serious challenges right now, including recession and legislative efforts that could de-stabilize the multifamily market and affect everyone, in all of the various property types. The MULTIFAMILY INVESTMENT SUMMIT will provide the conduit for compelling discussion and debate, with practical strategy and advice."

If you work in New York City real estate, multifamily properties in general, or have an interest in the nation's most unique multifamily market, make plans to attend MULTIFAMILY INVESTMENT SUMMIT on December 3rd.

For more information or to register: mfny.eventbrite.com or call: 212-260-6321

Listen to Jonathan Miller and Robert Knakal here.

This week, take the opportunity to hear from New York's and the nation's most prominent real estate leaders participating on the lively panel on "The Stoler Report-Real Estate Trends"

The Stoler Report airs eight times a week in New York City on CUNY TV, channel 75 and four times a week in East Hampton & Montauk, New York on WEGTV, channel 22. This week, guests include Robert Knakal, Gino Martocci, Scott Swerdlin and Ofer Yardeni.

Shows are available on the Internet at www.stolerreport.com , www.michaelstoler.com, www.buildingny.org. & on iTunes.

The subject property is an approximate 8,700 square foot loft-type commercial cooperative unit located on the south side of 31st Street between Ninth Avenue and Tenth Avenue. The unit occupies the entire 5th floor within the 12 story commercial cooperative building. The building is serviced by one passenger elevator and one freight elevator. Currently the building is accessible to tenants/owners 24 hours a day, 7 days a week. Architecturally, the space features 11’ ceiling heights; windows on all four sides and views of the Highline, Chelsea Park and Hudson River. Directly west of the building is the Hudson Yards site where future plans call for the development of several multi-billion dollar residential and commercial high-rise towers. The property is easily accessible for commuters coming from New Jersey, Long Island or the other five boroughs. Entrance to the Lincoln Tunnel is a few blocks from the subject property as well as Penn Station where the Long Island Rail Road, New Jersey Transit, Amtrak and the A, C, E, 1,2,3, subway lines. The property will be delivered vacant.

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Neighborhoods: Hudson Yards

A retail property at 70 Seventh Avenue South, located between Commerce and Barrow Streets in Manhattan’s West Village, was sold in an all cash transaction valued at $962,500.  The buyer was an investor who will look to lease out the property.

Located in the Greenwich Village Historic District, this property has 28’6” of frontage along Seventh Avenue South and contains approximately 892 square feet. The property was previously occupied by a print shop, but was delivered vacant at the time of sale. Retail rents in the area have reached upwards of $150 dollars per square foot, catering to a variety of retail uses.

Neighborhoods: Greenwich Village

42 Clinton Street is a 6 story Mixed-Use building located in one of the hottest neighborhoods of the Lower East Side, between Stanton and Rivington Street.

The building is better than 50% vacant. Floors 2 thru 6 contain 22 Rent Stabilized units. 10 units are occupied and 12 units are vacant. Of the 22 units, 5 of them are combined units. There are a total of 7 tenants in the building.

This is a superb opportunity to invest in a bustling and vibrant street that is home to numerous restaurants such as Clinton Street Baking Co., Falai, WD-50, San Marzano Brick Oven Pizzeria, and Sachiko's.

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Neighborhoods: Lower East Side/ Agents: Michael DeCheser

A prime mixed-use building at 175 West Broadway, located on the east side of West Broadway between Worth and Leonard Streets in Manhattan’s TriBeCa neighborhood, was sold in an all cash transaction valued at $1,675,000.

This five-story building contains approximately 2,700 square feet and is 20’ wide and 27’ deep. The building is located in the TriBeCa Mixed-Use District (TMU). There are two retail units on the bottom and ground floors and three residential units on the reaming floors. The C6-2 zoning allows for the five floors to be used for commercial and/or residential use.

Neighborhoods: TriBeCa

This Bay Ridge mixed use building has been completely renovated. It is comprised of two 2 bedroom apartments over a commercial first floor. The commercial space is currently occupied by a restaurant which is operated by the building owners. All electric and mechanicals have been updated. There is a new oil furnace and hot water heaters. Both apartments have been completely renovated with new bathrooms and kitchens.

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Neighborhoods: Bay Ridge

The property features 26' x 100' curb cut lot currently containing a an approximate 4,940 sq. ft. three (3) story mixed use building. The property can be delivered vacant and allows for construction of ~13,000 sq.ft. development that would be ideal for a user. The existing property is currently used as even space and features a curb cut access to the ~20' double height ground floor mezzanine space. The third floor is currently configured as a one bedroom loft apartment that was recently renovated and features private access to a ~600 sq. ft. roof deck.

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Neighborhoods: NoHo

976-978 Fulton Street is 4,200 SF, one story retail building, located between Grand Avenue & Cambridge Place. The property is unique in that it has 42’ of frontage, which can provide greater opportunities for an owner/user or an investor. The property will be delivered vacant.

The property is located in an R7-A zone & can accommodate an additional 12,600 SF of development rights, therefore, making the property appealing to a developer looking to build rentals.

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Neighborhoods: Clinton Hill/ Agents: Stephen Palmese

The Pine Grove Shopping Center is well-positioned at the very busy signalized intersection of Route 347 (Nesconset Highway) and Mount Pleasant Road in Hauppauge, Suffolk County, New York. NYS Route 347 is a primary four lane commercial highway providing access to the area’s major roadways. The Pine Grove Shopping Center is operating with a significantly below-market average net rent of $9.43 psf. Investors should consider several avenues of potential revenue enhancement. Pine Grove is a Giunta's Meat Farms Supermarket anchored neighborhood shopping center offering patrons an excellent mix of community service-oriented tenants, the majority of which have been in occupancy for many years. This is an excellent opportunity for an investor looking for stable cash flow and solid demographics.

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Neighborhoods: Suffolk County

A five-story walk-up apartment building at 15 Lawrence Street, located on the northeast corner of Lawrence Street and Bruce Avenue in South Yonkers, was sold in an all cash transaction valued at $770,000

This property, which was built in 1907, is approximately 14,544 square feet and sits on a 43’ x 80’ lot. The building features a new paper roof (2007), circuit breakers throughout, a new gas boiler, a hot water tank, and a new heat timer. There are electric stoves in the apartments, a security camera in the lobby, an intercom system, and a steel door with security lock. The sale price represented $64 per square foot.

The subject is a 29 unit walk-up apartment building on the west side of 35th Street between 36th and 37th Avenues in Long Island City. The building has fourteen (14) large one-bedroom apartments, fourteen (14) large two-bedroom apartments, one large three-bedroom apartment and an apartment in the basement for the Super. All but one of the units are rent stabilized and there is only one vacancy. The building’s rent roll is approximately 25% below market value offering upside to an investor.

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Neighborhoods: Long Island City

411 State Street is a 7,020 (approx.) SF, four story, eight family apartment building, located on the north side of state street between Bond and Nevins Street. The property contains four, 3BR apartments (5 total rooms) and four, 2BR apartments (4 total rooms).

The building has oil heat, new windows, freshly painted halls w/ new carpet & a new intercom system.

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Neighborhoods: Boerum Hill/ Agents: Stephen Palmese

A six story, mixed use, elevatored building which was renovated in 1989. The building has a ground floor retail space which is currently being used as a gallery and features 15 foot ceilings. There are 5 floors above which are being used as recording studios and live-work spaces. The building is located on one of the best blocks in NoHo. The property is across the street from Ian Schrager’s 40 Bond which had sellouts of over $3,000 per foot. Meanwhile, the retail on the block commands rents as high as $150 to $185 per foot, which Billy Reid and Rogan are respectively paying on the corner of Bond and Bowery. This is a great opportunity for an investor or end user, as the building could be delivered vacant.

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Neighborhoods: NoHo

Massey Knakal Realty Services has completed the sale of thirty-nine cooperative units in a  six-story elevator building at 3260 Netherland Avenue. The building is located between West 235th and West 232nd Streets in the Riverdale neighborhood of the Bronx. The units were sold in an all cash transaction valued at $2,650,000.

The thirty-nine units are located within a fifty-four unit building constructed in 1950. The package consists of twenty-four one-bedroom units, eleven two-bedroom units, and four studios representing a total net sellable square footage of 26,015. Of the sold units, twenty-five are Free Market and fourteen are Rent Stabilized. Seven of the Free Market units are currently vacant. The basement contains the super’s unit and a significant amount of free space that could be utilized for tenant ameni

Neighborhoods: Riverdale/ Agents: Karl Brumback

Massey Knakal has been retained to arrange for the sale of 126 East 37th Street, an 18.75' wide, 5 story, approximately 3,998 sq. ft. mixed-use townhouse located in the Murray Hill Historic District. The building consists of professional use on the ground floor (lower level with a separate entrance) and two residential duplex units above. Each duplex unit benefits from beautifully finished hardwood floors, exposed brick walls, crown moldings and their own HVAC units. The upper duplex consists of two bedrooms, one and a half bathrooms, a recently renovated kitchen and two separate balcony’s off the rear providing the opportunity for outdoor enjoyment. The lower duplex consists of two bedrooms and two and a half bathrooms. The property lies on the south side of East 37th Street between Park and Lexington Avenues. The offering of 126 East 37th Street represents an excellent opportunity for an user/investor.


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Neighborhoods: Murray Hill/ Agents: John Ciraulo