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54-58 Canal Street also known as the Jarmulowsky Bank Building, is a 12 story, elevatored loft building. This spectacular corner building contains approximately 65,000 SF of space including the full basement/vault space.

It is perfectly located between TriBeCa, Chinatown and the Lower East Side, a short walk to many of New York City's finest restaurants, hotels and schools. This offering is a unique opportunity for conversion to a hotel, condominiums with stores, or to be kept as its most recent use, commercial lofts with ground floor stores. From the upper floors, the panoramic views of New York City are unparalleled. The building lies in a C6-2G commercial zone and would require a special permit for conversion to residential use.

It was erected in 1895 and was the tallest structure on the Lower East Side at the time. 54-58 Canal Street is historically relevant but not landmarked. The building is now completely vacant.

Click here for listing details.

Neighborhoods: Lower East Side/ Agents: Michael DeCheser

Located underneath the Historic High Line in Chelsea, this property is situated in one of the most sought after locations in all of New York City. The site currently has proposed plans for a multi-floor retail space designed by studioMDA, renderings by Michael Klausmeier Inc.

There is an easement for future access to the High Line which is approximately 5' x 35', could contain non-permanent structures, such as a sculpture garden. This is a tremendous opportunity for an investor/developer to purchase a prime development site in an area that has seen enormous growth over the last several years.

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Neighborhoods: Chelsea

A rare in-place 8.0%+ cap rate Manhattan investment opportunity.

It is a ground floor and lower level retail space comprised of three units totaling approximately 4,622 SF. It is located within the landmark Bouwerie Lane Theater building on the northwest corner of Bond Street and Bowery.

The retail is fully leased and features high end fashion designers Rogan and Billy Reid, along with Adam Gordon Holdings, a developer of high end residential properties in NYC. This is a tremendous opportunity for an investor to purchase a prime corner location, with in-place cash flow and leases extending out until 2014 and 2017.

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Neighborhoods: NoHo

The newly elected state assembly approved a Ten – Bill legislative package that is now before the NY State Senate.  This is the first step the newly elected Democratic majority has taken towards reforming the affordable housing system which they have been campaigning on.  If approved by the State Senate in June in it’s entirety it would have a monumental impact on the way affordable housing in New York is operated. 

Below, our Washington Heights and Inwood Director of Sales Robert Shapiro provides is a brief description of each of the State Assembly approved bills along with a brief description:


Bill A00465 Prohibits an owner from adjusting the amount of the preferential rent, rent charged, and paid by the tenant which is less than the legal regulated rent for the housing accommodation, upon the renewal of a lease; only allows the owner to make such adjustments upon a vacancy which is not the result of the failure of the owner to maintain a habitable residence.


What it means:

If landlords have tenants they are giving preferential rents to, they will not be allowed to raise their rent to market rent upon renewal of the lease.   Only when the tenant vacates the unit will landlord be able to raise it to the registered rent.  This is true, even if landlord has the preferential lease riders that state otherwise. 



This has more impact in Manhattan south of 96th Street where free market rents tend to be much stronger than uptown and the boroughs


Bill A02002 - Amends the administrative code of the city of New York and the emergency tenant protection act of nineteen hundred seventy four, in relation to civil penalties imposed for violation of administrative orders or for harassment of tenants to obtain vacancy of a unit.


What it means

Increases the financial penalties for landlords who harass their tenants to get a vacancy.



None if you don’t harass your tenants.


Bill A01928 - Establishes a methodology for determining major capital improvements (MCI) rent surcharges based on a seven year schedule; provides that such MCI’s shall be calculated as a rent surcharge and shall not become part of the base legal regulated rent by which increases are calculated, and requires the amount thereof to be separately designated and billed as such; codifies current practices regarding the annual 6% cap on MCI increases and the methodology for determining MCI surcharges on the number of rooms; requires that rent surcharges authorized for major capital improvements shall cease when the improvement has been recovered.


What it means:

Your MCI improvements will no longer be permanently affixed to the legal registered rent.  Instead they will be a separate charge which will be abolished upon the repayment of the improvement. Payments will be over a 7 year period.



Removes motivation for landlords to make improvements to their buildings.  Ultimately it will lead New York City’s already old housing stock to not be updated.


Bill A00857 - Provides that in cities with a population of one million or more, the rent following the dissolution date of Mitchell-Lama developments shall be the last rent authorized for the affected dwelling


What it means:

When the property becomes subject to rent regulation, this bill would prohibit an owner from applying for a rent increase base on “unique and peculiar circumstances”.



Eliminates what the city believes is a loop hole and it would  become more difficult to increase the rent on a unit that is coming out of the Mitchell-Lama program.  This will result in less motivation for owners and developers to own, operate or develop this asset class.


Bill A01688 - Removes provisions that prohibit cities of one million or more from strengthening rent regulation laws to provide more comprehensive coverage than state laws.


What it means:

Revokes the Urstadt Law which would allow local organizations, instead of the state , to be in control of rent regulation.



Control of all rent regulation and affordable housing would be controlled on the local level.  The laws would most likely become much more favorable for the tenants. 


Bill A01685 - Relates to recovery of certain housing accommodations by a landlord; limits a landlord’s ability to take possession of units for their own primary residence, permit recovery of only one unit, and restrict such ability if the tenant has occupied the apartment for twenty or more years.


What it means:

Landlords will not be able to vacate an entire rent regulated building for their own dwelling. Instead they will only be allowed one unit of a tenant who has lived there less than 20 years



City retains more rent regulated units in the case an owner wants to move back into his / her building.


Bill A01687 -Permits the declaration of an emergency pursuant to the EMPTA for rental housing accommodations located in buildings covered by a project based assistance contract pursuant to section 8 of the United States housing act of 1937.


What it means:

Any units that opt out of the section 8 program will become subject to rent regulation.



Tenants of section 8 housing will receive rent and eviction protection from rent regulation.


Bill A00860 - Establishes deregulation income thresholds and deregulation rent thresholds for certain housing purposes.  Amends New York State’s rent regulation laws to adjust the “luxury decontrol” thresholds to account for inflation


What it means:

Increases the luxury decontrol from $2000 to $2,700 and the income threshold from $175,000 per year to $240,000.  Not only are these thresholds to be increased but they are also going to be tied to an index so that they reflect inflation.



Landlords will have to wait longer and spend more to increase the registered rents to get them above the “luxury decontrol” level.  This will have more impact in prime neighborhoods where high free market rents are more achievable.   These will also be permanently tied to an inflationary index that will help keep apartments under rent regulation longer. 


Bill A01686 - Limits the amount of rent increase after the vacancy of a housing accommodation


What it means:
Reduces the vacancy bonus from 20% to 10% and only allows one vacancy bonus per calendar year. 



It will become harder and  result in a potentially longer period in which landlords can reach the “luxury decontrol” level.  More impact will be felt in neighborhoods in which the market produces stronger residential rents (i.e. Manhattan south of 96th Street)


Bill A2005 - Makes conforming technical changes to the New York City administrative code and the emergency tenant protection act relating to vacancy decontrol.


What it means:
Repeals vacancy decontrol on any unit that was rented on or after January 1, 2007 for less than $5,000 ($3,500 in Westchester, Nassau, & Rockland).



Any unit in NYC that was decontrolled or was not under regulation that rented for less than $5,000 as of January 1, 2007 would become regulated. 

Agents: Robert Shapiro

A new exclusive: a 47 unit residential elevatored building in Harlem.  The building is located on the south side of West 143rd Street between Riverside Drive and Broadway.

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Neighborhoods: Harlem

The subject property is a 5-story apartment building located on the south side of East 80th Street between York and First Avenues. It contains one (1) storage unit and twenty (20) studio apartments. Out of the twenty (20) units, eighteen (18) are rent stabilized and two (2) are free market. In total, twelve (12) of the studios are currently vacant.

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Neighborhoods: Upper East Side

The subject property is a two story, frame mixed-use building with on-site parking and approx. 100 ft. of frontage on Metropolitan Avenue in Ridgewood, NY. There is approx. 4,400 Sq. Ft. of retail space on the ground floor, a legal apartment on the second floor, and approx. 3,642 Sq. Ft. of open air parking accessible from curb cuts on Metropolitan Avenue and 60th Place .

The property is located in an R6B zoning district with a C2-4 commercial overlay, allowing for a commercial or residential development of approx. 16,084 Sq. Ft. The entire property may be delivered vacant approx. two months after closing.

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Neighborhoods: Ridgewood

An eight-family walk-up apartment building at 717 Carroll Street in Brooklyn’s Park Slope neighborhood was sold in an all cash transaction valued at $1,400,000. 

Neighborhoods: Park Slope

The subject property is a 4-story mixed-use apartment building located on the east side of Second Avenue between East 81st and East 82nd Street.

As a result of the vacant commercial space, this property is ideal for an owner user.

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Neighborhoods: Upper East Side

A four-story mixed-use building located at 7625 Fifth Avenue in Brooklyn’s Bay Ridge neighborhood was sold in an all cash transaction valued at $1,450,000.

Neighborhoods: Bay Ridge/ Agents: Jeffrey Shalom, Stephen Palmese

A 25' wide, 5-story, 5 unit, approximately 6,680 gross SF walk-up apartment building. The building is comprised of 2 Rent Stabilized tenants, 1 Rent Controlled tenant and a vacant parlor and 3rd floor.

Built in 1828 for Cornelius Oakley, this house was selected in the 1930s by the Federal Arts project of the Index of American Design as the most outstanding example of late Federal style in New York City.
This five story townhouse has one of the finest Federal doorways in the Village and is located on one of the premier blocks in the West Village. This property represents tremendous upside potential and given that the parlor and 3rd floors will be delivered vacant poses a great user opportunity.

Neighborhoods: Greenwich Village/ Agents: John Ciraulo

Perfect for a single-family conversion, this three-story walkup features a finished basement and an unfinished cellar. It sits on a charming, tree-lined block of York Avenue between East 85th and East 86th streets, just steps from Carl Schurz Park. The owner will deliver it completely vacant. There are also approximately 9,435 SF of air rights available.

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Neighborhoods: Upper East Side

A mixed-use building, located at 109 Montague Street, in the landmark district of Brooklyn Heights, was sold in an all cash transaction valued at $3,700,000.

Neighborhoods: Brooklyn Heights/ Agents: Stephen Palmese

Massey Knakal Realty Services recently honored some of the finest in the firm. The award ceremony was held at the Manhattan office on January 21, 2009 and was attended by the entire company.

2008 Trophy winners:

  • 18th Annual Gerald W. Bridges Salesperson of the Year award: Partner James Nelson (Manhattan)
  • 9th Annual John H. Holler Salesperson of the Year Award: Senior Director of Sales Robert Burton (Manhattan)
  • 5th Annual Harry Macklowe Salesperson of the Year Award: Managing Director - Queens, Partner Tom Donovan (Queens)
  • 6th Annual Stephen B. Siegel Salesperson of the Year Award: Senior Director of Sales Kenneth Freeman (Brooklyn)
  • 1st Annual Steven Spinola Award: Associate Hall Oster (Manhattan)
  • 1st Annual Co-Wide Richard Marcinko Award for Tenacity, Loyalty and Single Mindedness of Purpose in the Pursuit of Excellence: Director of Sales Stephen Preuss (Queens)
  • 14th Annual Louis Brause Award for Outstanding Business Development and Goodwill Promotion: Director of Sales Brock Emmetsberger (Manhattan)
  • 9th Annual Nicholas T. Donovan Award for Outstanding Business Development and Goodwill Promotion: Managing Director - Queens, Partner Tom Donovan (Queens)
  • 6th Annual Michael Fuchs/Aby Rosen Award for Outstanding Business Development and Goodwill Promotion: Director of Sales Jonathan Berman (Brooklyn)
  • 3rd Annual Morton Apfeldorf Award for Integrity and Corporate Citizenship: Chief Financial Officer Mike Wlody (Manhattan)
  • 1st Annual Thomas A. Donovan Award for Execution: Partner Shimon Shkury and his Northern Manhattan Team (N. Manhattan/Bronx)
  • 5th Annual James Ventura Award for the Unsung Hero Whose Efforts and Accomplishments Have Gone Above and Beyond the Call of Duty: Director of Accounting Rita Elona (Manhattan)
  • 6th Annual Robert A. Knakal Chairman's Award for Outstanding Service and Promotion of The Massey Knakal Mission: Vice President - Corporate Services, Partner Christy Moyle (Manhattan)
  • 2nd Annual Massey Knakal Charitable Foundation Award for Making a Difference: Senior Director of Sales Paul Smadbeck (Manhattan)
Download the PDF Announcement

Agents: Robert Burton, Stephen Preuss

The subject property is a high security, two story, office/flex building located on the southeast corner of West Broadway and Lord Avenue in Inwood, NY. The property enjoys approx. 162' of frontage on Hoover St. and 102' of frontage on West Broadway. The property features a partially covered, gated parking lot on the ground floor for 14 vehicles. The building is approx. 24,700 sq. ft. and features approx. 50% office and 50% warehouse flex space.

Click here for listing details.

Neighborhoods: Nassau County

Bob Knakal on Fox Business News

2/6/2009 5:07:42 PM/ Massey Knakal/ News

The subject Washington Heights property is a five (5) story walk up apartment building located on the south side of Ellwood Street between Nagle and Sherman Avenues. The property is completely rent stabilized and is comprised of four (4) studios, ten (10) one bedrooms and fifteen (15) two bedrooms.

The property is conveniently located between the 1 and A trains.

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Neighborhoods: Washington Heights/ Agents: Robert Shapiro

With the world famous Mercury Lounge as the anchor tenant, this is a stable income producing property perfect for any investor.

217 East Houston Street is a 5 story walk-up mixed-use building with 6 stabilized, 2 free market apartments, 1 ground floor commercial space and 1 billboard. Building dimensions are 30' x 85' on the ground floor, and 30' x 56' on the upper floors. It is approximately 9,600 SF above grade.

The zoning classification is C6-2A with a total Buildable Square Footage of approximately 18,000 SF for Commercial use, 21,000 for Residential use (with Inclusionary Housing), and 16,200 SF for Residential use (w/out Inclusionary).

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Neighborhoods: Lower East Side/ Agents: Michael DeCheser

The Bay Ridge property has a 13,000+SF “L” shaped building that is 32’ at its widest point and 141’ at its longest. It is a 2 story building with a full basement that has 8’ ceilings. It has frontage on 5th Avenue and 95th Street.

The building was originally a convent but was most recently used by Victory Memorial Hospital and is currently vacant.

There are 9,500+ s.f. of additional air rights for commercial development or 12,000+ s.f. of air rights for community facility use.

Click here for listing details.

Neighborhoods: Bay Ridge

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