News

This 11 apartments and 2 stores located on a busy street in the Crown Heights. The whole building is rent stabilized other than one free market unit.

There is an assumable mortgage in the amount of $808,000 at 6.6% fixed until 08/3/2012

Very centrally located. In walking distance to Medgar Evers College, The Brooklyn Museum, Botanic Gardens, Prospect Park Zoo and much more.

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Neighborhoods: Crown Heights

A corner industrial site at 211-217 Cook Street located on the northwest corner of Cook Street and White Street in Brooklyn’s East Williamsburg neighborhood sold in an all cash transaction valued at $1,150,000.

This industrial site is made up of three steel and frame structures on one tax lot in East Williamsburg. The buildings have high ceilings and are ideal for an owner/user. The entire footprint of the lot is 10,000 square feet with a zoning designation of M1-2 which allows for approximately 20,000 buildable square feet of manufacturing space. The property is located five blocks away from the Morgan Avenue L train station

Neighborhoods: Williamsburg/ Agents: Mark Lively

The subject property is a six-story vacant corner office building next to the Fulton Street subway station.

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Neighborhoods: Financial District

Massey Knakal Realty Services has been retained to arrange the sale of the senior note collaterialized by a newly constructed condominium building in Williamsburg, Brooklyn.

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Neighborhoods: Williamsburg/ Agents: Mark Lively

CoStar and Real Estate Forum announced the 2008 Power Broker Awards in the May/June issue of Real Estate Forum. Massey Knakal has been ranked one of the top sales firms in Nassau County and New York City! In addition, Bob Knakal is one of the top ten sales brokers in the US!

Click here to see all 2008 CoStar Power Brokers.

A two story + Basement mixed property on the Avenue M retail corridor located mid block between East 4th and East 5th Street.

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Neighborhoods: Flatbush

A corner brick walk-up apartment building at 143-28 Cherry Avenue located on the corner of Cherry Avenue and Smart Street in the heart of Flushing, Queens sold in an all cash transaction valued at $1,825,000.

The four-story, 12,915 square foot building, consists of 16 one-bedroom apartments and four studios; 19 of which are rent stabilized units and one rent control unit. The building has No. 2 oil with a full basement, a newer roof and updated electric with circuit breakers. The property is located just blocks from Downtown Flushing, Flushing Hospital, Van Wyck Expressway, LIE and public transportation. The sales price represented a 6.5% capitalization rate and $91,250 per unit.

Neighborhoods: Flushing/ Agents: Stephen Preuss

The subject property is a 26’ wide 4-story walk-up commercial building comprised of approximately 6,552 square feet (+ basement and rear yard). The property consists of one (1) ground floor retail unit currently operating as a bar with five (5) vacant units above. Located just two blocks from Union Square Park, the subject property is in a prime location and a short distance to the 4/5/6 and L/N/R Subway lines. With the top three (3) floors delivered vacant, the subject property is a great user potential.

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Neighborhoods: East Village

Massey Knakal was featured in 18 articles this week.

Of note:
-    Landon McGaw and Stephen Palmese handled the largest Brooklyn sale of 2009 – 333 Ovington Avenue was picked up by GlobeSt, Brooklyn Daily Eagle, Brownstoner and RE Business Online
-    Bob Knakal was interviewed in Real Estate Bisnow on rent regulations and vacancy decontrol
-    Swain Weiner’s sale at 89-20 Northern Boulevard was featured in Real Estate Bisnow
-    John Ciraulo’s sale at 329 & 331 Lexington Avenue was featured in The New York Times
-    James Nelson, Brock Emmetsberger, Geoffrey Bailey, Mike DeCheser and Eric Greenfield all had their exclusive listings picked up in multiple publications

All articles can be found at Massey Knakal News

Agents: John Ciraulo, Michael DeCheser, Stephen Palmese

Two adjacent, mixed-use buildings at 329 and 331 Lexington Avenue, located on the southeast corner of Lexington Avenue and East 39th Street in Manhattan’s Murray Hill neighborhood, sold in an all cash transaction valued at $5,126,000.

329 Lexington Avenue is a five-story, 23.5’ wide building containing approximately 5,738 square feet. This walk-up building consists of six residential apartments and one retail space that is occupied by a lounge with approximately five years remaining on its lease. There are six apartments above the retail with one delivered vacant. The property is zoned R10, and has approximately 13,062 square feet of unused air rights.

 331 Lexington Avenue is a seven-story, 24’ wide corner building containing approximately 12,600 square feet. This elevatored building consists of 12 residential apartments with a restaurant and a delicatessen on the ground. The apartment mix is comprised of eight rent stabilized units and four vacant units. The property is zoned R10, and has approximately 6,600 square feet of unused air rights.

Massey Knakal Realty Services, NYC’s #1 building sales firm, was the sole broker in this transaction.

Neighborhoods: Murray Hill/ Agents: John Ciraulo

A six-story, 119 rental unit elevator apartment building at 333 Ovington Avenue located between Third and Fourth Avenues in Brooklyn’s Bay Ridge neighborhood was sold in an all cash transaction valued at $11,225,000.

The sellers, 333 Ovington Avenue Inc., purchased the property in 1955.  After three generations of ownership and management, the family retained Massey Knakal on an exclusive basis to market the property.  

Through Massey Knakal’s comprehensive marketing program, 25 offers had been procured. The price equates to 9x GRM, $121 per square foot, $94.3k per unit, and, more notably, a 6.0% capitalization rate.  

Massey Knakal Realty Services, NYC’s #1 building sales firm, exclusively represented the seller and was assisted by the legal council of Peter Schwartz and Lester Henner from Graubard Miller.  

Neighborhoods: Bay Ridge/ Agents: Stephen Palmese

There was a point in time when I was applauding the Governor for his position on the state budget. Very early on, he was beating the drum of favoring reductions in government spending as the way to solve the state budget deficit. He gave speeches and lobbied for spending cuts. At the end of the day, this positon was abandoned and 80% of the pending budget deficit of approximately $17.7 billion will be bridged by 137 new taxes, fees and charges that New Yorkers did not have to pay before.

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2920 Coney Island Avenue: This is a mixed-use two story building in Sheepshead Bay that was formerly a decoration and florist showroom. There is a driveway with a gated entrance. The property also has two large storage containers and rear parking.

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Neighborhoods: Sheepshead Bay

A mixed-use Bushwick building has 2 storefronts & 6 apts and is located on a major retail avenue. The property is one block from a recently renovated park and near the “L” subway stop at Dekalb Ave as well as the “M” subway stop on Myrtle Avenue.

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Neighborhoods: Bushwick

Approved plans for a six story elevatored townhouse plus basement that is currently in construction. Plans for the Chelsea townhouse call for 5 bedrooms and 7 bathrooms. The property will benefit from a tremendous amount of outdoor space, private garage and below grade recreation room space. The mechanical room will be located on the roof, allowing for more usable space within the building.

The townhouse will be steps from the newly constructed Highline Park, while benefiting from the serenity of neighboring townhouse gardens in the rear. Purchaser could benefit from the opportunity to custom tailor a townhouse to their personal needs. The property can be delivered as a "shell" and will be vacant, making 462 West 25th Street ideal for either an investor, developer or end user.

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Neighborhoods: Chelsea

A three-story mixed-use building at 89-20 Northern Boulevard, located on the southwest corner of Northern Boulevard and 90th Street, was sold in an all cash transaction valued at $1,190,000.

The 4,920 square foot building sits on a 20’ x 100’ footprint. The building features four retail shops and four apartments. There are two (2) three-bedroom apartments and two (2) two-bedroom apartments. Most tenants are paying below market rents with no leases. The sales price represented $242 per square foot.

Neighborhoods: Jackson Heights

The owner of this property can build one of the largest new Commercial and/or Residential buildings in Southern Brooklyn with flexible zoning allowing a wide variety of uses. Building formerly on property has been demolished and the land has been graded.

Many new residential condominium developments recently sold (some for more than $500/sqft.) & more being built in this desirable neighborhood. Near public & private schools, recently renovated library, shopping, houses of worship. Subway station is a few short blocks away and property is on bus route. Minutes from Ocean Parkway and Belt Parkway. Owner will consider holding paper, JV's, etc.

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Neighborhoods: Bensonhurst/ Agents: Jeffrey Shalom

299 Summer Avenue is a very well maintained 20-Unit apartment building in the Mount Pleasant neighborhood of Newark, NJ. The building has a mix of 1,2 and 3 bedroom apartments. All major mechanical systems have been replaced within the past three years. The roof is also three years old.

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Neighborhoods: Essex County