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A 25% limited partner interest in a five story loft building that has 24' 3" of frontage on one of the strongest retail blocks in SoHo. There is also a fully built basement and sub-basement, adding an additional 4,412 SF. Currently the partner selling receives 25% of the income from the retail and the income from the 4th floor.  The retail is at a fraction of market, as AT&T recently signed a lease for 1,900 NSF at 530-32 Broadway for about $515/NSF. Rents in the areas have now been quoted at upwards of $600/NSF. There are also additional air rights available which could be utilized if approval is given by Landmarks.

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Neighborhoods: SoHo/ Agents: Robert Burton

The Original Williamsburg Savings Bank Building at 151-175 Broadway was sold in an all cash transaction valued at $4,500,000. The building is located in Williamsburg, Brooklyn near the waterfront redevelopment and the base of the Williamsburg Bridge.

The Williamsburg Savings Bank Building is approximately 28,495 square feet and sits on a 239’ x 100’ lot. It is a well known historic property offering the purchaser a rare opportunity to own a unique institutional property rich in architectural detail. The building has landmark designations for the Civil War era portion of the building which include the dome, the banking room and the exterior of the vault. The site benefits from its close proximity to the Williamsburg Bridge, the Brooklyn Queens Expressway and the famous Peter Luger's Steakhouse. Additionally, the site includes a 6,400 square foot neighboring parking lot. The property was sold to Juan A. Figueroa from Bullwhip Management, LLC.

“There was a tremendous amount of interest in this building from buyers with drastically different uses in mind. While there were quite a few restrictions on what could be done with this building, at the end of the day, there was still the chance to do something truly unique at this location,” said Massey Knakal Director of Sales Brendan Maddigan who exclusively handled this transaction with Massey Knakal Vice President of Sales Mark Lively and CEO Paul J. Massey Jr.

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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan, Mark Lively, Paul Massey Jr.

Bankruptcy Auction.  The subject is a vacant lot with a total footprint of 17,086 square feet with frontage on Queens Plaza North, Northern Boulevard and 41st Avenue just steps from the foot of the Queensboro Bridge. The property is within the Queens Plaza Special Zoning District, an area that was rezoned in 2001 to allow for higher density development, and has a zoning designation of M1-6/R10. With an F.A.R. of 12.0, the site has 205,032 buildable square feet for a mixed-use development project. The combination of size, location and available air rights provide a developer with a unique opportunity to join Court Square, Hunter’s Point and the rest of the new development in the ever growing Queens Plaza district.

Neighborhoods: Long Island City

Massey Knakal Realty Services is pleased to announce the closing of their 200th transaction of 2010. A block-front mixed-use offering at 3300 Netherland Avenue and 560-74 West 235th Street, located in the heart of Riverdale in the Bronx, was sold in an all cash transaction valued at $16,200,000.  

“We have clearly seen an increase in investment sales activity from historically low levels in 2009,” said Massey Knakal Managing Director Ken Krasnow.  “Investors have more confidence, interest rates are still low and well located, stabilized assets can still command excellent pricing.  The outlook for 2011 looks even more promising,” added Krasnow.

3300 Netherland Avenue is a six-story, elevator apartment building that is approximately 81,880 square feet. There are 66 units and a full basement with parking for 38 cars. The building is very well maintained and violation-free.

560-574 West 235th Street is a one-story commercial building located on the corner of Johnson Avenue and West 235th Street. This 5,000 square foot property features seven commercial units and a full basement.

“This is one of the largest Riverdale apartment buildings that sold over the last several years,” said Massey Knakal First Vice President of Sales Karl Brumback who exclusively handled this transaction. “We received a tremendous response to the listing and within two months of kicking off the marketing process, we were in contract at over the asking price,” added Brumback.

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Neighborhoods: Riverdale/ Agents: Karl Brumback

This two story commercial building is located in the heart of Midtown East's "Decoration and Design District." The first floor consists of showroom space, while the second floor is in a cat walk arrangement over the first floor, and also provides mezzanine showroom space. This property will be delivered vacant, and is an excellent opportunity for an owner/user to operate their business in an easily accessible and niche neighborhood.

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Neighborhoods: Midtown East

Massey Knakal Realty Services, with the assistance of Rhodes Associates, is recruiting a Managing Director to spearhead their entrance into Capital Services. The position is based in New York City.

For over two decades, Massey Knakal has focused exclusively on the New York metropolitan area specializing in the sale of investment and user properties.  The firm is expanding their services by entering the commercial mortgage brokerage business with the launch of Massey Knakal Capital Services (MKCS).  

Massey Knakal Capital Services will provide unparalleled market knowledge that will allow it to develop the most creative financing strategies to meet client needs.

Paul J. Massey Jr., CEO states, “Our long term relationships and market position as the #1 investment sales firm in New York City will allow us to provide our clients with the most competitive terms and most reliable executions in the market. Our unique Territory System™ will help us garner a sizeable market share. There are over three thousand commercial financings that occur each year in the New York Metro area.”

The new MKCS Managing Director’s key responsibilities will include developing relationships with banks, borrowers, and lenders, recruiting mortgage brokers and underwriters, and managing and leading the division. In addition, the new MD will supervise training efforts and act as the firm’s spokesperson on capital services topics.

MKCS will facilitate the capital requirements of property ownership groups by matching project goals with the most favorable and efficient capital structures available in a timely manner.

“By providing an ancillary financial service to building owners, Massey Knakal will strengthen its existing core business,” added Massey.

For more information, please contact Rhodes Associates Partner, Jane Lyons or Senior Principal, Ellen D. Haber at 212.983.2000, jlyons@rhodesassociates.com or ehaber@rhodesassociates.com.

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Agents: Paul Massey Jr.

This 13,828 SF residential development site has approved plans for 88 apartments. The property is located two blocks from the Fordham Road shopping district.

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Neighborhoods: Fordham

Massey Knakal’s Special Asset Strategy Group (MKSAS) assists client with the sale of eight assets throughout the New York Metropolitan area with an aggregate sales value of $3,175,000.

The notable transactions were for non-performing loans as well as real estate owned assets, including:
A non-performing loan for a three-story mixed-use building at 66-87 Forest Avenue located in Ridgewood, New York was sold for $500,000. The building, which contains one commercial unit and two residential units, is approximately 4,256 square feet and sits on a 19’ x 102’ lot.

A bank-owned property located at 101-01 37th Avenue in Corona, New York was sold for $460,000. The two-story mixed-use building is approximately 3,600 square feet and sits on a 25’ x 100’ lot. There are two residential units and one commercial unit.

A non-performing loan for a three-story mixed-use building at 1116 Bedford Avenue located in Brooklyn, New York was sold for $290,000. The building, which contains two residential units and one commercial unit, is approximately 3,225 square feet and sits on a 22’ x 67’ lot.

MKSAS also completed the sale of four additional non-performing loans including the loan for 104-54 Roosevelt Avenue located in Corona, New York for $720,000, the loan for 232-250 South Fulton Avenue located in Mount Vernon, New York for $485,000, and the loan for 101 Guyon Avenue in Staten Island, New York for $295,000. In addition, a bank-owned mixed-use building was sold at 180 Jericho Turnpike in Mineola, New York for $275,000.

Massey Knakal’s Special Asset Strategy Group exclusively handled these transactions. To learn more about our Special Assets Services for loan and REO sales visit: www.masseyknakal.com or contact Daniel Hagan, Vice President of Special Assets, at 212.696.2500.

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Neighborhoods: Ridgewood, Bedford Stuyvesant, Corona, Suffolk County, Westchester County, Staten Island

Massey Knakal’s Special Asset Strategy Group is pleased to announce the sale of 2935 Atlantic Avenue. This mixed-use building is located on the northeast corner of Atlantic Avenue and Ashford Street in Brooklyn’s East New York neighborhood. The sale price was $499,999.

This three-story walk-up building is approximately 4,575 square feet and sits on a 26’ x 113’ lot. The building consists of four two-bedroom railroad apartments, one commercial space, and parking in the rear of the building.  This property is located just two blocks away from the J train at the Cleveland Street Station.

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Neighborhoods: East New York/ Agents: Paul Massey Jr.

This offering is for two ground floor with lower level retail condominiums located in Greenpoint, Brooklyn. The location is just one block from McCarren Park and the Nassau Avenue G train station and offers great visibility and high levels of street traffic for a successful retail use. Though currently built out modestly, the two units may be combined for one very large space with just minimal columns separating the space. The units are built green with energy efficient features and will continue to keep utility expenses at a reasonable level into the future. The property also benefits from a 421a tax abatement.

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Neighborhoods: Greenpoint/ Agents: Mark Lively

651 Academy Street represents one of the premier investment opportunities in Manhattan. Being offered for sale for the first time in over 50 years, this family owned, well maintained property is located just off of Broadway, and just one block north of the A express train at Dyckman Street. The current tenants in the building are Inwood Community Services Inc. and Inwood Boxing. Inwood Community Services has been a tenant in the property for approximately 20 years.

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Neighborhoods: Inwood/ Agents: Robert Shapiro

A renovated apartment building at 306 West 22nd Street, located between Eighth and Ninth Avenues in Manhattan’s Chelsea neighborhood, was sold in an all cash transaction valued at $3,450,000.

The four-story building, which was formally conjoined with the Hotel Allerton, has been fully renovated. There are twelve rented apartments with seven studios and five one-bedrooms. Two of the units feature outdoor space. The building is approximately 4,474 square feet and sits on a 20’ x 98.75’ lot. The sale price equates to $771 per square foot.

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Neighborhoods: Chelsea

Beautiful 27.5’ wide 8-family in prime Park Slope. The building is in excellent condition with eight two-bedroom residential units including one duplex. Located in prime Park Slope close to 7th Avenue’s restaurants and zoned for the desirable P.S. 321 elementary school two blocks away. This property is ripe for condominium conversion.

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Neighborhoods: Park Slope

A mixed-use building at 272 Third Avenue, located between East 21st and 22nd Streets in the heart of Manhattan’s Gramercy Park, was sold in an all cash transaction valued at $2,700,000.

The four-story walk-up building is approximately 4,515 square feet and sits on a 21.5’ x 75’ lot. The entire building is net leased to Copper Door Tavern, a well established bar/restaurant. The sale price equates to $598 per square foot.

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Neighborhoods: Gramercy Park/ Agents: John Ciraulo

Completely renovated from top to bottom, the subject property is a 25’ wide, five-story plus basement walk-up apartment building. The building contains approximately 9,650 gross square feet and 20 apartments of which 5 are rent stabilized, 2 rent controlled and the remaining 13 units are all free market.

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Neighborhoods: NoLIta/ Agents: John Ciraulo, Robert Burton

Built in 1897, 640 Broadway aka 172 Crosby Street was known as the original Empire State Building. This 9-story plus 2 lower level elevatored loft building boasts approximately 200’ of frontage on Bleecker Street as well as Crosby Street totaling approximately 63,094 gross square feet (of which 16,582 is below grade).

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Neighborhoods: Greenwich Village

Massey Knakal’s Special Asset Strategy Group is pleased to announce the sale of 35-39 Cooper Square. A mixed-use development site, located on the north east corner of Cooper Square and East 6th Street in Manhattan’s East Village, sold in an all cash transaction valued at $8,500,000.

The combined lot size is approximately 4,833 square feet, in a C6-1 zone, with a total buildable of approximately 28,998 square feet. The site is located adjacent to the Cooper Square Hotel. The sale price equates to $293 per buildable square foot.

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Neighborhoods: East Village

Massey Knakal has been retained to handle the sale and disposition of 26 multifamily investment properties throughout Manhattan. Combined there are 595 apartments, 22 retail stores and approximately 350,000 square feet. The properties can be sold individually in 16 different offerings. The Seller will not break up contiguous properties.

Neighborhoods: Murray Hill/ Agents: John Ciraulo

The Vested Remainder Interest in a Life Estate for the real property located at 313 East 18th Street in Manhattan’s Gramercy Park neighborhood was sold in an all cash transaction valued at $900,000.

The four-story, two-family townhouse, is 20 feet wide and approximately 3,200 square feet and is occupied by the grantor, or life tenant, who keeps possession and use of the property during his/her life. The Life Tenant is responsible for the property’s upkeep and paying any and all utilities. The Remainder Interest Holder can take possession once the Life Estate is released.

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Neighborhoods: Gramercy Park/ Agents: John Ciraulo

Our Chairman Bob Knakal will host the first few weekly installments of The Real Deal's new video series "Insights from the Real Deal,"  that discusses the New York real estate marketplace, examining land values in the city (click here).