News

A mixed-use building at 430 Hudson Street, located between Morton and Leroy Streets in Manhattan’s Greenwich Village neighborhood, was sold in an all cash transaction valued at $2,800,000.

The four-story mixed-use building is approximately 3,580 square feet and sits on a 22’ x 80’ lot. Built in 1842, the building is currently configured with three floor-through fair market residential units and one retail unit on the ground floor. The property is centrally located within the Greenwich Village Historic District and benefits from additional air rights. The property will be delivered vacant. The price equates to $782 per square foot.

Click here for press release

Neighborhoods: Greenwich Village

Massey Knakal is pleased to offer 3300 Netherland Avenue for sale. This premium property is a six-story, sixty-six (66) unit, elevator apartment building located in the heart of Riverdale. The unit mix is eight (8) smaller one-bedrooms, twelve (12) one-bedrooms, forty (40) two-bedrooms, and six (6) larger 2-bedrooms. Twenty (20) apartments are free market, thirty-six (36) rent stabilized, eight (8) rent controlled; there are no program tenants. There is a full basement with underground parking for 38 cars, laundry facilities, & workshops. The building is very well maintained and has no HPD violations. The owners have invested in significant upgrades, including a dual fuel boiler, rubber roof, parapet replacement, pointing, new risers & electrical system upgrades. Ownership was planning a condo conversion and allowed a number of units to vacate. As a result there are twenty (20) vacant units in various states of renovation. The property is projected to generate approximately $1,216,000 in gross revenue with a net operating income of approximately $785,000. Offering an outstanding location and future conversion potential, this is a rare opportunity to acquire a fantastic building in sought-after Riverdale.

Click here for listing details.

Neighborhoods: Riverdale/ Agents: Karl Brumback

A pre-war multifamily building at 100 Highland Avenue located between Ludlow and Herriot Streets in Yonkers, New York was sold in an all cash transaction valued at $2,700,000.

This package of 116 cooperative apartments is located within a six-story elevator building which contains a total of 206 units. There are six elevators that service the building. The package consists of 54 one-bedroom units, 24 two-bedroom units, four three-bedroom units and 34 studio units. Additionally, there are 42 indoor parking spaces. The owner of the property, RAIT Financial Trust, sold the package to Alma Realty, a Long Island City based operator of multifamily buildings. The sale price equates to $85 per square foot or a cap rate of 8.6 percent.

Click here for press release

Massey Knakal Realty Services has been retained on an exclusive basis to market three boutique luxury hotels in Southampton. The sale of the properties is subject to a bankruptcy court order. The Atlantic, The Bentley and The Capri hotels contain a total of 132 rooms, representing approximately 43 percent of the Southampton hospitality market.

The Capri was formerly home to the popular nightclub the Pink Elephant which will be delivered vacant. The properties span almost ten acres along Route 27, the major thoroughfare and primary access road in the Hamptons. These properties cater to a wealthy, sophisticated, celebrity and professional clientele in addition to servicing families, photo shoots, corporate sponsors, movie premieres, weddings, fundraisers, social events and high end contractors who book for extended periods of time.

“We are extremely enthusiastic about the reception that these outstanding properties will get in the marketplace,” stated Robert Knakal, Chairman of Massey Knakal, who is leading the marketing campaign for the properties. “We anticipate that each property will be sold separately as they each have unique characteristics, however, the seller will also consider offers for the entire portfolio,” Mr. Knakal added.

A bankruptcy court sale is scheduled for September however, stalking horse bids will also be considered for the properties.

Click here for press release

Bob Knakal will be speaking to Brian Sullivan on Fox Business Network TODAY from 1:00 -1:30pm. Check it out!

The subject property consists of a stalled 7,005 square foot, nine (9) unit condominium conversion of a three story walk-up apartment building. The property is located on a corner of Woodward and Lafayette Streets and is situated across the street from Lafayette Park. The building is currently vacant, and the lender can deliver a clean title upon closing.

Click here for listing details.

Neighborhoods: Hudson County

A commercial building at 1113-1123 Brighton Beach Avenue located on the corner of Brighton Beach Avenue and Brighton 14th Street in Brooklyn’s Brighton Beach neighborhood was sold in an all cash transaction valued at $4,800,000.

The two-story building is approximately 12,100 square feet and sits on a 101’ x 55’ lot. There are six occupied commercial units and one vacant, recently renovated, 6,000 square foot restaurant. The site was the former home of Odessa Restaurant, one of the original and most famous Russian restaurants in New York City. The property benefits from its close proximity to local transportation. Additionally, the zoning would allow for a variety of redevelopment possibilities. The sale price equated to approximately $400 per square foot.

Click here for press release

Neighborhoods: Brighton Beach

A multifamily building at 359 Lewis Avenue located between Halsey and Macon Streets in Brooklyn’s Bedford Stuyvesant neighborhood was sold in an all cash transaction valued at $675,000.

The four-story building is approximately 13,440 square feet and sits on a 40’ x 100’ lot. It contains eight spacious three-bedroom units.  It is located adjacent to Macon Brooklyn Public Library on the growing Shops of Lewis Avenue (SoLA) retail corridor. The sale prices equates to approximately $50.22 per square foot.

Click here for press release

Neighborhoods: Bedford Stuyvesant

Massey Knakal Realty Services is pleased to offer the sale of the Amended and Restated Acquisition Loan Note, the Amended and Restated Project Loan Note, Restated Project Loan Note, and the Building Loan Note for a development project which was underway in Astoria, Queens.

The collateral project is located on the blockfront along the northeast side of 20th Avenue extending to the southeast side of 38th Street and the northwest side of Steinway Street. The project, is roughly half complete and was slated for 72 condo units, parking, and retail.

The loans are non-performing, as a maturity default has occurred. This offering is being sold on an all cash, as is basis, without recourse, representation or warranty of any kind, express or implied.

For more information on the acquisition of these loans, please fill out and execute the attached Confidentiality and Indemnification Agreement.

Click here for listing details.

Neighborhoods: Astoria

A multifamily building at 653 Marcy Avenue located on the east side of Marcy Avenue between Pulaski Street and DeKalb Avenue in Brooklyn’s Bedford-Stuyvesant neighborhood, sold in a transaction valued at $700,000.

This newly constructed four-story building is approximately 4,764 square feet and sits on a 22.17’ x 80’ lot. The building has four two-bedroom units with outdoor balcony space for the top two floors. It is located just four blocks from the G train station at Marcy and Myrtle Avenues. The sale price equated to $147 per square foot.

Click here for press release

Neighborhoods: Bedford Stuyvesant/ Agents: Paul Massey Jr.

2,741 SF (approx.) commercial condominium located on the ground floor of a newly built, 5-story apartment building. Located on the north side of 63rd Avenue between 108th & 110th Streets, near the L.I.E. and Grand Central Parkway. There is 500 SF of back yard space available, 200 amps of electric service, one parking spot available and the brand new space may be built to suit. Common charges are approx. $479/month and R.E. Taxes are approx. $120/month.

Click here for listing details.

Neighborhoods: Forest Hills

An office building at 1 Channel Drive located on the corner of Shore Road and Channel Drive in Port Washington, New York was sold in an all cash transaction valued at $960,000.

The brick building is approximately 7,291 square feet and sits on a 126’ x 191’ lot. One third of the building is unfinished warehouse space with an area of approximately 2,535 square feet. The lot benefits from 150 feet of frontage on Channel Drive, 155 feet on Shore Road, and 145 feet on Soundview Drive. The property has parking for approximately 16 cars. The sale price equates to $132 per square foot.

Click here for press release

Neighborhoods: Nassau County

356 East 50th Street, located between First and Second Avenues, is a five story multifamily townhouse consisting of a duplex on the first two floors and one floor through apartment on each of the upper three floors. The units are spacious and in excellent condition. At present, the fourth floor is being utilized as an owner’s apartment. The subject property is conveniently located near both the number 6 subway line and bus transportation on Second Avenue, and is just steps from the heart of Midtown East Manhattan, including the United Nations, Grand Central, and the financial hub of Park Avenue. The property will be delivered completely vacant, and would make for an excellent live plus income property or single family conversion.

Click here for listing details.

Neighborhoods: Midtown East

A walk-up apartment building at 2105 Walton Avenue located in the Morris Heights neighborhood of the North Bronx was sold in an all cash transaction valued at $3,675,000

The five-story building is approximately 51,165 square feet and sits on a 130’ x 100’ lot. The building features fifty-six units comprised of twenty-eight one-bedroom units, twenty-three two-bedroom units, and five three-bedroom units. The property benefits from its close proximity to subway lines. The sale price equates to $72 per square foot or $65,625 per unit.

Click here for press release

Neighborhoods: Morris Heights/ Agents: Karl Brumback

A four-story walk-up that is currently configured as 12 room SRO. The property benefits from high ceilings on the parlor floor and sizable garden. This property will be delivered vacant making it perfect for live/invest or single family townhouse conversion.

Click here for listing details.

Neighborhoods: Chelsea

144 West 144th Street is a 40’ wide, six (6) story residential walk-up building located on the south side of West 144th Street between Adam Clayton Powell Blvd. and Lenox Avenue. The building contains sixteen (16) units, which consists of one (1) studio, four (4) one-bedroom, four (4) two-bedroom and seven (7) three-bedrooms. Since the building is subject to regulatory agreements, rents are currently operating significantly below market at approximately $10 per square foot.

Click here for listing details.

Neighborhoods: Harlem

Massey Knakal Realty Services, NYC’s #1 building sales firm, is pleased to announce the release of their exclusive Mid-Year Property Sales Reports. These unique, industry-leading, reports provides a comprehensive study of the investment sales market by product type in the entire New York City area (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens).

“Investment activity has increased dramatically from this time last year and based on the last six (6) quarters of data, we can now point to the bottom of the market from an activity perspective,” said Massey Knakal Chairman and Founding Partner Robert A. Knakal. “It is now clear that the summer of 2009 will be known as the bottom of sales activity, however, pricing varies from property type and borough,” added Knakal.

The total number of properties sold citywide through mid-year was 818, up an impressive 24% from the 774 properties sold in the first half of 2009. The 2Q10 number of 449 properties sold was up 22 % from the 369 total properties sold in the first quarter of 2010. Mid-year activity also remained 70% below the 2,738 sales occurring in the first half of 2007, which was the peak of market activity.

Within the different market segments Massey Knakal tracks, Manhattan continues to be the best performing thus far in 2010. The 230 properties sold (occurring south of 96th Street on the east side and south of 110th Street on the west side) represent an 87% increase from the comparable period in 2009, but a 61% decrease from the first half of 2007, the most active half year. The borough with the least activity was the Bronx in which there were only 92 properties sold in the first half of 2010, down 15% from mid-year 2009 and down 76% from the most active half year in 2007.

For dollar volume, the best performing area was Northern Manhattan which saw a 180% increase in activity from mid-year 2009 and a 51% increase from 1Q10. The Bronx was the weakest performer with $192,487,204 million of sales in mid-year 2010, down 4% from mid-year 2009 but still up 78% in 1Q10.

For highlights from each report, click here

This is a 7 story elevatored mixed-use building on Hester between Essex & Ludlow. It was gut renovated in 2007, complete with new elevator, mechanicals, 2 story addition, & roof terrace.

There is a store on the ground floor and 5 spacious one-bedroom apartments above. The building is fully occupied.

Click here for listing details.

Neighborhoods: Lower East Side/ Agents: Michael DeCheser

542 Main Street is rectangular in shape and located on the southeast side of Main Street between Centre Avenue and Division Street. The elevatored building has (4) stories and was built in the 1920’s. 542 Main Street was previously occupied by a bank and there are two functioning vaults in the basement that are currently used for storage. The building has (5) office units that are all leased or have leases offered. The square footage of the units range from approximately 2,900 – 6,700 square feet. The building has undergone recent improvements such as new entrance doors, new elevator mechanicals, sprinklers in the lobbies, (8) digital security cameras, and a newer silver roof. The lobby was recently completely renovated and the whole building was steam cleaned and pointed. In addition, the building has an onsite boiler / air conditioning system.

Click here for listing details.

Neighborhoods: Westchester County

Massey Knakal Realty Services is pleased to announce the closing of their 100th transaction of 2010 A warehouse building at 195 Bay 19th Street located between Bath and Cropsey Avenues in Brooklyn’s Bensonhurst neighborhood was sold in an all cash transaction valued at $2,700,000.

The subject property consists of a lot approximately 10,483 square feet with two connected warehouse buildings totaling approximately 29,000 square feet. The front building, comprised of office space and storage, is connected to the rear building, which is storage/warehouse space. There is one freight elevator servicing both buildings. The sale prices equates to approximately $93.00 per square foot.

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

Click here for press release

Neighborhoods: Bensonhurst/ Agents: Jeffrey Shalom