News

666 West 162nd Street is a 125 foot wide, elevator apartment building located west of Broadway on the south side of 162nd Street between Riverside Drive and Fort Washington Avenue in immediate vicinity of the Columbia Presbyterian Medical Center. Significant upside exists in this solely rent-stabilized, residential apartment building, which is renting at only $13.69 per net square foot approximately, with an average rent per unit of only $992 per month. The building contains fifty (50) residential apartments (plus one (1) super’s unit, the 51st). The unit breakdown is as follows: seventeen (17) one-bedroom apartments, nineteen (19) two-bedroom apartments, nine (9) three-bedroom apartments and five (5) four-bedroom apartments. The super lives in a two-bedroom basement apartment.

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Neighborhoods: Washington Heights/ Agents: Robert Shapiro

This warehouse is situated directly across the street from the future site of the Bushwick Inlet city park. Any development would have superb views of the Manhattan skyline. The building has been well maintained and updated while leased to the NYC Department of Environmental Protection and includes a 10,165 square foot parking lot. The building has a renovated office area, three entrances/roll down gates and a side lot with fuel pumps in place. The current tenant has a lease in place until 10/31/10 and has been paying approximately $299,637 annually. Zoning allows for various commercial development opportunities including retail, hotel and self storage.

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Neighborhoods: Williamsburg/ Agents: Mark Lively

This fully vacant 3 family is located in the heart of Park Slope on tree-lined 6th Avenue. Currently laid out as a garden and parlor duplex and two full floor apartments. 30' deep backyard, renovated laundry room. Great opportunity to live in garden and parlor duplex and earn rental income. Quite street conveniently located close to 5th and 7th Avenue restaurants and shopping.

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Neighborhoods: Park Slope

50-24 71st Street is a one-story, 9,500 SF (approx.) warehouse building. The building will be delivered vacant but is currently occupied by two tenants and separated by a dividing wall that is non-bearing. The spaces are 3,325 SF (approx.), and 6,175 SF (approx.). The larger tenant's space has a retail entrance, reception area and new bathrooms. There are also two interior offices. This module is approximately 25’ wide x 20’ deep and can also be removed. Heat is provided throughout by ceiling mounted gas radiant heaters which are in excellent condition. The roof is three years old. This is a turn-key building. This property is also ideal due to its proximity to major highways. The Brooklyn Queens Expressway (I-278) is less than a mile away and takes only minutes to travel by car. The Long Island Expressway (I-495) is 1.03 miles away and is also a short drive.

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Neighborhoods: Woodhaven

Without a doubt, the most important economic indicator for the commercial real estate market is employment. No other metric more profoundly impacts the fundamentals of our market than the number of people who are productively working. Unfortunately, news on the jobs front, thus far in 2010, has been lackluster and well below most economists' forecasts. This is the main reason why momentum has been lost in what little traction the economic recovery had displayed.

The reason that the real estate industry relies so heavily on job creation is that if people have lost a job, or fear they may lose a job, they do not move out of Mom and Dad's house; they do not move from a one-bedroom apartment to a two-bedroom; they do not move from a rental unit into a purchased single-family home, a condo or a co-op; and companies that are downsizing do not need more office space, they need less.

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Two adjacent, 4-story 19.6' wide walk-up buildings. The first and second floors of the two buildings are interconnected and house a spacious owner's double-wide duplex unit. The ground floor of #455 is built full on the lot and contains office space in the front and a large conference room/studio at the rear. A hallway into #453 leads to a living room, bathroom, large kitchen, and beautiful garden in the rear. An interior staircase on the 453 side leads to the second floor that spans both buildings with four-to-five bedrooms, two full baths, and tremendous closet space. The upper two floors of #453 contain 4 one-bedroom units (2 per floor); the top two floors of #455 have 2 beautiful floor-through apartments. All tenants are on short term leases. Both buildings also have great, useable basement space. The property holds tremendous potential for an owner/user who wishes to work out of the office, live in the duplex unit, and earn significant income from the units above. Additionally, the property could be further developed using the 12,655 sq. ft. (approx.) of available air rights.

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Neighborhoods: Midtown West

Massey Knakal Realty Services would like to cordially invite you to attend the upcoming Massey Knakal Multifamily Summit on September 21. The Summit is an exclusive gathering of active multifamily investors, building owners, developers and managers to network and exchange ideas on topics such as:

- State and near future of the New York Tri-State Multifamily Market
- Investing and Acquisitions
- Managing and Operating
- Development and Conversions
- Multifamily Financing
- Marketing and Leasing
- Rent Stabilization and Politics of Tenant-Backed Legislation
- Mixed Use and Retail units
- Affordable Housing

This is a high-quality event, including prominent multifamily developers and owners such as Gary Barnett, President of Extell Development, Richard Mack, CEO of Area Property Partners, Ofer Yardeni, Managing Principal of Stonehenge Partners and more. Over 40 speakers and a full day of information, networking, and deal making awaits you.

For more information on this event please visit http://greenpearlevents.com/mkms

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.

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Neighborhoods: Chelsea

A brownstone at 198 West 10th Street, located in the heart of Manhattan’s West Village, was sold in an all cash transaction valued at $3,250,000. The purchase was all equity and closed in under one month.

Built in 1939, this four-story Green Revival brownstone is located between Bleecker and West 4th Streets. The property currently contains eight units, five of which are free market, one is rent stabilized, and two were delivered vacant. There are seven one-bedroom units and one studio. The property has recently been renovated with all but two of the apartments being updated. The property benefits from 11’ ceiling heights, marble and glass baths, and kitchens with marble counter tops and stainless steel appliances. The sale price equates to $613 per square foot. The property was sold to David Johnson of Black Diamond Capital LLC, an investor. This was their second acquisition in the West Village in a year; they are actively searching for more.

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Neighborhoods: Greenwich Village

In the first half of 2010 (1H10), the activity in New York City's multifamily market mirrored the overall investment sales market in many respects. This week we will take an in-depth look at the activity we are seeing in the multifamily market.

In the investment sales market, during 1H10, there were approximately $6.5 billion in transaction activity. This figure already surpasses the $6.2 billion of sales experienced in all of 2009. The activity in 1H10 represents a 131 percent increase in the dollar volume of sales on an annualized basis.

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A residential apartment building with two buildings on one lot - 16 apartments, 3 of which are FM, 12 are RS, and 1 is RC, plus GRFL store Charlotte Ronson. Located in NoLIta, one of Manhattan's most dynamic neighborhoods.

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Neighborhoods: NoLIta/ Agents: Robert Burton

A mixed-use building at 1553 Second Avenue, located on the west side of Second Avenue between 80th and 81st Streets on Manhattan’s Upper East Side, was sold in an all cash transaction valued at $2,750,000.

The four-story walk-up property is approximately 4,447 square feet and contains one commercial unit on the ground floor that was delivered vacant and three Free Market residential units above. There are approximately 10,620 square feet of air rights remaining. The sale price equates to $618.39 per square foot.

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Neighborhoods: Upper East Side

This ground floor and lower level corner retail condominium is located in Williamsburg. The location offers great visibility and high levels of street traffic for a successful retail use. The ground floor boasts approximately fifteen foot ceiling height and oversized windows. The unit can be delivered vacant. This is a tremendous opportunity for an investor to purchase a prime corner location or for a user to join several longstanding businesses on one of the strongest retail corridors in Williamsburg. The East unit is also available for sale.

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Neighborhoods: Williamsburg/ Agents: Mark Lively

The subject property is a 54,204 SF mixed-use development site located on the southwest corner of East 149th Street and Gerard Avenue. The site is directly across the street from the new 1 million SF shopping mall; the Gateway Center at Bronx Terminal Market. Under the inclusionary housing program the zoning allows for the construction of 390,268 SF (approx) of residential space out of which 108,408 SF (approx) could be commercial or manufacturing. The site currently consists of a 42,000 industrial building with a lease expiring April 2012. The billboard on the property has a lease that expires October 2011.

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Neighborhoods: Mott Haven

The subject property is a four story, walk-up apartment building located on the east side of 90th Street between 86th Road and Jamaica Avenue in Woodhaven. The building consists of (13) one bedroom apartments and (3) two bedroom apartments for a total of (16) residential units. The building is conveniently located close to major transportation and many neighborhood amenities.

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Neighborhoods: Woodhaven/ Agents: Stephen Preuss

Massey Knakal Realty Services, NYC’s number one building sales firm, and GreenPearl Events, the rapidly growing real estate conference company, are pleased to announce that Massey Knakal will be the title sponsor for this year’s Multifamily Investment Summit – now entitled the “Massey Knakal Multifamily Summit” – the nation’s new and innovative conference for multifamily investors, owners, developers, brokers, lenders, property managers, real estate executives and service providers.

In 2009, over 375 attended the inaugural Multifamily Investment Summit.  This September, GreenPearl Events is bringing it back even bigger and better than last year with leadership from Massey Knakal, which is lending both its brand power and access to large numbers of multifamily investors and owners.

Robert Knakal, Chairman and Founding Partner of Massey Knakal, will chair this year’s event. Mr. Knakal has brokered the sale of over 1,050 properties in his career having an aggregate market value in excess of $6.2 billion.

“GreenPearl Events organizes many of the best conferences I have ever attended,” said Knakal. “I was a speaker at a GreenPearl event and met some people which resulted in my being retained to assist with the sale of a 25 building portfolio.  It is a pleasure for us to combine forces to create a multifamily conference of the highest quality.”

The multifamily real estate industry will gather in New York City on September 21, 2010 at the McGraw Hill Conference Center at 1221 Avenue of the Americas. It is a full day event with 40+ highly respected speakers, including the area’s top multifamily investors, owners and developers.

“Massey Knakal is synonymous with NYC multifamily buildings sales,” stated Ryan Slack, CEO, GreenPearl Events. “We couldn’t think of a better firm to work with on this conference.  Working with Massey Knakal validates our vision for GreenPearl Events, which is to produce the highest quality events where new relationships are forged and deals get done.”

The timing couldn’t be better, as the multifamily sector heats up and more transactions are getting done.  Investors, owners, and managers are eager to reignite relationships, make new contacts, and learn about the latest trends in multifamily investing, finance, sales, and management.

For more information on this event please visit http://greenpearlevents.com/mkms

A mixed-use buildings at 803 Nostrand Avenue, located between Union Street and Eastern Parkway in Brooklyn’s Crown Heights neighborhood, was sold in an all cash transaction valued at $800,000.  

The four-story mixed-use building is approximately 6,984 square feet and sits on a 33’ x 100’ lot. There are two retail units on the ground floor and seven residential units above. The sale prices equates to $114.55 per square foot.

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Neighborhoods: Crown Heights

The subject property is a (6) story elevator apartment building, located on the northerly side of Clinton Place between North Avenue and Church Street in downtown New Rochelle, NY. The pre-war brick building has a total of (54) residential apartments plus a super’s apartment. The break down of the units is: (42) 1-bedroom units, (6) 2-bedroom units, and (6) studio units. There is a (70) car parking lot under a long term lease to ownership and a single family house on the adjacent lot, both of which provide additional income. Ownership has built, owned, and managed the building since the 1940’s. This represents the first sale of the property.

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Neighborhoods: Westchester County

A mixed-use building at 864 Nostrand Avenue, located between Union and President Streets in Crown Heights, Brooklyn, was sold in an all cash transaction valued at $1,050,000.

The four-story mixed-use building is approximately 10,400 square feet and sits on a 40’ x 100’ lot. There are two retail units on the ground floor and ten residential units above. The sale price equates to $100.96 per square foot.

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Neighborhoods: Crown Heights

A mixed-use property at 412 Myrtle Avenue, located between Vanderbilt and Clinton Avenues in Brooklyn’s Fort Greene neighborhood, was sold in a transaction valued at $1,165,000.

This four-story property is approximately 4,300 square feet and sits on a 20’ x 99’ lot. The building consists of one newly rented store and six apartments. All six rent stabilized apartments are approximately 425 square feet. One unit will be delivered vacant. The property, ideally located between Chase Bank and Emigrant Savings Bank, benefits from heavy pedestrian traffic.

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Agents: Stephen Palmese