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499 Canal Street is 4 story mixed use building at the intersection of SoHo, Hudson Square, and TriBeCa. It has recently undergone renovation and currently has tenants on month to month leases on the GRFL, 3rd, and 4th floors. The 2nd FL lease expires in the summer of 2012 with an option to renew for 5 more years at fair market value. The building has almost 2,000 SF of available air rights and great Hudson River views from the rooftop.

Click here for listing details.

Neighborhoods: TriBeCa

A 100’ foot wide, 40-unit, residential walk-up apartment building located at 712 West 176th Street, between Broadway and Fort Washington Avenue in Northern Manhattan’s Washington Heights neighborhood, was sold in an all cash transaction valued at $5,325,000

The property is conveniently located just a few hundred feet from the A Express train, less than a block from Jay Hood Wright Park and the United Palace Theater, and within walking distance of Columbia Presbyterian Hospital and the George Washington Bridge Port Authority Terminal.

The sale price equates to $155 per square foot, and $133,000 per unit.

“This is another example of the healthy investor appetite that exists for northern Manhattan multifamily.  This property’s superb location and ability to take advantage of a soaring rental market added to its desirability,” said Massey Knakal First Vice President of Sales Robert M. Shapiro who exclusively represented the seller in this transaction. 

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Neighborhoods: Washington Heights/ Agents: Robert Shapiro

Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of The Milan, a/k/a 120 West 23rd Street, a modern, 75’ wide, 15-story elevatored apartment building constructed in 1987. Located between Avenue of the Americas and Seventh Avenue, this trophy property occupies one of the most central and distinguished locations in Manhattan’s fashionable Chelsea neighborhood.

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Neighborhoods: Chelsea

Even though hotel construction financing is still difficult to obtain, large scale Manhattan hotel development sites continue to be snapped up.

Our office recently closed on 1205-13 and 1215-25 Broadway, located on the northwest corner of Broadway and West 29th Street in the heart of Herald Square for $71,900,000 or approximately $290/BSF.

The approximately 25,000 SF combined footprint could yield approximately 250,000 BSF. The buildings were approximately 25% occupied at the time of sale; however all of the remaining leases are expiring within the next two years giving a developer a timely project. The sale was handled by Robert Knakal, John Ciraulo, Craig Waggner and Jonathan Hageman

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Neighborhoods: Flatiron/ Agents: John Ciraulo

Massey Knakal has been retained to sell the TriStar Portfolio, which includes 380-386 Broome Street, 9 Christopher Street and 55-59 & 61-63 Delancey Street (AKA 105 Allen Street and 142-44 Eldridge Street). The offering consists of five mixed-use, walk-up buildings in the most desirable downtown neighborhoods: The West Village, The Lower East Side, and NoLIta. The properties have been well maintained, eliminating the need for substantial capital expenditures. The TriStar Portfolio delivers to an investor an immediate and dominant downtown position. It stretches to 360’ of street frontage with a total of 100 residential units and 14 fully leased retail units. The Delancey Street property alone controls an entire block front with valuable exposure on Allen and Eldridge Streets. The retail supplies strong in-place cash flow with long term upside, while the residential offers great stability and future potential.

Click here for listing details.

Neighborhoods: Greenwich Village, NoLIta, Lower East Side/ Agents: Michael DeCheser, Robert Burton

An industrial building at 604 Johnson Avenue, located on the corner of Johnson and Gardner Avenues in Brooklyn’s East Williamsburg neighborhood, was sold in an all cash transaction valued at $780,000.

The single story property is approximately 3,800 square feet and sits on a 45’ x 100’ lot. The building is setup with an open layout with a small office, a kitchen and two bathrooms. Recent renovations include new windows, new plumbing and new wiring with 300 amps of power.  There is a side yard, approximately 44’ x 15’, facing Gardner Avenue with a swing fence and curb cut, in addition to two roll-down overhead doors which access the building. The building is ideal for a manufacturer or artist. Access to transportation is less than three blocks away at the Jefferson Street L train station.  The sale price equates to $205 per square foot.

“This corner brick building with a side yard fit a lot of user’s needs which resulted in over thirty offers for this property,” said Massey Knakal Vice President of Sales Mark Lively who exclusively represented the seller in this transaction. “There has been a surge of interest in this neighborhood from the artist and business start-up communities which helped us achieve a price over the asking,” added Lively.

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Neighborhoods: Williamsburg/ Agents: Mark Lively

A unique opportunity to capitalize on a tremendous development project with the potential for 100+ residential condos with sweeping ocean views.

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Neighborhoods: Brighton Beach

Massey Knakal Realty Services, NYC’s #1 building sales firm, is pleased to announce the release of their exclusive Third Quarter 2011 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).

During the first three quarters of 2011 (1-3Q11), there was $19.1B in NYC property sales, a 111% increase from 1-3Q10. This represents an 80% increase over 2010 on an annualized basis. Thus far, there have been 1,548 properties sold, representing an annualized turnover of 1.25%.

The Brooklyn market has outpaced all markets with 529 property sales through 1-3Q11, or 34% of total properties sold. Manhattan leads all markets in terms of dollar volume with $16.7B of sales or 87% of the $19.1B sold citywide.

The highlights from each report include the following:

Manhattan (south of 96th Street on the east side and south of 110th Street on the west side)

• 414 transactions occurred in 1-3Q11, a 29% increase over 1-3Q10 and an increase of 27% over 2010 on an annualized basis

• 473 properties sold, an increase of 30% from 1-3Q10 and 29% from 2010 on an annualized basis

• The aggregate sales consideration was $16.7B, an increase of 135% over 1-3Q10, and an increase of 93% over 2010 on an annualized basis. The $5.7B from 3Q11, was the 2nd highest quarterly volume since 2Q08

• 447 transactions occurred, a 22% increase over 1-3Q10 and an increase of 18% from 2010 on an annualized basis

• 529 properties sold, an increase of 25% from 1-3Q10 and an increase of 22% from 2010 on an annualized basis

• The aggregate sales consideration was $1BM, an increase of 27% over 1-3Q10, with a 33% increase on an annualized basis from the $1.053B in 2010

• 247 transactions occurred, an increase of 22% from 1-3Q10 and up 20% from 2010 on an annualized basis

• 269 properties sold, an increase of 20% from 1-3Q10, and up 19% on an annualized basis from 2010’s properties sold

• The aggregate sales consideration was $695M, an increase of 106% over 1-3Q10, and a 70% increase on an annualized basis from 2010

• 68 transactions occurred, down 11% from 1-3Q10 and down 11% on an annualized basis from 2010

• 101 properties sold, down 7% from 1-3Q10

• The aggregate sales consideration was $262M, down 43% from 1-3Q10, and down 34% on an annualized basis from 2010

• 137 transactions occurred, an increase of 27% from 1-3Q10 and up 19% on an annualized basis from 2010

• 176 properties sold through 1-3Q11, an increase of 40% from 1-3Q10, and a 25% increase on an annualized basis from 2010

• The aggregate sales consideration was $423M, an increase of 31% from 1-3Q10, and an increase of 14% on an annualized basis from 2010

On Thursday Oct 6th, Benjamin Fox, Executive Vice President of Retail Leasing, hosted a party for NYC retail leasing brokers in the vacant space at 885 6th Ave (@32nd St.)  This well-attended event included a TV and 4 iPad-2 giveaways. 

Massey Knakal is the exclusive agent for this prime Midtown West retail space with up to 50,000 SF.  Click here for listing details.

Pictured below:  Brandon Tarpey, Sozon Lyras, Benjamin Fox, Cory Rosenthal, Andrew Clemens (all of Massey Knakal).

Neighborhoods: Midtown West/ Agents: Benjamin Fox

A townhouse at 131 East 38th Street, located between Lexington and Third Avenues in the heart of Manhattan’s Murray Hill neighborhood, was sold in an all cash transaction valued at $2,820,000.

The five-story property is approximately 3,759 square feet and sits on a 19’x 98.75’ lot.  The property was home to a law office who occupied the property for over 32 years. Certain ornate residential features are still intact, but the buyer is planning a gut renovation, setting up a dental office on the ground floor and residence above. The sale price equates to approximately $750 per square foot. The air-rights were sold in a previous transaction.

“We are seeing an uptick in the Murray Hill townhouse market over the last year, out pacing transaction volume on an annual basis since 2006. Since the third quarter of 2010, values have nearly returned to a level that we saw prior to September 2008. The marketing process takes a little longer these days but there are still plenty of buyers out there,” said Massey Knakal Vice Chairman and Partner John F. Ciraulo who exclusively handled this transaction along with Director of Sales Michael A. Azarian.

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Neighborhoods: Murray Hill/ Agents: John Ciraulo

There has been a lot of talk over the last few years about demand from foreign buyers. There is no doubt that we continue to see an influx of buyers from around the world. In fact, our website tracks hits from 131 countries around the world. Massey Knakal last tracked that 12% of the buyers came from overseas.

However a new breed of buyers has arrived in NYC – first time domestic buyers. They have been a dominate force as-of-late. These institutional and private buyers have come from California, Colorado, and even such exotic locations as Kansas. Many have substantial national portfolios. Now they have turned their attention to NYC to both diversify and take advantage of the strength of our market.
 
One of the most noticeable new players has been UDR, Inc. a Colorado based REIT. They have purchased a combined $1.2B in luxury residential apartments buildings, accounting for an astounding 7% of all NYC sales in the first three quarters of the year....

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Neighborhoods: Financial District

Outstanding mixed-use development site steps from the 219th Street #2/5 subway station. Comprised of 3 contiguous lots, this corner assemblage offers over 200’ of White Plains Road frontage on a 21.5k sf lot. As-of-right residential buildable sf is almost 65k with a proposed rezoning allowing over 86k residential buildable sf. Lot 46 will be delivered vacant, while lots 55 and 43 have ~3 years remaining on their leases. Benefiting from high foot traffic, great visibility and access to mass transit, this site provides developers the opportunity to build commercial, affordable housing, or a mixed-use project.

Click here for listing details.

Neighborhoods: Williamsbridge/ Agents: Karl Brumback

A single story brick industrial building at 83 Seigel Street, located on the north side of Seigel Street between Manhattan and Graham Avenues in Brooklyn’s East Williamsburg neighborhood, was sold in an all cash transaction valued at $470,000.

The building occupies the entire 2,500 square foot lot. The ceilings are approximately 14 feet high and there is a curb-cut and roll-up gate for truck access to the building. Two small offices and two bathrooms are located in the rear of the building. The site has 3,000 square feet of air rights for potential residential development. It is conveniently located a few blocks from the Montrose Avenue L train station and the Lorimer J, M train station. The sale price equates to $85.45 per buildable square foot.

“The sale of this site is a good example of the growing interest in East Williamsburg,” said Massey Knakal Director of Sales Mark Lively who exclusively handled this transaction. “There were several users interested in this property but due to the residential nature of the block development use made the most sense to the purchaser,” added Lively.

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Neighborhoods: Williamsburg/ Agents: Mark Lively

The subject property is a dual leveled 100,000 SF brick warehouse located on the corner of 25th Avenue and 50th Street. All levels are street accessible due to the slope of the block. There are currently five well established and recognized tenants. The sixth tenant, (owner) is planning to vacate space upon sale but can also be flexible and remain if prospective purchaser desires. All tenants have leases with favorable terms for owner. Heat is provided by gas radiant heaters. The entire property is turnkey and reflects pride of ownership. It is a rare opportunity to have properties of this type and size come to the market in such a desirable neighborhood as Woodside; close to all highways and transportation.

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Neighborhoods: Woodside

A fully renovated mixed-use building at 274 Court Street, located between Kane and DeGraw in Brooklyn’s Carroll Gardens neighborhood, was sold in an all cash transaction valued at $1,600,000.

The three-story building is approximately 2,667 square feet and sits on a 16.67’ x 112.5’ lot.  There is a store on the ground floor and two apartments above. The property is in the landmarked district of Carroll Gardens and benefits from the healthy retail market along Court Street. There are also significant air rights available. The sale price equates to approximately $600 per square foot.

“This landmarked gem on Court Street is an integral part of what makes Carroll Gardens such a special and intimate neighborhood,” said Massey Knakal Senior Vice President of Sales Ken Freeman who exclusively handled this transaction. “The owner obtained a 15% premium over similar recent sales along Court Street,” added Freeman.

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Neighborhoods: Carroll Gardens

Last week, I wrote about a trend prevalent during 2005-2007 – the condo conversion of mostly rent regulated apartment buildings. During that time span, I also witnessed dozens of Inclusionary Air Right sales.

In 2009, when the market froze, so did the sale of these rights. The return of ground up development has revived these sales, which can still trade well into the $200s/SF, which is only a slight decline from the $300s/SF which were achieved in some cases at the peak of the market.

Massey Knakal Realty Services is pleased to announce that Partner James P. Nelson and his sales team have completed ten transactions with an aggregate sales value of close to $40,000,000 in the third quarter of 2011. These sales include three mixed-use buildings, three townhouses, three commercial condos, and one warehouse.  

At Massey Knakal since 1998 and a partner since 2004, James has been involved in the sale of more than 200 properties and loans with an aggregate value of over $1.3 billion. James has been the firm’s top producer for four of the past five years, surpassed only by the founding partners. James works with a dedicated team of seven associates who help support his business. The most senior include David Fowler, Caroline Hannigan, Mitchell Levine and Matt Nickerson.

“At a time when volume is just returning to the market, James Nelson’s team is prolific. Most importantly, they serve as a role model for all of us by delivering high market pricing and excellence in client service,” said Massey Knakal CEO Paul J. Massey Jr.

Notable Manhattan transactions included:
·    A five-story townhouse at 14 East 11th Street in the West Village sold for $7,650,000 or $1,407 per square foot.

·    A five-story elevator loft building at 449 Washington Street in TriBeCa sold for $6,900,000 or $840 per foot.

·    A five-story mixed-use building at 82 Christopher Street in Greenwich Village sold for $6,100,000 or $857 per foot.

·    A completely renovated townhouse at 211 West 22nd Street in Chelsea sold for $3,850,000 or $1,132 per foot.

·    A three-family townhouse at 117 Bedford Street (aka 128 Christopher Street) in Greenwich Village sold for $3,658,000 or $1,043 per foot and a 3.46% cap rate.

·    A restaurant condominium leased to Mary Queen of Scots at 115 Allen Street on the Lower East Side sold for $2,325,000 or a 6.8% in-place return and about $800 per foot.

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Agents: Paul Massey Jr.

Ground floor retail adjacent to the High Line, across the street from the 20th St entrance. Only ground floor for blocks. It is a strong art gallery street.

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Neighborhoods: Chelsea

A walk-up building at 79 West 127th Street, located between Lenox and Fifth Avenues in Northern Manhattan’s Central Harlem neighborhood, sold in an all cash transaction valued at $1,572,000.

The five-story building was in a state of disrepair due to a previous fire. At approximately 26’ wide and 10,495 square feet the buildings department had filed plans for a 20 unit apartment building. The property is ideally located just off one of Central Harlem’s most exciting and rapidly developing retail corridors. World renowned chef Marcus Samuelsson’s new restaurant Red Rooster and long time neighborhood icon Sylvia’s draw customers from around the world. Additionally, major retailers and the 2 and 3 trains are located just a few blocks away.  The sale price equates to approximately $150 per square foot.

“We were quite pleased with the bidding activity on this property.  Within a three week period we had over twenty offers with a handful at or above the asking price. In fact, bidding was so aggressive that we had to call for “highest and best” in a sealed bid process that ultimately led us to our final sales price which was approximately 5% above the asking price,” said Massey Knakal First Vice President of Sales Robert M. Shapiro who exclusively represented the seller in this transaction with Massey Knakal Director of Sales Lev Kimyagarov.

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Neighborhoods: Harlem/ Agents: Robert Shapiro

An REO industrial building at 66-70 Randall Avenue, located on the southeast corner of Randall Avenue and North Center Avenue in Rockville Center, Long Island, was sold in an all cash transaction valued at $1,060,000.

The two-story property is approximately 41,230 square feet and sits on a 200’ x 100’ lot.  The first floor is configured for either industrial or warehouse use and benefits from twelve foot ceilings. The second floor has eight foot ceilings and a separate entrance from Randall Avenue. It is partially occupied on a month-to-month bases by Yale Trouser. There is parking at the building with allows for six vehicles. The sale price equates to approximately $26 per square foot.

The property is ideally located near the LIRR and the Village of Rockville Center. Additionally, Rockville Center has one of the top 50 public schools in the nation according to Newsweek.  

“The property was sold to an end-user who will continue to use it for light manufacturing,” said Massey Knakal Partner James P. Nelson who exclusively handled this transaction.

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Neighborhoods: Nassau County