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An apartment building at 121 Vermilyea Avenue, located between West 204th and 207th Streets in Northern Manhattan’s Inwood neighborhood, was sold in an all cash transaction valued at $1,175,000.

The five-story walk-up apartment building is located just steps away from one of Northern Manhattan’s most sought after retail corridors. It is located just one block from the “A” train on Broadway and two blocks from the 1 train on 207th Street. The 12,240 square foot building sits on a 25' x 150' lot.  The building, which is 119’ deep, offers very large units. There are twelve two-bedroom units and four three-bedroom units.

“Smaller sized multifamily properties, such as this property, continue to remain in demand,” said Massey Knakal First Vice President of Sales Robert Shapiro who exclusively handled this transaction. “This property needed a little TLC to extract the upside and we found plenty of investors who were more than willing to take on the assignment.”

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Neighborhoods: Inwood/ Agents: Robert Shapiro

TriBeCa retail space available for lease.
Size: 2,000 SF
Wrap-Around Frontage: Approx. 135'
Ceiling Height: 14’6”

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Neighborhoods: TriBeCa/ Agents: Benjamin Fox

The subject property is a 52' wide, 7-story plus basement, approximately 21,904 gross square foot apartment building with an elevator located in the Union Square / East Village neighborhoods. The property, situated on the north side of East 14th Street between Second and Third Avenues, contains 17 lower income housing units and 1 store. The building, erected in 1988 as part of NYC's Inclusionary Lower Income Housing Plan created 3,915 SF of retail space on the ground floor and 18,019 SF of residential floor area on floors 2 through 7. The retail store was recently leased for 10 years with one 5-year option to IHOP Restaurant for $45,833 per month or about $140/SF.

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Neighborhoods: East Village/ Agents: John Ciraulo

Massey Knakal Capital Services is pleased to announce the closing of two loans in Manhattan and Brooklyn for total proceeds of approximately $8.0 million.

A $5.8 million loan that was used to refinance the existing construction facility was secured for an 18-unit apartment building located in Brooklyn’s Park Slope. This was a newly constructed property built to condo specifications. 

“Even though the lender quoted the loan at a time when the building was vacant, we were able to get the borrower full proceeds as if the property was fully leased,” said Garrett Thelander, Massey Knakal Capital Services Managing Director, who exclusively handled this transaction with Director Preston Flammang. 

Additionally, a $2.1 million refinanced loan was secured for a 5,000 square foot, mixed-use property in Manhattan’s Greenwich Village.

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Neighborhoods: Greenwich Village, Park Slope/ Agents: Preston Flammang

Located just off Central Park, this five story townhouse was built in 1915 and has recently been fully renovated for medical and office use. The building features top-of-the-line finishes throughout, with each floor having elevator access, a restroom, phone and internet connections, and independent thermostat controls. Floors Two and Four have private terraces out the back overlooking the garden below. The Fifth floor features multiple skylights allowing abundant light throughout the entire unit.This building is an ideal conversion for single family, office and medical use, gallery, or an embassy. The location is ideal for almost any user due to its prestigious setting in the heart of the Upper East Side.

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Neighborhoods: Upper East Side

Completely renovated, gut rehab, new retail storefront available for lease in Bedford Stuyvesant.  Active street traffic.  Hot, emerging retail location with approx. 960 SF cellar storage.

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Neighborhoods: Bedford Stuyvesant

A corner loft building at 7-9 Harrison Street, located in the in the heart of TriBeCa, was sold in an all cash transaction valued at $20,000,000.

The seven-story elevatored building sits on a 50’ x 100’ lot and is approximately 33,400 square feet. The property is an IMD/ Loft Board building and was sold with four IMD tenants in place, three of which are located on the top floor. Currently, there are 24 units and a retail unit. The retail unit on the ground floor has approximately 13 foot ceilings while the upper floors have approximately 10 foot ceilings. The property benefits from its close proximity to great retailers like Issey Miyake, Calypso and American Apparel and well known restaurants, such as The Harrison, Flour Del Sol, Tribeca Grill and Nobu. The sale price equates to approximately $600 per square foot.

“The property generated a great deal of interest among developers. Many of them were ready to pay an additional premium to the sales price if the building would be delivered vacant. As per the buyers, they plan to keep the building as a rental property,” said Massey Knakal Director of Sales Nick Petkoff. 

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Neighborhoods: TriBeCa

A commercial building at 315 West 53rd Street, located between Eight and Ninth Avenues just blocks from Manhattan’s Columbus Circle, was sold in an all cash transaction valued at $2,650,000.

The fully renovated, three-story property is approximately 2,364 square feet and sits on a 25’ x 32’ lot.  There is retail/storage space on the ground floor and a beautifully renovated office space on the upper two floors that include a kitchen area and two bathrooms. Ceiling Heights on all floors are approximately 10 feet. The property is ideally located steps from the Eighth Avenue media and business corridor and five blocks south of Columbia Circle.  The sale price equates to approximately $1,120per square foot.

“We found the perfect buyer for this little jewel box of a building. Both buyer and seller were absolute pleasures to work with – the building clearly has great Karma!” said Massey Knakal Director of Sales Christoffer Brodhead who exclusively handled this transaction.

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Neighborhoods: Midtown West

Two mixed-use buildings at 1012 and 1018 Lexington Avenue, located on the west side of Lexington Avenue between East 72nd and East 73rd Streets on Manhattan’s Upper East Side, sold in an all cash transaction valued at  $7,350,000.

1012 Lexington Avenue is a four-story building that is approximately 4,624 square feet and sits on a 17’ x 80’ lot. The building is fully occupied. It has retail on the first two floors and four newly renovated residential units on floors three and four.

1018 Lexington Avenue is a four-story building that is approximately 4,352 square feet and sits on a 17’ x 80’ lot. The building is fully vacant. The first two floors are designed for retail use. The third and fourth floors contain four renovated residential units.

The buildings are located within the Upper East Side Historic District and are just a short walk to Central Park.

“The buyer moved extremely quickly and closed in one week. Both investors and retailers were competing to buy on this strong retail corridor on Lexington Avenue,” said Massey Knakal First Vice President of Sales Guthrie Garvin who exclusively handled this transaction. 

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Neighborhoods: Upper East Side

A pair of Transitional Style, 6 story plus lower level walk-up buildings, between 6th Avenue and MacDougal Street only a 1/2 block to Washington Square Park in the heart of Greenwich Village. The buildings consist of 26 units with 15 one-bedroom and 11 two bedroom apartments. There are 6 rent stabilized apartments, which have an average rent of $969/month. The average rent per SF for the building is $45/SF, which is almost half of market. This is an excellent opportunity for an investor looking for strong in-place cash flow and long term upside in the below market rent stabilized rents. Massey Knakal is also selling on behalf of ownership 285 West 12th Street and 121 West 92nd Street for $5,950,000 and $4,500,000 respectively.

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Neighborhoods: Greenwich Village

A few weeks ago, I gave thanks for the NYC condo market which has helped fuel the recovery of the investment sales market. Equal or more credit must be given to the availability of attractive financing.

It appears that NYC property sales will approach normalized 2006 levels this year with $25B in anticipated trades. This is three times 2009, but still off 2007’s peak of $62B. That being said, 3Q11 proved to the busiest quarter forManhattansales since 1Q08, with a total of 190 properties changing hands.
The availability of attractive financing certainly had a large part in this. With ten year treasuries ending the quarter at 1.92% and Libor having reached historical lows, lenders can offer incredibly attractive loans.

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Agents: Preston Flammang

Massey Knakal Realty Services has been retained to sell 619 East 5th Street, also known as “The Mildred.” The property is a 40 unit, 6-story walk-up apartment building located on the north side of the East 5th Street cul-de-sac between Avenue B and Avenue C. The freestanding building consists of +/- 25,200 gross square feet and is fully occupied. Apartment layouts consist of 16 studio/one bedroom units, 4 one bedroom units, 9 two bedroom units, 9 three bedroom units, and 2 three bedroom duplex units. The 2 duplex units are located on the ground floor and go down to the lower level of the building with separate entrance/exit ways on the east side of the building. Of the 40 residential units, 27 units are Free Market and 13 units are Rent Stabilized.

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Neighborhoods: Alphabet City/ Agents: Michael DeCheser

This is the largest property in the immediate vicinity of one of the most upscale neighborhoods in Brooklyn. Neighboring homes valued at $2 million & up. Explosive private home, condo & commercial development nearby. High Ceilings. Driveway and garages for parking behind building. Subway and bus transportation on block. note: Tax lot is being split. Total tax shown but Kings Highway building is not included in this offering.

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Neighborhoods: Gravesend, Sheepshead Bay/ Agents: Jeffrey Shalom

A mixed-use building at 138 Union Street, located between Columbia and Hicks Streets in Brooklyn’s Columbia Waterfront District, was sold in an all cash transaction valued at $1,750,000.

The four-story property is approximately 5,780 square feet and sits on a 25’ x 100’ lot.  The property is comprised of six residential units, a vacant retail store, and an office which has direct access to the backyard. Of the six apartments, three are rent stabilized and three are free market. The property is located within walking distance to Brooklyn Bridge Park and the Carroll Street F subway line. The sale price equates to approximately $302 per square foot and a 6.68% Cap Rate.

“Almost 50% of the landlords on this block are owner occupants. The seller operated his business out of this building and the buyer will put his business in here, too. The twofold benefit from owning in the Columbia Waterfront District is that these commercial users are continuing to see strong demand for their residential units,” said Massey Knakal Director of Sales Stephen Palmese who exclusively handled this transaction with Senior Vice President of Sales Ken Freeman.

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Neighborhoods: Columbia Street Waterfront District/ Agents: Stephen Palmese

The subject property is a 25 foot wide by 86 foot deep mixed-use apartment building located on the north side of West 135th Street between Frederick Douglass Boulevard and Adam Clayton Powell Jr. Boulevard. The building contains eight residential units, seven of which have been renovated within the past 5 years. All inspections for the Certificate of Occupancy have been passed and the property will be delivered with a TCO. A newly created 700 square foot yoga studio is on the ground fl oor and is leased through October 31, 2016. Extensive work has been completed throughout the property in the past year, including a new gas boiler, a new chimney, and the entire access area to the Yoga studio.

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Neighborhoods: Harlem/ Agents: Robert Shapiro

Although NYC’s waterfront properties might not look out onto crystal blue waters, we’ve come a long way. Bloomberg’s administration has developed major initiatives to upgrade our coastline.

The administration’s Waterfront Action Agenda aims to expand and restore NYC’s existing waterfront parks with an investment of over $200 million. The initiative includes 130 “high-priority” projects committed to transforming NYC’s waterfront infrastructure into the world’s premier port and natural resource with acres of desirable public park space.  

These projects span the five boroughs and include 17% of the state’s total coastline.Brooklyn Bridge Park and the Columbia Waterfront District are recent waterfront redevelopment projects that have greatly enlivened the boroughs and expanded public access...

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Neighborhoods: Columbia Street Waterfront District/ Agents: Stephen Palmese

A 50’ wide, 4-story elevator warehouse building and a 25’ wide, one story garage building that is contiguous at the rear. 609-11 West 46th Street has garage space on the ground floor; the second floor is partially built out as office space with the balance used as warehouse space; the third and fourth floors are also warehouse space. Views from the roof include Midtown to the East and the Hudson River and the Intrepid, as well as the proposed future home of the Space Shuttle, to the West. 610 West 47th Street is a one story garage building and connects to the ground floor of 609-11 West 46th Street, thereby affording vehicular access to both 46th and 47th Streets.

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Neighborhoods: Midtown West

The subject property is an approximately 410,036 square foot mixed use loft located on the southwest corner of Gerard Avenue and 144th Street in the Mott Haven section of the Bronx. The 12-story, former manufacturing building sits between two major Bronx arteries, the Major Deegan Expressway and Grand Concourse, and has large floor plates suitable for conversion to office or continued light industrial and warehouse use. With capital investments to improve the building’s systems, an investor could lease the space to new businesses looking for low-cost options within the city’s limits or offer storage space for New York’s largest firms and businesses. Given the property’s remarkable accessibility via car and the Express No. 4 and 5 Subway just blocks away, the building is also a fantastic user opportunity.

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Neighborhoods: Mott Haven

A townhouse at 133 East 36th Street, located between Park and Lexington Avenues in the heart of Manhattan’s Murray Hill neighborhood, was sold in an all cash transaction valued at $3,000,000.

 The five-story property is approximately 5,100 square feet and sits on a 20’x 74.58’ lot.  The property is a six unit building that had been undergoing a single family. The buyer plans on restoring the building to a six unit property with high-end finishes.

 “Both the buyer and seller are happy about this transaction. The seller was in a time constraint and the buyer was able to satisfy a 1031 exchange requirement,” said Massey Knakal Director of Sales Michael A. Azarian who exclusively handled this transaction along with Vice Chairman and Partner John F. Ciraulo.

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Neighborhoods: Murray Hill/ Agents: John Ciraulo

I am amazed to see that the most expensive Clinton townhouse conversion sold for only $4,350,000. This double wide house, in need of renovation, at 453-55 West 56 th Street sold for $588/SF. Meanwhile, on a price per square foot basis, the neighborhood record of recent is held by a renovated 20’ wide single family at 442 West 44 th Street. It sold back in August of last year for $992/SF.

There are plenty of other examples of low price points in the area. Such bargains include 431 West 44 th Street, which sold late last year for only $1,900,000 or $528/SF. Other 20’ wides include 445 West 45 th Street and 457 West 47 th Street which respectively sold for $2,500,000 and $2,670,000. Unfinished townhouses in the area have sold for an low average of $591/SF.

According to Massey Knakal’s 3Q11 Property Sales Report, the average price for a Manhattan 1-4 family was almost triple this average at $1,549/SF. Boosting this average are several finished Greenwich Village townhouses which have sold at over $3,000/SF.

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