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A blog for breaking sales and neighborhood real estate news.

Featured Listing: 65 Avenue D, New York, NY

2/28/2011 3:25:29 PM/ Massey Knakal/ Listings

A 19' wide, 4 story, mixed-use building. The building is approximately 3,136 square feet and has approximately 7,364 BSF of air rights remaining. Currently the ground floor and lower level are used as church facility space; the 3rd and 4th floors are floor through apartments which are renovated. The fourth floor is currently rented for $2,626/month until June 2012, but the entire building could potentially be delivered vacant.

Click here for listing details.

Neighborhoods: Alphabet City

A walk-up apartment building at 520 West 175th Street, located between Audubon and Amsterdam Avenues in Washington Heights, was sold in an all cash transaction valued at $1,325,000.

The five-story property is approximately 13,100 square feet and sits on a 37.5’ x 99.67’ lot.  Of the 16 units, four are rent controlled, six are rent stabilized, and six are free market. There are three two-bedroom units, five three-bedroom units and eight four-bedroom units. The property is located within walking distance of the A train and Columbia Medical Center.  The sale price equates to $101 per square foot.

“This sale is representative of the continued demand for rent regulated, multifamily assets in northern Manhattan,” said Massey Knakal First Vice President of Sales Robert Shapiro who exclusively handled this transaction.

Click here for press release

Neighborhoods: Washington Heights/ Agents: Robert Shapiro

A medical condominium at 915-919 Second Avenue, located on the southeast corner of East 49th Street and Second Avenue in Manhattan’s Midtown East neighborhood, was sold in an all cash transaction valued at $3,850,000.

The tenant, Medrite Care, had a 15-year lease with a five-year option. They were located on the ground and cellar floors of The Alexander Condominium, which is a new 24-story luxury residential condominium building comprised of 88 apartments. The retail condo benefits from about 20’ of frontage on Second Avenue and 2,433 square feet at grade plus a 1,000 square foot lower level. The sale price equates to approximately $1,582 per square foot or a 7.1% cap. The property was sold to a South American investor in an all equity transaction.

“This sale demonstrated a continued interest from foreign buyers looking for core assets in New York City,” said Massey Knakal Partner James P. Nelson who exclusively handled this transaction with First Vice President of Sales Clint Olsen.

Click here for press release

Neighborhoods: Midtown East

Massey Knakal Realty Services commends the outstanding accomplishments of six employees promoted within the firm: Michael Azarian, Elysa Berlin, Josh Davis, Dan Doherty, Megan Flannigan, Mindy Lin.

Michael Azarian joined the Manhattan office in March 2007 as an Associate to Vice Chairman and Partner John Ciraulo, exclusively covering the Murray Hill, Flatiron and Gramercy Park sections of Manhattan. In 2009, he was promoted to Senior Associate, in 2010, to Associate Director of Sales and in 2011 to Senior Director of Sales. Michael has handled over 66 transactions with an aggregate sales value of approximately $600 million.

Elysa Berlin joined the Manhattan office in 2007 as Associate to Chairman and Founding Partner Robert A. Knakal. This year, Elysa was promoted to Associate Director of Sales. In her career, Elysa has participated in the disposition of 188 buildings with an aggregate sales value of over $1.07 billion. Notably, Elysa originated one of the top five land sales in Manhattan for 2010, selling for $18.7 million. She was also featured in New York Real Estate Journal in their Women in Real Estate spotlight

Josh Davis joined the Manhattan office in July 2007 as Director of Information Technology. Focusing on implementing technology solutions, Mr. Davis improved the performance and profitability of the firm. In 2011, he was promoted to Vice President of Information Technology.

Dan Doherty
joined the Manhattan office in September 2008 as an Associate to First Vice President of Sales Clint Olsen, exclusively covering Midtown East. Dan has handled over 13 transactions with an aggregate value of over $125 Million. He has been promoted to Senior Associate.

Megan Flannigan joined the Brooklyn office in December 2009 as Associate Senior Vice President of Sales Kenneth Freeman exclusively covering the Gowanus, Park Slope, Carroll Gardens, Cobble Hill, Columbia Street Waterfront District and Red Hook sections of the borough. She has been promoted to Senior Associate.

Mindy Lin joined the firm in 2001. She has been promoted from Senior Accountant to Assistant Controller.

Click here for press release

Rare opportunity to purchase this 30,000 SF residentially zoned warehouse in prime Prospect Heights. Ideal for condo (proven sellouts in the immediate area of $500-$600 PSF) or rental conversion with access to both Prospect Place and St. Marks Avenue. Five blocks to the city bound 2,3,4 subway line at Eastern Parkway. Owner will consider joint venture or sale leaseback for qualified buyers.

Click here for listing details.

Neighborhoods: Prospect Heights

Massey Knakal Honors Firm's Top Producers

2/23/2011 12:54:27 PM/ Massey Knakal/ News

Massey Knakal Realty Services recently honored the top producers of the firm at their annual award ceremony.  John F. Ciraulo, Thomas A. Donovan and Jeffrey A. Shalom were among those named Top Producers in 2010.

Top Salesperson of the Year in Massey Knakal’s Queens office and third place company wide was awarded to Managing Director and Partner Thomas A. Donovan.   Mr. Donovan joined Massey Knakal in 1998 to head up the firm's first full-service outer borough office. The office, which opened in February 1999, has gone from a two-person startup to a flourishing establishment more than 10 times its original size. In 2005, Mr. Donovan was named to the prestigious Crain's New York Business' 40 Under 40 list for his outstanding achievement in the New York City business community. CoStar also named Mr. Donovan a Top Sales Broker for Queens/Long Island in 2009.

Vice Chairman and Partner John F. Ciraulo was awarded the second place company wide Salesperson of the Year Award. Mr. Ciraulo joined Massey Knakal in 1993 to expand the company’s territory system. Since then, he has built a strong presence in the Midtown South marketplace in neighborhoods including Murray Hill, Gramercy Park, and the Flatiron District. He has evaluated more than 1,550 buildings and closed in excess of 332 buildings with an aggregate value of more than $1.09 billion. In 1998, he was named Partner and in 2006 Vice Chairman of Massey Knakal.

Top Salesperson of the Year in Massey Knakal’s Brooklyn office was awarded to First Vice President of Sales Jeffrey A. Shalom.  Mr. Shalom joined the Brooklyn office in September 2005. Originally, he was the Director of Sales for part of Bensonhurst and Gravesend. In 2008 and 2009, his territory was enlarged to include all of Bensonhurst, Dyker Heights, Bath Beach, and Boro Park. In May 2007, he was named one of Commercial Real Estate’s Rising Stars by Real Estate Weekly. In 2010, Mr. Shalom handled eight transactions for an aggregate value of over $36,000,000.

Click here for press release

Agents: Jeffrey Shalom, John Ciraulo

A 43.67' wide, approximately 18,680 square foot, 5 story plus penthouse 16 unit mixed-use building with an elevator. Located on the south side of East 34th Street between Park and Madison Avenues, the building is comprised of 2 retail stores, a floor through commercial unit on the 2nd floor and 13 apartments above (4 rent stabilized and 9 free market). Originally just 62 East 34th Street, 64 was added in 1879 in the Queen Anne style by the renowned architects McKim, Mead & Bigelow and was called a 'triumph' in 1882 by Harper's New Monthly Magazine. The buildings were later combined for commercial space on the lower floors but still maintain much of the original detail, especially in the upper floor apartments. The property’s zoning designation is split between C5-3 & C5-2, yielding approximately 34,315 sq.ft. of air-rights representing a unique opportunity for any future residential, commercial or hotel development.

Click here for listing details.

Neighborhoods: Murray Hill/ Agents: John Ciraulo

Having completed 39 sales worth over $223 million, James P. Nelson has earned Massey Knakal’s prestigious 2010 Gerald W. Bridges Award for company-wide Salesperson of the Year and the Ofer Yardeni Award for Manhattan Salesperson of the Year.

James began his real estate career at Massey Knakal assisting Founding Partner Robert A. Knakal with property sales throughout New York City. Since 1998, he has been involved in the sale of more than 200 properties and loans with an aggregate value of over $1.3 billion. In early 2004, James was named the youngest partner in the company's history. With the exception of the founding partners, he has been the company's top salesperson four out of the last five years. He holds a brokerage license in New York, Connecticut, and Massachusetts; and a salesperson license in Pennsylvania.

“James is the perfect partner and has made a monumental contribution to the tremendous rebound our firm achieved in 2010.  James inspires all of us at Massey Knakal with his unique balance of professional achievement and dedication to his young family. For me personally, James provides a valuable sounding board for growth initiatives being considered by our Senior Management,” says CEO Paul J. Massey Jr.

James has a dedicated team of three associates who help support his business. They include David Fowler, Caroline Hannigan and Mitchell Levine.

His noteworthy sales have included: 102-08 West 57th Street to Hilton Land Vacations for $63,000,000; 625 Broadway for $60,900,000; The Portman Portfolio for $55,000,000; the 99 year land lease of 10-12 Bond Street valued at over $60,000,000; the Bleecker Street Retail Portfolio for $34,000,000, which at $6,700 per above grade square foot equated to third highest price ever paid for retail in the US; and the former VillageCare Nursing Home for $32,500,000.

His client list includes The Archdiocese of New York, Bank of America, Beck Street Capital, The Lefrak Organization, Related Companies, Time Equities, US Bank, Village Care of New York, Wells Fargo, The Witkoff Group, Zeckendorf Development, as well as many private individuals.

James’ involvement in the real estate community is diverse. He teaches at New York University as an adjunct professor for its continuing education program. He is also a source for publications including The New York Times, New York Post, New York Magazine, The Wall Street Journal and Real Estate Weekly. He is a member, panelist and instructor for the Real Estate Board of New York, and was appointed to its Retail Stores Committee. He is also a member of the Mortgage Bankers Association of New York, National Realty Club, and Young Real Estate Professionals.

James is also involved in the not-for-profit world. As a board member of The Catalog for Giving, which benefits 10 local charities devoted to at risk youths, he helps spearhead development. Mr. Nelson recently rang the bell for the NASDAQ closing on behalf of the Catalog for Giving and their member organizations. James has also been honored by the Varardi Ovarian Initiative for Cancer Education (VOICE) as their corporate honoree.

Click here for press release

Agents: Paul Massey Jr.

Massey Knakal has exclusively been retained to arrange for the sale of 23 (out of 40) unsold condo units in 2316, 2320, & 2324 Beaumont Avenue. These 23 units are located within a 40 unit, four (4) story, walkup building constructed in 2007. The package consists of twenty-two (22) two bedroom/two bathrooms and one (1) one bedroom/one bathroom. All units are occupied and rented to Section-8 program tenants. The average monthly rent is $1,426 and the average rent psf is $19.57. Potential Gross Revenue is $393,438; 421-a tax abatements are in place; NOI is estimated at $250,182. Located in the Belmont neighborhood of the North Bronx, the property lies just south of the East 187th Street commercial corridor, and a few blocks east of the famous Arthur Avenue.

Click here for listing details.

Neighborhoods: Belmont/ Agents: Karl Brumback

A development site at 1252 East 19th Street, located between Avenue L and Avenue M in Brooklyn’s Midwood neighborhood, was sold in an all cash transaction valued at $593,500.  

The development site is approximately 15,000 buildable square feet.  The sale price equates to approximately $40 per buildable square foot.

“We sold this property on behalf of a lender who acquired the property through foreclosure. The buyer is an experienced neighborhood developer,” said Massey Knakal First Vice President of Sales Eric Greenfield who exclusively handled this transaction with First Vice President of Sales Jeffrey A. Shalom.

Click here fore press release

Neighborhoods: Midwood/ Agents: Jeffrey Shalom

Originally built in 1852, this Italianate style 4 story townhouse, currently contains 2 duplex units. Located on one of the most desirable blocks in Manhattan, this townhouse benefits from a garden, original detail, high ceilings, and tremendous light. This property could be delivered vacant, making it ideal for a live plus investment or single family conversion opportunity.

Click here for listing details.

Neighborhoods: Greenwich Village

Massey Knakal Realty Services announces the hiring of Garrett Thelander as a Managing Director to spearhead their entrance into Capital Services.

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).  

MKCS will provide unparalleled market knowledge that will allow it to develop the most creative financing strategies to meet client needs by matching project goals with the most favorable and efficient capital structures available in a timely manner.
The goal will follow a marketing strategy which focuses on being the preeminent channel between users and providers of capital services for assets that are primarily located in the New York metropolitan area.

According to CEO Paul J. Massey Jr., “Under Garrett Thelander’s leadership, MKCS will provide the exceptional level of service that Massey Knakal clients have come to expect while we expand our service delivery platform while deepening our relationships and developing a reputation as a leading intermediary for capital.”

Garrett Thelander comes to Massey Knakal from Anglo Irish Bank where he was Executive Vice President. During his tenure, he was part of the executive team responsible for hiring and strategic planning for what started as a two-person office into a 35-person team.

Prior to Anglo Irish Bank, Mr. Thelander was the Director of the Mortgage Finance Group for Kimco Realty Corporation where he was responsible for the arrangement, structuring and closing of all mortgage debt for this real estate investment trust, the largest owner of neighborhood and community shopping centers in the country.

Additionally, Mr. Thelander held senior level positions at Euro Hypo Bank, Deutsche Bank and UFJ Bank.  He has direct experience with borrowers, mezz lenders, A-Note holders, and special servicers of loans in all asset classes with major developers in all regions of the country including Thor Equities, The Carlyle Group, AREA Property Partners and Forest City Enterprises, etc

He also has significant experience in the public sector having held the position of Senior Project Manager for NYC Financial Services Corporation and having received his MS in Public Administration from the John F. Kennedy School of Government at Harvard University    

“The demand for this type of service is expected to increase as transactions become more complex and ever changing.  In today’s marketplace, users of capital are faced with a growing number of available financing structures and capital sources,” added Massey.

As a recognized leader in the marketplace, Massey Knakal has developed unmatched knowledge, both market and participant related.  This knowledge base will provide a significant competitive advantage as potential clients already look to Massey Knakal as the most prominent transaction intermediary in the industry.

Thelander states, “Massey Knakal’s 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. Massey Knakal’s unique Territory System™ will help us garner a sizeable market share.”

“By continuing to provide ancillary financial service to building owners, Massey Knakal will strengthen its existing core business,” said Massey.  

Click here for press release

Agents: Paul Massey Jr.

A retail property at 33 Main Street, located at the intersection of Main Street and Columbus Avenue in the Village of Tuckahoe, New York, was sold in an all cash transaction valued at $3,050,000.  

The single-story, 10,500 square foot property is fully leased with two retail tenants on the ground floor and one tenant on the lower level of the building. Current tenants include the United States Post Office and a gourmet deli and local retailer. The property, which is in excellent condition, benefits from being located on a highly visible corner and directly across the street from the Metro-North Train Station. The transaction occurred at a capitalization rate of 5.7% and sold for $290 per square foot

The property was owned by a local family partnership for 29 years and was sold to MAGJ Realty LLC who was represented by Mark Fonte of Tri-Font Realty.

“There was a lot of interest in the property and multiple offers were received from investors as well as developers,” said Massey Knakal First Vice President of Sales John Barrett who exclusively represented the seller. “The price is a reflection of today’s marketplace. The fact is there is exceptionally strong demand for well located, income producing properties.  Retail or multifamily properties located along any of the three Metro-North rail lines will benefit and perform better than the market as a whole.  Over the last three years I have sold properties at or near the Hartsdale, Fleetwood and now Tuckahoe train stations, all of which have received superior interest in the marketplace,” added Barrett.

Click here for press release

Neighborhoods: Westchester County

A (5) story all brick pre-war Tudor style apartment building built in 1923 with (2) passenger elevators. The building has recently been substantially renovated with new kitchens and bathrooms. All systems have also undergone major upgrades and renovations. There are (39) residential units of which (34) are free market, (4) are rent stabilized and (1) is rent controlled.

Click here for listing details.

Neighborhoods: Westchester County

A mixed-use building at 221 First Avenue, located between East 13th and East 14th Streets in Manhattan’s East Village, was sold in an all cash transaction valued at $4,400,000.

The four-story property is approximately 3,954 square feet and sits on a 22’ x 56’ lot. There are three fully renovated three-bedroom apartments that are free market. The 1,050 square foot retail unit on the ground floor is currently leased to Señor Pollo, a Latin American chicken and sandwich bistro. The 3 floor-through apartments which rent on average for $4,900 per month benefit from fireplaces, exposed brick, and either a private roof deck or large terrace. The property also benefits from its close proximity to transportation, shopping, dinning and parks.  The sale price equates to $1,112.80 per square foot, a 6.40% capitalization rate and 13.35 Gross Rent Multiple.

“This sale represents the highest price per square foot ever paid for a mixed-use investment property in the East Village,” said Massey Knakal Vice Chairman John F. Ciraulo who exclusively represented the seller with Director of Sales Craig M. Waggner.

Click here for press release

Neighborhoods: East Village/ Agents: John Ciraulo

Partner James Nelson has released a video detailing NYC's 2010 Year-End property sales market statistics.  He also discusses some trends using recent sales as examples.  To view, click here.

An elevatored, seven-story, assisted living facility at 607-09 Hudson Street, located in the heart of Manhattan’s Greenwich Village, was sold in an all cash transaction valued at $33,250,000.

Built in 1905 in the Neo-Federal style, the property is situated on Abingdon Square in a historic preservation district and has frontage on both Hudson and Greenwich Streets, as well as the entire block front on West 12th Street.

Serving as a hotel earlier in its life, the property was converted to nursing home use in 1958, and was renovated in 1981 with the addition of a penthouse among other improvements. The ceiling heights range from 9’ to 15’6” with tremendous light, air, and views. The property contains a total of approximately 56,800 square feet including the finished basement with 11’ high ceilings on an irregular footprint that measures approximately 59’ 4” x 147’ 5”.

The contract of sale was originally signed in 2007 and allowed the seller, VillageCare, a long-term flexible close. This time allowed the not-for-profit organization to build the new VillageCare Rehabilitation and Nursing Center at 510 W. Houston St., which opened this past December, as part of its reconfiguration of long-term-care services.  VillageCare has expanded and developed new home and community-based services, such as home care and assisted living, rather than relying on institutional settings to provide care.  Since 1977, VillageCare had operated the Village Nursing Home at the Hudson Street location.

“This sale demonstrates the strong demand for conversion opportunities in prime locations such as Greenwich Village. The record pricing at $5,000+/ SF achieved at the nearby Superior Ink condominium will bode well for the buyer,” said Massey Knakal Partner James Nelson, who spearheaded the marketing.

FLAnk, an architecture, development, and brokerage firm, was the buyer. Their plans are for 10 condos ranging from 3,300 to 9,000 square feet. They will hope to parlay their recent successes in the area, including The Novare at 133-35 West 4th Street and 385 West 12th Street.

“That fact that this transaction stood the test of time and closed close to four years after contract signing shows the strength of the NYC real estate market,” added CEO Paul J. Massey, Jr. who assisted on the sale. 

Click here for press release

Neighborhoods: Greenwich Village/ Agents: Paul Massey Jr.

Featured Listing: Liberty Towers, Staten Island, NY

2/8/2011 3:11:12 PM/ Massey Knakal/

Massey Knakal Realty Services is pleased to offer the sale of a senior notes for development site known as Liberty Towers, in Staten Island. The loan is non-performing, as a maturity default has occurred. The offering is being sold on an all-cash, as-is basis.

Click here for listing details.

Neighborhoods: Staten Island

A multifamily building at 566 Morgan Avenue, located on the east side of Morgan Avenue between Driggs and Nassau Avenue in Brooklyn’s Greenpoint neighborhood, was sold in an all cash transaction valued at $900,000.

The four-story building is approximately 5,700 square feet and sits on a 25’ x 85’ lot.  Five of the eight units were delivered vacant. The building features a new boiler and hot water heater. The sale price equates to $158 per square foot.

“566 Morgan Avenue is a nice masonry building with lots of upside. While the building was in need of quite a few repairs, the buyer owns many additional properties in the area and will be able to efficiently manage the renovated building,” said Massey Knakal First Vice President of Sales Mark Lively who exclusively handled this transaction with Director of Sales Brendan Maddigan.

Click here for press release

Neighborhoods: Greenpoint/ Agents: Mark Lively

Retail Condo or Entire Building for Sale.

Located on the west side of Broadway between Bleecker and Bond Street, this mixed-use, elevatored building has a retail tenant on the ground floor, which is currently occupied by Shoe Mania with a long term lease expiring in 2028. There is one JLWQ unit above which is vacant and six rent stabilized units. The average in-place residential rents are $1,079/month, which are a fraction of market. As per the lease, if Shoe Mania does not exercise its right to purchase the retail condominium the rent shall immediately reset to $770,000/year for year one with 3% increases starting in year 2 for the remainder of the lease.

Click here for listing details.

Neighborhoods: NoHo/ Agents: Michael DeCheser

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