News

A commercial mixed-use building with a penthouse duplex residence at 111 West 17th Street was sold in an all-cash transaction valued at $7,250,000. The building is located between Sixth and Seventh Avenues on the border of the Chelsea and Flatiron neighborhoods.  The sale prices equates to approximately $793 per square foot and a 5.09% capitalization rate.

The six-story, walk-up building is approximately 9,140 square feet and sits on a 20’ x 92’ lot.  There are approximately 1,918 square feet of unused air rights.  The building lies within a C6-2A zoning district (R8A residential equivalent) with an FAR of 6.02.  Built in 2001, the property consists of a turn-key restaurant on the ground floor with a lease through January 2016, three floor-through loft-type commercial units on the second, third, and fourth floors, and a two-bedroom, two and a half bath residential duplex on floors five and six. There is a beautiful 20’ wooden deck off the kitchen on the fifth floor rear along with access to a rooftop deck above the sixth floor. With floor-to-ceiling windows throughout and generous ceiling heights the building has tremendous light.


“With flight-to-quality hard assets and a sharp supply / demand imbalance this sale further exemplifies the strength of the Manhattan investment sales market where investors have a strong appetite for even stabilized assets at low 5% cap rates given the historically low interest rate environment we’re in,” said Massey Knakal Vice Chairman John F. Ciraulo, who exclusively handled this transaction with Director of Sales Craig M. Waggner and First Vice President of Sales Brock Emmetsberger.

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Neighborhoods: Chelsea, Flatiron/ Agents: Craig Waggner, John Ciraulo

A development site at 155 Berry Street, located between North 5th and North 6th Streets in Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $1,155,000.

The development site is approximately 20’ x 100’ and contains approximately 4,000 buildable square feet. The sale price equates to approximately $289 per buildable square foot.

Located in the heart of Williamsburg, this property is just three blocks away from the Bedford Avenue L train station, which provides quick access to Manhattan and throughout Brooklyn.  Less than four blocks away is the East River Ferry Terminal which provides easy access to Manhattan while taking in the views of the city from the water.  

“The price per buildable square foot for this sale is well above the prior height of the market and into new record territory, which just further demonstrates the strength of the Williamsburg real estate market,” said Massey Knakal Vice President of Sales Mark L. Lively, who exclusively handled this transaction with Director of Sales Brendan Maddigan.

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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan, Mark Lively

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail lease for 112 Montague Street, located between Henry and Hicks Street in Brooklyn Heights.
 
The two-story space contains approximately 2,500 square feet on the ground floor and 2,000 square feet on the second floor.  The ceilings are approximately 12 feet high.  This space offers 25 feet of frontage on the much sought after corridor of Montague Street.  All uses will be considered.

Located in an upscale and prominent neighborhood and offering historic architecture, Montague Street provides for a short walk to the famous waterfront Promenade, where stunning panoramic views of the lower Manhattan skyline welcome Brooklyn residents and tourists alike.  Montague Street is filled with a rich mix of national and local retailers, providing great food, shopping, and community connections.

“The attraction of national retailers moving into Downtown Brooklyn from Sephora to Armani Exchange to H&M is testimony that the economic and retail renaissance of the neighborhood has dramatically increased to bring about a higher quality of products and services for all to enjoy,” said First Vice President of Retail Leasing Gregory Bartlett. “With new condo developments adding thousands of residential units in the area, the opening of Barclays Center, and the already 100,000+ shoppers visiting the Fulton Street Mall, national retailers are capitalizing on the boom that is occurring in the retail market for Downtown Brooklyn,” added Bartlett.

For more information, contact Gregory Bartlett at 718.238.8999.

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Neighborhoods: Brooklyn Heights

Massey Knakal Realty Services has closed on a commercial loft building at 385 Gerard Avenue located on the southwest corner of Gerard Avenue and 144th Street in the Mott Haven section of the Bronx. The building was sold for $28.5 million.

The twelve-story building is approximately 410,000 square feet and sits on a 45,437 square foot lot. The former manufacturing building’s large floor plates made it suitable for conversion to office or continued light industrial and warehouse use. Conveniently located between two major Bronx arteries, the Major Deegan and Grand Concourse, along with remarkable accessibility via car and the express 4 and 5 trains, the building presented purchasers with a rare opportunity to find over 400,000 square feet of space in large, open floor plates in New York City.

“We were not surprised that there were several users who were lining up to purchase this outstanding asset,” stated Massey Knakal Chairman, Bob Knakal, who exclusively represented the seller in this transaction with First Vice President of Sales David Simone. The purchaser, a storage facility operator, was represented by Newmark Grubb Knight Frank.

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Neighborhoods: Mott Haven

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail building and a vacant lot in Long Island City. The retail building is located at 31-28 Queens Boulevard and the vacant lot is located perpendicular to the retail building at 31-35 Thompson Street.

The two-story, plus lower level, retail building is approximately 23,400 square feet and boasts 72 feet of frontage on Queens Boulevard.  The vacant lot is 20’ x 100’ and runs perpendicular to the retail building.  The space is currently occupied by a furniture store.  The lower level, accessible through the 31-35 Thompson Avenue site, allows for vehicle storage which the owner currently uses for customers.  

The property is located across from LaGuardia Community College and LaGuardia Performing Arts Center.  The 7 train is just three blocks away, providing quick access into Manhattan.  It is accessible by Queens Boulevard and Thompson Avenue, providing dual street exposure.  The property could be delivered vacant, and is suitable for a user or commercial developer. Ownership requests proposals on this sale.

For more information on this listing, contact Director of Sales Evan Daniel or Director of Sales Mitchell Levine at 718.275.3400 or 212.696.2500, respectively.  

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Neighborhoods: Long Island City

Massey Knakal Realty Services is pleased to announce the release of their exclusive Third Quarter 2012 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).

“New York City’s property sales market continues to follow a generally positive trend since 2009. Different metrics are performing differently, however. Dollar volume is on pace for about $29 billion this year which would be up only about 6 percent from 2011 levels. The quarterly dollar volume of sales had moderated since the middle of 2011 when volume was running at about $8 billion per quarter. We haven’t exceeded $7.3 billion since. This trend follows the broader economy,” stated Bob Knakal, Massey Knakal Chairman.

“The number of properties sold is on pace for a 40% increase over 2011 levels as we have already seen 2,336 properties trade hands, more than the 2,222 sold in all of last year. In fact, in 3Q12, there were 948 properties sold which is the highest quarterly total seen since 1Q08 and is approaching the 1,000 property threshold seen in 11 out of 12 quarters in the 2005-2007 peak period,” added Knakal.

During the first 3 quarters of 2012 (1Q-3Q12), there were $21.7B in NYC sales, a 7% increase from 1-3Q11. Thus far, there have been 2,336 properties sold, an increase of45% from the same period last year. The 2,336 sales represent an annualized turnover of 1.89%. In 3Q12, there was $7.3B citywide, up 2% from 2Q12, but down 8% from 3Q11.

The investment sales market continues see marked improvement in fundamentals across property classes, with the number of submarkets already surpassing 2011’s annual totals. Once again, office properties dominate dollar volume, accounting for 34% of citywide volume. Walk-Ups lead the way with 25% of property sales volume. Within the different markets Massey Knakal tracks, Northern Manhattan has seen a resurgence already surpassing 2011’s total dollar and property sales volume. Brooklyn is on pace to double 2011’s dollar volume.

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Massey Knakal Realty Services has sold 100 Vandam Street, a loft building in the heart of Hudson Square, in an all-cash transaction valued at $27,500,000.  The property is located between Greenwich and Hudson Streets in one of the fastest growing neighborhoods in New York City and just steps from TriBeCa, SoHo, and the West Village.

Beck Street Capital was the seller. “Beck Street has a long standing relationship with James and Robert at Massey Knakal. Over the years, his team has sold for us over a half dozen properties worth well in excess of $125,000,000. These sales have ranged from the Bleecker Street retail condos, which achieved the third highest price per square foot ever in the US at the time; a loft building on Broadway, which was sold for almost double what we had paid a year before; and most recently 100 Vandam, a loft building, with future development potential. They are very versatile and creative brokers who can handle a variety of different asset classes and price points. I would gladly recommend them to any NYC sellers,” said Kevin Comer, Senior Managing Director.

Built in 1913 as an electrical sub-station, the building was converted for use by a printing press before undergoing a major interior renovation in 1990. The sleek, stainless steel entrance doors lead to a newly constructed, contemporary grand lobby. The interior architecture features ornate barrel vaulted ceilings, with exposed beams and columns throughout. Unusually high ceiling heights ranging from 10’9” to 14’6” and the building’s distinctive, towering arched windows provide for an abundance of air and light on three sides of the building. Sweeping views of the Hudson River and the downtown skyline can be seen from the upper floors and roof deck.

The existing corner, elevatored building measures approximately 40,435 square feet. The property hosts a variety of commercial or development opportunities. There also exists an opportunity to create an expansive restaurant or private club space on the lower level with its own entrance.

A ULURP for Hudson Square was certified on August 17, 2012, which could allow for future residential development, giving this additional potential upside. 

“We were pleased to identify a buyer who was able to close in a week. We had several other competing offers at this level, but the buyer’s ability to move quickly was what clinched it,” said Massey Knakal Partner James Nelson, who exclusively represented the seller with Senior Vice President of Sales Robert Burton. “Carl Weisbrod and Trinity Church worked closely with the community over the last several years and their remarkable progress on the Hudson Square Rezoning has opened a whole new field of possibilities for property owners in the area. Their work will greatly benefit 100 Vandam,” added Robert Burton.

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Neighborhoods: Hudson Square

Massey Knakal Realty Services has been retained on an exclusive basis to sell an elevator office building with parking at 214-25 42nd Avenue. The property is located between Bell Boulevard and 214th Place in Bayside, Queens. The asking price is $8,900,000.

The five-story building is approximately 42,000 square feet and sits on an 80’ x 115’ lot.  It was newly constructed in 2010 and includes a 17-year tax abatement until 2027.  

The building contains three floors of offices and two floors of parking.  The first floor and lower level consists of mainly parking, which includes 65 legal parking spots equivalent to 18,000 square feet.  There is an impressive lobby on the first floor as well, measuring approximately 1,000 square feet.  The second and third floors each consist of 8,000 square feet with turn-key, high-end office space.  The fourth floor consists of 7,000 square feet of office space.   Each floor has separate utilities, bathrooms and entry foyers.

Currently, 50% of the building is rented to quality national, regional, and professional tenants.  Also, there will be 50% of the office space delivered vacant along with 40+ parking spaces available, allowing for a great opportunity for a user or an investor.  This property is ideal for medical or professional use or a school.

The property is located in the heart Bayside, just east of Bell Boulevard and steps from Northern Boulevard.  It is centrally located near public transportation, including the LIRR Bayside train station and several bus lines. There is also quick access to the Long Island Expressway, Grand Central Parkway, the Van Wyck, and the Cross Island Expressway.

For more information on this listing, contact Massey Knakal First Vice President of Sales Stephen R. Preuss at 718.275.3400.

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Neighborhoods: Bayside/ Agents: Stephen Preuss

A multifamily apartment building at 40 Cumberland Street, located between Flushing and Park Avenues in Brooklyn’s Fort Greene neighborhood, was sold in an all-cash transaction valued at $2,200,000.

The four-story, walk-up building is approximately 8,268 square feet and sits on a 25’ x 100’ lot.  The building comprises 12 units.  Nine of the units contain two-bedroom units and two units contain one-bedroom units. There is one three-bedroom unit on the ground floor which has rear yard access. Over the past 12 months, 10 of the 12 units have been fully renovated.  The sale price equates to approximately $266 per square foot.

The building is located one block north of the active retail strip on Myrtle Avenue and two blocks north of Fort Greene Park.  Long Island University, Pratt Institute, and Brooklyn Hospital are also located in the neighborhood.

“The newly renovated walk-up was purchased by an investor with a 1031 exchange.  It’s a great property in a growing neighborhood,” said Massey Knakal Director of Sales Stephen Palmese, who exclusively handled this transaction with Director of Sales Mike Amirkhanian.

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Neighborhoods: Fort Greene/ Agents: Stephen Palmese

Massey Knakal Realty Services has been retained on an exclusive basis to sell an elevator apartment building at 27-37 27th Street. The property is located between 30th and Newtown Avenues in the Astoria section of Queens. The asking price is $11,500,000.

The four-story building is approximately 30,572 square feet and sits on a 143.33’ x 116.42’ lot.  It contains 40 residential units, 18 parking spaces, a laundry room, and it is conveniently located a few blocks from the Q Train.  The property has the possibility to add a full floor above, and the potential for medical space to be added to the lower level.  

For more information on this listing, contact Massey Knakal Partner James Nelson at 212.696.2500 or Director of Sales Evan Daniel at 718.275.3400.

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Neighborhoods: Astoria

Massey Knakal Retail Leasing Services has secured two retail leases totaling 50 feet of frontage at 985 and 987 Flushing Avenue, between Central Avenue and Bogart Street, in Brooklyn’s Bushwick neighborhood.
 
The two ground floor spaces total approximately 2,500 square feet with full basements.  Neighboring retailers include bars, restaurants, and cafes. Additionally, a five-story hotel is being developed around the corner.  The building is ideally located just steps from the Morgan Avenue L train stop.  985 Flushing Avenue will be occupied by a bar, while 987 Flushing Avenue will be occupied by a book store

“Our aggressive marketing activity led to several well-qualified offers,” said Massey Knakal Director of Retail Leasing Andrew Clemens, who exclusively handled this transaction with Director of Sales Stephen R. Preuss. “Bushwick retail properties are seeing a lot of activity from bar and restaurant operators looking to get into this dynamic neighborhood. This section of the Flushing Avenue corridor has seen a significant up-tick in retail activity over the past six months with creative establishments centered around the Morgan Avenue and Jefferson Avenue subway stops,” added Clemens.

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Neighborhoods: Bushwick/ Agents: Stephen Preuss

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use elevator building at 410-412 Central Avenue. The property is located between Thorne and South Streets in Jersey City. The asking price is $2,750,000.

The three-story building is approximately 12,000 square feet with ceilings between 10 and 12 feet high. There are two retail units on the ground floor totaling approximately 6,000 square feet.  The second and third floors consist of eight residential units, six of which are one-bedroom units, and two are two-bedroom units.  All units have condominium finishes and are in move-in condition.

For more information on this listing, contact Massey Knakal Director of Sales Kobi Leifer at 201.426.2200.

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Neighborhoods: Hudson County

A mixed-use building at 411 Myrtle Avenue, located between Vanderbilt and Clinton Avenues in Brooklyn’s Clinton Hill, was sold in an all-cash transaction valued at $1,450,000.

The four-story building is approximately 4,620 square feet and sits on a 20’ x 82’ lot, with approximately 1,038 square feet of air rights.  There are three residential units and one retail unit.  The sale price equates to approximately $308 per square foot.

“This is the 10th property Massey Knakal has sold along Myrtle Avenue since 2010 and it is because residential and commercial rents have increased by 25% - 30%, respectively, in the past 30 months,” said Massey Knakal Director of Sales Stephen Palmese, who exclusively handled this transaction with First Vice President of Sales Guthrie Garvin.

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Neighborhoods: Clinton Hill/ Agents: Stephen Palmese

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 239 Bleecker Street. The property is located between Carmine and Cornelia Streets in the Greenwich Village Historic District. The asking price is $7,950,000.

The roughly 7,000 square foot building is located on one of the most highly trafficked retail strips in Greenwich Village with neighboring tenants including Murray’s Cheese, American Apparel, Marc Jacobs, and Burberry, giving tremendous upside to the ground floor space. The upper three units are all free market and have leases that expire shortly. The building also benefits from additional air rights.

For more information on this listing, contact Massey Knakal Partner James Nelson at 212.696.2500.

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Neighborhoods: Greenwich Village

Massey Knakal Retail Leasing Services has secured a lease for the retail space at 1318 Madison Avenue.  The building is located between 92nd and 93rd Streets on Manhattan’s Upper East Side.

The retail space, which is located on the ground floor, is approximately 943 square feet.  It will be occupied by Second Time Around, a resale boutique.

Massey Knakal First Vice President of Retail Leasing Jill Lovatt represented the landlord in the signing of this lease.  “This retail location was leased in less than one month through an aggressive marketing campaign.  Second Time Around, a designer resale boutique, was looking to expand to the Carnegie Hill area and we believe this is a perfect location and the perfect tenant for this store,” said Lovatt.

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Neighborhoods: Upper East Side/ Agents: Jill Lovatt

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail strip property at 43-19-23 Bell Boulevard. The property is located between Northern Boulevard and 43rd Avenue in Bayside, Queens. The asking price is $6,200,000.

The property, a block-through retail strip with development potential, is approximately 13,000 square feet and sits on a 75’ x 221’ lot.  It contains a second floor office, valuable air rights, and 75 feet of frontage on Bell Boulevard.  The property also has 22,400 buildable square feet.

The first floor contains retail units and storage space totaling approximately 11,000 square feet. There is a 2,000 square foot office space on the second floor. Approximately 8,400 square feet of the retail portion is currently leased to three storefront tenants and 4,700 square feet which includes the office and storage space is occupied by the owner and will be delivered vacant upon closing.  The three tenants include a furniture store (6,000 square feet), 99 cents store (1,700 square feet), and a bakery (700 square feet).

Nearby retailers include CVS, Party City, Subway, Starbuck’s, and Bank of America.  This property presents a rare opportunity to own an asset on one of the most desirable retail corridors in all of Queens.

For more information on this listing, contact Massey Knakal First Vice President of Sales Stephen R. Preuss at 718.275.3400.

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Neighborhoods: Bayside/ Agents: Stephen Preuss

A loft building at 62 Washington Avenue, located between Flushing and Park Avenues blocks from the Brooklyn Navy Yard, was sold in an all-cash transaction valued at $750,000.

The three-story building is approximately 5,400 square feet and sits on a 20’ x 100’ lot.  It contains three floor-through loft units.  The sale price equates to approximately $139 per square foot.

“This is the third property Massey Knakal has sold in the Navy Yard in the second half of 2012,” said Massey Knakal Director of Sales Stephen Palmese, who exclusively handled this transaction with Senior Associate Winfield Clifford.

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Agents: Stephen Palmese

Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 132-142 West 27th Street. The property is located between Sixth and Seventh Avenues in Chelsea.

The site, which sits on a lot approximately 120’ x 98.75’ and 11,850 square feet, is presently used as a parking lot with a single tenant.  Currently zoned M1-6, the property allows for a maximum as-of-right buildable potential of approximately 118,500 buildable square feet.  Alternatively, a rezoning for the area could be sought to allow for a large scale residential or mixed-use tower, along the lines of 28th Street between 7th and 8th Avenue.

The desirability of the Midtown South office market, coupled with the continued expansion of the Manhattan hospitality sector, provide a unique opportunity for a commercial developer to obtain a sizable site with tremendous frontage in an emerging neighborhood.  The site represents a highly coveted development opportunity in a fashionable and growing neighborhood.  “It is rare for a site of this size being available in this area,” said Massey Knakal Partner James Nelson who is marketing this property with, Massey Knakal Director of Sales Brock Emmetsberger.  Both can be reached at 212.696.2500.

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Neighborhoods: Chelsea

An affordable housing building at 139 Emerson Place located between Myrtle and Willoughby Avenues in the Clinton Hill neighborhood of Brooklyn, was sold in an all-cash transaction valued at $11,000,000.

The six-story, elevator building is approximately 50,000 square feet and sits on a 100’ x 159’ lot. The building consists of 50 affordable housing units and 12 private parking spaces. The sale price equates to approximately $274 per square foot representing a 6.7% capitalization rate.

“This transaction represents the second affordable housing multifamily sale handled by Massey Knakal this year in Clinton Hill, the first sale being 79-83 Clifton Place for $11,250,000. The combined sales represent over 100 apartments and over 100,000 square feet in the submarket,” said Massey Knakal Director of Sales Stephen Palmese who exclusively handled this transaction with Senior Associate Winfield Clifford.  

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Neighborhoods: Clinton Hill/ Agents: Stephen Palmese

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail lease for the ground floor space at 469 Columbus Avenue. The building is located between 82nd and 83rd Streets on Manhattan’s Upper West Side.
 
This space consists of approximately 2,300 square feet on the ground floor and 2,000 square feet of basement space.  The ceilings are 12 feet high.  The location provides high visibility, with 25 feet of frontage on Columbus Avenue. Nearby retailers include, Crunch Fitness, Avis, Starbucks, Citibank and Patagonia.

“We are pleased to market this retail space just steps from The American Museum of Natural History,” said David Chkheidze, Director of Retail Leasing. “Between the potential signage opportunities, the 25 feet of frontage on Columbus Avenue, and the possibility to install vents for restaurant use, we expect a high demand for this space” added Chkheidze.

For more information, contact Director of Retail Leasing David Chkheidze at 212.696.2500.

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Neighborhoods: Upper West Side