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A development site at 514 West 168th Street, located just one block from Columbia Presbyterian Hospital in Washington Heights, was sold in an all cash transaction valued at $1,400,000.

The 4,750 square foot development site has approximately 19,000 square feet of residential air rights and approximately 28,595 square feet of community facility air rights. The lot has 50 feet of frontage on West 168th Street, of which 30 feet is zoned R7-2 with a C4-4 overlay while the remaining 20 feet of frontage is zoned R7-2. The site is suitable for a residential, mixed-use or community facility development. It is located just one block from the A express train and one block from Columbia Presbyterian Hospital. The sale price equates to approximately $73 per buildable square foot.

“This sale is clearly evident of the development site rebound uptown as we experienced multiple offers which ultimately pushed the sales price straight through our asking price,” said Massey Knakal First Vice President of Sales Robert M. Shapiro who exclusively handled this transaction with Massey Knakal Partner James P. Nelson. “The purchaser of the site plans to construct a mixed-use project,” added Shapiro.

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Neighborhoods: Washington Heights/ Agents: Robert Shapiro

32-40 Nevins Street is a 124.5’ x 60’ development site comprising two vacant lots located on the northwest corner of Nevins and Schermerhorn Streets in Downtown Brooklyn. The site lies within a C6-4/DB zoning district with an FAR of 10.0, allowing for 74,700 SF of buildable rights for the potential development of residential, commercial or hotel use. The current zoning also allows for an inclusionary housing bonus of 2.0 FAR, allowing for 89,640 SF of buildable rights. The subject has approved plans for a 13-story hotel containing 203 guest rooms.

The property is also situated in the Special Downtown Brooklyn District (DB), which as been established to promote and support the continued growth of Downtown Brooklyn as a unique mixed-use area. Historically the economic, civic and retail center of the borough, Downtown Brooklyn is the city’s third largest central business district surrounded by historic residential neighborhoods. The location and diverse zoning regulations represent a unique opportunity for any future residential, commercial or community development.

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Neighborhoods: Downtown Brooklyn/ Agents: Stephen Palmese

A four-story townhouse at 352 East 51st Street, located between First and Second Avenues in Manhattan’s’ Sutton Place neighborhood, was sold in an all cash transaction valued at $2,600,000.

The townhouse is approximately 5,800 square feet and sits on a 20’ x 100.5’ lot.  There are seven residential units and a lower level commercial unit. The first floor is a floor-through two-bedroom apartment with garden access. The remaining floors consist of seven one-bedroom units. Of these residential units, three are rent stabilized and four are free market. The sale price equates to approximately $448 per square foot.

“This was a real life example of overseas buyers making an aggressive offer to close their first NYC purchase,” said Massey Knakal Director of Sales Clint Olsen who exclusively handled this transaction with Massey Knakal Director of Sales Hall Oster.

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Neighborhoods: Midtown East

Built in 1848, in the Transitional Style, this brownstone is located on the south side of Washington Place between 6th Avenue and Washington Square West. This 5 story brownstone is only steps off Washington Square Park in the heart of Greenwich Village. It is configured with 4 fair market apartments with an average monthly rent of $5,455. This is a prime opportunity for a conversion to a single family residence. Larger single family homes in the Village are extremely rare.

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Neighborhoods: Greenwich Village

A two-story retail/office building at 157 East 25th Street, located between Lexington and Third Avenues in Manhattan’s Gramercy Park, was sold in an all cash transaction valued at $2,425,000.

The 23 foot wide building is approximately 4,542 gross square feet and sits on a 23’ x 98.75’ lot. The building is located near Gramercy Park directly across from Baruch College’s new Student Center and main campus which estimates that 10,000 pedestrians cross this street daily. Additionally, it is in close proximity to Gramercy Park, Murray Hill, Herald Square, the Flatiron District and Madison Square Park. The sale price equates to $539 per square foot.

“Given there were no air rights associated with the property whereby eliminating developers we were able to identify the perfect user who will renovate the building and move their business. There are few properties like this in the neighborhood that become available and we’ve seen an uptick in end-users in the market recently,” said Massey Knakal Vice Chairman and Partner John F. Ciraulo who exclusively handled this transaction with Director of Sales Craig Waggner.

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Neighborhoods: Gramercy Park/ Agents: John Ciraulo

The subject assemblage site contains an aggregate 18.35 acres which is comprised of 12.782 upland acres and 5.68 underwater acres. The total upland area is 556,802 square feet. The upland site is a 12.78-acre waterfront development site located between the Throgs Neck and Whitestone Bridges in Queens, New York and has approximately 1,000 square feet of frontage along the Northern Queens waterfront. City approvals were obtained for the development of 52 single family residential lots. This Flushing section of Whitestone is a desirable, middle to upper-middle income residential area. This development was slated to be the “New Malba”. The site plan rendering to the left outlines the NYC approved site plan for the 52 residential lots on the Subject. Lot sizes are generally in the 5,000 to 6,000 SF size. Nine lots will have their rear lot lines adjoining the interior waterfront park to be located on-site while two other lots will have their front exposure facing the street overlooking the water and a single lot will have its side overlooking the water. Home sizes are envisioned in the average range of 3,200+ SF.

Bid Deadline Set for Monday March 5, 2012.

Neighborhoods: Whitestone/ Agents: Stephen Preuss

Three adjacent walk-up apartment buildings at 427-31 East 73rd Street, located on the north side of East 73rd Street between York and First Avenues on Manhattan’s Upper East Side, were sold in an all-cash transaction valued at $10,900,000.

The three five-story apartment buildings are each 25 feet wide and each sits on a 2,550 square foot lot. Each building is approximately 9,440 square feet and has approximately 760 square feet of additional air rights. In total, there are 56 residential units and one commercial unit. There are 33 rent stabilized units, 20 free market units, two rent controlled units and one super’s unit.

The buildings are located just three blocks away from a future Second Avenue subway stop.

“In just 30 days of marketing we received 18 offers which resulted in the buildings selling for a 5% cap rate.  There continues to be extremely high demand for multifamily properties on the Upper East Side,” said Massey Knakal First Vice President of Sales Guthrie Garvin who exclusively handled this transaction.

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Neighborhoods: Upper East Side

Massey Knakal Retail Leasing Services has secured a retail lease for the 350 square foot store on the ground floor of 1324 Lexington Avenue. The building is located on the west side of Lexington Avenue between 88th and 89th Streets on Manhattan’s Upper East Side.

The space, which is in mint condition, has 12 feet of frontage on bustling Lexington Avenue. The space is ideally located within walking distance to Central Park, The Metropolitan Museum of Art and the 4, 5 and 6 subway station at 86th Street. Nearby retailers include, Duane Reade, CVS, Le Pain Quotidian, T-Mobile and UPS.

Jill Lovatt, Director of Retail Leasing at Massey Knakal, represented 1324 Lexington Avenue, LLC in the long term lease transaction. Olivier Nails, a nail salon, will occupy the ground floor retail space.

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Neighborhoods: Upper East Side/ Agents: Jill Lovatt

Chelsea space for lease: 1800 SF Ground + 1800 SF Basement.  All uses permitted.  Located across from the Eventi Hotel and visible from the FoodParc and from 6th Avenue.

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Neighborhoods: Chelsea

Massey Knakal 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 2011.

The Top Salesperson of the Year in Massey Knakal’s Queens office was awarded to Managing Director and Partner Thomas A. Donovan for the fourth consecutive year.  Mr. Donovan joined Massey Knakal in 1998 to head up the firm's first full-service outer borough office. 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 three years in a row.

Vice Chairman and Partner John F. Ciraulo was awarded the third 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. In 1998, he was named Partner and in 2006 Vice Chairman of Massey Knakal.

The Top Salesperson of the Year in Massey Knakal’s Brooklyn office, for the second year in a row, and second place company-wide was awarded to Vice President of Sales Jeffrey A. Shalom.  Mr. Shalom joined the Brooklyn office in September 2005. His territory includes 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 2011, Mr. Shalom handled ten transactions for an aggregate value of approximately $30,000,000.

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Agents: Jeffrey Shalom, John Ciraulo

The subject property is located on the northeast corner of Guy R Brewer Boulevard and Archer Avenue in the heart of Jamaica, Queens. This development site is comprised of two contiguous lots and has a total footprint of approx. 89,967 square feet. Major commercial tenants in the immediate area include Home Depot, Marshalls, Old Navy, Gap Outlet, Conway, The Children’s Place, Verizon, AT&T, Modell’s, Chase Bank, Capital One Bank, Bank of America, Carver Bank, UPS, Zales, Foot Locker, Duane Reade, Walgreens, Sleepy’s, Payless, Fabco Shoes, Bally’s, Ashley Stewart, Jamaica Multiplex Cinemas, Applebee’s and many others. Given its large footprint, substantial frontage on Archer Avenue and Guy R Brewer Boulevard and its proximity to neighborhood amenities and transportation (numerous bus lines and just three blocks to the E, J and Z subway lines), the site offers an excellent opportunity for commercial and/or residential development.

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Neighborhoods: Jamaica

Massey Knakal Retail Leasing Services has secured a retail lease for the 310 square foot store on the ground floor of 1100 Madison Avenue. The building is located on the west side of Madison Avenue between 82nd and 83rd Streets on Manhattan’s Upper East Side.

The space benefits from its close proximity to Central Park and The Metropolitan Museum of Art. Nearby international retailers include Tumi, Dean & Deluca, Lululemon Athletica, The Body Shop and Coach.

The Shade Store, a Manhattan based custom window treatment emporium, will occupy the ground floor retail space. The Shade Store currently has a store on Broome Street in Soho and a store on East 59th Street in Midtown. The company has been crafting custom window treatments for over 60 years and has locations in Chicago, Los Angeles and San Francisco.

Jill Lovatt, Director of Retail Leasing at Massey Knakal, represented the Gerel Corporation in the long term lease transaction.

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Neighborhoods: Upper East Side/ Agents: Jill Lovatt

A mixed-use building at 37 Crosby Street, located between Broome and Grand Streets in SoHo, one of Manhattan’s most desirable neighborhoods, was sold in an all cash transaction valued at $4,375,000.

The seven-story building is approximately 8,620 square feet and 25 feet wide. There is a retail space on the ground floor and twelve apartments above. Due to a fire in the top floor apartment, the entire building is currently vacant and in need of renovation. Upon completion of renovations, two rent stabilized tenants plan on returning to the building. The sale price equates to approximately $507 per square foot.

“It was a pleasure to work with such great people on this project,” said Massey Knakal Senior Vice President of Sales Robert Burton who exclusively handled this transaction. “37 Crosby Street presented a unique opportunity to potential buyers. When owner Bob Kahn called, I knew we could get him many offers quickly. Since the building has unusually large apartments and, once renovated, all but the top two apartments will be free market, competition was intense. Todd Cohen and Terrence Lowenberg of Icon Realty Management went the extra mile and have great plans for this little SoHo jewel,” added Burton.

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Neighborhoods: SoHo/ Agents: Robert Burton

Recently gut renovated commercial building with retail on the first floor and Community Facility space on the 2nd floor. One retail space is rented and approx. 3,000 sf is vacant. The entire 8,000 sf 2nd floor is vacant. The 8,000 sf cellar is also vacant. A few parking spaces behind building.

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Neighborhoods: Bensonhurst/ Agents: Jeffrey Shalom

An entire block front luxury elevator loft building at 640 Broadway (aka 172 Crosby Street), located between Broadway and Crosby Street in the heart of NoHo, was sold in an all cash transaction valued at $32,500,000. Built in 1897, 640 Broadway was known as the original
Empire State Building.

The nine-story, elevator building is approximately 63,094 gross square feet (of which 16,582 is below grade). Architecturally, the overall building envelope has been restored including a new copper cornice.  Each floor contains 12’ barrel vault ceilings and oversized windows providing a tremendous amount of light and air into each unit.

The current configuration of the apartments provides for easy subdivision of spaces for future condominium conversion. The building currently contains 12 commercial units and 21 residential units. Of the 12 commercial units, 7 are currently leased and 5 are available for rent. Of the 21 residential apartments, 12 are fair market and 9 are rent stabilized.

“The demand for properties with such a prominent retail component continues to be outstanding. However, this property also created significant interest given the nature of the residential component which consisted of many vacancies providing the purchaser with several options moving forward,” said Massey Knakal Chairman Robert A. Knakal who exclusively handled this transaction with Massey Knakal Partner James P. Nelson. “It’s rare that a block front property comes on line. Given its scale and prime location, we received interest from around the world, but ultimately a strong, local buyer prevailed,” added Nelson.

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Neighborhoods: NoHo

307 East 60th Street, located between First and Second Avenue, is a fully renovated, six story, elevator office building. The Healthcare Chaplaincy utilized the building as office and meeting space after fully renovating the property from 2008-2009. The property can be sold with all furniture and fixtures in place and will be delivered vacant.

Given its proximity to the FDR, as well as the Queensboro (Ed Koch) Bridge ramp, this presents an excellent signage opportunity for a business to establish its headquarters. It is also conveniently located near the 59th Street subway terminal, serviced by the Lexington Avenue subway line. This is an ideal turn-key scenario for a smaller business, government, or NPO to establish itself in a high profile Mid-Manhattan neighborhood.

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Neighborhoods: Upper East Side, Midtown East

In last week’s posting, I wrote on how the City’s elimination of the 421-a program has all but stopped the creation of affordable housing. I’d like to now write on the effect this has had on the luxury market.
 
Since July 1, 2008, no new 421-a Negotiable Certificates have been issued by the HPD. Only a few affordable projects remain which have an executed HPD agreement and still provide these reductions in future real estate taxes.

The requirement now is for developers to include affordable housing onsite to receive a tax abatement, which many developers will elect not to do.

In the process, this has left a real challenge for luxury condo and rental developers alike, as they debate whether or not to include affordable housing. For smaller projects, the time and money might not be worth the effort. There is also a question of whether including an affordable component will diminish the value of the remainder of the fair market units...

Visit The Full Nelson at NYInc for the rest of the article

A mixed-use building at 195 Smith Street, located between Warren and Baltic Streets in Carroll Gardens, Brooklyn, was sold in an all cash transaction valued at $1,640,000.

The three-story property is approximately 3,532 square feet and 25 feet wide. There is one vacant retail unit on the ground floor and two two-bedroom apartments above.  The sale price equates to approximately $464 per square foot.

“The sale of 195 Smith Street demonstrates the returning strength of the Brooklyn investment property market. The building required significant structural and cosmetic renovation but because of its ideal location on Smith Street’s restaurant row and the surge in Brooklyn residential rents, Massey Knakal received numerous bids and was able to secure an all-cash, thirty day closing on behalf of the seller,” said Massey Knakal Senior Vice President of Sales Kenneth Freeman who exclusively handled this transaction.

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Neighborhoods: Carroll Gardens

200 Lafayette Street, a manufacturing building located in M15B District was sold in an all cash transaction valued at $50,000,000. The building was purchased by CIM Group and Kushner Companies, and is located on the northwest corner of Broome and Lafayette Streets in SoHo, one of Manhattan’s most desirable neighborhoods. The seven-story property is approximately 125,000 rentable square feet and sits on a 100’ x 136’ lot. The entire building was delivered vacant except for a portion of the first floor occupied by CapitalOne Bank.

Robert Burton, Senior Vice President of Sales at Massey Knakal Realty Services, exclusively handled this transaction for the seller, John Zaccaro.

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Neighborhoods: SoHo/ Agents: Robert Burton

This historically successful retail location in a high foot traffic area serves the Baruch College area as well as the high density office population of Park Avenue South.  3,760 SF for lease, divisible to 1,880 SF.

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Neighborhoods: Gramercy Park