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The subject property is a 1.3 Acre lot with 80’ of frontage on Jericho Turnpike just West of Larkfield Road, East Northport in Suffolk County with curb cuts at a stop light. There is an existing 2,200 SF building on the lot which was used for an insurance office for the past 20+ years. The tenancy directly next door includes Best Buy and Stop & Shop and directly across the street includes Bob’s Stores and Bed Bath & Beyond among many other surrounding national tenants. Car counts well exceed 50,000 per day. Currently, ownership have a lease in-hand for a national child development center for $267,500 absolute NNN per year for a 15 year term + 10 year option. Ownership would be required to construct a 10,000 SF building for this tenant. In summary, the property will be delivered vacant and can be delivered with this lease and building obligation. The lease abstract, proposed site plans, survey and environmental report are all available upon request.

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Neighborhoods: Suffolk County/ Agents: Stephen Preuss

Massey Knakal Realty Services is pleased to announce the release of their exclusive First 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).

“In the first quarter of 2012 the property sales market in New York City continued to perform at essentially the same modest levels seen in the fourth quarter of 2011,” stated Bob Knakal, Massey Knakal Chairman. “The results were disappointingly not better and simultaneously happily not worse. They were disappointing because we expected a natural gravitation toward long term trends which should have pulled all markets up from relatively low levels. However, we were happy that things weren’t worse because both the dollar volume of sales and the number of properties sold, had been trending lower in recent quarters. That trend apparently is apparently slowing,” added Knakal.

During the first quarter of 2012, there was $6.9 billion in New York City sales, a 62% increase from 1Q11 and on par with the $6.9 billion sold in 4Q11.

There were 397 transactions consisting of 547 buildings, an increase of 12% from this time last year. The turnover rate was 1.33% of the total stock of properties. The average price per property in New York City in 2011 was $12.6 million, slightly exceeding the average of $12.3 million in 2007. Manhattan accounted for 83% of total dollar volume with $5.7 billion, while Brooklyn accounted for the second largest portion with 10% of total building sales.

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A 43.75’ wide development site with approximately 68,333 square feet of buildable rights located on the north side of East 31st Street between Madison and Fifth Avenues. The property is zoned C5-2 (R10 Equivalent) which would allow for either residential or commercial development. Included in the buildable square footage are the air rights from the adjacent properties: lots 12, 13 & 69. Ownership’s concept is to build a boutique hotel featuring a destination restaurant, rooftop lounge and fitness center. This property is situated in Manhattan’s Midtown South NoMad neighborhood and is in close proximity to Madison Square Park, Herald Square, Penn Station and Grand Central Station. Given the location and air rights assemblage, this provides an excellent opportunity for a boutique hotel, residential development or a combination of both. Ownership also has 21,600 SF of Inclusionary Air Rights available.

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Neighborhoods: Murray Hill/ Agents: John Ciraulo, Robert Burton

Massey Knakal Realty Services has sold three buildings in Manhattan’s Greenwich Village neighborhood. The buildings are located at 175-177 and 179 MacDougal Street (aka 40-42 West 8th Street) and were sold in all cash transaction valued at $11,400,000.

These buildings are on two block and lots which combine for an L shaped parcel with 75’ of frontage on MacDougal and almost 45’ of frontage on West 8th Street. Between the buildings, there are a total of nine stores and 10 rent regulated apartments.

175-177 MacDougal Street, which was built in 1837 in the Greek revival style, consists of two mixed-use buildings overlooking the historic MacDougal Alley and steps from Washington Square Park. The buildings consist of 10 apartments, two retail spaces and two commercial spaces.

179 MacDougal Street (aka 40-42 West 8th Street) consists of a one-story building with five retail tenants. Two of the stores encroach onto 175-77 MacDougal’s backyard. This property makes an L with 25’ of frontage on MacDougal and almost 45’ on West 8th Street. There is a lower level cabaret C of O for 210 people which occupies the entire lower level of the property. The club was originally known as Bon Soir where Barbara Streisand performed.

“West 8th Street is rapidly changing. The arrival of Stumptown, a West coast coffee shop who opened their first location in the ACE hotel, across the street from this property is a game changer,” said Massey Knakal Partner James P. Nelson who is exclusively handled this transaction. “The buyer, a long term holder, will benefit from this future upside,” added Nelson.  

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Neighborhoods: Greenwich Village

A four (4) story plus basement, mixed-use apartment building containing 2 stores and 12 rent regulated apartments of which 1 is currently vacant. There are two boilers one for the residential units and a second for the Laundromat. The building contains two sets of gas and electric meters; one for the apartments and another for the commercial units. In recent years the windows and roof were replaced and the facade was renovated. The property possesses approximately 9,675 SF of air rights which could possibly utilized in the long run to add to the existing building or sold transferred to a neighboring property. Substantial upside exists in the residential rents which currently average $1,18.516 per month or $41.07 per net square foot.

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Neighborhoods: Upper West Side

Massey Knakal Retail Leasing Services has secured a retail lease for the ground-floor retail space at 1124 Bedford Avenue, a newly constructed residential building. The building is located on the northwest corner of Bedford and Gates Avenue in Brooklyn’s Bed-Stuy neighborhood and benefits from over 100 feet of frontage on Bedford Avenue.

The leased unit contains approximately 1,313 square feet on the ground floor and 1,352 square feet of basement space. The space was leased to WhipperSnapper, a baby boutique, which will take possession of the space in May. WhipperSnapper will be carrying anything and everything for children aged 0-10 years. Lines will include toys, trendy clothing, furniture, feeding supplies, health supplies, strollers, and more. Manufacturers include major brands such as Graco, Carter's, Mattel, and Fisher-Price. Additionally, the retailer will also stock organic lines and will support smaller manufacturers around Brooklyn.  

Andrew Clemens, Director of Retail Leasing, exclusively represented the landlord in this transaction.

There are two additional retail spaces available. Combined, the two spaces total approximately 2,477 square feet on the ground-floor and 1,855 square feet of basement space. For more information on these spaces, contact Andrew Clemens at 718.238.8999.

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Neighborhoods: Bedford Stuyvesant

A development site at 301 East 61st Street, located on the northeast corner of 61st Street and Second Avenue on Manhattan’s Upper East Side, sold for $15,400,000.

The site measures approximately 50.5’ x 75’, giving a total lot area of approximately 3,781 square feet. Currently, there is a five-story apartment building located on the lot. The property is located within a C2-8 zoning district with an R10 residential equivalent yielding a floor-area-ratio (FAR) of 10.0 for either commercial or residential use. The C2-8 zoning gives the site a total buildable square footage of approximately 37,012 square feet as of right. In addition, the previous owner had acquired an additional 8,000 square feet of inclusionary development rights for the property, increasing the size of the development to 45,812 square feet.

This marks the first New York City purchase for the buyer, an out-of state developer. Chairman Bob Knakal and Director of Sales Clint Olsen of Massey Knakal Realty Services exclusively represented the seller, while Louise Beit of Sotheby’s International represented the purchaser

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Neighborhoods: Upper East Side

Excellent seasonal retail opportunity available for lease: 2,400 sq ft of retail space, 60' of frontage, 13' ceilings, close proximity to D, F, N & Q subway lines. 

It is located across the street from Coney Island amusement park. 1.3 million people live within a 6 mile radius, and over 13 million people visit the beach every year.

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Neighborhoods: Coney Island

Massey Knakal Retail Leasing Services has secured a retail lease for the ground floor space at 175 Bleecker Street. The property is located between MacDougal and Sullivan Streets in Manhattan’s Greenwich Village neighborhood.
 
The space comprises an approximately 366 square foot ground floor and a basement up to 767 square feet. The property benefits from frontage on Bleecker Street as well as the heavy foot traffic in the area and its close proximity to NYU.

“This small space on Bleecker Street drew considerable attention from a variety of tenants. Given the continuous foot traffic, which is driven by locals, tourists, and the NYU community, the space commanded a premium,” said Brendan Gotch, Director of Retail Leasing, who exclusively represented the landlord in this transaction. “We expect the retail market to continue to improve as NYU's expansion gets under way,” added Gotch.

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Neighborhoods: Greenwich Village

A commercial co-op located on the corner of Beekman Street and Park Row, spanning a block to Nassau Street. This co-op poses an excellent investor opportunity.

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Neighborhoods: Financial District

This is a rare opportunity to complete the development of a sixteen story, 98 key hotel with amazing permanently unobstructed views. The ground floor will be occupied by the hotel lobby and the potential for multi-level integrated food and beverage or retail with almost 200’ of frontage on Rivington, Orchard and Allen Street in the Lower East Side. The cellar, which extends under 77 and 79 Rivington, has high ceilings which could accommodate events. The hotel features spectacular city views from the upper floors, and has the potential for a roof top lounge. Located on Rivington Street between Allen and Orchard Streets, there is also a 5 story mixed-use contiguous walk-up building which has 16 residential rent stabilized units and one vacant retail store that represents tremendous upside. A ground floor at 77 Rivington and a contiguous vacant lot located at 79 Rivington Street could be combined to enlarge the food and beverage space of the hotel. This is an excellent opportunity for an investor or developer looking to complete a boutique hotel to expand their presence into the New York City market.

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Neighborhoods: Lower East Side

Massey Knakal Retail Leasing Services has secured a retail lease for the 400 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.

Sandaram Tagore Gallery, with locations in New York, Beverly Hills, Singapore and Hong Kong, will occupy the ground floor retail space. The Gallery focuses on developing exhibitions and hosting not-for-profit events that encourage spiritual, social and aesthetic dialogues. Their interest in cross-cultural exchange extends beyond the visual arts into many other disciplines, including poetry, literature, performance art, film and music.

Jill Lovatt, Director of Retail Leasing at Massey Knakal, represented the landlord in this long term lease transaction. Ms. Lovatt also secured the retail lease for the adjacent space at 1100 Madison Avenue - The Shade Store, a Manhattan based custom window treatment emporium, took over the 310 square foot space earlier this year.

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Neighborhoods: Upper East Side/ Agents: Jill Lovatt

A mixed-use building at 22 East 13th Street, located between Fifth Avenue and University Place, was sold in an all cash transaction valued at $4,825,000.

The five-story building is approximately 4,099 square feet and sits on a 22’ x 79.75’ lot. The building consists of a two level restaurant space occupied by City Tavern, which is leased until 2016. There are five residential units above consisting of two studios, two one-bedroom units and one two-bedroom unit. The residential rents are all fair market with below market rents. The sale price equates to approximately $1,177 per square foot or a 4.8% cap rate.

After calling for final bids within the first few weeks of marketing, 21 offers were received. The property ultimately sold at $575,000 over asking price.

“There is tremendous demand for investment properties which are under $5 million, especially for properties with retail and fair market tenants,” said Massey Knakal Partner James P. Nelson who exclusively handled this transaction along with his sales team which includes Mitchell Levine, Caroline Hannigan, and Matt Nickerson.

J.P. Thompson, from JP Thompson Associates, Inc. managed the property and consulted the owner throughout the sales process. “James Nelson and his team came to the marketing process with a solid core of users and investors. Our building sold at a considerable amount over asking and we credit the skillful team at Massey Knakal for facilitating that end result,” she said.

Trevi Retail purchased the property with Rockie Gajwani, President and CEO, and Johnny McCarthy, Chief Investment Officer, spearheading the purchase. “Trevi moved with lightening speed and ultimately contract closed. They were a pleasure to deal with,” Nelson said.

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Neighborhoods: East Village

Built in 1836, this 27.25’ wide Greek Revival townhouse is located directly across the street from Washington Square Park. The house is currently configured as seven fair market apartments, consisting of three floor through, two-bedrooms and four one-bedrooms. The house features Flemish bond brickwork, long French windows, and a high stoop with handsomely paneled double doors from a later period. The property benefits from tremendous light and soaring ceiling heights on the parlor and top floors. The top floor’s roof top terrace provides Empire State Building views and additional outdoor space. The house, which had been owned by the same family for half a century, is the first to come on the market on Washington Square Park in 10 years. With the longest lease running until September 2012, this could be the most spectacular single family conversion property in the neighborhood.

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Neighborhoods: Greenwich Village/ Agents: Michael DeCheser

A mixed-use property at 1482 First Avenue, located between East 77th and 78th Streets on Manhattan’s Upper East Side, was sold in an all cash transaction valued at $3,010,000.

The four-story property is approximately 6,888 square feet and sits on a 25’ x 94’ lot. The property contains two commercial units on the ground floor and six apartments above.  There are over 16,000 square feet of air rights remaining, subject to the Sliver Law and an 1883 easement. The sale price equates to approximately $437 per square foot.

“Massey Knakal was appointed by the NYS Supreme Court to sell the building in November 2007, after initially being introduced to the property in the summer of 2003.  The transaction was set against the backdrop of a family litigation which lasted approximately 19 years, and was ultimately sold to a local investor after approximately 4 ½ years,” said Massey Knakal Vice President of Sales Thomas Gammino Jr. who exclusively handled this transaction with CEO Paul J. Massey Jr.

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Neighborhoods: Upper East Side/ Agents: Paul Massey Jr.

A waterfront development site at 77 Commercial Street located on the north side of Commercial Street between Manhattan Avenue and Franklin Street in Greenpoint, Brooklyn, was sold in a transaction valued at $25,000,000.

The site has over 230 feet of frontage along the water, unobstructed views of midtown Manhattan, and is located one stop away from Grand Central Station on the 7 train. This is a rare opportunity to build a residential project in a neighborhood which some consider to be the next Park Slope. New development is already in the works surrounding the subject as 20+ acres, formerly the Greenpoint Lumber Exchange, will be developed into 10 luxury high-rise apartment buildings totaling approximately 4,000 units.

“In just a few weeks of marketing this property, a buyer stepped up, differentiated themselves from the pack of interested parties that were circling the property and signed a non-contingent contract at a strong price level,” stated Bob Knakal, Chairman of Massey Knakal who exclusively handled this transaction along with Vice President of Sales Mark Lively, who added, “When this site is developed it will be a welcomed addition to the neighborhood.”

Greenpoint is a neighborhood that is currently undergoing a local renaissance, mainly due to the 2005 zoning change which now allows for residential development along the waterfront. The site lies in the midst of this rezoning and has the potential to be a 271,499 - 307,250 square foot residential waterfront development site. In addition, approximately 311,078 square feet of air-rights are available from the adjacent parcel (Lot 425) which the City of NY will be converting into a public park. The site, therefore, has a potential to add buildable square footage.

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Neighborhoods: Greenpoint/ Agents: Mark Lively

The property is a five-story, walk-up apartment building which consists of fifteen (15) residential units and one (1) lower level storage space with a half bathroom. The residential units are configured as five (5) one-bedrooms and ten (10) two-bedroom apartments. Fourteen (14) of the apartments are rent stabilized and one (1) apartment is rent controlled.

There is significant upside in the property, as half of the units are currently rented for under $1,300 per month. There is also a J51 abatement in place on the property.

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Neighborhoods: Greenwich Village

Massey Knakal is pleased to announce the closing of a $14,070,000 loan secured by a portfolio of eight multifamily buildings located in the Williamsburg section of Brooklyn.

“The challenge in this transaction, which was a cash-out refinance, was getting a lender to recognize the significant value that was created by a sponsor who had been working the asset over the last seven years of ownership,” said Morris Betesh, Director at Massey Knakal Capital Services.

“We worked closely with our territory sales team members, who have a very good pulse and an up-to-date database on rental rates and market cap rates, to get the lender comfortable with today’s market value,” added Betesh.
 
Massey Knakal Capital Services provides unparalleled market knowledge that delivers the most creative financing strategies to meet client needs. MKCS specializes in a variety of debt and equity based real estate financing including fixed rate loans, floating rate loans, construction loans, mezzanine loans and bridge loans.

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Neighborhoods: Williamsburg

The subject property is a corner brick building consisting of 4 floors, 3 of which are fully above grade and the usable lower level which is semi-above grade with windows. The building is approximately 14,400 SF (not including lower level) and has most recently been used as a religious facility and housing. The lower level which is approximately 4,000 SF consists of offices, bedrooms, bathroom, storage & mechanicals. The first floor consists of main kitchen & pantry, several community rooms, bathrooms, offices and chapel. The second and third floors include bedrooms, full bathrooms with showers and utility rooms. There is a total of 27 existing bedroom units with the possibility of converting several more rooms to sleeping quarters. The building is solid and in good condition. The property will be delivered vacant and can be used as-is or converted into office, residential or community facility. The property is ideally located on the corner of 14th Avenue and 125th Street between College Point Boulevard and 127th Street in close proximity to 20th Avenue, Northern Boulevard, Whitestone Expressway, Long Island Expressway, Grand Central Parkway and Cross Island Parkway. The property is perfect for an owner-user or for various re-development plans.

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Neighborhoods: College Point/ Agents: Stephen Preuss