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A block-through development site at 131-137 Emerson Place, located just off the corner of Myrtle Avenue in Brooklyn’s Clinton Hill neighborhood, was sold in an all cash transaction valued at $13,000,000 or $74 per buildable square foot.

The property, located in a C2-4/R7-A zone, contains approximately 176,600 buildable square feet, of which 88,300 square feet can be applied towards residential use and 88,300 square feet can be used for a community facility. The sale was divided between the residential use, which sold for $11,000,000 and the community facility use which sold for $2,000,000.

“This site is a great development opportunity in a prime location in Clinton Hill.” 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

Two multifamily buildings at 2044-2048 Nostrand Avenue, located between Glenwood and Farragut Roads in Brooklyn’s Flatbush neighborhood, were sold in an all cash transaction valued at $1,160,000.

The two six-story properties sit on a 51.5’ x 100’ lot.  Together, the buildings consist of two one-bedroom units and ten two-bedroom units.  There are two large basement spaces, measuring 750 square feet. The buildings are located just one block from the 2, 3, 4 and 5 trains at Flatbush Avenue station.

“After exposing the property to potential buyers, both in and out of state, we were able to procure a qualified buyer at above market value in a very short period of time,” said Massey Knakal Director of Sales Edward Gevinski who exclusively handled this transaction with Director of Sales Nick Mahedy.

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Neighborhoods: Flatbush

A townhouse at 14 East 11th Street, located between Fifth Avenue and University Place on one of the most desirable townhouse blocks in the West Village, was sold in an all cash transaction valued at $8,950,000.

Built in 1852, this 20.83’ wide townhouse is approximately 5,436 square feet and sits on a 21’ x 94.83’ lot.  The house is currently vacant as the previous owner started the demolition process. The property benefits from ceiling heights reaching over 12' on the parlor floor and ample natural light. The sale price equates to approximately $1,646 per square foot.

“Although the average Village townhouse stays on the market for over 200 days according to StreetEasy, we were able to contract on this townhouse within 22 days based upon our direct marketing capabilities and immediate outreach to the brokerage community. We found being proactive in selling townhouses is essential,” said Massey Knakal Partner James P. Nelson who exclusively represented the seller in this transaction. 

John Gomes and Fredrick Eklund represented the buyer.

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Neighborhoods: Greenwich Village

A development site at 976 Fulton Street, located between Grand Avenue and Cambridge Place in Brooklyn's Fort Greene neighborhood, was sold in an all cash transaction valued at $1,250,000.

 The site consists of a single-story retail building on a 42' x 100' lot and has a total of 16,800 buildable square feet.  The sale price equates to approximately $75 per buildable square foot.

 "This site was purchased by a developer who plans to construct a mixed-use condominium building," said Massey Knakal Director of Sales Stephen Palmese who exclusively handled this transaction.

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Neighborhoods: Fort Greene/ Agents: Stephen Palmese

Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of the leased fee interest at 119-125 Madison Avenue and the adjacent 27-29 East 30th Street. The property is improved by a pair of elevatored apartment buildings totaling 125 rental apartments and 9 commercial units.

The tenant has a 49 year, 11 month lease expiring February 28, 2038 with the option to convert the two buildings to cooperative apartments. In this event, the lease would extend another 150 years from the conversion date, and the owner of the leased fee interest would receive a “conversion premium”: a lump sum payment currently set at $4,475,000 that increases as the lease expiration date nears. The in-place annual lease payment would remain the same, but increase $75,000 every 10 years rather than the current escalation rate of $50,000 every 5. Lastly, the converting sponsor would be required to give 20% of the net profits from the sale of each cooperative share to the landlord, allowing the landlord to realize additional gains under this scenario.

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Neighborhoods: Murray Hill/ Agents: John Ciraulo

Massey Knakal Retail Leasing Services has secured a retail lease for 511 West 20th Street. The property is located immediately adjacent to the High Line in Manhattan’s Chelsea Arts District. 
 
The ground floor space is approximately 1,500 square feet ground floor with 10 feet of frontage on West 20th Street. The property benefits from its close proximity to the High Line entrance on West 20th Street.  

“Demand was intense, thanks to the size and location across from the High Line entrance. While, as we expected, there were a number of galleries interested in the space, ultimately a hot yoga studio will occupy the unit,” said Brendan Gotch, Director of Retail Leasing, who exclusively represented the landlord in this long term lease.

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Neighborhoods: Chelsea

A residential building at 204 Huntington Street, located on the southwest corner of Huntington and Smith Streets in Brooklyn’s Carroll Gardens neighborhood, was sold in an all cash transaction valued at $24,500,000.

The three-story plus penthouse, residential building is approximately 62,404 square feet and sits on a 94.5’ x 185.5’ lot with 270 feet of total frontage. The elevator building has 60 units consisting of 8 one-bedroom units, 37 two-bedroom units and 15 three-bedroom units. The units range in size from 676 to 1,475 square feet. All of the units have high ceilings ranging from 15 to 26 feet in height. There is a meticulously landscaped courtyard located outside the lobby. The top floor of the building contains five penthouse apartments with private terraces

The building is located less than two blocks from the F and G subway station and offers convenient access to both bus and highway transportation.

“As the rental market continues to strengthen, investors seek the security of quality, income producing properties. This asset represents everything investors look for when placing capital in today’s market,” said Director of Sales Stephen Palmese who exclusively handled this transaction with Massey Knakal Chairman Bob Knakal.

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Neighborhoods: Carroll Gardens/ Agents: Stephen Palmese

Massey Knakal Realty Services is pleased to announce that Senior Vice President of Sales Robert Burton has sold 218-220 Bowery. Formerly known as the Prince Hotel, the building is located between Spring and Prince Streets in Manhattan’s SoHo neighborhood. The building sold in a transaction valued at $11,000,000.
 
The 50’ wide, four-story, fireproof building has eight remaining SRO tenants on the second floor and the popular R Bar on the ground floor. In addition to the 17,000 existing square feet, 13,000 square feet can be added as of right to bring the building to 30,000 square feet.
 
Alessandro Zampedri, a world-renowned Italian race car driver, purchased the building with Andrea Venturelli, an Italian associate. Zampedri, along with his hospitality partner, Sanford Kunkel, have been operating The Bowery House, a cutting-edge, affordable hotel concept on the upper floors for the past nine months after an extensive capital improvement campaign. Since its inception, the hotel has been a financial success in the budget-starved hamlet of SoHo as well as a critical success in international design circles.

On the retail level, Zampedri and Kunkel will operate The Bowery Kitchen - an innovative restaurant/cafe with Northern Italian specialties - slated to open this summer. On the rooftop of 220 Bowery, The Bowery House also operates a 4,000 square feet landscaped garden available for private events.

“Previous owner Joey Grill, owner of Click Modeling Agency, worked diligently over the last 10 years to legally vacate and improve the building. Young professionals and talent in theatre, modeling, film and television face many challenges when pursuing a career in NYC, his concept was to offer these individuals an affordable place to stay upon arrival in NYC.  Joey is delighted that Alessandro and his team are continuing the development of that concept,” said Robert Burton who exclusively handled this transaction. Mr. Burton has completed over $500 million dollars in transactions including 231 Bowery, 199 Bowery (formerly owned by the same owner of 218-220 Bowery), 180 Bowery, 114 Bowery, and most recently the lot at 197-199 Mott Street, the site of a future boutique hotel.

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Neighborhoods: SoHo/ Agents: Robert Burton

Late last year, my company made the prediction that the NYC investment sale listing inventory would jump by as much as 30% this year. We felt that after the inventory plunged in 2009 and flat lined in 2010 and 2011, that there would be tremendous pent up demand for owners to sell once again. It hasn’t happened, and our listing inventory has remained flat.

Back in the height of the market in 2007, our company had over 750 exclusive listings. Not surprisingly, that number fell to about 500 in 2009, as long term owners didn’t want to sell at a discount and recent owners couldn’t afford to sell and get out from under. That same year, NYC property sales were in a free fall dropping to only 1,436 sales which was down over 70% from 2007’s peak of 5,018.

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The subject property is located on the south side of Pierrepont Street between Henry & Clinton Streets in Brooklyn Heights. The subject property is a six-story walk-up townhouse comprising six total units. The garden & parlor floors remain one large duplex apartment with garden access. The 3rd floor contains two separate one-bedroom apartments. Each of the remaining floors above contain three separate two-bedroom apartments. The building will be delivered with one RC tenant in place on the 5th floor while the rest of the building will be delivered vacant.

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Neighborhoods: Brooklyn Heights/ Agents: Stephen Palmese

An industrial building at 15-19 Wythe Avenue, located on the southeast corner of Wythe Avenue and North 15th Street in Williamsburg, was sold in an all cash transaction valued at $1,500,000.

The one-story property is approximately 5,000 square feet and sits on a 50’ x 100’ lot.  The site is located within close proximity to the L and G trains.

“The property and the surrounding pocket of industrial buildings have recently become much more valuable as more creative uses for the space drive up rents and property values,” said Massey Knakal Vice President of Sales Mark Lively who exclusively handled this transaction with Director of Sales Brendan Maddigan. “The sale price for 15-19 Wythe Avenue equates to $300 per square foot which is high for an industrial property but is logical for a property that will be used for retail space,” added Lively.

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Neighborhoods: Williamsburg/ Agents: Mark Lively

A commercial building at 4380 Bronx Boulevard, located just off the 233rd Street Bronx River Parkway exit in the North Bronx, was sold in an all cash transaction valued at $1,852,750.

The two-story property is approximately 21,250 square feet and sits on a 125’ x 85’ lot.  The property featured 20 foot ceilings, a ramp to the second floor, central air and curb cuts. The sale price equates to approximately $87 per square foot.

“The property was purchased by ‘Project Renewal,’ a non-profit organization who provides supportive housing for the homeless,” said Massey Knakal Director of Sales Karl Brumback who exclusively handled this transaction. “The factory, which once produced WWII bomber sights, and most recently precision Teflon products, will be converted into a housing facility,” added Brumback.

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Agents: Karl Brumback

Partner Tom Donovan was recently a guest on The Stoler Report's episode "What's Happening in Queens."  Click here to check out the video, or watch it tonight at 11 PM on CUNY TV channel 75 in NYC.

A corner lot with 56’of frontage on Eleventh Avenue and 100’ along West 45th Street. There is retail space on the Avenue, office space and apartments above, and parking on West 45th Street. The property is across the Street from the massive 1,240 unit “Gotham West” development and represents a compelling development/conversion opportunity in one of New York City’s most dynamic areas.

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Neighborhoods: Midtown West

A development site at 100 Norfolk Street, located between Delancey and Rivington Streets on Manhattan’s Lower East Side, was sold in an all cash transaction valued at $8,700,000.

The site has a footprint of 3,590 square feet with dimensions of 53' x 75' and consists of a two-story commercial building used to house the kitchen and offices for the world famous Ratner's Restaurant which closed its doors in 2003. The site lies in a C6-2A zone which would allow for hotel, residential or mixed-use development of approximately 21,500 buildable square feet. This complex sale included light and air easements with two parcels along Delancey Street which added approximately 22,500 additional buildable square feet for a total of approximately 44,000 buildable square feet. Due to a height limit of 120 feet, cantilever rights were granted over the adjoining parcels, so that the envelope could be maximized. The sale price equates to approximately $200 per buildable square foot.

"The supply of condominiums and sites continues to be very low in the LES, with no real supply on the horizon." says Massey Knakal Director of Sales Michael DeCheser who represented the seller. "This is a vibrant location, one block from the subway, with an exciting city proposal in the works across Delancey," he added.

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Neighborhoods: Lower East Side/ Agents: Michael DeCheser

This space is located in the Bond Street Lofts, a new construction at the corner of Bond Street and Bowery. It contains 2,311 square feet on the ground floor with an additional 1,560 square feet of potential selling space in the basement.

It is available for sale or lease.

Neighborhoods: NoHo/ Agents: Michael DeCheser

Massey Knakal Retail Leasing Services has secured a retail lease for the 250 square foot store on the ground floor of 450 East 81st Street. The building is located between York and First Avenues on Manhattan’s Upper East Side.

Bark Place Too, a pet grooming store, will occupy the ground floor retail space. This is their second location on the Upper East Side.

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

“Bark Place Too is a great addition to this pet-friendly neighborhood,” said Lovatt.

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Neighborhoods: Upper East Side/ Agents: Jill Lovatt

4 lots comprised of 19,575 SF with 25’ x 39’ garage on lot 17
with nearly 200’ frontage (block-through) on DeKalb Street.  High visibility located off Exit 13 of the Staten Island Expressway, the third exit off the Verrazano-Narrows Bridge.  Easy access to Grasmere Station on the Staten Island Railway.

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Neighborhoods: Staten Island

Massey Knakal Realty Services is pleased to announce the sale of three multifamily buildings located in Prospect-Lefferts Garden and East Flatbush. The properties are located at 350 Empire Boulevard and 441 Brooklyn Avenue in Prospect-Lefferts Garden and 305 East 34th St in East Flatbush. They were sold in a transaction valued at $18.1 million.

These three elevatored multifamily buildings are located in some of the most accessible and desirable areas of central Brooklyn. The three pre-war buildings have a combined total of approximately 157,255 square feet and consisted of 154 apartments and five commercial spaces. With the recent demand for housing caused by outpricing in other Brooklyn neighborhoods, and the buildings’ close proximity to Manhattan, these assets represented one of the strongest portfolio offerings in Brooklyn recently.

“This transaction demonstrates the continued strength of the multifamily market in all boroughs of New York City,” stated Massey Knakal Chairman, Bob Knakal, who exclusively represented the seller in this sale along with Director of Sales, Michael Amirkhanian.

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Neighborhoods: East Flatbush, Prospect Lefferts Gardens

The subject property is a four-story, 16’ wide walkup apartment building on the Upper East Side with 3 residential units and 1 commercial unit. The property is located on the east side of Third Avenue between East 80th and East 81st Street. The total gross square footage is approximately 3,381 and there are nearly 7,400 square feet of air rights remaining. The ground floor is built full and the remaining floors are built at a depth of 48’.

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Neighborhoods: Upper East Side