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A six-family apartment building at 243 West 135th Street, located between Frederick Douglass Boulevard and Adam Clayton Powell Jr. Boulevard in West Harlem, was sold in an all cash transaction valued at $2,300,000.

Built in 1910, this five-story property is approximately 9,695 square feet and sits on a 25’ x 86’ lot.  The building contains eight residential units, seven of which have been renovated within the past five years. Additionally, the building includes a newly created 700 square foot yoga studio on the ground floor. The property’s proximity to The City College of New York, the Harlem Hospital Center, and access to Saint Nicholas Park makes the location highly desirable.  Extensive work has been completed throughout the property in the past year, including a new gas boiler, a new chimney, and the yoga studio. The sale price equates to approximately $230 per square foot.

“The uniqueness of this property was in the free market status of the apartments.  Heading into a very strong prime rental season we expect the investor to do very well with this acquisition,” said Massey Knakal First Vice President of Sales Robert Shapiro who exclusively handled this transaction with First Vice President of Sales Josh Lipton.

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Neighborhoods: Harlem/ Agents: Robert Shapiro

Massey Knakal Realty Services has been retained on an exclusive basis to sell a commercial development site at 152-154 Leroy Street located between West and Washington Streets in Manhattan’s West Village. The asking price is $12,500,000.

The site, which is currently used as a parking lot, is approximately 55 feet wide and has about 27,980 gross buildable square feet. A development project could have potential water views and is only steps away from the Hudson River Park. The site is part of a potential assemblage.

“This site provides exceptional width and potential area for a hotel, office, or private club.  Alternatively the property could be prime for residential if a variance was obtained,” said Massey Knakal Partner James P. Nelson who is exclusively marketing this site with his sales team that includes Mitch Levine, Caroline Hannigan, and Matt Nickerson.

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Massey Knakal Realty Services has been retained on an exclusive basis to sell two retail co-ops and two office co-ops at 148 West 24th Street. The retail co-ops are located on the ground floor and the commercial co-ops are located on the seventh and eighth floors. The property is located in the heart of Chelsea on the south side of West 24th Street between Sixth and Seventh Avenues.

The ground floor units total approximately 4,000 square feet of retail space with an additional 4,000 square feet of below grade space. The space benefits from 14.5' ceilings to the beam on the ground floor (currently built out with a dropped ceiling height of approximately 11.2 feet). With no use restrictions, the units can be occupied for a multitude of commercial uses including restaurant or event space (pending co-op board approval).  Both units have sprinklers and operate on separate centralized air conditioning systems. There are also separate electric meters and two restrooms on the ground floor. The freight elevator reaches the basement level, providing easy access for storage. With approximately 30 feet of frontage and strong ceiling heights, the unit is ideal for an owner / occupant or investor. The asking price for this package is $2,950,000.

The two office co-op loft units are also available on the seventh and eighth floors of this building. The properties feature two separate HVAC units, windows on all three sides and eleven foot ceilings. Currently connected through an internal staircase but with access to each independently from the passenger and freight elevators, the units are currently being offered individually for $2,695,000 each or as a package for $5,000,000.

For more information on these listings, contact Massey Knakal Director of Sales Brock Emmetsberger at 212.696.2500.

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Neighborhoods: Chelsea

Two walk-up, multifamily buildings at 881-887 5th Avenue, located on the east side of 5th Avenue between 38th and 39th Streets in Brooklyn’s Sunset Park neighborhood, were sold in an all-cash transaction valued at $4,315,000.

Each building is four-stories and together total approximately 20,000 square feet. Together, there are 34 residential units and 4 commercial units, of which, 19 are rent stabilized, 6 are free-market and 1 is rent controlled. The buildings are located within close proximity to public transportation and the Greenwood Cemetery.  The sale price equates to approximately $215 per square foot or a 7.27% cap rate.

“The sale of these two adjoining buildings demonstrates the strong demand investors have for a stable return in growing neighborhoods,” said Massey Knakal Vice President of Sales Mark Lively who exclusively represented the seller with Director of Sales Brendan Maddigan.

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Neighborhoods: Sunset Park/ Agents: Brendan Maddigan, Mark Lively

A commercial building at 5905 Broadway, located between 240th and 242nd Streets in the Bronx, was sold in an all cash transaction valued at $2,650,000.

Fronting Broadway on the southwest corner of Van Cortlandt Park, this former factory and parking garage was the site of Fieldston Billiards before being converted into its current use as a church.  The property is approximately 20,000 square feet and sits on a 100’ x 100’ lot. The sale price equates to $132 per square foot.

“It’s not every day you sell a building that has had so many different uses. We were able to negotiate a lease/purchase agreement that worked for both the owner and the Church.  Both parties were pleased to complete the transaction,” said Massey Knakal Director of Sales Karl Brumback who exclusively handled this transaction.

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Agents: Karl Brumback

Massey Knakal Retail Leasing Services has secured a retail lease for the ground-floor retail space at 1038 Bedford Avenue. The building is located on the corner of Bedford Avenue and Lafayette Avenue in Brooklyn’s Bedford-Stuyvesant neighborhood.

The leased unit contains approximately 1,500 square feet on the ground floor. There is 20 feet of frontage on Bedford Avenue and 30 feet of frontage on Lafayette Avenue. The space was leased to a discount retailer which will take possession of the space in mid-August.

Andrew Clemens, Director of Retail Leasing, exclusively represented the landlord in this long-term lease.

“The retail on Bedford Avenue in the northwest section of Bed-Stuy is really starting to take shape.  Our aggressive marketing efforts produced many offers at the asking price on the property, but ultimately this tenant produced the best terms to secure the lease,” said Andrew Clemens.

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Neighborhoods: Bedford Stuyvesant

A multifamily building at 70 West 106th Street, located between Columbus and Manhattan Avenues on Manhattan’s Upper West Side was sold in an all-cash transaction valued at $3,000,000.

The five-story property is approximately 8,000 square feet and sits on a 25’ x 100.5’ lot.  The building contains two retail spaces and fourteen one-bedroom apartments. Of the fourteen units, nine are free market, three are rent stabilized, and two are rent controlled. Six of the apartments have been renovated with new floors, kitchens, and bathrooms. The lobby of the building has also been renovated. The sale price equates to approximately $370 per square foot. 

“From the moment we came to market, we received a substantial amount of interest from buyers seeking to invest in Manhattan Valley. The neighborhood’s proximity to Columbia University, the UWS, and Central Park has made it one of the few remaining areas of Manhattan with substantial growth potential,” said Massey Knakal Director of Sales Hall Oster who exclusively represented the seller in this transaction.

The buyer was represented by Jeffrey Tanenbaum of Halstead Property.

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Neighborhoods: Upper West Side

Three commercial buildings at 405-409 Johnson Avenue, located between Morgan Avenue and Bogart Street in Brooklyn’s East Williamsburg neighborhood, was sold in an all cash transaction valued at $1,600,000.

The three brick buildings total approximately 12,000 square feet and sit on 6,945 square foot lot. Together, there is one bakery, one motorcycle shop, four commercial lofts and one office. The property is located just one and half blocks from the Morgan Avenue L train station.  The sale price equates to approximately $132 per square foot.

“Many of the industrial buildings that once dominated the area are now being converted to more creative uses,” said Massey Knakal Vice President of Sales Mark Lively who exclusively represented the seller with Director of Sales Brendan Maddigan.

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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan, Mark Lively

Massey Knakal Retail Leasing Services has secured a restaurant lease at 942 Columbus Avenue, located between 106th and 107th Streets on Manhattan’s Upper West Side.

The retail space, which will be occupied by an Indian restaurant, contains approximately 1,400 square feet on the ground floor and 700 square feet of basement space. The space is ideally located within close proximity to Columbia University, public transportation, and national retailers such as Lens Crafters, GameStop, AT&T, and Domino’s Pizza.

“Due to an aggressive marketing strategy, we were able to secure this lease in just two weeks,” said David Chkheidze, Director of Retail Leasing, who exclusively represented the landlord in this transaction.

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Neighborhoods: Upper West Side

An office building at 155 West 46^th Street, located between Sixth and Seventh Avenues near Manhattan’s Times Square, was sold in an all cash transaction valued at $8,380,000.

The seven-story property is approximately 12,860 square feet and sits on a 20’ x 100.42’ lot.  There are seven floors of offices and a restaurant on the ground floor which is favorable reviewed by Zagats. Each floor has been renovated with new oak flooring, sheetrock ceilings, track lighting, glass patricians, new bathrooms and pantries and a new air-condition system.  The property benefits from its close proximity to Times Square and public transportation.  The sale price equates to approximately $652 per square foot.

Neighborhoods: Midtown West/ Agents: John Ciraulo

Massey Knakal Retail Leasing Services has been retained as an exclusive agent to secure a retail lease for 214 Sullivan Street. The property is located between Bleecker and West 3rd Streets in Manhattan’s Greenwich Village neighborhood.
 
The ground floor space is approximately 2,000 square feet. The space offers frontage on Sullivan Street, as well as significant ceiling heights. Foot traffic in the area is driven by a combination of locals, tourists, and NYU students. All uses would be considered at this location.

“This space is a great opportunity for a retailer looking for significant space near NYU.  Even this early in the marketing process, we have had tremendous interest from restaurants as well as day care facilities, schools, and other types of tenants.  We look forward to identifying the perfect tenant for this space, which will be a boon for both the landlord and the neighborhood,” said Brendan Gotch who is exclusively marketing this property.

For more information, contact Brendan Gotch, Director of Retail Leasing, at 212.696.2500 x7714.

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Neighborhoods: Greenwich Village

Massey Knakal Realty Services has been retained on an exclusive basis to sell a six building, 317 unit portfolio. The buildings are locating throughout the Mount Eden, Concourse, and Morrisania neighborhoods in the Bronx. The buildings are located at 1685 Selwyn Avenue, 1254 Sherman Avenue, 1231 Fulton Avenue, 615 East 168th Street, 1340 Merriam Avenue and 818 East 149th Street. The asking price for the portfolio is $25,000,000.

The portfolio consists of four walk-up buildings and two elevator buildings containing 303 residential units and 14 commercial units, over a combined 307,400 square feet. Out of the 303 residential units, there are 24 studio units, 178 one-bedroom units, 79 two-bedroom units and 22 three-bedroom units. The majority of the properties have undergone major capital improvement plans through the term of ownership. This package offers tremendous upside potential on the residential portion and stable revenue streams from the existing commercial tenants.

For more information on this listing, contact Massey Knakal First Vice President of Sales David Simone or Director of Sales Nicholas Burns at 212.696.2500.

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Neighborhoods: Concourse, Morrisania

Bob Knakal appeared on Street Signs with Brian Sullivan today on CNBC.

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A residential development site at 329 Pleasant Avenue, located between East 117th and 118th Streets in Northern Manhattan’s East Harlem neighborhood, was sold in an all cash transaction valued at $1,125,000.

The site is 30.5’ wide and 143’ deep and is approximately 15,000 buildable square feet. The site is located in a rapidly developing neighborhood and benefits from its close proximity to the 116th Street retail corridor, the recently completed East River Plaza and the planned Second Avenue subway line. The sale price equates to approximately $75 per buildable square foot.

“This sale is a prime example the strong demand for high quality locations.  East Harlem is currently experiencing a renaissance attracting high paying renters and condominium buyers,” said First Vice President of Sales Robert Shapiro who exclusively handled this transaction with Massey Knakal Partner Thomas A. Donovan.

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Neighborhoods: Harlem

A development site at 30 Henry Street, located on the corner of Henry and Middagh Street in the Historic District of Brooklyn Heights, was sold in an all cash transaction valued at $3,500,000.

The site is located in a R7-1 zone with a C1-5 overlay which allows for a total of 16,740 buildable square feet. The 75’ x 64’ lot contains a 6,300 square foot building that once housed the Brooklyn Daily Eagle newspaper. The sale price equates to approximately $209 per buildable square foot.

The market demands condo product and it’s no surprise that 30 Henry, located in one of Brooklyn Heights’ best pockets, sold $500,000 over the asking, exceeding $200 per buildable square foot.” said Massey Knakal Director of Sales Stephen Palmese who exclusively handled this transaction with Senior Associate Winfield Clifford.

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Neighborhoods: Brooklyn Heights/ Agents: Stephen Palmese

Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the triple net lease of 206 Fifth Avenue (aka 1126 Broadway). The property is located on Madison Square Park within the Madison Square North Historic District, between West 25th and 26th Streets. The asking rent is $725,000 per annum and would be available for occupancy June 1, 2013.

This five-story, block-through property has approximately 18,078 rentable square feet and sits on a 28.17’ x 112’ lot. The building currently consists of five floor-through commercial units with an abundance of natural light and stunning views of Madison Square Park. Each floor has private elevator access and its own tenant controlled air-conditioning package. The property is excellently situated near newly opened destinations like Eataly, and the Ace, NoMad and Flatiron Hotels. Public transportation is readily available with most local subway trains only a short walk away. This offering is an excellent opportunity to establish a flagship location or headquarters in one of Manhattan’s most desirable locations, facing Madison Square Park.

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Neighborhoods: Flatiron/ Agents: John Ciraulo