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A 10-unit walk-up apartment building at 131 Beach 121st Street in Rockaway Park, Queens, was sold in an all-cash transaction valued at $800,000.

The building is approximately 6,105 square foot and sits on a 60’ by 85’ lot. The property includes three two-bedroom apartments, three one-bedroom apartments, three lofts, and one studio apartment. All apartments are currently occupied and tenants pay for their own gas, heat, and electric. Each apartment has its own individually installed heating unit and hot water heater. The property also includes 10 off-street parking spaces located on west side of Beach 121st Street. The sale price equates to approximately $130 per square foot.

“This was a former mansion that was converted to a condo-ready, 10-family building,” said Massey Knakal Partner Thomas A. Donovan who exclusively handled this transaction. “Just steps from the Rockaway Park Boardwalk, this property presents the best opportunity to own an oceanfront property at an affordable price,” added Donovan.

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Neighborhoods: The Rockaways

Massey Knakal Realty Services, NYC’s #1 building sales firm, is pleased to announce the release of their exclusive First Half 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 half of 2012, the property sales market in New York City continued to perform at essentially the same moderate levels seen last year. If we annualize the $14.2 billion of sales volume in the first half, our annualized projection will be slightly above the $27.4 billion in all of 2011,” stated Bob Knakal, Massey Knakal Chairman. “The dollar volume of sales in the second quarter actually dropped from the first quarter and, at $6.9 billion, was the first time quarterly activity was less than $7 billion in 5 quarters. The number of properties sold fared much better we are on pace for about a 20% increase in the number of trades over 2011 totals. In fact, the 728 properties sold citywide in 2Q12 was the highest quarterly total going back to 2Q08,” added Knakal.

During the first half of 2012 (1Q-2Q12), there were $14.2B in NYC sales, a 14% increase from 1H11. Thus far, there have been 1,310 properties sold, an increase of 29% from the same period last year, and 9% from 2H11. The 1,310 sales represent an annualized turnover of 1.57%. In 2Q12, there was $6.9B citywide, down 5% from 1Q12 and 15% from 2Q11.

The investment sales market has continued to see marked improvement in fundamentals across property classes, with the number of property sales on pace to eclipse 2011 by 18%. Once again, office properties dominate dollar volume, accounting for 35% of citywide volume. Walk-Ups lead the way with 23% 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.

Click here for the highlights from each report.

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use development site at 350-356 Neptune Avenue in Ocean Parkway, Brooklyn. The property is located on the south side of Neptune Avenue between Brighton 1st Street and Brighton 3rd Street. The asking price is $5,500,000.

This property is a unique combination of four lots (35, 37, 218, 221) providing frontage on four streets. The largest lot (97) consists of two one-story buildings that are currently used as offices. Lots 95 and 218 consist of three one-story buildings while lot 221 has a two-family house. All to the buildings will be delivered vacant. There is a total buildable potential of approximately 73,640 to 117,820 square feet.

The site is located just 200 feet from Ocean Parkway and within close proximity to Brighton Beach Avenue, Coney Island Avenue, and the Belt Parkway.

For more information on this listing, contact Massey Knakal Director of Sales Brian Hanson at 718.606.7069.

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Neighborhoods: Brighton Beach

A development site at 111-113 Kane Street, located between Hicks and Columbia Streets, in Brooklyn’s Columbia Waterfront District, was sold in an all-cash transaction valued at $1,625,000.

The site measures 42.66’ by 94.83’ and consists of approximately 8,100 buildable square feet. It is located just a few blocks from the Brooklyn Bridge Park and the F subway line.  The site is ideal for condominium development.

The sale price equates to approximately $200 per buildable square foot.

“This sale represents the resurgent strength of the development market.  Prices for development sites have reached the same heights as the bubble in 2007,” said Massey Knakal Senior Vice President of Sales Ken Freeman who exclusively handled this transaction with Director of Sales Michael Amirkhanian.

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Neighborhoods: Columbia Street Waterfront District

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 14-57 Broadway. The building is located on the northwest corner of Broadway and 21st Street in Astoria, Queens. The asking price is $2,850,000.

The 5,000 square foot property consists of approximately 2,923 square feet of retail space on the ground floor, two garages, and two apartments on the second floor totaling approximately 1,600 square feet. With zoning designations of C2-3/R7A and C2-3/R7X, the property has approximately 14,500 buildable square feet, or an additional 9,500 square feet of available air rights.

 The property is uniquely situated across the street from the Broadway Shopping Center and the famous Bel Aire Diner of Astoria, and is along the same corridor as several newly constructed luxury apartment buildings. The property also sits just five blocks from the N/Q train at 31st Street and is directly in between the entrances to the Queensboro and RFK Bridges on 21st Street.

For more information on this listing, contact Massey Knakal First Vice President of Sales Al Holloman or Partner Tom Donovan or at 718.275.3400

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Neighborhoods: Astoria

Massey Knakal Capital Services is pleased to announce the closing of a loan for a mixed-use commercial property located within close proximity to Grand Central Terminal. The $3,200,000 non-recourse loan was fixed for five years at 3.5%.  

“The loan featured a loan-to-value ratio of 70.0% and a very competitive rate. When we initially underwrote the loan for our client, we projected maximum loan proceeds of $3,150,000 and a rate of 4.0% for 5 years. We received over 10 quotes for the transaction with the majority of them landing at or above 4.0%. Through our bidding process, we identified a lender who was interested in the long term relationship with a premier owner and was able to differentiate themselves from the competition. This is a continuation of our successful track record of under-promising and over-delivering for our clients. We prefer to err on the conservative side quoting transactions and delivering equal or better results at the closing,” said Director Morris Betesh who exclusively handled this transaction.

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Neighborhoods: Midtown East

Massey Knakal Realty Services has been retained on an exclusive basis to arrange for the sale of the Harlem Lane Portfolio. The portfolio consists of two contiguous residential walk-up buildings at 204-206 West 133rd Street, a mixed-use apartment building at 2484 Adam Clayton Powell Boulevard, an elevator apartment building at 656 Saint Nicholas Avenue, and a residential walk-up building at 759 Saint Nicholas Avenue. Together, there are 109 units and 71,554 square feet of prime West Harlem real estate. These properties can be purchased together or individually.

All of the buildings are well maintained and have undergone extensive capital improvements in recent years including new roofs and new gas boilers.

West Harlem’s three major retail arteries along 125th, 135th and 145th Streets and The City College of New York secures future tenant demand for the properties, and ensures continued neighborhood growth and development. Northern Manhattan’s extensive network of public transportation makes all of the properties easily accessible and also provides quick transportation to Midtown and Downtown Manhattan for professionals, families, and Columbia University and New York City College students and faculty. This offering represents the opportunity to own exceptional multifamily and mixed-use assets in one of New York City’s most highly anticipated and untapped neighborhoods.

For more information on this listing, contact Massey Knakal Senior Vice President of Sales Paul Smadbeck, First Vice President of Sales John Lipton, or First Vice President of Sales Robert M. Shapiro at 212.696.2500.

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Neighborhoods: Harlem/ Agents: Robert Shapiro

A corner, walk-up, mixed-use building at 1431A York Avenue, located on the southwest corner of East 76th Street and York Avenue on Manhattan’s Upper East Side, was sold in an all-cash transaction valued at $5,600,000.

The building is approximately 12,000 square feet and sits on a 25’ x 100’ lot. The property contains 18 residential apartments and 2 retail units. Each of the residential apartments are one-bedroom units, but could potentially be converted to two-bedrooms. Additionally, there are approximately 13,000 square feet of available air rights. The sale price equates to approximately $467 per square foot.

“We received a tremendous amount of interest on this building due to its excellent corner exposure, established income, and upside potential,” said Massey Knakal First Vice President of Sales Guthrie Garvin who exclusively represented the seller in this transaction with Massey Knakal Partner John F. Ciraulo.

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Neighborhoods: Upper East Side/ Agents: John Ciraulo

An industrial property at 3087 Route 22, located within North Branch in the municipality of Branchburg, New Jersey, was sold in an all-cash transaction valued at $1,360,000.

The property consists of a 7.18 acre parcel of land with a 45,376 square foot one-story industrial building. The site is located within close proximity to Highways 202 and 22, Trans-Bridge bus line, and New Jersey Transit. The sale price equates to $30 per square foot.

“The buyer is a local user who will be retro-fitting the building for his growing business. This trade shows that the industrial market is still strong in Branchburg and along the Route 22 corridor,” said Massey Knakal Director of Sales Kobi Leifer who exclusively handled this transaction with CEO Paul J. Massey Jr.

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Neighborhoods: Other/ Agents: Paul Massey Jr.

Massey Knakal Realty Services has been retained on an exclusive basis to sell a TriBeCa loft building with a fully built-out restaurant at 81 Warren Street.  The property is located on the south side of Warren Street between West Broadway and Greenwich Street, just a block from Whole Foods. The asking price is $3,950,000.

This four-story building is approximately 5,700 square feet and has over 3,600 square feet of additional air rights giving this site future development potential. The restaurant on the ground floor is currently occupied by the renowned Il Giglio, but can be delivered vacant. It includes a kitchen in the rear of the ground floor, plus an office, wine storage, and walk-in refrigerators and freezers in the basement. There are three rent stabilized loft apartments above the restaurant which are rented at a fraction of market, providing tremendous upside. The ceiling heights range from 11 to 12 feet.

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

Neighborhoods: TriBeCa

Massey Knakal Realty Services has been retained on an exclusive basis to sell an office/commercial building at 214-61/65 Jamaica Avenue. The property is located on the Northeast corner of Jamaica Avenue and Vanderveer Street in Queens Village. The asking price is $1,300,000.

This office/commercial building sits on a 36’ x 76’ lot and has large, open floor plates and a full, legal lower level. The building is currently set up as three floors of office space plus a kitchen area, totaling approximately 7,800 square feet of usable space. This corner property is highly visible and is close to the LIRR Queens Village station and many neighborhood amenities. The building will be delivered vacant and is ideally suited for office, religious, educational, community facility, medical, or retail use.

For more information on this listing, contact Massey Knakal Director of Sales Brian Sarath at 718.275.3400.

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Neighborhoods: Queens Village

Massey Knakal Retail Leasing Services has secured a retail lease for the second floor space at 49 West 8th Street. The property is located between Fifth and Sixth Avenues in Manhattan’s West Village neighborhood.
 
The space benefits from highly visible second floor frontage on a busy West Village block. There is excellent access to mass transit, located immediately next to the West 4th Street subway station and on the 8th Street crosstown bus line.

The space will be occupied by DAZZ, a beauty lounge.

“Although it was not a ground floor space, Massey Knakal was still able to use its marketing program to generate a substantial amount of interest, ultimately extracting a significant premium for it from a high-quality tenant,” said Brendan Gotch, Director of Retail Leasing, who exclusively represented the landlord in this transaction.

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Massey Knakal's sophisticated training programs and rigorous certification board are peerless among realty services firms, ensuring that our agents are the most disciplined, skilled and talented in the industry. Creating the best work environment is something we strive for on a daily basis, and intelligence, integrity, professionalism and passion are the keys to maintaining it. Talented individuals are valued at Massey Knakal, and we encourage you to take a moment to browse the available positions.

Massey Knakal Realty Services has been retained on an exclusive basis to sell a commercial building at 42 West Broad Street. The property is located at the intersection of West Broad Street and Fleetwood Avenue in the Fleetwood neighborhood of Mount Vernon. The asking price is $6,250,000.

The site consists of a single-story retail building and an attached parking garage. The building is occupied by a 12,850 square foot Duane Reade, a 10,410 square foot Metro Fresh supermarket, and 4,500 square foot vacant space on the lower-level, previously used as a bar/dance club. The attached garage is leased to the City of Mount Vernon.

The property has significant unused air rights and offers a variety of development options, including construction of an eight to twelve story tower above the site.

The property has excellent transportation options as it is located just two blocks from the Metro-North Fleetwood train station and directly across the street from the Cross County Parkway exit/entrance ramp.

For more information on this listing, contact Massey Knakal Director of Sales Karl Brumback at 212.696.2500. 

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Agents: Karl Brumback

Two contiguous, five-story apartment buildings at 2411-2415 Prospect Avenue, located steps from the Little Italy section of the Bronx, were sold in an all-cash transaction valued at $4,200,000.

The two buildings consist of 54 units, of which, 53 are residential and one is a recently constricted office space suitable for onsite management or conversion to an apartment. The 53 apartments are made up of 30 one-bedroom units, 21 two-bedroom units, one four-bedroom unit, and one super’s unit. Together, the buildings total approximately 41,500 square feet on a 100’ x 95’ lot. The sale price equates to approximately $100 per square foot.

“The property is very well-maintained and managed; many of the units had been extensively renovated,” said Massey Knakal Director of Sales Karl Brumback who exclusively handled this transaction.

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Agents: Karl Brumback

Massey Knakal Realty Services has been retained on an exclusive basis to sell four retail buildings in Brooklyn. They are located at 420 86th Street, 502-512 86th Street, 514 86th Street and 526-528 86th Street in the heart of Bay Ridge’s retail corridor.
 
The two-story commercial building at 420 86th Street, located between 4th and 5th Avenues, is approximately 3,500 square feet. Surrounded by major retailers like T.J. Maxx and Century 21 Department Store, this property is ideal for users looking to expand or relocate an existing business. The building is currently being leased on a month-to-month basis and can be delivered vacant.
 
The three-story retail building at 502-512 86th Street, located on the southeast corner of 86th Street and 5th Avenue, is approximately 39,000 square feet. The building is currently leased to two tenants: Citi Group and T.J. Maxx. While Citi Group occupies approximately 2,450 square feet on the ground floor and an additional 2,500 square feet on the lower level, T.J. Maxx occupies the remaining space on the ground floor, as well as the second and third floors. The property benefits from a tremendous amount of visibility with 125’ of frontage on 5th Avenue and 100’ of frontage along 86th Street. The location of this building, along with its current tenancy, makes this building one of the most sought after buildings in Brooklyn.
 
The four-story mixed-use building at 514 86th Street, located between Gelston and 5th Avenues, is approximately 6,300 square feet and consists of four units: two residential and two commercial. The ground floor is currently leased to Starbucks through February 2017. The second floor is a 2,000 square foot commercial unit that can be delivered vacant. The third and fourth floors are residential units, approximately 1,150 square feet each. While the third floor is currently leased until March 31, 2012, the fourth floor unit will be delivered vacant.
 
The four-story mixed-use building at 526-528 86th Street, located on the southwest corner of 86th Street and Gelston Avenue, is approximately 9,600 square feet. The property has 33’ of frontage along 86th Street, benefiting from tremendous visibility.  The building consists of five units, three commercial and two residential. While the first floor is currently leased to Mothers Work Inc. through May 2014, the second and third floor commercial units can be delivered vacant.

These excellent retail properties can be purchases individually or as a portfolio.  For more information on these properties, please contact Massey Knakal Chairman Bob Knakal at 212.696.2500 or Director of Sales Stephen Palmese at 718.238.8999.

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The New York City investment sales market over the past three or four weeks has been happily reminiscent of the market in 2007. This, folks, is the best market we have seen in five years.Cap rates are compressing sharply, values are up, bidding wars at or above the asking price are commonplace as buyers are climbing all over each other to purchase the relatively few properties that are available for sale.

I’m bringing these dynamics to your attention today because I think building owners are seeing a wonderful moment in time for potential sellers to take advantage of these market dynamics. This may come across as one of the most self-serving correspondences I’ve ever sent, but if you follow the points below I think you may agree with my conclusions.

Presently in the investment sales market there is a very sharp supply-demand imbalance, with demand greatly exceeding supply. On the supply side, there are relatively few properties on the market for sale, as many potential sellers have indicated that they are not interested in letting go because of a lack of alternative investments into which to deploy the proceeds from the sale. Meanwhile, we haven’t seen as many sellers as we anticipated to take advantage of this year’s capital gains tax rates, which are likely to increase next year.

Visit the Commercial Observer for Bob's full article

A vacant two-story building at 38-40 Crescent Street, located on the corner of 39th Avenue and Crescent Street just three blocks north of the Queensboro Bridge in Long Island City, was sold in an all-cash transaction valued at $1,305,000.

The commercial property is approximately 5,000 square feet and sits on a 25’ x 100’ lot. There is 2,500 square feet of finished office space on the main floor as well as another 2,500 square feet for parking and/or storage on the street level. There is one overhead roll-up gate fronting 39th Avenue that offers access for cars or trucks from the street level. The sales price equates to approximately $260 per square foot.

“After just 90 days on the market, this corner property was sold to a user. Based on the close proximity to two new hotels, the property garnered tremendous activity, said Massey Knakal Vice President of Sales Al Holloman who handled the transaction. “The new ownership will be able to benefit from the heavy tourist traffic as both hotels are enjoying occupancy rates of nearly 95%,” added Holloman.

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Neighborhoods: Long Island City

Massey Knakal Realty Services has sold a portion of the University Avenue Portfolio – a collection of four contiguous institutional buildings, one indoor parking garage and five adjacent parking / development lots, located in the Highbridge section of the West Bronx. The properties are located at 930, 950, 969-973, and 998 University Avenue. The portfolio sold for $10,850,000, which equates to approximately $73 per square foot for the existing multi-story structure.

Overlooking the Harlem River the building benefits from tremendous visibility along the Major Deegan Expressway and Harlem River Drive. This 142,030 sq. ft. building consists of approximately 50% office space and 50% warehouse space and benefits from indoor parking for approx 15 cars. The properties were owner occupied at the time of the sale and was delivered vacant. Six vacant residential development lots ranging in size from 2,700 to 16,625 Sq. Ft. and totaling 150,000 buildable Sq. Ft. are still available for purchase.

With direct access to the interstate highway system, the site benefits from convenient access to Manhattan, Westchester and New Jersey via the George Washington Bridge, along with multiple public transportation options.

“The site was home to the HW Wilson Company for almost a century,” said Director of Sales Nicholas Burns who exclusively handled this transaction with First Vice President of Sales David Simone.

“We are excited to make the building our new headquarters as well as our newest self-storage center,” said the buyer, Nick Sprayregen, President of Tuck-It-Away Associates, LP.

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Neighborhoods: Highbridge

Two multifamily buildings at 4706-4712 4th Avenue, located between 47th and 48th Streets in Brooklyn’s Sunset Park neighborhood, were sold in an all cash transaction valued at $4,400,000.

The two, four-story, adjoining brick buildings total approximately 24,080 square feet and consists of 32 residential units.  Half of the units are free market and the other half are rent stabilized. The sale price equates to $174 per square foot.

“During our marketing, we brought multiple competitive offers to the table until ultimately a buyer stepped up to a price high level with very clean terms. Quality multifamily buildings with upside like this property continue to be in high demand as risk is low, financing is excellent and investors bet on Brooklyn,” said Massey Knakal Vice President of Sales Mark Lively who exclusively represented the seller in this transaction with Director of Sales Brendan Maddigan.

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Neighborhoods: Sunset Park/ Agents: Mark Lively