News

A ground floor retail condominium at 217 West 14th Street, located between Seventh and Eighth Avenues in Chelsea was sold in an all-cash transaction valued at $915,000.

The space, located in a five-story retail condominium building, consists of approximately 800 square feet with access to 200 square feet of basement space. The unit was delivered vacant and the sale price equates to approximately $1,143 per square foot.

“We’re seeing retail pricing pushing upward on West 14th Street from Fifth Avenue to Eighth Avenue. At some point, this stretch of the street will create a bridge between Union Square and the Meatpacking District, becoming one continuous, thriving retail corridor.,” said Massey Knakal Director of Sales Brock Emmetsberger who exclusively represented the seller with Massey Knakal Partner James Nelson and Associate Matt Nickerson.

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Neighborhoods: Chelsea

A townhouse at 350 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.

This four-story 20’-wide townhouse consists of seven residential units, of which four are fair market and three are rent stabilized. The basement and first floor consist of a spacious duplex, featuring two bedrooms, and a private south-facing garden. The second floor consists of two rent stabilized studios and the top two floors consist of four one-bedroom apartments, of which three are fair market and one is rent stabilized.

The townhouse totals approximately 5,500 square feet and sits on a 20’ x 100 lot. The sale price equates to approximately $473 per square foot.

The property has recently undergone extensive renovations, including a new roof in 2005, video intercoms in 2007, and a new gas-fired boiler in 1999. Additionally, the façade was updated in the late 1980’s and the deck and walls in the rear garden were improved within the past five years.

“This building was impeccably maintained and well positioned for the buyers to hold as an investment property or potentially use a portion of the building as a personal residence,” said Director of Sales Hall Oster who exclusively represented the seller with Director of Sales Clint Olsen.

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Massey Knakal Realty Services has been retained on an exclusive basis to sell a corner retail building at 156-164 Delancey Street. The property is located on the northwest corner of Delancey Street and Clinton Street on Manhattan’s Lower East Side. The asking price is $3,950,000.

The single story building boasts 109 feet of frontage in a high traffic location, directly adjacent to the Manhattan entrance of the Williamsburg Bridge. The building currently consists of six commercial units of ideal size, five of which are occupied with most of the leases expiring in next few years. The building receives additional income from billboard advertising on the roof.

“We have two other retail driven properties under contract on Delancey and expect a lot of interest in 156-64 given the demand and price point,” said Michael DeCheser, who focuses on the Lower East Side.

This future development site can be built to nearly 20,000BSF including inclusionary bonus, and given its proximity to the Seward Park Urban Renewal Area, presents a strong future development opportunity.

For more information on this listing, contact Massey Knakal Director of Sales Michael DeCheser or Chairman Bob Knakal at 212.696.2500.

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Neighborhoods: Lower East Side/ Agents: Michael DeCheser

Massey Knakal Retail Leasing Services has secured a lease for the retail space at 2758 Broadway. The space benefits from 100 feet of wrap around frontage on the corner of Broadway and West 106th Street on Manhattan’s Upper West Side.
 
Both the ground floor and the basement have approximately 3,600 square feet with 13 foot ceilings. The building is ideally located within close proximity to public transportation and major retailers.

David Chkheidze, Director of Retail Leasing, at Massey Knakal, represented the landlord in the signing of this ten year lease. “We were thrilled to secure a long-term national tenant for the landlord. With 7-Eleven in place, the landlord will be guaranteed stable income while providing quality service to the neighborhood,” said Chkheidze.

Massey Knakal Retail Leasing Services (MKRLS) is a focused retail leasing division whose goal is to ensure that every client obtains creditable tenants at the highest overall rental income. To accomplish this objective, the MKRLS team quickly and efficiently implements well-orchestrated marketing and leasing campaigns geared toward targeted groups of retail candidates.

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Neighborhoods: Upper West Side

A mixed-use building at 553 Bloomfield Avenue, located between Maple Place and Park Street in Montclair, New Jersey, was sold in an all-cash transaction valued at $455,000.

The three-story building is approximately 4,875 square feet and sits on a 25’ x 80’ lot. The sale price equates to approximately $93 per square foot.

Located in the heart of downtown Montclair, with easy access to Interstate 280, the Garden State Parkway and NJ transit, this bank owned building offers significant upside potential.

“The location of this property was the main draw to investors as the property is located in downtown Montclair, just steps from great shopping and nightlife,” said Kobi Leifer, Director of Sales at Massey Knakal, who exclusively handled this transaction with Clint Olsen. “The new owners will not have a problem achieving market level rents,” added Leifer.

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Neighborhoods: Essex County

A pair of mixed-use buildings at 143-145 West 4th Street, located between Sixth Avenue and MacDougal Street in the Greenwich Village Historic District, was sold in an all-cash transaction valued at $11,325,000.

The two Traditional style buildings are part of a four property portfolio currently represented by Massey Knakal Realty Services.  Each building is five stories and together total approximately 21,364 square feet and boasts 46 feet of frontage on West 4th Street. The buildings consist of 26 units with 15 one-bedroom units, nine two-bedroom units, one three-bedroom unit and one four-bedroom unit. Of the 26 units, there are six rent stabilized apartments.  

“Multifamily offerings in Greenwich Village are exceptionally rare. We were pleased to identify a buyer who recognized the potential for this great asset off Washington Square Park,” said Massey Knakal Partner James P. Nelson, who represented the seller with his team which includes Director of Sales Mitch Levine, Senior Associate Caroline Hannigan, and Associate Matt Nickerson.

Silverstone Property Group, a very active buyer in NYC for value-added repositioning opportunities, purchased the property.

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Neighborhoods: Greenwich Village

Massey Knakal Retail Leasing Services has been retained as an exclusive agent to secure a retail tenant for the retail space at 1407 Fulton Street. The building is located between Tompkins and Marcy Avenues in Brooklyn’s Bedford-Stuyvesant neighborhood.  

The space consists of 2,100 square feet on the ground floor with an additional 2,100 square feet of basement space. The space can be divided into two separate units, each totaling 1,050 square feet. There are 12 foot ceilings and a central HVAC unit. All uses would be considered for this space.

The space benefits from approximately 30 feet of frontage along Bed-Stuy’s busiest retail corridor which includes national retailers such as Citibank, Applebee’s Dunkin’ Donuts, Sprint, and Duane Reade. The dramatic improvements by the Fulton Gateway Business Improvement District and the development of the Barclays Center are making this corridor a highly sought-after retail destination.

“The Fulton Street retail corridor is one of the most rapidly changing corridors in all of Brooklyn.  With the addition of the Barclays Center and the close proximity to hot neighborhoods such as Fort Greene and Clinton Hill, Bed-Stuy is already on its way to becoming a highly sought-after destination for many large national retailers,” says Andrew Clemens, Director of Retail Leasing at Massey Knakal.

For more information, contact Andrew Clemens, Director of Retail Leasing, at 718.238.8999.

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Neighborhoods: Bedford Stuyvesant

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 37-41 8th Avenue. The building is located between Jane and Horatio Streets in Manhattan’s West Village. The asking price is $4,600,000.

This three-story walk-up building is approximately 2,889 square feet and contains an additional 370 square feet of air rights. There are two retail units on the ground floor and an owner’s duplex above. The owner’s duplex is fully renovated with the lease expiring in July 2013. The retail tenants have leases in place through 2013.

This is an excellent opportunity for an investor to receive a steady stream of in-place income or a user to live in the duplex unit while receiving income from the retail units below.

For more information on this listing, contact Massey Knakal Partner James Nelson at 212.696.2500.

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Neighborhoods: Greenwich Village

Massey Knakal Retail Leasing Services has secured a retail lease for the 400 square foot store on the ground floor of 253 East 78th Street. The building is located between Second and Third Avenues on Manhattan’s Upper East Side.

The space will be occupied by Simply the Best Clothing.  

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

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Neighborhoods: Upper East Side/ Agents: Jill Lovatt

A development assemblage consisting of three contiguous lots in the Williamsbridge section of the Bronx has recently sold for a combined $2,480,000. The three lots total approximately 86,000 residential buildable square feet with over 200 feet of frontage on White Plains Road.

The L-shaped lot at 3677-81 White Plains Road, consists of approximately 33,400 buildable square feet. The site sold in an all-cash transaction valued at $930,000. In a separate transaction, the lots at 3673 White Plains Road and 3687 White Plains Road were sold in an all-cash transaction valued at $1,550,000. The two lots total approximately 52,800 buildable square feet.

The assemblage offers easy access to the subway, White Plains Road commercial corridor, Gun Hill Road, and the Bronx River Parkway.

A local developer purchased all three parcels and will construct a multifamily apartment building.

Massey Knakal Director of Sales Karl Brumback exclusively handled this transaction.

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Neighborhoods: Williamsbridge/ Agents: Karl Brumback

Massey Knakal Realty Services has been retained on an exclusive basis to sell 7900 Queens Boulevard, currently home of the Pan American Hotel. The assemblage occupies the entire block-front on the south side of Queens Boulevard between 51st Avenue and Hillyer Street in Elmhurst, Queens. While the hotel is currently operational, the site may be delivered vacant upon possession allowing for alternative uses.            

The assemblage consists of a seven-story, 86,500 square foot hotel building consisting of 216 rooms. The property is situated on seven contiguous lots totaling approximately 77,125 square feet. Additionally, there are ground floor retail units, amenity space and parking garages. Situated in a C4-2 zoning district, there is approximately 165,275 square feet of additional development potential.

Given the size of the lot, the large number of rooms, ample parking space and the ability to be delivered vacant, this site could be suitable for a nursing home, retirement community or adult housing or other various health care facilities.

The assemblage benefits from approximately 546 feet of frontage on 51st Avenue, 175 feet of frontage on Hillyer Street and 560 feet of frontage on Queens Boulevard. Queens Boulevard, the largest major thoroughfare in Queens, runs from Jamaica to the 59th Street Bridge connecting Queens to Manhattan. It provides easy access to the Long Island Expressway, Brooklyn Queens Expressway, Van Wyck Expressway and the Grand Central Parkway, LaGuardia Airport and John F. Kennedy Airport.

For offering price and confidentiality agreement, please contact Massey Knakal Partner Thomas A. Donovan, Director of Sales Tommy Lin or Director of Sales Eugene Kim at 718.275.3400.

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Neighborhoods: Elmhurst

Massey Knakal Retail Leasing Services has secured a retail lease for the retail space on the ground floor of 1649 Park Avenue. The building is located on the southeast corner of Park Avenue and East 117th Street in Harlem.  

The unit consists of 1,200 square feet on the ground floor and 1,200 square feet of basement space. There is 60 feet of frontage on Park Avenue and 20 feet of frontage on East 117th Street. It is fully equipped for a restaurant with kitchen appliances, a bar, sound system, and a heating and cooling system. The space will be occupied by a pizzeria.

David Chkheidze, Director of Retail Leasing at Massey Knakal and Lev Kimyagarov, Director of Sales, represented the landlord in the signing of this 15-year lease. “We are pleased to achieve a price well over our asking price,” said Chkheidze.

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Neighborhoods: Harlem

Massey Knakal Retail Leasing Services has been retained as an exclusive agent to secure a retail tenant for the 1,300 square foot retail space at 110 South Street. The building is located between Beekman Street and Peck Slip in Manhattan’s Historic South Street Seaport, the home of the original Fulton Fish Market.

The space features 12 feet of frontage on South Street, 14 foot ceiling heights, and a depth of 80 feet. Due to its close proximity to the South Street Seaport, Pier 17 and Schermerhorn Row, this area benefits from heavy foot traffic from tourists. All uses would be considered for this space.

“There’s a lot of redevelopment in the South Street Seaport district and on this particular stretch of South Street, specifically,” says Will Suarez, Director of Retail Leasing at Massey Knakal. “A retailer that attracts local residents and tourists would be ideal, whether it is a restaurant, home furnishings retailer, or a seafood market that is reminiscent of the days of the original fish market,” added Suarez.
 
 For more information, contact Will Suarez, Director of Retail Leasing or Nick Petkoff, Director of Sales, at 212.696.2500.

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Neighborhoods: Financial District/ Agents: Guillermo Suarez

An institutional building at 199-12 112th Avenue, located on the southern blockfront of 112th Avenue between 199th and 200th Street, in St Albans, Queens, was sold for $6,800,000, according to a Massey Knakal Realty Services report.  

The three-story, 52,300 square foot, institutional building, that resides in the scenic residential area of St. Albans. The building was originally constructed as a school and was once home to the Police Athletic League, which was the seller in this transaction. The property was most recently leased to New Chapter Academy, an independent religious school, on a short-term basis. The building was delivered vacant at the time of closing.

Given the property’s  quiet, densely residential location, and its institutional design, the building was ideally suited to serve a multitude of options, such as an educational facility, affordable housing conversion, senior care/assisted living or rehabilitative facility. Ultimately, the buyer of the property was New York City’s School Construction Authority, which will return the building to its original school use.

“It is always rewarding to help wonderful organizations like PAL, which does such beneficial work for our communities,” stated Massey Knakal Chairman Bob Knakal who exclusively handled this transaction along with Director of Sales Brian Sarath, who added, “The property was a perfect fit for the NYC School Construction Authority, which plans to use the building as a public school. This use will greatly benefit the community of Saint Albans.”

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Neighborhoods: Saint Albans

Massey Knakal Retail Leasing Services has secured a tenant for 29 West 8th Street. The property is located steps away from the West 4th Street subway station and on the 8th Street crosstown bus line in Greenwich Village. The space is approximately 1,293 square feet.

Brendan Gotch, Director of Retail Leasing for Massey Knakal, said, “West 8th Street has been continuously improving over the course of the last year with a number of new, high-quality tenants coming to the block. That said, retail rents have yet to reflect the increased quality of tenants with increased rental rates.” Gotch also added that he was proud to secure a lease with a very high quality tenant for just over three years, giving the landlord income for the near future and the ability to re-let the space in a few years, when retail rents are significantly higher.

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Neighborhoods: Greenwich Village

A commercial condominium unit at 120 Riverside Boulevard, located between West 66th and West 64th Streets on Manhattan’s Upper West Side, was sold at the asking price in an all-cash transaction valued at $875,000.

This is the sixth unit to close out of a package of nine commercial condominium units that Massey Knakal is currently marketing along Riverside Boulevard. The package has received a flurry of interest from investors, professionals, and retail operators seeking an opportunity to service an area that will eventually possess 6,000 new residential units. Two commercial condominium units are still available for sale.

The ground floor condominium unit is located within Trump Place, a modern 18-story residential condominium constructed in 2004. The unit, which is approximately 1,968 square feet, benefits from bright light and 14 foot ceilings. The sale price equates to approximately $445 per square foot.

“This an exciting time for residents of the buildings along Riverside Boulevard. The sale of these units will continue to supply much needed retail and professional services to one of the city’s fastest growing neighborhoods,” said Massey Knakal Director of Sales Hall Oster who exclusively represented the seller in this transaction with Senior Vice President of Sales Paul Smadbeck and Associate Timothy Hay.

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Neighborhoods: Upper West Side

Massey Knakal Retail Leasing Services has secured a retail lease for the ground floor unit at 1371 First Avenue. The building is located between East 73rd and East 74th Streets on Manhattan’s Upper East Side.

The retail space is approximately 320 square feet with 10 feet of frontage on First Avenue. The space will be occupied by Bark Place.

The space benefits from its close proximity to national tenants such as CVS, Starbucks, Bank of America, Domino’s Pizza and Walgreens.
 
Jill Lovatt, Director of Retail Leasing at Massey Knakal, represented the landlord in the signing of this long-term lease.

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Neighborhoods: Upper East Side/ Agents: Jill Lovatt

A mixed-use building at 9425 5th Avenue, located between 94th and 95th Streets in Brooklyn’s Bay Ridge neighborhood, was sold in an all-cash transaction valued at $1,032,500.

The three-story building measures approximately 4,576 square feet and sits on a 17’ x 100’ lot. The building contains two retail tenants and four apartments.  The building is located at the entrance to the R train and benefits from heavy foot traffic. The sale price equates to approximately $225 per square foot and a 6.3% cap rate.

“Mixed-use buildings are the bread and butter of Bay Ridge real estate.  Investors are willing to accept lower rates of return in exchange for the safety and quality of these assets in the area,” said Massey Knakal Director of Sales Stephen Palmese.

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Neighborhoods: Bay Ridge/ Agents: Stephen Palmese

Massey Knakal Realty Services has sold a retail condominium at 16 West 48th Street. The property is located at the base of The Centria, a luxury condominium building located immediately adjacent to the world-famous Rockefeller Center in Manhattan. The condominium was sold in an all-cash transaction valued at $5,500,000.

The 7,158 square foot white box retail condo offers a wide variety of retail tenants the flexibility to design their own space in one the most highly trafficked retail and tourist corridors in the United States. It is ideally suited for restaurant space, with a pre-installed kitchen flue and smog hog, a double-wide staircase to the cellar and private elevator.

"The proximity to Rock Center made this a highly attractive property as tremendous foot traffic enhances its appeal,” said Massey Knakal Chairman Bob Knakal who exclusively handled this transaction with Partner James Nelson.

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Neighborhoods: Midtown West

A mixed-use building at 1557 Second Avenue, located between East 80th and 81st Streets on Manhattan’s Upper East Side, was sold in an all-cash transaction valued at 3,000,000.

The four-story building is approximately 4,349 square feet and has over 10,700 square feet of air rights. It contains one commercial unit on the ground floor and 15 apartments above, of which 13 are SRO units and two are Class-A apartments. Eight of the SRO units and the two Class-A units were delivered vacant. The sale price equates to approximately $690 per square foot.

“This building is a prime candidate for repositioning today, or as the Second Avenue Subway nears completion, due to the current vacancy and the accompanying air rights,” said Massey Knakal Vice President of Sales Thomas D. Gammino Jr.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.

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Neighborhoods: Upper East Side