News

Massey Knakal Realty Services is pleased to announce the release of their exclusive Year-End 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).

Agents: Paul Massey Jr.

Massey Knakal has sold a development site located at 19-25 West 20th Street, between Fifth and Sixth Avenues, in the center of the Flatiron District. The site was sold in a transaction valued at $9,750,000.

In what is an unusual development parcel, the site is a vacant 25’ x 92’ lot which sits next to a 75 foot wide, 292 space, 7-story parking garage which is leased on a long-term basis. The property features shovel-ready plans that have already been approved by the Landmarks Preservation Commission (LPC) which call for a building up on the lot and then over, and on top of, the parking garage. These plans call for a 15-story residential building, including a three-story addition to the existing parking structure. The final project will contain 19 condominium apartments in 32,504 zoning square feet, and a fully-restored parking facility. The site was purchased by Gale International

“This was a transaction which required a lot of creativity and Stan Gale brought tenacity to the table while getting his arms around the complexities here,” said Massey Knakal Chairman Bob
Knakal, who exclusively handled these transactions with Vice Chairman and Partner John Ciraulo. “Stan and his team were a pleasure to work with,” Mr. Knakal added.

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Neighborhoods: Flatiron/ Agents: John Ciraulo

Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 4350 Arthur Kill Road. The property is located between Sharrotts Road and Englewood Avenue in the Charleston area of Staten Island.

The site is a 15 acre lot, with frontage on Arthur Kill Road.  Current zoning allows for manufacturing, commercial, and specialized residential development.

The site is located in the area which has been designated as part of the Working West Shore 2030 initiative coordinated by The Department of City Planning and the Economic Development Corporation to create jobs, improve infrastructure, and manage growth.  It is situated in the center of several major developments that were recently completed that includes: Bricktown Mall – a 400,000 square foot shopping center featuring national retailers such as Home Depot, Bed Bath and Beyond and Target; The Tides at Charleston – an age restricted, waterfront gated community consisting of 190 units and recreational facilities and a mile north is a Major Lowes Department store. The site is also located within close proximity to the Goethals Bridge, Outerbridge Crossing, and major highways.

For more information on this listing, contact Massey Knakal Partner James P. Nelson at 212.696.2500 or First Vice President of Sales Michael Schneider at 718.238.8999.

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Neighborhoods: Staten Island

Massey Knakal Retail Leasing Services has secured a retail lease for 936 Amsterdam Avenue, located on the northwest corner of West 106th Street and Amsterdam Avenue in Manhattan’s Upper West Side.
 
This fully-equipped, turn-key restaurant space contains approximately 1,300 square feet on the ground floor and 1,200 square feet of basement space.   It benefits from 25 feet of frontage on Amsterdam Avenue and 50 feet on West 106th Street.  It contains two walk-in boxes, grill, hood, bar, sound system, and heating and cooling system, and all kitchen appliances are in great condition.

“We are thrilled to secure a long-term tenant for this landlord,” said Director of Retail Leasing David Chkheidze, who exclusively represented the landlord in the signing of this ten year lease with five year option. “With an established restaurant in place, the landlord will be guaranteed stable income while providing quality service to the neighborhood,” he continued.

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Neighborhoods: Upper West Side

A mixed-use building at 336 East 15th Street, located between First and Second Avenues in Manhattan, was sold in an all-cash transaction valued at $5,000,000.

This four-story building is approximately 6,158 square feet and sits on a 21’ x 103’ lot.  The property has approximately 6,893 of unused air rights. The building consists of a vacant ground floor medical office space and three apartments above.  The ground floor is built full with double height ceilings in the rear half of the building while the second floor has a large studio apartment sitting directly above the front half of the ground floor unit.  Floors three and four have floor-through two-bedroom apartments.  All units are free-market and were being leased on a month-to-month basis at the time of the sale. The sale price equates to approximately $812 per square foot.

The property benefits from its superb location steps from Stuyvesant Park, close to Gramercy Park and its proximity to many hospitals and institutions.

“This sale demonstrates the strong appetite from foreign investors looking to place capital in the New York City real estate market and strive to outcompete their local counterparts. The new owners plan to renovate the property and deliver a rental product unique to any other property in the neighborhood. We foresee this trend to continue as NYC real estate is perceived as a safe-haven for foreigners who can’t seem to achieve the returns their investors desire in their Southeast Asian markets,” said Massey Knakal Vice Chairman and Partner John F. Ciraulo, who exclusively handled this transaction with Director of Sales, Craig M. Waggner.

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Agents: John Ciraulo

On January 18th, Massey Knakal attended The Wharton School’s Zell/Lurie Real Estate Career Fair. VP of HR and Recruiting, Gia LaMarca and HR Manager, Jasmine Mele were able to meet the University of Pennsylvania's best and brightest who are seriously interested in exploring the challenges and opportunities in the real estate profession.

We encourage you to take a moment to browse our available positions.

A retail building at 119-01 Jamaica Avenue, located on the northeast corner of Jamaica Avenue and Lefferts Boulevard in the Richmond Hill neighborhood of Queens, was sold in an all-cash transaction valued at $1,200,000.

The one-story building contains approximately 3,000 square feet and sits on a 40’ x 75’ corner lot.  It is configured as three commercial units.  Each tenant has their own electric meter, pays real estate tax increases above base years, and is responsible for all of their heating expenses.  Additionally, the property has approximately 6,150 square feet of available air rights. The sale price equates to approximately $400 per square foot.

Located at a very busy intersection near many neighborhood amenities and just blocks from the J and Z subway stop and four bus lines, this property is an excellent investment opportunity.

“Retail continues to be a very hot commodity in today’s market and the prime location of this property made it an extremely desirable asset. We received 20 offers in just the first week of marketing but ultimately, one of the existing tenants came through with the strongest offer,” said Massey Knakal Director of Sales Brian J. Sarath, who exclusively handled this transaction.

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Neighborhoods: Richmond Hill

A mixed-use building at 133 East 65th Street, located between Park and Lexington Avenues on Manhattan’s Upper East Side, was sold in an all-cash transaction valued at $7,200,000.

The five-story building contains approximately 6,552 square feet and sits on a 20’ x 100’ lot.  It consists of one commercial unit and four residential units.  Ground floor and second floor currently are vacant retail space previously used as a restaurant.  The third and fifth floors each have one floor-through apartment and the fourth floor is divided into two studios. The sale price equates to approximately $1,099 per square foot.

“Demand for this property type on the Upper East Side has been unprecedented.  We are thrilled that we were able to deliver a price that exceeded the owner’s expectations” said Massey Knakal First Vice President of Sales Guthrie Garvin, who exclusively handled this transaction. This marks Guthrie’s 15th building sale in 2012. 

Ira Lifshutz, a local investor who closed on multiple properties in the fourth quarter and continues to be an active buyer of NYC real estate, purchased the property.

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An apartment building at 676 Nereid Avenue, located between Richardson Avenue and White Plains Road in the Wakefield section of the Bronx, was sold in an all-cash transaction valued at $1,675,000.

The four-story walkup building is approximately 17,952 square feet and sits on a 55.33’ x 105’ lot.  The building consists of 22 residential units. The unit mix is comprised of 12 one-bedrooms, seven two-bedrooms, and three three-bedrooms.  This immaculate property was owned by the same family for over 32 years and has no active HPD or DOB violations. The sale price equates to approximately $93 per square foot, a 7.0% cap rate, and a 6.5 GRM.

This turnkey property is located steps from the White Plains Road commercial corridor and the Nereid Avenue stop of the 2 and 5 trains.

“This was a very well-maintained, violation-free property that had been under the same ownership for over 30 years.  We had a great response, and were able to complete a transaction before year-end, to avoid the increase in capital gains tax,” said Massey Knakal First Vice President of Sales Karl Brumback, who exclusively who exclusively handled this transaction with Chairman Bob Knakal.

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Neighborhoods: Wakefield/ Agents: Karl Brumback

A mixed-use building at 132 Lexington Avenue, located on the west side of Lexington between East 28th and 29th Streets on the cusp of the NoMad and Kips Bay neighborhoods was sold in an all-cash transaction valued at $3,450,000.

The 16.25' wide, four-story property is approximately 4,685 square feet  and sits on a 16.25’ x 81’ lot The property consists of a retail store with a renovated basement and three spacious floor-through two-bedroom, two-bathroom apartments above. The second floor unit is currently vacant and ready to be renovated. The units on floors three and four were completely renovated in 2001. In addition, the building features all newly installed sprinklers, lobby tiles, hallway carpets, sky-lights and a replaced roof access hatch. The sale price equates to approximately $736 per square foot.

This offering represents a tremendous opportunity for a user/investor to gain a presence in a prime Manhattan neighborhood.

“Selling 132 Lexington at $736 per square foot is a true testament of the strength of the Kips Bay market. With new developments continuing to rise in this neighborhood, we can only anticipate that both residential and retail rents will continue to rise at a favorable rate for owners,” said Massey Knakal Partner and Vice Chairman John F. Ciraulo, who exclusively handled this transaction along with Director of Retail Leasing Michael Azarian. 

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Agents: John Ciraulo

A townhouse at 121 West 92nd Street, located between Amsterdam and Columbus Avenues on Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $3,500,000.

The five and a half story building, with two story extension and basement, contains approximately 6,426 square feet and sits on a 18’ x 65’ irregular lot.  The property is in excellent condition and is currently configured as seven fair market apartments. The entire third floor and front of the fourth floor has been configured into a spacious two bedroom duplex apartment with luxury finishes.  The remaining apartments consist of three studios, two one-bedrooms, and a two-bedroom floor-through on the parlor floor. The sale price equates to approximately $545 per square foot.

The property is located directly across from an athletic field which provides unobstructed air and sun light to the front of the building.  

“Supply remains extremely tight on the UWS. An excess of demand for townhouses both vacant and occupied is driving pricing and absorption rates above pre-recession highs,” said Massey Knakal Director of Sales Hall H. Oster, who represented the seller with Partner James P. Nelson.  The buyer was represented by Matt Lesser of Leslie Garfield & Co.

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Neighborhoods: Upper West Side

Massey Knakal Realty Services has been retained on an exclusive basis to sell five Bronx residential buildings, two in the Pelham Bay neighborhood and three in the Throggs Neck neighborhood. The buildings total approximately 17,370 square feet and have a combined asking price of $4,175,000.

Two properties are prime Pelham Bay three-story buildings located at 1346 Edwards Avenue and 1348 Edwards Avenue, between Latting Street and Waterbury Avenue.  Each contains approximately 3,465 feet and sits on a 25’ x 95’ lot.  Although legal three-family residences, each is currently built out as four residential units fully occupied with tenants on a month to month basis.  Built in 2000, each building benefits from a curb cut, backyard, and two rear balconies.  Individually metered for electric and gas service, these properties are ideal for an owner/user or investor.  The asking price for 1346 Edwards Avenue is $800,000. With a 421-A tax abatement which runs through June 30th, 2018 the asking price for 1348 Edwards Avenue is $825,000.

The three Throggs Neck residential buildings are located at 2903-2907 Schurz Avenue, between East Tremont and Hollywood Avenues. Constructed in 2005, each two-family building contains approximately 3,480 square feet on a 21.6’ x 104.74’ lot, providing a front yard and garage parking.  All utilities are individually metered and tenants are operating on a month to month basis, providing an ideal live plus income scenario for a purchaser.  Each building benefits from washer/dryers, balconies along the front of the properties, and basement storage space.  With a prime location directly across from the Long Island Sound featuring views of the water as well as the Throgs Neck and Whitestone Bridges, these buildings represent a rare opportunity for an owner / user.  The asking price for each building is $850,000.

For more information on this listing, contact Massey Knakal Director of Sales Nicholas Burns at 212.660.2500.

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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.

An apartment building at 36 Marble Hill Avenue, located between West 225th and West 228th Streets in Manhattan’s Marble Hill neighborhood, was sold in an all-cash transaction valued at $1,125,000.

The four-story, walk-up building contains approximately 10,310 square feet and sits on a 30’ x 100’ lot.  It consists of five rent stabilized apartments and four free market apartments.  All of the units are three-bedroom, with the exception of the basement apartment, which is a two-bedroom unit that comes with its own private backyard.  The average unit size of approximately 975 square feet. The building was recently pointed and has undergone electrical upgrades including individual meters for electric and gas. The sale price equates to approximately $125,000 per unit.

This property is centrally located just one block from Marble Hill Metro North train stop and only two blocks from the 1 train stop at West 225th Street.  The newly constructed River Plaza shopping center, which is a short walk away offers tenants a variety of retail stores and restaurants such as Target, Marshalls, Planet Fitness, Applebee’s, and Starbucks.  

“The Marble Hill neighborhood continues to remain a highly desirable neighborhood where investors are able to achieve solid rent growth and steady revenue streams.” said Massey Knakal First Vice President of Sales Robert M. Shapiro, who exclusively handled this transaction with Associate Daniel Maurer.

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Agents: Robert Shapiro

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail building at 701 West 135th Street. The property is located on the entire western block front of 12th Avenue between West 135th and 138th Streets in West Harlem. The asking price is $9,750,000, which equates to an attractive 6.76% Cap Rate.

This three unit, two-story and three-story building contains approximately 18,200 square feet and sits on a 362.03’ x 36.37’ lot.  This unique investment opportunity is fully occupied by destination retail tenants including two nightclubs/bars and one restaurant.  Ownership also benefits from an ICP Tax Exemption, which is in year four of 25.

This property is located just one block north of Columbia University’s Manhattanville expansion.  Scheduled to be completed in 2030, the expansion will cover17-acres accounting for over 6.8 million square feet of space for teaching, parking, academic research, retail, and community facilities.  Consequently, the project is sure to improve the local economy, create thousands of new jobs, and reconnect West Harlem to the New Hudson River waterfront park.  

Public transportation is easily accessible via the 1 train stop at West 125th or West 137th Streets and the MTA bus lines that run along Broadway and 125th Street.  “This neighborhood is thriving right now. Fairway and Dinosaur Bar-B-Que, located directly to the south, are already packed.  Once Columbia’s expansion is complete, it will only further bolster the area,” said Massey Knakal Partner James P. Nelson who is exclusively marketing this listing with First Vice President of Sales Robert Shapiro and Josh Lipton.

For more information on this listing, contact the exclusive listing agents at 212.696.2500.

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Massey Knakal Capital Services is pleased to announce the closing of a $5.7 million loan collateralized by a five-building multifamily portfolio with 63 units in Bedford-Stuyvesant, Brooklyn.  The loan was closed in 21 business days and equated to 75% of the total acquisition cost. The non-recourse loan closed at a 3.25% fixed rate with a five-year term, 30 year amortization and no upfront fee.  The loan includes release provisions for the borrower to sell buildings without having to pay the loan off in full.

“The challenge of this transaction was two-fold. First, the timeframe to execute on the transaction was extremely short, which allowed only 21 business days from getting the first term sheet to closing. The second challenge was the complexity of the collateral, which included five different buildings with separate appraisals and exposure to various rent stabilization laws and New York City violations.” said Director Scott Aiese, who exclusively handled this transaction. 

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Neighborhoods: Bedford Stuyvesant

Massey Knakal Realty Services has been retained on an exclusive basis to sell a townhouse at 330 West 86th Street. The property is located between West End Avenue and Riverside Drive in the Riverside-West End Historic District of Manhattan’s Upper West Side. The asking price is $6,750,000.

This five-story townhouse contains approximately 6,425 square feet and sits on a 20’ x 102.17’ lot.  It benefits from a four-story rear extension and a full basement which could be recaptured to create additional useable space.  The property is currently vacant and being reconfigured as ten free market apartments, of which eight are two-bedrooms and two are one-bedroom.  Infrastructure improvements include new plumbing, new electric service and risers, new gas sleeve for conversion to a gas boiler, new roof, and new windows.

The property lies within the new Riverside-West End Historic District, and the approximately 13,319 square feet of remaining air rights will be retained by the seller.  The property will be sold on an as-is basis, and is ideal for an owner occupant, conversion to single family, or as a luxury rental.

For more information on this listing, contact Massey Knakal Partner James P. Nelson or First Vice President of Sales Hall Oster at 212.696.2500.

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Neighborhoods: Upper West Side

A multifamily building at 940 Kent Avenue, located between Willoughby and Dekalb Avenues in Brooklyn’s Bedford-Stuyvesant neighborhood, was sold in an all-cash transaction valued at $1,325,000.

The four-story, walk-up building contains approximately 6,872 square feet and sits on a 25’ x 91’ lot.  It consists of eight two-bedroom units.  The building is efficient and profitable as is, and has definite financial upside for the future, making it an ideal opportunity for an investor.  The sale price equates to approximately $193 per square foot.

This property is well positioned in prime northwest Bedford Stuyvesant just a few blocks from the Clinton Hill and Williamsburg borders.  Pratt Institute is two blocks away as is the G train at Classon Avenue which provides convenient access to downtown Brooklyn and Williamsburg.  Additionally, its location between the Myrtle Avenue and Dekalb Avenue retail corridors offers tenants close proximity to grocery stores, dry cleaners, restaurants, and nightlife.  

“The competitive nature of this offering, which sold north of asking price, is testament to the continued depth in the market for walk-up apartment buildings in Bedford-Stuyvesant,” said Massey Knakal Director of Sales Mike Amirkhanian, who exclusively handled this transaction.

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Neighborhoods: Bedford Stuyvesant

A development site at 307-311 Union Avenue, located between South 1st Street and South 2nd Street in Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $2,250,000.

The mixed-use development site contains two adjoining lots which combined have approximately 15,000 buildable square feet.  The property offers 50 feet of frontage on a gentrifying corridor that already has numerous popular bars and restaurants as well as several successful condo projects.  The site was previously used for parking. The sale price equates to $150 per buildable square foot.

There are excellent transportation options nearby, with the Metropolitan Avenue G train station, the Lorimer Street L train station, and the Hewes Street J and M train station each just five blocks away from the site.

“The is the fourth property sale within a three block radius to be handled exclusively by Massey Knakal just over the past two months, and at $150 per buildable square foot, it is the highest price we've seen yet,” said Massey Knakal Vice President of Sales Mark L. Lively, who exclusively handled this transaction with Director of Sales Brendan Maddigan.

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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan, Mark Lively

Massey Knakal Realty Services has been retained on an exclusive basis to sell two adjacent mixed-use buildings at 1160-1162 First Avenue. The properties are located between East 63rd and East 64th Streets on Manhattan’s Upper East Side. The asking price is $15,000,000.

The five-story buildings contain approximately 16,850 square feet and sits on a 50’ x 81’ lot.  It currently consists of two retail stores, occupied by 7-Eleven and Lunetta Pizza, and 16 residential units, of which 12 are free market and four are rent stabilized.  The building has approximately 23,650 square feet of available air rights as well.

For more information on this listing, contact Massey Knakal First Vice President of Sales Guthrie Garvin at 212.696.2500.

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Neighborhoods: Upper East Side