News

A loft building at 209 West 18th Street, located between Seventh and Eighth Avenues in Manhattan’s Chelsea neighborhood, was sold in an all-cash transaction valued at $9,000,000.
 
The five-story building contains approximately 11,000 square feet and sits on a 25’ x 92’ lot.  It features a curb cut, large south-facing windows, over 12 feet high ceilings on the ground floor, and a large commercial elevator shaft.  The building was delivered vacant, and the sale price equates to approximately $818 per square foot.

This property is centrally located just steps from the 14th, 18th, and 23rd Street subway stations and within walking distance of both Union Square and the Meatpacking District.  

“The size and location of this property made it attractive to a wide array of investors and potential end-users.   After multiple rounds of bidding, we were thrilled to achieve $1 million over asking price, and we hear our client is thrilled too!” said Massey Knakal’s Guthrie Garvin, who exclusively represented the seller in this transaction with Brock Emmetsberger.

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Neighborhoods: Chelsea

This week, Massey Knakal Partners and Senior Management attended a retreat in Park City, Utah.  The trip included meetings, hiking, and team building at Blue Sky Ranch.

Pictured from left to right - David Simon, Paul Massey and Garrett Thelander

Agents: Paul Massey Jr.

Massey Knakal Realty Services has been retained on an exclusive basis to sell a townhouse conversion at 208 East 73rd Street. The property is located between Second and Third Avenues on Manhattan’s Upper East Side. The asking price has been recently reduced to $12,250,000.

The 5-story, approximately 25 foot-wide building contains approximately 8,296 square feet with a 500 square foot rear yard.  The property holds approximately 1,820 square feet of development rights and can be delivered vacant, making it an excellent candidate for conversion to a townhouse or boutique condominium.

“With its 25’ width and location on a sought after block outside of the historic district, this is an opportunity to create a remarkable residence,” said Massey Knakal’s Guthrie Garvin, who is exclusively marketing this property.

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Neighborhoods: Upper East Side

Massey Knakal Realty Services is pleased to announce the release of their exclusive Third Quarter 2013 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).

“The recovery in New York City’s property sales market accelerated in the third quarter of 2013, but its dynamics have changed. As pricing for existing Manhattan properties has exploded, investors are stepping up the risk ladder, increasingly chasing yield in development and value-added properties as well as properties outside of Manhattan,” stated Bob Knakal, Massey Knakal Chairman.

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A commercial building at 1471-1477 Fulton Street, located between Tompkins and Throop Avenues in Brooklyn’s Stuyvesant Heights neighborhood, was sold in an all-cash transaction valued at $2,000,000.

The two-story building contains approximately 10,000 square feet and sits on a 61’ x 90’ irregular lot.  Previously occupied by one commercial tenant, the property was delivered vacant and benefits from additional air rights for potential residential development.  The sale price equates to approximately $200 per square foot.

This transaction was handled exclusively by Massey Knakal’s Michael Amirkhanian.

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Neighborhoods: Stuyvesant Heights

In the latest installment of the Knakal News Network, Bob Knakal and Jon Hageman, Sales Team Manager, discuss technology and commercial real estate.

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Massey Knakal Realty Services has been retained on an exclusive basis to sell the townhouse at 70 Bank Street. The 25’ wide property is located between Bleecker and West 4th Streets in Manhattan’s Greenwich Village Historic District. The asking price is $ 14,650,000. 

“Townhouses of this size and scale are exceedingly rare in the Village.  It is likely that once this house is converted to a single-family home, it could be worth around $30,000,000,” said Massey Knakal’s James Nelson, who is exclusively marketing this property with his sales team which is led by Caroline Hannigan.

This rare, five-story Greek Revival townhouse was built in 1839, is approximately 7,000 square feet and sits on a 25’ x 90’ lot. This is a special opportunity to acquire an oversized brownstone on a premier block.

There is an opportunity for a private rooftop deck with panoramic views of Greenwich Village. Additionally, the basement could be excavated for additional head height, expanding the livable footprint. 70 Bank Street is located in Greenwich Village, one of the most highly coveted Manhattan neighborhoods, and offers the chance to create an expansive 25’ wide, 7,000 square foot home, while being on one of the best blocks in the Village. This property is an ideal single-family conversion for an investor or user. 

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Neighborhoods: Greenwich Village

A development site at 533-539 Bay Street and 40 Sands Street, located on the corner of Bay and Sands Streets in the Stapleton neighborhood of Staten Island’s North Shore, was sold in an all-cash transaction.

The site currently consists of five buildings on an approximately 100’ x 165’ lot.  It holds over 56,000 buildable square feet, and was purchased by The Arker Companies for affordable housing development.  The sale price equates to approximately $35 per buildable square foot.

In addition to being close to two hospitals, these properties are also conveniently located near various transportation options such as the Staten Island Ferry, Staten Island Expressway, and the Staten Island Railway at Stapleton Station.

“The demand for development is surging on the North Shore of Staten Island,” said Massey Knakal’s Michael Schneider, who exclusively handled this transaction with Senior Associate William Cheng.  “Since the announcement of major developments such as the New York Wheel, New York City’s first outlet mall, the new Stapleton Waterfront, and Lighthouse Pointe Museum, the North Shore of Staten Island is receiving national attention. The demand for parking and housing, including affordable options, are rapidly increasing as these developments get underway,” Michael continued.

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Neighborhoods: Staten Island

Massey Knakal Realty Services has been retained on an exclusive basis to sell a townhouse at 46 East 66th Street. The property is located between Madison and Park Avenues in the Lenox Hill neighborhood of Manhattan’s Upper East Side. The asking price is $17,500,000.

The five-story vacant property contains approximately 6,817 square feet, sits on a 20’ x 100.42’ lot and has approximately 1,200 square feet of additional air rights.  The rear, south-facing yard provides privacy and tremendous light and air.  The building offers buyers the chance to create an expansive home on one of the best blocks of the Upper East Side.  

The Upper East Side is one of the most established and prestigious residential neighborhoods in New York City.  With Central Park and Museum Mile defining its western border, the neighborhood is famous for its classic architecture, world-class boutiques and restaurants, and a deep-rooted commitment to culture.  

“This is an opportunity to custom build an impressive home in the heart of the Upper East Side, just steps from Madison Avenue,” said Massey Knakal’s Guthrie Garvin, who is exclusively marketing this property with James P. Nelson.

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Neighborhoods: Upper East Side

As Massey Knakal expands into new businesses and opportunities arise company wide, we are actively recruiting for new brokerage talent to join the firm. We are seeking professionals to join our Sales division.

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A mixed-use building at 534 West 178th Street, located on the corner of West 178th Street and Audubon Avenue in Manhattan’s Washington Heights neighborhood, was sold in an all-cash transaction valued at $2,350,000.

The five-story building contains approximately 16,600 square feet on a 41.38’ x 100’ lot, with 20 residential units and two commercial units.  Of the 20 residential units, 19 are rent stabilized and one is rent controlled, and the unit mix consists of six two-bedroom, ten three-bedroom, and four four-bedroom apartments.  The building has been well-maintained and recent improvements include a new automatic feeder, coilers, and mixing valve for the boiler and the roof was redone in 2011.  This building has tremendous upside potential, and the sale price equates to approximately $196 per square foot.

Tenants benefit from the building’s proximity to High Bridge Park, with its walking and biking trails, ball parks, and swimming pool.  The property is also near the Broadway and West 181st Street retail corridors and many other neighborhood attractions including Yeshiva University, the Palace Theatre, and the Cloisters museum.  Public transportation is easily accessible via the 1 train stop at St. Nicholas Avenue and West 181st Street, the A express train stop at Fort Washington Avenue and West 175th Street and the numerous bus routes that service the area.

“The purchaser in this sale owned several properties in the neighborhood and on the block.  This asset was the corner piece to the puzzle,” said Massey Knakal’s Robert M. Shapiro, who exclusively handled this transaction.

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Neighborhoods: Washington Heights/ Agents: Robert Shapiro

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail tenant for 542 LaGuardia Place, located between Bleecker and West 3rd Streets in Manhattan’s Greenwich Village neighborhood.
 
The space contains approximately 1,550 square feet on the ground floor with an additional 400 square feet of basement space.  It features a large, glass façade with approximately 12 feet of frontage that allows a tremendous amount of visibility.   The space benefits from soaring 12 foot high ceilings throughout, giving it significant appeal for a variety of tenants and all dry uses will be considered.

This space is ideally located immediately across from NYU’s 2.1 million square foot development that is imminently beginning construction.  The combination of students, tourists, and residents continuously drives foot traffic to this block.  Neighboring tenants include Subway, Dunkin’ Donuts, Curves, Citibank, Peanut Butter & Co., Five Guys, and Il Mulino.

“This space is gorgeous.  The full-glass façade is hard to come by these days in the landmark district, and coupled with the high ceilings, we anticipate a lot of interest.  The Village market continues to draw an amazing amount of interest from retailers,” said Massey Knakal’s Brendan Gotch, who is exclusively marketing this space.

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Neighborhoods: Greenwich Village

An office building at 307 East 60th Street, located between First and Second Avenues in Manhattan’s Midtown East, was sold in an all-cash transaction valued at $8,250,000.

This fully-renovated six-story elevator office building contains approximately 13,125 square feet and sits on a 25’ x 100’ lot.  It features a double height, marble floored, lobby with a rear meeting room offering an oversized skylight. The second floor mezzanine is configured with a conference center with audio and visual capacity and is connected to a chef’s kitchen with Viking appliances. A wood paneled library is located on the third floor. The fourth and fifth floors have well-apportioned offices, which benefit from light and air on three sides. The top floor has another conference room with light and air on all four sides, featuring a hidden kitchen. The lower level is fully excavated with state-of-the-art mechanicals and storage. Overall, the building has offices accommodating up to 55 people.  The sale price equates to approximately $629 per square foot.

This building is conveniently located in close proximity to the FDR and Queensboro Bridge ramp, as well as the 59th Street subway terminal.

“We were thrilled to help our client sell the property as they looked to expand in a new location.  Both the buyer and seller were not-for-profits, so it was great to see it stay in charitable hands,” said Massey Knakal’s James Nelson, who exclusively handled this transaction with Clint Olsen.

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Neighborhoods: Midtown East

Massey Knakal Realty Services has been retained on an exclusive basis to sell the Coney Island Avenue Portfolio, consisting of 18 tax lots located on the same block along Coney Island Avenue, Cortelyou Road and East 9th Street in Brooklyn’s Ditmas Park neighborhood. The asking price of the portfolio is $40,000,000.

Combined, the 18 properties have a lot size of approximately 78,011 square feet.  They contain approximately 135,000 commercial buildable square feet and 298,000 community facility buildable square feet.  There is a mix of garages, warehouses, vacant land, parking lots, multifamily walk-ups and mixed-use properties currently on the lots.  This portfolio presents significant development potential, just six blocks away from the Cortelyou Road Q train station.

“Located on a busy commercial strip near booming Cortelyou Road, this site has unlimited potential to add value to the community,” said Massey Knakal’s Nick Mahedy, who is exclusively marketing this portfolio.

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Neighborhoods: Ditmas Park

Massey Knakal Retail Leasing Services has secured a new retail tenant for 101 Metropolitan Avenue, located on the corner of Metropolitan and Wythe Avenues in Brooklyn’s Williamsburg neighborhood.
 
The space contains approximately 945 square feet on the ground floor with 12-foot high ceilings.  It features a large glass storefront with approximately 21 feet of frontage on Metropolitan Avenue and 50 feet on Wythe Avenue.  It benefits from additional basement space and a location with high auto and pedestrian counts.  The space will be occupied by an apparel store.

Neighboring tenants include Soul Cycle, Baggu, Blue Bottle Café, CVS, SEA Thai, Brooklyn Fox, Dumont Burger, Radegast Hall & Biergarten, and Commune.

“Our comprehensive marketing efforts produced over a dozen offers from very well-qualified tenants in the first 30 days of marketing the property for lease,” said Massey Knakal’s Andrew Clemens, who exclusively represented the landlord in this transaction.  “The Wythe Avenue corridor has become a hot destination for new retailers looking to enter this highly dynamic neighborhood,” he added.

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Neighborhoods: Williamsburg

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 our available positions.

Massey Knakal Realty Services has been retained on an exclusive basis to sell a commercial/retail building at 501 Park Boulevard. The property is located on the corner of Park Boulevard and Tyconnell Avenue in the Village of Massapequa, Nassau County. The asking price is $1,295,000.

The single-story free standing building contains approximately 3,575 square feet with an additional approximately 3,575 square feet of basement space, and sits on a 100’ x 120’ lot. It is currently divided into two retail spaces, with the main space containing approximately 2,600 square feet, and the second space containing approximately 900 square feet. It benefits from a parking lot that accommodates approximately 25 cars, with curb cuts on both Park Boulevard and Tyconnell Avenue. 

Located just off of the high traffic Sunrise Highway in Massapequa Park, the property offers an ideal opportunity for an investor to divide the space further to create a strip center or mall. The property will be delivered vacant.

This property is being marketed exclusively by Massey Knakal’s Benjamin Efraimov.

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Neighborhoods: Nassau County

More than 650 owners, tenants, investors and real estate players came together at Steiner Studio’s Stage 6 this September to discuss the current state of the Brooklyn real estate market at the Massey Knakal Brooklyn Real Estate Summit. With over 40 speakers, dozens of panels, workshops and networking opportunities, this event was the largest real estate summit in Brooklyn, to date.

Featured speakers included industry veterans such as Joseph Sitt, CEO of Thor Equities, Doug Steiner, Chairman of Steiner Studios, Bob Knakal, Chairman of Massey Knakal, Andrew Kimball, CEO of Industry City, Jonathan Butler, Founder, of Brownstoner.com and The Brooklyn Flea, Tucker Reed, President of Downtown Brooklyn Partnership and Jed Walentas, Principal of Two Trees. Panels focused on a broad range of topics including multifamily development, up-and-coming neighborhoods and the borough’s innovative economy.

Massey Knakal’s Stephen Palmese opened the morning with “On The Grounds of Brooklyn,” a Brooklyn real estate market overview where he outlined the rising multifamily prices in Brooklyn, the influx of office activity in the borough, and the new tenants who have put Brooklyn on the map.

In the keynote conversation, Joseph Sitt, CEO of Thor Equities sat down with Paul J. Massey Jr., CEO of Massey Knakal, to discuss why he loves retail space in Brooklyn and what he sees for the borough going forward. “It was amazing to have so many active participants in the Brooklyn real estate market in the same place at the same time… and to have Joe Sitt, a born-and-bred native of the borough, telling his story and sharing his vision of what Brooklyn will look like in the near future was a real treat,” said Paul J. Massey Jr.

While the conference covered all things real estate, the conversation concentrated on the tenants’ perspective. A wide-range of Brooklyn-based tenants such as Aaron Lefkove of Littleneck, Dan

Miller of FundRise, Alex Patterson of Tough Mudder, Lexy Funk of Brooklyn Industries and Herb Wetanson of Dallas BBQ, shared insights into their unique space needs, what Brooklyn neighborhoods are on their watch lists and more.

Following the full day of thought-leadership panels, attendees were treated to an after party hosted by Massey Knakal and headlined by The Wailers, Bob Marley’s former band. With over 250 million albums sold and over twenty chart hits, The Wailers attracted a large crowd celebrating the end of a successful day.

“The Brooklyn Summit was a great success. This is a wonderful platform to learn about the Brooklyn market, meet and network with industry leaders and have fun at the same time,” said Neil Heilberg, Chief Operating Officer at Massey Knakal.

For photos of the event visit http://mkbrooklynsummit.com/

Massey Knakal will be hosting the Multifamily Summit on November 20th and 21st at McGraw Hill Conference Center. For more details on the event visit http://mkmultifamilysummit.com

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Agents: Paul Massey Jr., Stephen Palmese

Three contiguous apartment buildings at 58-07/09/11 32nd Avenue, located between 58th and 60th Streets in the Woodside neighborhood of Queens, were sold in an all-cash transaction valued at $2,250,000.  These three-story, newly constructed, walk-up buildings combine for eight residential units, approximately 9,900 square feet, and sit on a 75’ x 100’ lot.

58-07 32nd Avenue and 58-09 32nd Avenue each consists of a three-bedroom duplex apartment on the ground floor and basement, a two-bedroom apartment on the second floor, and a three-bedroom apartment on the third floor.  58-11 32nd Avenue consists of a three-bedroom duplex apartment on the ground floor and basement and a three-bedroom duplex apartment on the second and third floors.  There are two parking spaces in front of the properties and three parking spaces located in the rear.  The sales price equates to approximately $207 per square foot.

“Due to their desirable location and new construction, we were able to achieve a strong price for these properties,” said Massey Knakal’s Thomas A. Donovan, who exclusively represented the seller in this transaction with James Nelson.

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Neighborhoods: Woodside

Massey Knakal Realty Services is pleased to announce that Petula Lucey has joined the company as Chief Marketing Officer. Ms. Lucey, previously a Senior Director at Tishman Speyer in Manhattan, where she headed up Global Corporate Marketing, will be responsible for enhancing Massey Knakal’s brand and marketing platform to support its leadership position within the industry.  

Ms. Lucey’s hiring is one in a recent string of high level recruits to join the rapidly growing Massey Knakal team including, COO, Neil Heilberg; Executive Managing Director, Todd Korren; Executive Managing Director of New Jersey, David Simon and Vice President of IT, Michael Lederman.

“We are thrilled to have Petula join the Massey Knakal family. She is someone who greatly embodies our core values - passion, integrity, excellence and responsibility. As we continue building out our team, Petula will take our marketing initiatives to the next level and will also serve as a fantastic resource for both our clients and our agents,” said Paul J. Massey Jr., Massey Knakal’s Chief Executive Officer.

Over the past 18 months, Massey Knakal has significantly expanded its management team to help the company scale its unique business model, the foundation of which is built on exclusive owner representation and a one-of-a-kind Territory System™. Massey Knakal is further leveraging its #1 position in the New York metropolitan market by continuing to build out its investment sales, capital services and retail leasing divisions and focus on large-scale transactions.

“Given her proven and impressive track record, everyone is excited to welcome Petula as an integral part of our strategic plan. Petula will play a critical role in helping us further execute our growth strategy and establish a leadership position in our newest divisions and service lines,” added Neil Heilberg, Chief Operating Officer.

“I am thrilled to be joining the Massey Knakal team during this exciting time of growth.  This is an exceptional company and I look forward to partnering with their extraordinary pool of talent to elevate the firm's robust marketing program and achieve their business goals,” said Ms. Lucey, Chief Marketing Officer.

Ms. Lucey comes to Massey Knakal with over 20 years of experience building and managing premium global brands, primarily in the financial services and real estate sectors.  Prior to Massey Knakal, Ms. Lucey was at Tishman Speyer where she drove and oversaw the development and implementation of integrated corporate, investor, and property marketing programs in over 40 markets throughout the US, Europe, South America, and Asia. Earlier, Ms. Lucey spent time as the Senior Vice President, Management Director for Ameriprise Financial (AFI) at Saatchi & Saatchi, Vice President of Advertising for Merrill Lynch’s Global Private Client Marketing Group, as well as Account Director for Citibank Consumer Products at Kirshenbaum Bond + Partners in Manhattan.


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Agents/Corporates: Paul Massey Jr., Petula Lucey