News

Over 30 Massey Knakal employees participated in the second annual turkey bowl on Friday.  The game was played at Pier 5 at Brooklyn Bridge Park, and with the Manhattan team winning the game for the second year in a row!

The Boulevard Heights Portfolio, consisting of four multifamily buildings located at 3489 Broadway, 519 West 143rd Street, 610 West 163rd Street, and 548 West 164th Street in Manhattan’s West Harlem and Washington Heights neighborhoods, was sold in an all-cash transaction valued at $45,000,000.

The four pre-war buildings combine for 205 units and approximately 242,740 square feet.  The portfolio features tremendous upside in its residential rents, and the sale price equates to approximately $185 per square foot.

3489 Broadway, located between West 142nd and West 143rd Streets, is a ten-story elevator building containing approximately 108,656 square feet on a 99.92’ x 125’ lot.  It consists of 73 residential and two commercial units.  519 West 143rd Street, located between Broadway and Amsterdam Avenue, is a six-story elevator building containing approximately 29,520 square feet on a 70.83’ x 99.92’ lot.  It consists of 24 residential units.  610 West 163rd Street, located between Broadway and Fort Washington Avenue, is a five-story walk-up building containing approximately 47,930 square feet on a 125’ x 142.17’ lot.  It consists of 52 residential units.  548 West 164th Street, located between Broadway and St. Nicholas Avenue, is a six-story elevator building containing approximately 56,634 square feet on a 132.5’ x 99.92’ lot.  It consists of 54 residential units.

All of the properties are extremely well located and close to public transportation and neighborhood anchors such as Columbia Presbyterian Hospital, The City College of New York, and the newly improved Riverbank State Park.  

“The Northern Manhattan submarket has been the most active submarket in the city this year, and this transaction is another example of this growing trend,” stated Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Massey Knakal’s Robert Shapiro and Josh Lipton. “Through the first three quarters of this year there has already been a higher total sales volume up there than in all of last year,” he added.

“This portfolio had a significant amount of vacant retail space which investors found very appealing due to the current retail renaissance we are experiencing in Northern Manhattan,” said Robert Shapiro.

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Neighborhoods: Harlem, Washington Heights/ Agents: Robert Shapiro

As our November comes to an end, we want to thank all our employees, partners, clients, and friends who helped us celebrate our 25th anniversary. Massey Knakal is determined to make the next quarter century even better!

Photo 1: Christy Moyle (MK Partner), Benjamin Fox (Executive Vice President of Retail Leasing)

Photo 2: John Ciraulo (Partner, MK), Chris Ciraulo (brother of John Ciraulo), Todd Korren (Executive Managing Director, MK), Shirley Martire (Event Manager, MK), Donna Korren (Wife of Todd Korren), Paul Massey

Photo 3: Nick Donovan (Donovan LLP) , Tom Donovan (Partner, MK)

By: Andrew Posil, Director of Sales, Hospitality

New York’s hotel market has reason to be optimistic. Although there are concerns regarding the increasing number of hotel rooms on the market and rising operating costs, there are also many reasons to be confident in the market’s long-term viability. With so much product delivering in the next thirty-six months, how can owners and investors remain positive? The answer is that rock-solid fundamentals will sustain the market as new product comes on-line, and that the long term demands of the market will exceed the near-term jump in supply.  

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Massey Knakal Realty Services has been retained on an exclusive basis to sell an office and retail building at 6 Gramatan Avenue. The property occupies a full block between West Prospect and Stevens Avenues in Mount Vernon, Westchester County.  The asking price is $10,500,000.
 
The six-story building contains approximately 72,705 square feet on a 1.51 acre lot, with 17 office units and ten retail stores.  Originally constructed in 1912 as a Vaudeville theater, it was significantly upgraded in 1996 and again in 2004 with new HVAC systems, bathrooms, lobby, and mechanicals.  In addition, each office unit was supplied with a new security system, including cameras and intercoms.  With its prominent full block design and classic architecture, this property is considered the premier office building in the surrounding area.  With the exception of the top floor and a small office suite, the building is fully occupied.
 
Located in downtown Mount Vernon only 15 miles and a 30 minute train ride from Manhattan, the building is within 2.5 blocks of the Mount Vernon East Metro-North train station.  Westchester County has undergone major changes over the last 25 years.  Mainly known as a residential location for those working in Manhattan, the area has transformed into a dominant employment center as major corporations have relocated to the County.
 
This property is being marketed exclusively by Massey Knakal’s James Nelson and Matthew Nickerson. Ricky Aryeh, director of sales at Mortgage Equicap is advising on the sale. Mortgage Equicap provides value-added financing solutions for commercial real estate property types throughout the nation.

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Neighborhoods: Westchester County

In the latest installment of the Knakal News Network, Bob Knakal and Elysa Berlin, Director of Sales, discuss Manhattan's investment sales market in the third quarter of 2013.


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Massey Knakal Retail Leasing Services has secured a new retail tenant for 271 Amsterdam Avenue, located between West 72nd and West 73rd Streets in Manhattan’s Upper West Side neighborhood.
 
The space contains approximately 650 square feet on the ground floor with an additional 950 square feet of basement space.  It features approximately 12 foot high ceilings and 15 feet of high visibility frontage in an area with strong foot traffic.    The space will be occupied by a boutique wine and liquor store.

“We were very happy to secure a tenant in less than one month of marketing the space,” said Massey Knakal’s David Chkheidze, who exclusively represented the landlord in this transaction.

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Neighborhoods: Upper West Side

Massey Knakal celebrated its silver anniversary last week with a packed gala at TriBeCa Rooftop in Downtown Manhattan. The event was attended by over 750 guests including clients, industry leaders, and Massey Knakal employees and their families. Guests enjoyed entertainment including a live-portrait performance by artist Brian Olsen.

Paul J. Massey Jr. and Bob Knakal addressed the crowd and warmly thanked their partners, veteran agents, dedicated employees, clients, and friends for 25 years of success. Paul and Bob unveiled a new brand video – a testament not only to the firm’s achievements over the last quarter of a century but to where the company is going. To watch this video, visit: http://25thanniversary.masseyknakal.com/

“This celebration is really all about our clients, friends and employees,” said Paul Massey.  “Massey Knakal wouldn’t be here today without their dedication and enthusiasm. One of the most satisfying things about our career has been the deep friendships we’ve made. We look forward to another 25 years,” added Massey.

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Photo 1: Paul J. Massey Jr. and Bob Knakal addressed the crowd and warmly thanked their partners, veteran agents, dedicated employees, clients, and friends for 25 years of success.

Photo 2: John Ciraulo (Partner, MK), Chris Ciraulo (brother of John Ciraulo), Todd Korren (Executive Managing Director, MK), Shirley Martire (Event Manager, MK), Donna Korren (Wife of Todd Korren), Paul Massey

Photo 3: Steve Spinola, Paul Massey, Bob Knakal

Agents: Paul Massey Jr.

Massey Knakal Realty Services has been retained on an exclusive basis to sell a medical office building at 2748 Ocean Avenue. The property is located between Avenues W and X in Brooklyn’s Sheepshead Bay neighborhood. The asking price is $5,750,000.

Each floor is built out for Class A medical offices and a surgical center could potentially be located on the lower level.  There are also eight parking spaces which are located in the rear of the property. This is an exceptional turnkey opportunity for a doctor, investor or medical group to establish a presence in a densely populated neighborhood.

The building is centrally located only 1.5 miles from Coney Island Hospital and in proximity to several other hospitals and medical facilities.

This property is being marketed exclusively by Massey Knakal’s Mitchell Levine, James P. Nelson and Alex Svetlakov.

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Neighborhoods: Sheepshead Bay

By: Thomas A. Donovan, Partner

More than just the most diverse community in the world, the borough of Queens is also a promising place for multifamily investors. It has a strong history of performance, supported by a large stock of rental properties and by renter-heavy demographics. While the community is always changing, some areas of the borough are creating unique opportunities for investors to participate in projects that are leading to significant potential increases in both rent levels and per-unit values. At the same time, the rest of the borough continues to enjoy some of the lowest vacancy rates in all of New York City.

An apartment building at 113 Kenilworth Place and an 11-unit package within an apartment building at 145 Kenilworth Place, located between Glenwood Road and Hillel Place in Brooklyn’s Flatbush neighborhood, were sold in an all-cash transaction valued at $5,200,000.  The properties combine for approximately 24 residential units, five community facility condos, and 33,475 square feet.

113 Kenilworth Place is a five-story newly developed building.  It contains approximately 17,475 square feet on a 50’ x 100’ lot, and consists of 16 residential units, two community facility condos, and seven parking spaces.  145 Kenilworth Place is a newly developed six-story elevator building.  The unit package consists of eight residential units and three community facility condos, which combine for approximately 16,000 square feet. The community facility space was largely vacant, and the sale price equates to approximately $349 per residential square foot.
 
The buildings boast excellent locations just one block from Brooklyn College, presenting clear demand from students and faculty.  Additionally, the 2 and 5 trains at Flatbush Avenue are within one block, offering convenient access to Manhattan and Downtown Brooklyn in less than 25 minutes.

“The owner was able to achieve an excellent price per residential square foot, given the quality of construction and proximity to transportation and shopping,” said Massey Knakal’s Nick Mahedy, who exclusively handled this transaction with Michael Amirkhanian.

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Neighborhoods: Flatbush

Massey Knakal is celebrating its 25th Anniversary this month! As part of the celebration, we unveiled a new brand video – a testament not only to the firm’s achievements over the last quarter of a century but to where the company is going.

Click here to check out the video

Massey Knakal has sold a walk-up building at 156 West 15th Street, located between Sixth and Seventh Avenues in Manhattan’s Chelsea neighborhood, in an all-cash transaction valued at $5,649,171 or $1,016 per square foot. This represents the highest price per square foot paid for a rent regulated building in Chelsea this year.

“Achieving a sale price well above the asking is a testament to the market and the lack of walk-up apartment buildings currently available in Chelsea,” said Massey Knakal’s Brock Emmetsberger, who exclusively handled the transaction with Andrew Essick and James Nelson. “Engaging the brokerage community to bring additional foreign buyers into the bidding process certainly helped maximize value,” Brock Emmetsberger added.

The five-story building contains approximately 5,560 square feet and sits on a 20’ x 103.25’ lot, with ten apartments and one ground floor retail unit.  Floors two through five are configured as four one-bedroom units, five studio units, and one single room, with a mix of rent stabilized and free market units. The ground floor retail unit was delivered vacant.  The property benefits from approximately 11 foot high ceilings on the parlor floor, exposed brick throughout, some original detail, and additional air rights.  The sale price equates to approximately a 3.5% capitalization rate or 17.9 times the gross rent.

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Neighborhoods: Chelsea

Today, November 15^th, we turned 25 years old!  Check out our cake with our 25^th anniversary logo and office celebration. 

Pictured below: Paul Massey, Bob Knakal, CFO Mike Wlody, Partner James Nelson

Agents: Paul Massey Jr.

An apartment building at 229 East 67th Street, located between Second and Third Avenues in Manhattan’s Upper East Side neighborhood, was sold in an all-cash transaction valued at $6,426,000.
 
The five-story building contains approximately 13,770 square feet and sits on a 25’ x 100’ lot.  It consists of 22 residential units, of which five are rent stabilized and one is used as a super’s unit.  The sale price equates to approximately $467 per square foot.

“With the lack of investment property available on the market, it was not surprising that we received a tremendous amount of interest for this property.  The final price achieved equates to a sub 4% cap rate for this well located asset,” said Massey Knakal’s Guthrie Garvin, who exclusively handled this transaction with CEO Paul J. Massey, Jr. 

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Neighborhoods: Upper East Side/ Agents: Paul Massey Jr.

Massey Knakal Realty Services has been retained on an exclusive basis to sell an apartment building at 123 1st Avenue. The property is located between East 9th and East 10th Streets in Huntington Station, Suffolk County. The asking price is $5,500,000.

The three-story building contains approximately 36,993 square feet and sits on a 2.14 acre lot.  It consists of 30 units, all of which are occupied, and 52 parking spaces, which the owners plans to lease to the tenants and public for additional income.  The building has an elevator and a full basement to support all of its utilities. It is conveniently located just a few blocks from the LIRR at Huntington Station.

This property is being marketed exclusively by Massey Knakal’s Nick Petkoff.

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Neighborhoods: Suffolk County

A townhouse at 146 Waverly Place, located between Grove Street and Avenue of the Americas in Manhattan’s Greenwich Village Historic District, was sold in an all-cash transaction valued at $10,200,000.

This five-story Greek revival townhouse, built in the early 1900s, contains approximately 6,054 square feet and sits on a 22.9’ x 97.08’ lot.  It contains an additional approximately 1,158 square feet on the lower level.  Currently, the property comprises six residential apartments, which are all vacant.  Plans have been filed for a single-family townhouse conversion.  The townhouse benefits from a south facing garden in the rear and soaring ceiling heights, especially on the parlor floor.  As the house looks out onto Gay Street, it has wonderful northern light with unobstructed views.  Additional features include front and rear fireplaces, a recently restored brownstone stoop, and a recently installed historic fence.  The sale price equates to approximately $1,685 per square foot.

“The property had been listed for sale previously for several months.  After we were retained, we implemented our direct marketing strategy and identified a buyer who was previously unaware of it.  The contract was signed within a few short weeks of our marketing,” said Massey Knakal’s James P. Nelson, who represented the seller in this transaction with Matt Nickerson.

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Neighborhoods: Greenwich Village

In the latest installment of the Knakal News Network, Bob Knakal and Elysa Berlin, Director of Sales, discuss the investment sales market in the third quarter of 2013.


Click here to view

Massey Knakal Realty Services has been retained on an exclusive basis to secure a long or short term lease for a property at 1110 Oak Point Avenue. The property stretches from Oak Point Avenue to Tiffany Street in the Hunts Point section of the Bronx.

The waterfront property sits on an approximately 10.04 acre lot with over 1,000 feet of East River frontage.  The site provides deep-water, ship, rail, and road access with the potential for on-dock rail and trans-load access.  The property contains an approximately 69,000 square foot column-free building featuring a 60 foot high ceiling with a clear span.  The property will be delivered vacant, and the building can be demolished or repurposed.  Zoned M3-1, the property allows for heavy industrial uses and the as-of-right construction of an approximately 874,274 square foot structure. 

While currently zoned for industrial use, it is possible to obtain New York City approvals necessary to permit development for other uses. This is an unusual opportunity for a developer or end user to lease a massive site which could potentially accommodate a variety of uses, including a marina, retail distribution center, film studio, catering and events business, or a new generation of retail, recreation, and entertainment users.  It is exceedingly rare to find large scale unencumbered sites, especially ones on the waterfront. Only two miles from Manhattan, this property also has easy access to highways being only 1.5 miles to I-87 and 2.2 miles to I-95.    

Over the past several years, the Bronx has seen resurgence and a site of this proportion can be a game changer for a neighborhood.  The borough is benefitting from recent and ongoing developments that are boosting the area’s overall attractiveness, including projects to rebuild the Grand Concourse, Yankee Stadium and the Bronx Museum of the Arts.  The borough has seen the benefits of new and big box retailers coming to the area, as well as new residential developments. 

This property is being marketed exclusively by Massey Knakal’s James P. Nelson, Benjamin Fox, and Nick Burns.

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Neighborhoods: Hunts Point/ Agents: Benjamin Fox

On November 15th, 1988, Massey Knakal was formed.  There were 2 employees - Bob Knakal and Paul Massey. 

Check out Massey Knakal's first company picture and our latest one.

Agents: Paul Massey Jr.