News

Massey Knakal Realty Services has been retained on an exclusive basis to sell an apartment building at 108 Kenilworth Place. The property is located between Hillel Place and Glenwood Road in Brooklyn’s Midwood neighborhood. The asking price is $6,000,000.

The four-story building contains approximately 23,380 square feet and sits on a 60’ x 100’ lot. It consists of 19 residential units, two community units, and ten parking spaces.  Tenants pay their own heat and hot water.  This site benefits from its location a half block from Brooklyn College and a tax abatement with seven years remaining on the full abatement.  It has very low expenses and excellent net operating income.

For more information on this listing, contact Massey Knakal Director of Sales Nick Mahedy at 718.238.8999.

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Neighborhoods: Midwood

A ground floor professional office condominium in The Rushmore Condominium at 80 Riverside Boulevard, located between West 63rd and West 64th Streets steps away from Riverside Park on Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $875,000.

The ground floor unit located in The Rushmore, a 43-story luxury condominium building constructed in 2006, contains approximately 1,765 square feet and offers dramatic 20 foot high ceilings with ample light and river views.  It is currently in a 421-A tax abatement, which commenced on July 1, 2010 and will expire on June 30, 2020.  The permitted uses for the unit are community facility and professional office. The sale price equates to approximately $500 per square foot.

“This is the eighth commercial condo that we've sold along Riverside Boulevard over the past two years.  The buyers of these units fully appreciate the demand for service providers who can satisfy the needs of one of Manhattan's fastest growing neighborhoods. They will all do very well as the area continues to rapidly expand," said Massey Knakal First Vice President of Sales Hall H. Oster who exclusively handled this transaction with Senior Vice President of Sales Paul B. Smadbeck.

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Neighborhoods: Upper West Side

By: Massey Knakal Director of Sales Evan J. Daniel

Well it's about time!

 Anyone that has invested or lived in Long Island City and Astoria during the last few years can certainly relate to that statement. A 2001 zoning change to allow for a greater density of mixed-use and residential development led to the growth of a neighborhood that ran rampant through the peak years of 2006 and 2007. Long Island City was among the hardest hit when the economic downturn set in from late 2008 through 2010, a period where the vibrant growth of the area appeared almost frozen in time. Residents moving into their new homes were surrounded by stalled developments, abandoned warehouses, and vacant stores. The reality of the neighborhood they joined was an incomplete picture of where it was going just years before.

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Neighborhoods: Long Island City

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail lease for 67-45 Myrtle Avenue, located on the corner of Myrtle Avenue and 68th Street in the Glendale neighborhood of Queens.
 
The space contains approximately 1,000 square feet on the ground floor plus basement space.  It benefits from approximately 20 feet of frontage and its location on Myrtle Avenue, Glendale’s main retail corridor.

Mass transportation is easily accessible from the site, with the Q55 and Q58 bus lines and the Fresh Pond Road subway station nearby.  It is located directly across the street from CVS, and other neighboring tenants include Stop & Shop, McDonald’s, Capital One Bank, 7-Eleven, and Dunkin Donuts.

“This corner position is a great opportunity for a retailer to enjoy exposure to Glendale’s main retail corridor,” said Director of Retail Leasing Mark Gallucci, who exclusively is marketing this space.

For more information, contact Mark Gallucci at 718.275.3400.

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Neighborhoods: Glendale

Massey Knakal has sold a mixed-use building located at 28 West Park Place. The building resides on the south side of Washington Street, between Bank Street and Market Street, directly adjacent to the Morristown Green Park, in Morristown, New Jersey. The building was sold in a transaction valued at $1,220,000.

The property is a three-story mixed-use building and is approximately 5,000 square feet. It consists of two commercial units, with commercial space on the ground floor and office space above. A restaurant is currently leasing the ground floor unit, while the upper floors are currently vacant. The building benefits from a high volume of pedestrian and street traffic, due to its location in the center of the retail corridor and Morristown’s financial district, and its close proximity to the Morristown NJ Transit station, as well as the local hospital, municipality buildings, and hotels

“Demand for bite-sized assets like this has been very high and continues to grow in this low interest rate environment,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Director of Sales Kobi Leifer. “Commercial properties ‘on the green’ have always been and will remain in very high demand. This is the second mixed-use building we sold ‘on the green’ in just a couple of months,” added Leifer.

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Neighborhoods: Other

Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site assemblage at 144-40-42 35th Avenue. The property is located between Parsons Boulevard and 146th Street in the heart of Flushing, Queens. The asking price is $4,000,000.

The property consists of two tax lots which combined form an approximately 46’ x 152’ lot.  The lots currently house a five-family and a four-family walk-up multifamily property.  The site is surrounded by larger apartment buildings.  It contains approximately 23,980 buildable square feet with a maximum buildable square feet with community bonus of approximately 33,460.  

For more information on this listing, contact Massey Knakal Director of Sales Stephen R. Preuss at 718.275.3400.

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Neighborhoods: Flushing/ Agents: Stephen Preuss

Jill Lovatt, First Vice President of Retail Leasing, discusses the benefits of the territory system.

Watch the video here: Massey Knakal YouTube Channel

Agents: Jill Lovatt

A landmarked development site at 39-53 Jay Street, located between Water and Plymouth Streets in Brooklyn’s Vinegar Hill neighborhood, was sold in an all-cash transaction valued at $25,000,000.

The existing block-through, three-story manufacturing property measures approximately 80,000 square feet, plus a partial basement and an annex building. The property sits on a lot that is approximately 200’ x 155’ and has 30,000 square feet of air rights. The sale price equates to approximately $227 per blended square foot.

The site is located less than two blocks from the F train on one of Vinegar Hill’s widest streets and at the base of the John Street site expansion of the Brooklyn Bridge Park.  Vinegar Hill is amidst a major redevelopment and five new projects remain within a two block radius.

“This site has the largest footprint in Vinegar Hill, and possibly in all of the greater Downtown Brooklyn market, which makes it so unique. The ability to offer big box retail could really change the landscape,” said Massey Knakal Director of Sales Stephen P. Palmese, who exclusively handled this transaction with Associate Director of Sales Winfield Clifford.

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Agents: Stephen Palmese

Massey Knakal Realty Services has been retained on an exclusive basis to sell a commercial co-op in a building at 6 West 20th Street, located between Fifth and Sixth Avenues in Manhattan’s Flatiron District. The asking price is $3,600,000.

The commercial co-op unit, situated on the sixth floor of an 11-story commercial loft cooperative building, contains approximately 4,500 square feet. It benefits from tremendous light and air quality due to northern and southern exposures. It features ceilings approximately 12.5 feet high, partially exposed brick walls, a full kitchen, 1.5 bathrooms, hardwood floor, new windows, and tenant controlled air conditioning.  The unit also has one passenger and one freight elevator which open directly into the unit.  It is currently owner occupied, and will be delivered vacant.

The building is within close proximity to Madison Square Park, Union Square, and major public transportation.

For more information on this listing, contact Massey Knakal Vice Chairman and Partner John F. Ciraulo or First Vice President of Sales Brock Emmetsberger at 212.696.2500.

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Neighborhoods: Flatiron/ Agents: John Ciraulo

Massey Knakal Retail Leasing Services has secured a lease for the space located at 55A Leroy Street. The property is located on Leroy Street just west of Seventh Avenue South in the heart of the Greenwich Village Historic District.
 
The retail space is approximately 775 square feet and benefits from its close proximity to the Houston Street subway station, as well as its location immediately adjacent to St. Luke’s Place, which is routinely considered to be the best residential block in the West Village.

“We had to get creative when thinking about possible tenants due to its location on the lower level of the building; however it will be absolutely ideal for the laundry drop-off tenant that leased it.  Increasing retail rents in the immediate vicinity have made the area significantly underserved by laundry facilities.  We have no doubt that this business will thrive in the long run, to both the landlord’s and the tenant’s benefit,” said Director of Retail Leasing, Brendan Gotch, who exclusively represented the landlord.

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Neighborhoods: Greenwich Village

Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 38-07 31st Street. The property is located between 38th and 39th Avenues in the Long Island City neighborhood of Queens. The asking price is $850,000.

The site contains a one-story industrial building of approximately 2,000 square feet that sits on a 25’ x 88.25’ lot.  Zoned M1-2/R6A, the site holds up to approximately 6,570 buildable square feet for residential or mixed-use development.

An elevated subway station serving the N and Q lines is positioned just steps away from the property on the corner of 39th Avenue and 31st Street.

For more information on this listing, contact Massey Knakal Director of Sales Evan J. Daniel at 718.275.3400 or Partner James P. Nelson at 212.696.2500.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

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Neighborhoods: Long Island City

A mixed-use building at 2315 Mermaid Avenue, located between West 23rd and West 24th Streets in Brooklyn’s Coney Island neighborhood, was sold in an all-cash transaction valued at $335,000.

The three-story building contains approximately 3,246 square feet and sits on a 19.67’ x 100’ lot.  It consists of a ground floor commercial unit, most recently used as a doctor’s office, and two floors of residential space.  The building was delivered vacant.  The site contains approximately 4,780 buildable square feet, and the sale price equates to approximately $70 per buildable square foot.

The building is in close proximity to the newly rezoned and revitalized Coney Island Amusement Area where New York City and private firms have invested nearly $500,000,000.  Nearby transportation includes numerous bus lines as well as the D, F, N, and Q subway lines at Stillwell Avenue.

“The building was flooded by Hurricane Sandy midway through the listing process. However, because our marketing had procured several interested parties we were still able to move to contract,” said Massey Knakal Director of Sales Brian R. Hanson, who exclusively handled this transaction.

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Neighborhoods: Coney Island

Massey Knakal Realty Services has been retained on an exclusive basis to sell a fully-leased retail strip at 233-02-20 Northern Boulevard. The property is located on the corner of Northern Boulevard and 234th Street in the Douglaston neighborhood of Queens. The asking price is $3,900,000.

This retail assemblage consists of three tenants on two tax lots with a combined approximately 26,325 square foot lot and 6,082 square feet of buildings including an auto gallery dealership, auto garage, and auto repair.  The auto gallery has a lease until 2014 with a five-year landlord option.  The auto garage has been recently rented for $6,800 per month for five years and 4% rent increases.  The third tenant is Red's Auto Repair, which has been there for over 30 years and is on a month-to-month lease.  The combined site has over 200 feet of frontage on Northern Boulevard. It is zoned R1-2 and is grandfathered as commercial use.

Ideally located in the highly desirable Douglaston area of Queens, between Little Neck and Bayside, this site is a prime investment for existing cash flow or future development potential

For more information on this listing, contact Massey Knakal Director of Sales Stephen R. Preuss at 718.275.3400.

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Neighborhoods: Douglaston/ Agents: Stephen Preuss

The National Sculpture Society, a not for profit, recently sold its building at 53 Mercer Street, located between Broome and Grand Streets in Manhattan’s SoHo Cast Iron Historic District, in an all-cash transaction valued at more than $7,400,000.

National Sculpture Society’s President, Dan Ostermiller, and Executive Director Gwen Pier, and the entire Board were thrilled with the outcome. “We selected Robert to represent us because we knew that he would be personally involved throughout the sales process. His presentation was the most professional – and accurate – and he executed the sale in a manner and for a price that far exceeded our expectations.”

Sculptor Richard Miller had lived and worked in the building since the early days of SoHo and generously deeded the building to NSS at his death. The site currently contains a three-story building of approximately 6,855 square feet on a 25’ x 100’ lot.  It holds additional air rights.

“This group was such a pleasure to work with,” said Massey Knakal Senior Vice President of Sales Robert Burton, who exclusively handled this transaction. “When I met their attorney, Brook Boyd of Meister Seelig, I knew this would be one of my best experiences in real estate,” Burton added.  “There was a tremendous response from the market and we had over 40 offers in very short order. The eventual buyer, Marco DiLaurenti and his family, were the perfect buyers. They had recently sold their building on Spring Street and were looking for another project.”

“When the sellers realized that the buyer had a strong interest in art and sculpture, it was the icing on the cake,” said Burton.

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Neighborhoods: SoHo/ Agents: Robert Burton

Morris Betesh, Director at Massey Knakal Capital Services, discusses the open floor plan, the Massey Knakal brand, available training and education services and internal broker cooperation.

Watch the video here: Massey Knakal YouTube Channel

Massey Knakal Realty Services has been retained on an exclusive basis to sell an office building at 2614-2616 Halperin Avenue. The property is located between Williamsbridge Road and Blondell Avenue in the Westchester Square section of the Bronx. The asking price is $1,395,000.

The site consists of two two-story buildings containing a total of approximately 6,857 square feet on a 75’ x 113’ irregular lot, with on-site parking for up to ten cars.  The property was constructed in 1975 and benefits from 75 feet of frontage on Halperin Avenue, built-out office space, a full fire alarm system, centralized heat and air conditioning and individual electric and gas meters. 

The property is being marketed as part of a bankruptcy sale.  The organization would also consider structuring a sale/leaseback option with the potential purchasers.  Currently located on the cusp of three zoning districts (M1-1 / C1-2 / R6), the property has commercial as well as mixed-use development potential.

Located in the Westchester Square section of the Bronx, east of Williamsbridge Road and just south of multiple medical facilities including Albert Einstein College of Medicine, Jacobi and Montefiore Medical Centers, and Calvary Hospital, this property is ideal for an office user, investor, or converter to benefit from its proximity to major medical institutions in the immediate area.

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

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A building at 280 West 231st Street, located on the corner of Corlear Avenue and West 231st Street in the Kingsbridge neighborhood of the Bronx, was sold in an all-cash transaction valued at $1,477,000.

The one-story building contains approximately 7,866 gross square feet and sits on a 65’ x 89.67’ lot. It is configured into two levels and offers column free space and elevator access.  It benefits from ceiling between 12 and 13 feet high and almost 60 feet of highly visible frontage.  The sale price equates to approximately $188 per square foot. 

The building is located directly across the street from several new recently completed residential construction projects.  It is only three blocks west of the Broadway commercial corridor and steps from the MTA #1 subway line.

Kingsbridge is a hot neighborhood, especially west of Broadway. Despite the area’s attractiveness, the property’s split level configuration meant that we had to find the perfect user for this property. In the end, a medical user prevailed as the top bidder,” said Massey Knakal First Vice President of Sales Robert Shapiro, who exclusively handled this transaction with Vice President of Sales Karl Brumback.

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Neighborhoods: Kingsbridge/ Agents: Karl Brumback, Robert Shapiro

Massey Knakal Realty Services has been retained on an exclusive basis to sell the Weirfield Coal Company Site, a mixed-use development opportunity along the Halsey L train station in East Bushwick.  The aggregate site contains over 105,000 buildable square feet, of which almost 90,000 is residentially zoned (R6), with the balance of just under 18,000 square feet of land falling within an M1-1 zone suitable for retail, hotel, and light manufacturing or storage uses. The asking price is $8,500,000, approximately $80 per buildable square foot.

“The rare scale of this site, which is only a 20 minute trip along the L or M train to Union Square and Midtown Manhattan, offers a critical mass for a developer to help accelerate growth in what is becoming one of Brooklyn’s hottest neighborhoods,” said Massey Knakal Director of Sales Michael Amirkhanian who is exclusively marketing this site.

For more information on this listing, contact Michael Amirkhanian at 718.238.8999.

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Neighborhoods: Bushwick

On February 27, First Vice President of Retail Leasing Jill Lovatt will take part in the Women Who Shop panel at Real Estate Weekly Women's Forum.  The top women in retail, including developers, owners, retailers, and their representatives, will explore the bifurcation of retail real estate from Brooklyn to Madison Avenue.

Agents: Jill Lovatt

A pre-school facility at 127 West 94th Street, located between Amsterdam and Columbus Avenues on Manhattan’s Upper West Side was sold in an all-cash transaction valued at $3,800,000.

This 16' wide, four-story plus basement building is approximately 3,900 square feet above grade. The property had been owned and operated by a pre-school since 1939 and at the time of sale was being net-leased to another school through mid 2015. The building was fully renovated between 2005 and 2006 for use as a modern pre-school facility. Improvements to the property include facade re-pointing, a multi-zoned HVAC system, roof top and rear yard playgrounds, an indoor staircase finished with bluestone, and additional windows on the building's rear facade which provide natural light to the classrooms. Each floor had been designed to serve as a separate classroom and can accommodate a maximum of 25 students and 3 instructors. The sale price equates to approximately $974 per square foot.

“After an extensive city-wide search we were able to identify the perfect end-user for the property. The buyer, another educational facility, was searching for a permanent home and had the flexibility to wait until the expiration of the lease to take possession,” said Director of Sales Hall Oster who exclusively handled this transaction with Chairman Bob Knakal.

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Neighborhoods: Upper West Side