News

Massey Knakal Partner James Nelson will serve as a speaker at The Forum for Great New York Hotel Real Estate.  The event, which will take place on May 3, will explore the rapidly changing landscape of hotel and lodging investment, development, management and financing in and around New York City. It will offer the opportunity for attendees to hear from over 40 industry leaders and experts, and discover opportunities that may not yet be on their radar.

Spanning a full day, the conference includes a networking breakfast, lunch, and cocktail reception to increase the opportunities to mingle with fellow attendees and meet potential clients and joint venture partners. Over 300 high-level attendees are expected.

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Massey Knakal Realty Services is pleased to announce their #1 ranking for the eleventh consecutive year on CoStar’s list of Top Brokerage Firms for NYC Commercial Property Sales. According to CoStar data, in 2012, Massey Knakal handled 377 transactions totaling over $2.6 billion dollars.

“CoStar results show that Massey Knakal is ranked the #1 New York brokerage firm by transaction volume for the 11th consecutive year.  We are also proud to announce that for the past decade we have ranked within the top five NYC brokerages by dollar volume, and in 2012, we ranked third with over $2.6 billion in sales,” said Massey Knakal’s CEO Paul J. Massey, Jr.

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Agents: Paul Massey Jr.

A net-leased commercial building at 567 Seventh Avenue, located between West 40th and West 41st Streets in the Fashion District / Times Square section of Manhattan, was sold in an all-cash transaction valued at $7,250,000.

The four-story building contains approximately 4,149 square feet and sits on a 19.75’ x 60’ lot.  It lies in a C5-3 zone in the special Midtown District, yielding an as-of-right commercial FAR of 15.0.  The property holds approximately 17,775 buildable square feet, allowing for redevelopment options on one of the city’s busiest corridors.

Prior to the sale, Massey Knakal Retail Leasing Services secured Paris Baguette, as the net-lease tenant for the entire building, which had been vacant for the past six years.  Paris Baguette is a division of an international food and food services company based in Korea.  With 2,900 stores in Korea and 50 in China, it is rapidly expanding its US presence, and this is its first Manhattan location.

“By putting a great tenant in the building, the true value of the asset was realized.  We were then able to achieve a higher sale price for our client,” said Massey Knakal CEO Paul J. Massey, Jr., who exclusively handled this transaction with Chairman Bob Knakal and Director of Retail Leasing Ryan Horvath. “This is a classic example of how Massey Knakal’s multiple disciplines work together,” added Massey.

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Neighborhoods: Midtown West/ Agents: Paul Massey Jr.

Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 237 Duffield Street. The property is located between Willoughby and Fulton Streets in Downtown Brooklyn. The asking price is $16,000,000 or $175 per buildable square foot.

The site is located in a C6-4.5 zoning and can accommodate 89,904 buildable square feet of mixed-use and commercial development.  With an Inclusionary Housing bonus, the FAR can increase to approximately 105,000 buildable square feet.  Presently, the site has plans for a 185 key hotel.   

Adjacent to Willoughby Square, a one-acre open space, the project is one of a series of more than $100 million in public investments in open space and infrastructure commitments made under the Downtown Brooklyn Redevelopment Plan.  The property is conveniently located one block from the Jay Street-MetroTech and Hoyt Street subway stations, providing easy access to the 2, 3, A, C, F, N & R subway lines.  In addition, the site is located just a few blocks from the newly built Barclays Center.

“Downtown Brooklyn continues to receive regional, national and even international interest.   To that end, presently, 237 Duffield Street is the largest publicly marketed site for sale in Downtown Brooklyn and demand is at an all time high,”  said Massey Knakal Director of Sales Stephen P. Palmese, who is exclusively marketing this property.  For more information on this listing, contact Stephen P. Palmese at 718.238.8999.

Click here for listing details

Neighborhoods: Downtown Brooklyn/ Agents: Stephen Palmese

Massey Knakal Retail Leasing Services has secured a new long-term retail lease at 2303 Broadway, between West 83rd and West 84th Streets for Oren’s Daily Roast, the 26 year-old company with ten stores in Manhattan.  The space was formerly occupied by L’Occitane which consolidated into its nearby Columbus Avenue location.
 
Neighboring retailers include Zabar’s, Victoria’s Secret, Barnes and Noble, Harry’s Shoes, Duane Reade, Bank of America, The Vitamin Shoppe, and McDonald’s.

“800 square foot stores, with 20 feet of frontage no less, are rarely available on this stretch of Broadway and was leased in 30 days,” said Executive Vice President of Retail Leasing Benjamin Fox, who exclusively represented the landlord in this transaction with Director of Retail Leasing David Chkheidze. Dan Gronich of Newmark Grub Knight Frank represented the tenant.

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Neighborhoods: Upper West Side/ Agents: Benjamin Fox

Massey Knakal Realty Services is pleased to announce the release of their exclusive First Quarter 2013 Property Sales Reports. These unique, industry-leading, reports provide a comprehensive study of the investment sales market by product type in the New York City marketplace (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens).

“As we anticipated at the end of 2012, the spike in sales activity caused by capital gains tax policy last year has led to a slowdown in activity thus far in 2013.” stated Bob Knakal, Massey Knakal Chairman. “The good news, however, is that the dollar volume of sales and number of buildings sold were ahead of expectations. We view this as a positive sign for the marketing the balance of 2013,” added Knakal.

During the first quarter of 2013, there was $6.5 billion in New York City sales, a 36% decrease from 2012 and down 7% from 2011.

The New York City investment sales market saw 559 properties sold in 1Q13. Indeed, the hyper-activity from 4Q12 stole activity from this quarter with 4Q12 setting an all-time record in number of properties sold and second best quarter in dollar output. NYC dollar volumes exceed $6.5B for the quarter with 1Q13 marking the return of the “billion dollar deal.”

The purchase of 30 Rockefeller Plaza and 550 Madison Avenue were the first billion dollar sales since the Google purchase in 2010, and the first time since the downturn multiple properties exceeding $1B sold in the same year. These two sales accounted for 44% of total dollar volume in Manhattan.

Within the different market segments Massey Knakal tracts, Northern Manhattan outpaced the Bronx for the first time in properties sold due to several multi-property transactions taking place.

Brooklyn led all markets with 214 buildings sold in 1Q13, while Queens had the lowest annualized turnover with 0.93% of the total stock of property.


Click here of highlights from each report
 

Massey Knakal Realty Services has been retained on an exclusive basis to sell a commercial building at 2588 Atlantic Avenue. The property is located on the southwest corner of Atlantic and Georgia Avenues in Brooklyn’s East New York neighborhood. The asking price is $1,600,000.

The three-story building, which also contains a renovated basement, measures approximately 10,885 square feet and sits on a 40.96’ x 65.67’ lot.  It was previously used as a bank. The building has been kept in terrific condition making it easy to convert into any user space.

The building is conveniently located within close proximity to a number of public transportation options including the J subway line at Fulton Street and the A/C subway line at Pennsylvania Avenue.

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

Click here for listing details

Neighborhoods: East New York

A townhouse at 165 East 71st Street, located between Lexington and Third Avenues in Manhattan’s Upper East Side neighborhood, was sold in an all-cash transaction valued at $5,900,000.

The five-story building contains approximately 4,500 square feet and sits on a 17’ x 102’ lot.  It is currently configured as a multifamily property, with a duplex apartment with garden on the first and second floors, and three floor-through rental apartments above.  It benefits from a new boiler, new roof, and approximately 25’ rear garden on the ground level.  The sale price equates to approximately $1,311 per square foot.

Ira Lifshutz, a local investor who continues to be an active buyer of NYC real estate, purchased the property.

“This five-unit property contained a duplex and three floor-through apartments.  This is a popular block and there was a great deal of interest from both local and international buyers,” said Massey Knakal Vice President of Sales Guthrie Garvin, who exclusively handled this transaction with CEO Paul J. Massey, 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 4,500 transactions having a market value in excess of $17 billion.

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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 200 East 11th Street. The property is located on the corner of East 11th Street and Third Avenue in Manhattan’s East Village. The asking price is $60,000,000.

The 12-story elevator building currently stretches 105.5’ along East 11th Street and 129’ along Third Avenue.  It contains 55 Free Market residential units and three ground floor retail units.  The apartments above are almost all entirely oversized one bedrooms.  As some of the apartments already have been, converting the units to two bedrooms would immediate boost the rent roll by a substantial degree.  All apartments have ample light and air as a result of the building being set back on all sides and being a corner.  Currently, the retail is occupied by M2M, a grocery store, The Smith, one of the most popular downtown restaurants and bars, and a copy shop.  All retail spaces have useable lower levels.  Since the building was built the area has been upzoned, meaning that there is potential to expand the ground floor retail and potentially expand the residential above.

"It will be interesting to see if an operator or condo converters end up with the property. There is great potential for both.  Rarely does a property come up that is all fair market with so much upside,” said Massey Knakal Partner James P. Nelson, who is exclusively marketing this property.

For more information on this listing, contact James P. Nelson at 212.696.2500.

Click here for listing details

Neighborhoods: East Village

A mixed-use building at 90-07 Jamaica Avenue, located between 90th and 91st Streets in the Woodhaven neighborhood of Queens, was sold in an all-cash transaction valued at $910,000.

The two-story building contains approximately 2,696 square feet and sits on a 24’ x 108’ irregular lot.  It consists of one commercial space on the ground floor, currently leased to T-Mobile, and two one-bedroom apartments on the second floor.  Each tenant has their own boiler and electric and gas meters.  The sale price equates to approximately $338 per square foot and an 8% capitalization rate.

This property is ideally located on Jamaica Avenue just two blocks west of Woodhaven Boulevard near transportation and many neighborhood amenities.

“The property garnered a high amount of interest due to the desirable location and solid retail tenant,” said Massey Knakal Director of Sales Stephen R. Preuss, who exclusively represented the seller in this transaction with Director of Sales Brian J. Sarath.

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Neighborhoods: Woodhaven/ Agents: Stephen Preuss

The Commercial Observer is asking for your help in selecting the real estate professionals for the upcoming Power 100 issue. Between today and Friday, you can visit The Power 100 Reader's Poll and ensure Massey Knakal gets the recognition it’s due by voting for Paul Massey and Bob Knakal.

Since 2008, when The New York Observer launched its annual Power 100 rankings of real estate professionals, the responsibility of selecting, promoting and demoting the city’s top brokers and developers laid solely on its editorial staff. But in a twist this year, they're asking their online readers, to make the tough calls.

Click here to vote in The Power 100 Reader's Poll

Agents: Paul Massey Jr.

Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 509 West 38th Street. The property is located on the north side of West 38th Street through to the south side of West 39th Street, between Tenth and Eleventh Avenues in Manhattan’s Hudson Yards. The asking price is $52,000,000.

The site consists of two lots, with dimensions of approximately 125’ x 98.75’ and 25’ x 98.75’, which combine for approximately 14,813 square feet of total lot area.  It is one of the few uniquely located lots within a special sub-district of the Hudson Yards which permits up to 12.0 FAR of residential use without the requirement of building additionally commercial or community facility space.  The block-through site will have approximately 100 feet of frontage along the proposed Hudson Boulevard.  

After nearly a decade in the making, construction workers have finally broken ground on the Hudson Yards, one of the city’s largest privately-funded development projects since Rockefeller Center.  The site will house a public school, 5,000 apartments with affordable housing, restaurants, movie theatres, a five-star hotel and 14 acres of public space.  Hudson Yards Boulevard & Park, an approximately 4-acre planned system of broad tree-lined parks and open space will run between Tenth and Eleventh Avenues from West 33rd to West 39th Streets with a pedestrian connection from 39th Street to 42nd Street.  The MTA has agreed to extend the No. 7 subway line to West 34th Street and Eleventh Avenue.  The extension is expected to be completed in late 2013 or early 2014.

“This neighborhood will be the hottest, newest and hippest area in the not-too-distant future commanding end user demand in all market segments. It is no wonder that the land market in this neighborhood is as hot as it is right now,” said Chairman Bob Knakal, who is exclusively marketing this property with Vice President of Sales Guthrie Garvin. “This block-through site with unique zoning will certainly attract the eyes of every major developer interested in making their mark on Manhattan’s Hudson Yards,” added Garvin.

For more information on this listing, contact Bob Knakal or Guthrie Garvin at 212.696.2500.

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Neighborhoods: Hudson Yards

A modern townhouse at 542 Cathedral Parkway, located between Amsterdam Avenue and Broadway in Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $3,400,000.
 
The four-story building, including basement, contains approximately 5,065 square feet and sits on a 25’ x 70.92’ lot.  Built in 1988 by Smith and Thompson Architects, it is currently configured as four floor-through apartments and a penthouse studio. The site contains approximately 10,673 buildable square feet, and a significant portion of the excess air-rights could be used to add to the existing building. The sale price equates to approximately $671 per existing square foot.
 
This property is in close proximity to both the Broadway shopping corridor and Columbia University, and offers excellent access to all forms of transportation.
 
“542 Cathedral Parkway was sold to an end-user once again demonstrating the strong demand from purchasers looking to create a home in one of Manhattan's most desirable neighborhoods," said Massey Knakal First Vice President of Sales Hall H. Oster, who exclusively handled this transaction.

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Neighborhoods: Upper West Side

Massey Knakal Realty Services has been retained on an exclusive basis to sell or NNN lease two commercial properties at 2076 Hylan Boulevard and 1720-1730 Richmond Avenue. The properties are located in Staten Island.

2076 Hylan Boulevard, located on the corner of Hylan Boulevard and Hunter Avenue, is a single-story retail building containing approximately 5,000 square feet on an 81’ x 100’ lot, with parking up to twelve cars. With high visibility on a heavily trafficked corner, the building was most recently used as a hardware store, and it is suitable for prime retail.  The Staten Island Expressway and Staten Island Railway are easily accessible.  Neighboring retailers include Capital One Bank, Enterprise Rent-A-Car, Duane Reade, McDonald’s, and Mobil Gas Station.  The site is available for NNN lease.

1720-1730 Richmond Avenue, located on the corner of Richmond Avenue and Clifton Street, contains two buildings of approximately 12,850 square feet combined on a 125.91’ x 109.67’ lot.  There are four retail units, with offices on the second floor at 1720 Richmond Avenue.  The corner unit was previously occupied by a deli/restaurant.  This site is suitable for prime retail or restaurant business, and can be delivered completely vacant.  This site is located in New York City’s #1 national retailer zip code and just off the four-way corner of Victory Boulevard and Richmond Avenue. The estimated traffic count is over 70,000 cars daily, and it is within a half-mile of Interstate 278 and the College of Staten Island.  Neighboring tenants include 7-Eleven, BP Gas Station, Dunkin Donuts, McDonald’s, CVS, TD Bank and minutes away from Staten Island Mall.  The site is available for NNN lease.  It is also available for sale, with the asking price of $2,800,000.

For more information on this listing, contact Massey Knakal First Vice President of Sales Michael Schneider or Senior Associate William Cheng at 718.238.8999.  Additionally, 1745 Forest Avenue / 841 Richmond Avenue and 1735 Richmond Avenue / 2960 Victory Boulevard are also available for NNN lease.

Click here for listing details on 2076 Hylan Boulevard

Click here for listing details on 1720-1730 Richmond Avenue

Neighborhoods: Staten Island

A development site at 920 University Avenue, located between West 161st and West 165th Streets in the Highbridge neighborhood of the Bronx, was sold in an all-cash transaction valued at $500,000.

The block-through vacant lot consisting of approximately 7,735 square feet of total lot area benefits from over 61 feet of frontage on University Avenue as well as 60 feet on Summit Avenue.  Located within an M1-5/ R7-1 zone, the irregularly shaped lot holds approximately 38,673 buildable square feet for commercial development. A hotel will be constructed on the site and could provide Harlem River views from the upper floors.

“The majority of interest came from hotel developers as this site will become the closest hotel to Yankee Stadium,” said Massey Knakal Director of Sales Nick Burns, who exclusively handled this transaction with First Vice President of Sales David Simone.

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Neighborhoods: Highbridge

Massey Knakal Realty Services has been retained on an exclusive basis to sell a commercial loft building at 850 Metropolitan Avenue. The property is located between Bushwick Avenue and Olive Street in Brooklyn’s Williamsburg neighborhood. The asking price is $9,750,000.

The building contains approximately 27,850 square feet and sits on a 125’ x 100’ lot.  It is an excellent opportunity for a residential conversion or development.  The building itself is well-maintained, and numerous recent upgrades have been made, including a brand new roof.  There is a freight elevator and 12’ to 15’ ceiling heights throughout.  The property will be delivered vacant.

This property is located in the vicinity of Williamsburg’s renowned restaurant and nightlife scene.  The Graham Avenue L train station is two blocks away and provides quick access to Manhattan without transfer.

For more information on this listing, contact Massey Knakal Vice President of Sales Mark L. Lively or Director of Sales Brendan Maddigan at 718.238.8999.

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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan, Mark Lively

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail lease for 463 Fulton Street, located between Smith and Lawrence Streets in Downtown Brooklyn.
 
This retail space contains approximately 1,200 square feet with ceilings 15 feet high, and offers approximately 20 feet of frontage in prime Downtown Brooklyn.

The site is ideally located in close proximity to major subway lines as well as the Barclays Center, and surrounded by new residential developments. It benefits from over 100,000 area shoppers daily. It is located opposite The GAP, and other neighboring tenants include Payless, Brooklyn Industries, Children’s Place, Macy’s, Armani Exchange, and Duane Reade.  

“Fulton Street continues to attract attention from national retailers who are recognizing the explosive economic growth in Downtown Brooklyn,” said First Vice President of Retail Leasing Gregory Bartlett, who is exclusively marketing this space with Director of Sales Stephen Palmese. “Developing similar to Times Square, the Fulton Street Mall corridor is one of New York City's densest transit hubs.  Since retailers follow density and transportation, we anticipate a variety of interests in this dynamic location,” added Palmese.

For more information, contact Gregory Bartlett or Stephen Palmese at 718.238.8999.

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Neighborhoods: Downtown Brooklyn/ Agents: Stephen Palmese

Massey Knakal Realty Services has been retained on an exclusive basis to sell an office building at 555 West 25th Street. The property is located between Tenth and Eleventh in Manhattan’s West Chelsea neighborhood. The asking price is $27,500,000.

This six-story building contains approximately 40,856 square feet and sits on a 75’ x 98.75’ lot.  It also contains a sellable lower level.  The current rentable area is approximately 41,787 square feet.  Built in 1891 and completely renovated in 1985, the building is fully occupied by a gallery, showroom, and creative tenants.  It is exceedingly rare to find a building of this quality with rents so far below market.  Floors feature over 12’ high ceilings and ample light and air, leading itself to possible showroom space for galleries.

Dominated by creative firms, art galleries and young professionals, the West Chelsea neighborhood has grown exponentially since the inception of the High Line, a public park built on a historic freight rail line elevated above the streets that runs from Gansevoort Street to West 30th Street, between Tenth and Eleventh Avenues.

“Rents throughout the property are roughly half of today’s market, so there is a tremendous amount of upside,” said Massey Knakal First Vice President of Sales Brock Emmetsberger, who is exclusively marketing this property with Partner James P. Nelson, who added, “The space benefits from high loft ceilings and windows on four sides on the above floors.”

For more information on this listing, contact James P. Nelson or Brock Emmetsberger at 212.696.2500.

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Neighborhoods: Chelsea

On Wednesday, April 24th, Massey Knakal will participate in the Staten Island Economic Development Corporation's 15th Annual Conference.  The event will feature prominent figures, speakers and businesses from a variety of sectors.

The all-day event includes seminars, business-to-business vending, networking events, and keynote speaking sessions which provide unparalled opportunity for interaction among on- and off-island businesses.  The conference is the only economic and business conference held on Staten Island each year and expects to draw over 2,500 attendees.

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Neighborhoods: Staten Island

Massey Knakal Realty Services has been retained on an exclusive basis to sell a commercial building at 834 Flatbush Avenue. The property is located between Linden Boulevard and Church Avenue in Brooklyn’s Flatbush neighborhood. The asking price is $1,495,000.

The three-story building contains approximately 4,200 square feet and sits on a 20’ x 103.58’ lot. It has HVAC in place and an interior staircase to upper floors.  The building is vacant and also holds approximately 4,088 square feet of additional air rights. 

This building is an excellent investment opportunity.  National tenants within one block include Chase, Citibank, Payless Shoes, and Dunkin Donuts.

For more information on this listing, contact Massey Knakal Director of Sales Brian J. Sarath at 718.275.3400 or Director of Sales Nick Mahedy at 718.238.8999.

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Neighborhoods: Flatbush