News

A mixed-use building at 307 Knickerbocker Avenue, located between Suydam and Hart Streets in Brooklyn’s North Bushwick neighborhood, was sold in an all-cash transaction valued at $1,450,000.

The four-story building contains approximately 6,500 square feet and sits on s 25’ x 100’ lot.  It consists of two retail units on the ground floor with six residential units above, of which three have been renovated.  The sale price equates to approximately $223 per square foot.

The property is located near the border of Williamsburg on Bushwick’s prime retail corridor, with convenient access to restaurants, art galleries, grocery stores, and nightlife.  The L train is just a few blocks away at Dekalb Avenue, providing tenants with access to Manhattan within 20 minutes.  The property is a significant opportunity for an investor to benefit from North Bushwick’s rapidly increasing exposure.

“Several factors pushed the sale of this property north of our asking price, including its prime location along the Knickerbocker retail corridor, proximity to Maria Hernandez Park, and Bushwick’s unprecedented demand for mixed-use and retail product,” said Massey Knakal Director of Sales Mike Amirkhanian, who exclusively handled this transaction.

Click here for press release

Neighborhoods: Bushwick

By: Dylan Murphy, Director of Retail Leasing

For decades the retail corridor along Times Square's Eighth Avenue has been transforming away from its seedy "Red Light District" past. This year, two of the buildings that house two of the last handful of adult video stores in the district have come on the market and two major development sites have been slated for luxury hotel development. This, along with the rebirth of Icon, the massive Nomura lease at Worldwide Plaza and Microsoft's landmark lease at 11 Times Square has firmly secured the corridor's future as a premier global destination for dining and hospitality.

Click here for full article

Agents: Dylan Murphy

Massey Knakal Realty Services has been retained on an exclusive basis to lease commercially zoned land at 8200 18th Avenue and 8121 New Utrecht Avenue. The property is located between 18th Avenue, New Utrecht Avenue, 81st Street and 84th Street in the heart of Brooklyn’s Bensonhurst neighborhood. The site is available for triple net lease at $575,000 per year.

This property contains approximately 60,288 square feet of commercial zoned land, and is currently triple net leased to an affiliate of Waldbaum’s until December 31, 2013.  This property offers a significant opportunity for a commercial user or developer.
 
“This is the largest parcel of land zoned for commercial use that is currently available in Bensonhurst. What makes it more attractive is that it is in the heart of the community,” said Jeffrey Shalom, who is exclusively marketing this property with Paul J. Massey, Jr.

For more information on this listing, contact Jeffrey Shalom at 718.238.8999.
 
Click here for listing details

Neighborhoods: Bensonhurst/ Agents: Jeffrey Shalom, Paul Massey Jr.

Massey Knakal Retail Leasing Services has secured a new lease for a restaurant space at 133 East 65th Street, located between Lexington and Park Avenues on Manhattan’s Upper East Side.
 
The space contains approximately 2,928 square feet with 17 feet of frontage and nine foot high ceilings.  It is fully vented and features two levels of dining.  

Neighboring retailers include Daniel, JoJo, Fig and Olive, Fishtail by David Burke, Bloomingdale’s, Kiehl’s, and Sel & Poivre.

“Due to excess demand for vented restaurant space on the Upper East Side, this space rented very quickly,” said Jill Lovatt, who exclusively represented the landlord in this transaction with Guthrie Garvin. “By blanketing the market with information about the space, Massey Knakal was able to not only close the transaction quickly, but find the most qualified tenant for the space,” Ms. Lovatt added.

Click here for press release

Neighborhoods: Upper East Side/ Agents: Jill Lovatt

Massey Knakal Realty Services has been retained on an exclusive basis to sell an office and retail building at 54 Main Street. The property is located on the corner of Main Street and Hempstead Turnpike in the town of Hempstead in Nassau County. The asking price is $1,395,000.

The fully vacant three-story building contains approximately 13,290 square feet and sits on a 50’ x 101’ lot.  It was built in 1910 and was originally the Bank of Hempstead.  The property is currently a shell and has been completely gutted-out by the current owner.  It is equipped with an elevator and offers municipal parking for over 50 spaces directly across the street.  The building features 50 feet of frontage on Main Street and 101 feet on Hempstead Turnpike.  Ownership prefers to sell the property as-is with the buyer completing any further build-out or completion of the interior renovation.

This property receives a high volume of foot traffic and is located only one block from the Nassau County Court System, making it a great location for legal professionals.  It is also in close proximity to the LIRR, Meadowbrook, Southern State, and Wantagh Parkways, as well as other major roadways.  This is a great opportunity for a user or investor in a busy location in Hempstead.

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

Click here for listing details

Neighborhoods: Nassau County/ Agents: Stephen Preuss

Massey Knakal Realty Services is pleased to announce the third installment of a new initiative called the Knakal News Network (KNN). In this episode, Mr. Knakal will discuss the very dynamic land market in New York City.  The first three installments will be presented in interview format with host Dan Geiger, reporter, Crain’s New York Business. In subsequent episodes, there will be a rotating selection of guest hosts each of whom will host a block of episodes.
 
Mr. Knakal has been the Chairman of Massey Knakal since founding the firm with Paul Massey in 1988. Since that time, he has been personally responsible for the sale of over 1,300 properties, having a market value in excess of $9 billion.

To access KNN, go to: http://www.masseyknakal.com/people/knn.aspx.

Three contiguous buildings and one additional building to the west at 195, 199, 201, & 203 East 4th Street, located between Avenues A and B in Manhattan’s East Village, were sold in an all-cash transaction valued at $29,000,000.

The five-story walk-up buildings are on four 25’ x 96.17’ lots with a combined 100 feet of frontage and contain approximately 27,770 gross square feet, 46 apartments, and one store.  The sale price equates to approximately $1,044 per square foot, a mid-5% capitalization rate and 14.55 times gross rent.

195 East 4th Street contains approximately 7,145 square feet and18 residential units totaling.  199 East 4th Street contains approximately 6,875 square feet, nine residential units plus one store, and an additional 102 square feet of unused air rights.  201 East 4th Street contains approximately 6,875 square feet, nine residential units, and an additional 337 square feet of unused air rights.  203 East 4th Street contains approximately 6,875 square feet, ten residential units, and 237 square feet of unused air rights.

The buildings feature 46 apartments split between 40 fair market and six rent stabilized units of which there are 18 one-bedrooms, two two-bedrooms, 21 three-bedrooms, two four-bedrooms, and three five-bedrooms.  The fair market apartments have been fully gut renovated and feature beautiful dark hardwood floors, dark cabinetry, stainless steel appliances, granite countertops, marble bathrooms, new moldings, and high-end light fixtures.  Ownership has also completely renovated all of the buildings’ common areas, installed a coin-operated laundry room, upgraded the electric, repointed the façade wherever necessary, installed a new intercom system, and built newly added bulkheads leading out to private roof decks for many of the top floor units.  They are in the process of creating private backyards for many of the lower rear floor units. These improvements have dramatically increased the rents being achieved in arguably Manhattan’s tightest rental submarket. The six remaining rent stabilized units provide additional upside for the next owner of these assets. 

One of New York City’s most famous and desirable neighborhoods, the East Village is known for its diverse community, vibrant nightlife, retail diversity, restaurant density, artistic sensibility, and recent gentrification.

“This transaction underscores the increase in value in recent years provided by the previous ownership. With many value-add investors creating value through major capital improvements, renovation, and turnover, there comes a class of buyers interested in long-term stabilized ownership. These four buildings are a representation of that,” said John F. Ciraulo, who exclusively represented the seller in this transaction with Bob Knakal, Michael DeCheser and Craig Waggner.

Click here for press release

Neighborhoods: East Village/ Agents: John Ciraulo, Michael DeCheser

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail lease for 150 Campus Road, located between Hilell Place and Amersfort Place in Brooklyn’s Midwood neighborhood.
 
The two-story commercial building contains approximately 2,200 square feet on the ground floor which can be divided into two stores. There is 2,200 square feet of luxury office space with shared conference rooms on the second floor. The two floors can be leased separately. Additionally there is 2,200 square feet of finished basement space equipped with fire sprinklers and his and hers lavatories. The basement, first, and second floors are connected by a back stairwell.  The site benefits from two entrances each with approximately 20 feet of frontage and ceilings approximately 10.5 feet high.  

Located opposite the main entrance to Brooklyn College, this site is visible to over 20,000 students and faculty daily.  It is also one block from the Junction, the intersection of Flatbush and Nostrand Avenues, and the 2 and 5 subway lines.

“This area in Midwood continues to see an influx of national, regional and emerging retailers,” said Gregory Bartlett.  He is exclusively marketing the space with Nick Mahedy.  Both can be reached at 718.238.8999.

Click here for listing details

Neighborhoods: Midwood

By: Massey Knakal Partner James Nelson

Boutique or independent hotels are not a novel concept for New York City. Ian Schrager popularized this concept when he opened the Morgans Hotel, in 1984, and started a company named after it. According to Oysterblog, Schrager introduced exclusivity, superstar designers and chefs, destination lobby-cum-lounges, and above all, celebrity.

Click here for full article

Massey Knakal Capital Services is pleased to announce the closing of a $14.5 million ground-up construction loan collateralized by a 12-unit luxury multifamily property in Manhattan’s Soho neighborhood. 

“The developers for this property previously owned and managed a large portfolio of multifamily properties in Little Italy and SoHo, but had not done any recent construction projects in New York City,” said Bruce Whipple, who exclusively handled this transaction. “The loan request went out to approximately 60 lenders and was difficult to place for several reasons.   The foremost concern was that the construction loan market was just beginning to recover from the credit crisis last summer. Very few lenders wanted to take on the risk of ground-up construction and had concerns about the high rents projected for each unit (in excess of $10,000 per month). The units will have balconies, terraces, direct elevator access, and high-end finishes and appliances.  There will be a pre-school on the lowest three levels.”  The lender that closed the loan was a fund that felt comfortable with the location, the strength of the neighborhood and New York City land values,” added Whipple.

Massey Knakal was able to leverage synergies with its investment sales team by securing accurate and up-to-date comparable sales data for the land, community space rents and residential rents in SoHo.

Click here for press release

Neighborhoods: SoHo

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail strip at 204-210 Jericho Turnpike. The property is located on the corner of Jericho Turnpike and Mineola Boulevard in Mineola, Nassau County. The asking price is $1,995,000.

The fully-leased one-story retail strip contains approximately 4,566 square feet and sits on a 72’ x 103’ lot.  It contains a parking lot fit for several spaces in the rear, and additional municipal parking for over 100 spaces which the village is responsible for maintaining.  The current tenants are Hanger Medical, a national credit tenant, and Carlino’s Pizzeria & Restaurant.  

Located on a major retail corridor in the heart of Mineola, this property is a great opportunity for an investor to purchase prime retail with excellent visibility.

“This fully-leased retail product with solid tenants on a prime corner makes for an excellent investment for a 1031 exchange buyer or investor looking for a quality income-producing asset,” said Massey Knakal Director of Sales Stephen R. Preuss, who is exclusively marketing this property.

For more information on this listing, contact Stephen R. Preuss at 718.275.3400.

Click here for listing details

Neighborhoods: Nassau County/ Agents: Stephen Preuss

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail building at 1620 Ralph Avenue. The property is located on the corner of Ralph Avenue and Farragut Road in Brooklyn’s East Flatbush neighborhood. The asking price is $4,200,000.

The one-story building contains approximately 7,672 square feet and sits on a 96’ x 154’ lot.  It consists of four units and is 100% leased to a pizzeria, laundromat, and pair of medical offices.  There is significant potential for upside in rents.  This property has incredible street presence, benefitting from over 250 feet of frontage in a location with high traffic volume at a five-way intersection.

For more information on this listing, contact Massey Knakal Chairman Bob Knakal at 212.696.2500 or Director of Sales Edward Gevinski at 718.238.8999.

Click here for listing details

Neighborhoods: Flatbush

A mixed-use building at 452 West 145th Street, located between Amsterdam and Convent Avenues in the Hamilton Heights Historic District of Harlem, was sold in an all-cash transaction valued at $1,100,000.

The four-story walk-up building contains approximately 3,328 square feet and sits on a 16’ x 99.92’ lot.  It consists of six rent stabilized units and one commercial unit on the ground floor.  There is approximately 3,086 square feet of additional air rights which could potentially be used to build out the back of the building.  The sale price equates to approximately $331 per square foot.

This property is conveniently located near City College on a commercial corridor in Harlem.  The B, C, and D trains are just one block away.

“With the property located on a key commercial corridor in Northern Manhattan and within walking distance to City College, we expect the owner to do very well with this acquisition heading into a very strong rental season,” said Massey Knakal Director of Sales Mitchell Levine, who exclusively handled this transaction with Partner James P. Nelson and First Vice President of Sales Josh Lipton.

Click here for press release

Neighborhoods: Hamilton Heights

Massey Knakal representatives are currently in Las Vegas for the Global Retail Real Estate Convention.
 
RECon is the global convention for the shopping center industry and provides networking, deal making and educational opportunities for retail real estate professionals from around the world. With over 30,000 attendees and 1,000 exhibitors it is the largest industry convention, making it an unparalleled opportunity to do a year's worth of business in just four days.

Visit Massey Knakal's booth located at C (central hall) 160 F Street

Click here for more information on RECon

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail lease for 52 Court Street, located between Joralemon and Livingston Streets in Downtown Brooklyn.

The space, located on the second, third, and fourth floors, contains approximately 3,300 square feet with ceiling heights of approximately 15 feet.  With approximately 21 feet of frontage, the space benefits from high visibility and provides a great signage opportunity on the busy retail corridor of Court Street.  The site is ideal for a gym, yoga platform, medical office, salon, as well as other uses.

Downtown Brooklyn features a mix of national, regional, and local retailers.  The site is opposite Sephora, adjacent to Starbuck’s and Equinox, and other neighboring tenants include Duane Reade, Marriott Hotel, Chase Bank, McDonald’s, and T-Mobile.  It is in close proximity to all major subway lines, and only one train stop from Manhattan.

“This stretch of Court Street is becoming a major retail hub for Downtown Brooklyn,” said First Vice President of Retail Leasing Gregory Bartlett, who is exclusively marketing this space with Director of Sales Stephen Palmese.  “52 Court Street offers a tenant the opportunity to operate on the same block as a number of national retailers,” added Palmese.

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

Click here for listing details

Neighborhoods: Downtown Brooklyn/ Agents: Stephen Palmese

Massey Knakal Realty Services has sold a development site located at 49 Bond Street in Downtown Brooklyn. The site was sold in a transaction valued at $70,000,000.

The site consists of more than an acre of land at 49,942 square feet and offers one of the most flexible zoning designations available in New York City. Located within a C6-4 zone, it carries an R10 residential designation, allowing for the availability of 10.0 FAR for commercial, residential, or community facility use. This would allow for an as-of-right building of about 500,000 square feet with the ability to grow the site to about 600,000 square feet through the use of inclusionary house bonuses. The site can potentially be home to a massive mixed-use development project that incorporates significant amounts of retail and residential space. The R10 zoning district is unique in that it provides the developer with access to the Inclusionary Housing Program, potentially adding 20% more residential square footage to a mixed-use or entirely residential project.

“The sale of this site is a great shot in the arm for Brooklyn’s downtown market, which is one of the most transformative neighborhoods in the city presently,” stated Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Senior Executive Vice President Stephen Palmese.

Click here for press release

Neighborhoods: Downtown Brooklyn/ Agents: Stephen Palmese

Massey Knakal Realty Services has been retained on an exclusive basis to sell a garage condominium situated in the Regency Plaza Condominiums at 132-03 Sanford Avenue (41-45 College Point Boulevard). The property is located on the corner of Sanford Avenue and College Point Boulevard in the Flushing neighborhood of Queens. The asking price is $2,750,000.

The two-level below-grade space contains approximately 25,273 gross square feet.  The garage occupies the cellar and sub-cellar which are connected by a ramp, and contains two street level entrances on Sanford Avenue and College Point Boulevard.  It features 24-hour parking complete with 105 legal parking spaces with potential for more spaces with park attendants’ assistance.    The property is currently occupied by an owner-user and can either be delivered vacant or the current owner may consider staying on to manage the garage business for the new owner if needed.

Ideally located just blocks from Downtown Flushing, Flushing Hospital, and the Sky View Parc Development, the Regency Plaza Condominiums consist of 56 total units including retail units on the ground floor.

“This is a great opportunity for an investor or user to acquire one of the few parking garages in the dynamic Flushing marketplace,” said Massey Knakal Director of Sales Stephen R. Preuss, who is exclusively marketing this property.

For more information on this listing, contact Stephen R. Preuss at 718.275.3400.

Click here for listing details

Neighborhoods: Flushing/ Agents: Stephen Preuss

Massey Knakal Retail Leasing Services has secured three new retail leases for 110 West End Avenue, 973 Columbus Avenue, and 383 West 125th Street.
 
The retail space at 110 West End Avenue, located between West 64th and West 65th Streets on Manhattan’s Upper West Side, contains approximately 950 square feet on the ground floor with 950 square feet of basement space with 11 foot high ceilings.  It benefits from 15 feet of visibility steps from a bus stop on one of the busiest pedestrian blocks of West End Avenue.  Neighboring tenants include Western Beef, Subway Restaurant, and the River School.  The site will be occupied by Pinnacle Wine & Spirits.

The retail space at 973 Columbus Avenue, located between West 107th and West 108th Streets on Manhattan’s Upper West Side, contains approximately 500 square feet on the ground floor and 300 square feet of basement space with 10.5 foot high ceilings.  The space benefits from having great exposure from every corner.  It is located just steps from bus stops, subway stations, restaurants, retail shops, and parks. Neighboring tenants include Sheshe Pizzeria, Allstate, Metro PCS, Subway Restaurant, Columbus Deli, AT&T, and Columbia University.  The site will be occupied by a Mexican restaurant and tapas bar.

The retail space at 383 West 125th Street, located on the corner of West 125th Street and Morningside Avenue in Manhattan’s Harlem neighborhood, contains approximately 1,400 square feet on the ground floor and 800 square feet of basement space with 12 foot high ceilings.  It benefits from its proximity to bus stops and the # 2 and 3 subway on the busiest streets in Harlem.  Neighboring retailers include Chase Bank, UPS, Suwbay Restaurant, New York Sports Club, Dunkin Donuts, and Rite Aid.  The site will be occupied by Supra, a retail store.

“We are very happy to secure these three leases, especially to have the opportunity to increase the rent roll for each building.  Rents have increased from 30% to 200% above the rents paid by the previous tenants,” said Director of Retail Leasing David Chkheidze, who exclusively represented the landlord in all three transactions.

Click here for press release

Neighborhoods: Harlem, Upper West Side

Massey Knakal Realty Services has been retained on an exclusive basis to sell an office building with on-site parking at 11 Oval Drive. The property is located at the southeast corner of Oval Drive in the village of Islandia in Suffolk County, New York. The asking price is $6,500,000.

The property consists of a single-story office building totaling approximately 61,304 square feet with on-site parking situated on an approximately 5.8-acre lot.  The building is comprised of eight units, one of which is currently vacant.

The property is located just ½ mile south of the Long Island Expressway and approximately 1.5 miles from the Central Islip Long Island Rail Road station.

For more information on this listing, contact Massey Knakal Partner Thomas A. Donovan at 718.275.3400 or Vice President of Sales Jeffrey A. Shalom at 718.238.8999.

Click here for listing details

Neighborhoods: Suffolk County/ Agents: Jeffrey Shalom

A commercial co-op located at 6 West 20th Street, between Fifth and Sixth Avenues in Manhattan’s Flatiron District, was sold in an all-cash transaction valued at $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, hardwood floors, new windows, and tenant controlled air conditioning.  The unit also has one passenger and one freight elevator which open directly into the unit.  It was delivered vacant. The sale price equates to approximately $800 per square foot.
 
The building is within close proximity to Madison Square Park, Union Square, and major public transportation.
 
“From the start of marketing to closing the whole process took just over two months. After other firms had been trying to sell the space for over two years we ended up having multiple buyers at asking price. This is a true testament to our marketing capabilities in conjunction with a rising market as commercial condos and co-ops have become very desirable for end-users,” said Massey Knakal First Vice President of Sales Brock Emmetsberger, who exclusively represented the seller in this transaction with Vice Chairman and Partner John F. Ciraulo.
 
Click here for press release

Neighborhoods: Flatiron/ Agents: John Ciraulo