News

Massey Knakal Realty Services has sold a commercial building at 736 Broadway. The building is located on the east side of Broadway between Astor Place and Waverly Place in Manhattan’s NoHo. It was sold in a transaction valued at $8,700,000.  

The subject property is an 11-story, former manufacturing building and is situated in one of Downtown Manhattan’s most important shopping corridors. The building features approximately 30,000 gross square feet and offers over 1,500 square feet of vacant retail space. The upper floors consist of full-floor loft units, and are a mix of commercial spaces and interim multiple dwellings.

“Whenever retail space is vacant, it presents investors with the opportunity to take advantage of current market conditions. At 736 Broadway, the buyer also has the potential to enhance the performance of the upper portion of the building,” stated Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Partner James Nelson.

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Neighborhoods: NoHo

Massey Knakal Realty Services is pleased to announce the eleventh installment of a new initiative called the Knakal News Network (KNN). In this episode, Mr. Knakal will discuss the investment sales market in the first half of 2013. This episode is hosted by Jon Hageman, Sales Team Manager at Massey Knakal.  

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

Massey Knakal Realty Services has been retained on an exclusive basis to lease a portion of a lot at 38-15 Queens Boulevard. The property is located on the corner of 39th Street and Queens Boulevard in the Long Island City neighborhood of Queens. The site is available for triple net lease.

The offering is for the corner portion of a lot, which contains approximately 20,000 square feet of land, including 80 feet of frontage on Queens Boulevard and 250 feet on 39th Street.  Currently, there are two small buildings on the lot which are being used as a car wash and tire shop. The two buildings total approximately 1,950 square feet.  The property will be delivered completely vacant, offering substantial area to a retailer in need of a large corner location with ample on-site parking on a high traffic corridor.  The space could easily be divided to suit smaller needs and build out could be done by tenant or landlord.  It is ideal for a large food establishment or shopping center.  With approximately 40,000 buildable square feet, this property is an opportunity for a small commercial or hotel development as well.

This property is located just two blocks from the #7 train, and the Q32 and Q60 buses service the area as well.  Tenants in the immediate vicinity include McDonald’s, Burger King, Citibank, and New York Sports Club.

For more information on this listing, contact Massey Knakal Director of Sales Evan J. Daniel at 718.275.3400.

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Neighborhoods: Long Island City

Massey Knakal has sold a development site at 401 State Street. The building is located between Bond and Nevins Streets in Boerum Hill, Brooklyn. The building was sold in a transaction valued at $4,200,000.

The subject property is a four-story building with approximately 18,000 gross square feet. Currently configured as an office space, the building is located in a R6B zone, which presents the opportunity for a development/conversion to residential apartments in the heart of Boerum Hill. It is ideally located just four blocks away from the new Barclays Center and Atlantic Terminal, granting easy access to the B,Q,2,3,4,5, subway lines and the LIRR, as well as just a block away from the A,C, and G subways lines at Hoyt-Schermerhorn.

“The Brooklyn market is on fire these days and properties like this in Boerum Hill are no exception,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Stephen Palmese.

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Agents: Stephen Palmese

The University Avenue Portfolio, consisting of a warehouse/office building and ten surrounding development parcels in the Highbridge section of the West Bronx, has sold for an aggregate value of $13,275,000.

The warehouse/office building is approximately 142,030 square feet and is located adjacent to the Major Deegan Expressway overlooking the Harlem River. The ten development parcels total over 72,000 square feet and are located throughout the Highbridge neighborhood of the West Bronx. 

The initial transaction, sold as a package in 2012, consists of 930, 950, 969-973, and 998 University Avenue. This segment included the structure plus five surrounding vacant parcels totaling approximately 30,000 square feet. “We are excited to make the building our new headquarters as well as our newest self-storage center,” said the buyer, Nick Sprayregen, President of Tuck-It-Away Associates, LP.

Subsequently, the remaining five lots located at 920 University Avenue, 939, 950, 977-979 and 985 Summit Avenue, totaling approximately 44,000 square feet, were purchased by individual developers.

“This site and iconic lighthouse building was home to the HW Wilson Company for almost a century,” said Nicholas Burns, who exclusively handled this transaction with David Simone.  “While most of the individual lots are slated for residential development, 920 University Avenue will become a hotel, which will be the closest hotel to Yankee Stadium,” David added.

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Neighborhoods: Highbridge

Massey Knakal Realty Services has been retained, on an exclusive basis, to sell a development site at 125 Perry Street. The building is located on the corner of Perry and Greenwich Streets in Manhattan’s West Village.

The four-story building is approximately 40,000 square feet and currently operates as a parking garage. The zoning of the property allows for conversion to residential use as-of-right and could easily be regarded as the best conversion opportunity in the U.S. The property features a tremendous amount of light and air from its corner location and oversized windows. The building also benefits substantially from its four curb cuts, allowing prospective developers, or users, to deliver on-site parking, a highly-prized and scarce commodity within the West Village.

This property offers an unusually large blank canvas for a developer, or user, to execute a wide variety of potential visions. The building can be delivered vacant, allowing the possibility to raze the existing building and develop an entirely new structure in what is arguably Manhattan’s most desirable enclave. The existing structure could also be redeveloped.

“We are very excited to be bringing an opportunity like this to the market. With the highest end condominiums selling for thousands of dollars per square foot, it would not be surprising to see this asset sell at an aggressive level,” stated Massey Knakal Chairman Bob Knakal.

For more information on this listing, contact Massey Knakal Chairman Bob Knakal, Partner James Nelson, or Senior Vice President of Sales Robert Burton at 212.696.2500.

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Agents: Robert Burton

Massey Knakal Realty Services, NYC’s #1 building sales firm, is pleased to announce the release of their exclusive First Half 2013 Property Sales Reports. These unique, industry-leading reports provide 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).

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By: Brendan Gotch, Director of Retail Leasing

E-commerce is quickly capturing a large share of the retail sales market across the United States. A recent report by Cassidy Turley shows that internet usage has increased by 1.5 billion people in the last 10 years alone. This has translated into a 10% increase in e-commerce in the last five years, now representing 5.4% of all retail sales in the United States. Analysts project that this figure will grow to 30% of all retail sales in the US in the next 30 years. The combination of this internet surge and improvements in mobile technology are making it easier to purchase goods without ever entering a store. The impact on brick and mortar retail stores is substantial, however, it is not strictly negative, nor is it evenly distributed across varieties of retailers.

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Neighborhoods: Greenwich Village

Massey Knakal has sold a mixed-use building located at 174 Duane Street. The building resides on the south side of Duane Street, between Hudson and Greenwich Streets across from Duane Park in the heart of TriBeCa. The building was sold in a transaction valued at $11,500,000.

The property is a four-story mixed-use building and consists of three residential units and one retail store. The building is 25 feet wide and contains approximately 9,000 gross square feet. All three residential units are fair market and receive a generous amount of light and air, a rarity due to the area’s typically narrow streets. The three lofts sit above a 2,250 square foot retail space that is currently leased until 2014.

This property was part of the 28 building, $250 million, Century Portfolio which Mr. Knakal has been marketing over the past several months.

“The location of this property is fantastic being directly across from the park. It will make a great single family residence or multi-unit condo conversion,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Director of Sales Nick Petkoff.

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Neighborhoods: TriBeCa

Massey Knakal Realty Services is pleased to announce the eleventh installment of a new initiative called the Knakal News Network (KNN). In this episode, Mr. Knakal will discuss the link between politics, economics, and real estate. This episode is hosted by John Salustri, Content Director of ALM's Real Estate Media Group.  

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

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 1882 Third Avenue. The property is located on the corner of Third Avenue and East 104th Street in Manhattan’s East Harlem neighborhood. Ownership is accepting offers.

The four-story building contains approximately 6,500 square feet and sits on a 25’ x 80’ lot.  It consists of 11 residential and two commercial units.  The building will be delivered vacant with the exception of the pizzeria occupying the rear retail space on East 104th Street.  In addition, the property has approximately 5,500 square feet of air rights, allowing for significant development potential.

For more information on this listing, contact Massey Knakal Senior Associate Matthew Nickerson, Director of Sales Lev Kimyagarov, or Partner James P. Nelson at 212.696.2500.

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Neighborhoods: Harlem

A mixed-use building at 1061 Second Avenue, located on the corner of Second Avenue and East 56th Street in Manhattan’s Midtown East neighborhood, was sold in an all-cash transaction valued at $13,000,000.

The four-story building contains approximately 10,000 square feet and sits on a 25’ x 100’ lot.  It comprises two ground floor retail tenants and five office tenants located in the three floors above.  The building benefits from approximately 25 feet of frontage along Second Avenue and 100 feet on East 56th Street.  The sale price equates to approximately $1,300 per square foot.

Located in the heart of one of Manhattan’s most vibrant neighborhoods, this building is situated directly across from a new 320-unit condominium complex that includes a Whole Foods market and two schools.

“The buyer here had a 1031 exchange and bought the property to operate, paying a price that reflects a cap rate slightly over 3%.  The noteworthy aspect of the sale is that the buyer was able to outbid developers for the site in what is arguably the frothiest development market New York City has experienced,” said Thomas D. Gammino, Jr., who exclusively represented the seller in this transaction with Clint Olsen.

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Neighborhoods: Midtown East

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a lease for 366-386 Johnson Avenue, located on the corner of Johnson Avenue and Bogart Street in Brooklyn’s Bushwick neighborhood.
 
The site contains approximately 27,000 square feet, which can be divided, and an additional 5,000 square feet of outdoor space.  It features approximately 20 foot high ceilings and benefits from frontage on three streets, with approximately 175 feet on Johnson Avenue, 125 feet on Bogart Street, and 50 feet on Ingraham Place.  This site is ideal for creative retail uses, including bars, restaurants, and night clubs.

Located in Bushwick, one of Brooklyn’s hottest emerging neighborhoods, this site is just two blocks to the Morgan Avenue L train station.

“This site is at the epicenter of everything that is happening in the East Williamsburg/Bushwick neighborhood. Any retail tenant looking to be a part of the explosive growth happening in this area is going to want to look at this unique space,” said Michael Amirkhanian, who is exclusively marketing this space with Andrew Clemens.

For more information, contact Andrew Clemens or Michael Amirkhanian at 718.238.8999.

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Neighborhoods: Bushwick

A mixed-use building at 10-57 Jackson Avenue, located between 49th and 50th Avenues in the Long Island City neighborhood of Queens, was sold in an all-cash transaction valued at $2,260,000.

The three-story building contains approximately 4,300 square feet and sits on a 25’ x 80’ lot.  It consists of two commercial units and one residential unit, with a restaurant on the ground floor, an office on the second floor, and a two-bedroom apartment on the third floor.  The property has a new roof and holds additional air rights.  The sale price equates to approximately $526 per square foot.

This property features a prime Long Island City location, just steps from the entrance to the 7 subway line at Vernon-Jackson.

“Due to extremely high demand for investment properties in Long Island City, especially in the Court Street district, this property traded at a record $526 per square foot,” said Director of Sales Evan J. Daniel, who exclusively handled this transaction.

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Neighborhoods: Long Island City

Massey Knakal Realty Services has been retained, on an exclusive basis, to sell a shopping center at 520-550 Myrtle Avenue. The property is located just off US Highway 287 in the Township of Boonton, within Morris County, New Jersey. The asking price is $20,500,000.  

This property contains approximately 62,741 square feet of gross leasable area on a 5.60 acre lot.  Built in 1999, the shopping center features a mixture of national and local retailers and is anchored by a nearly 50,000 square foot A&P Fresh Market, one of the only major grocery stores in the area.  The property is visible from nearby highways due to its prominent signage.  Over 100,000 vehicles pass by the property daily, and retailers such as Sprint, Super Cuts, Subway, and Chase Bank attract hundreds of patrons daily.  

Boonton Township and the surrounding area boast almost 500,000 residents with average household incomes well over $100,000 annually, providing a strong consumer base for both present and future retailers at the property.

“We are pleased to be marketing this property and have received a significant amount of interest from local and national investors,” stated David Simon, SIOR, Executive Managing Director, New Jersey.

For more information on this listing, contact Massey Knakal Chairman Bob Knakal at 212.696.2500 and Executive Managing Director, New Jersey David Simon at 201.426.2202.

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Neighborhoods: Hudson County

An apartment building at 303 Harman Street, located between Knickerbocker and Irving Avenues in Brooklyn’s Bushwick neighborhood, was sold in an all-cash transaction valued at $750,000.

The three-story walkup building contains approximately 4,125 square feet and sits on a 25’ x 100’ lot.  It consists of six residential units and features updated mechanicals, a new roof, and clean common space.  The sale price equates to approximately $182 per square foot.

The building is ideally located just a half block from the Knickerbocker Avenue retail corridor and its grocery stores, dry cleaning, shopping, and restaurants.  Additionally, the M train at Myrtle Avenue is one block away, offering convenient access to Manhattan and Williamsburg.

“This transaction is yet another example that buyers believe in the longevity of Bushwick and are willing to purchase assets at a lower return in order to recognize the neighborhood’s continuing appreciation,” said Massey Knakal Director of Sales Michael Amirkhanian, who exclusively handled this transaction.

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Neighborhoods: Bushwick

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 859-861 Ninth Avenue. The property is located on the southwest corner of Ninth Avenue and West 56th Street in the Special Clinton District of Manhattan’s Midtown West neighborhood.  The asking price is $15,500,000 and the bid deadline is August 1, 2013.

The six-story building contains approximately 28,782 square feet and sits on a 55.42’ x 100’ lot.  It consists of a ground floor restaurant space, 40 one-bedroom Rent Stabilized apartments, and one super’s unit.  

For more information on this listing, contact Paul Smadbeck or Christoffer Brodhead at 212.696.2500.

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Neighborhoods: Midtown West

Massey Knakal Capital Services is pleased to announce the closing of a $1.75 million loan collateralized by a multifamily property in Manhattan’s West Village neighborhood.  The building contains five residential units and consists of approximately 3,100 square feet. The loan featured a 5-year fixed term with an interest rate of 2.75%.
 
“We faced a few challenges here, mainly a borrower who had to close quickly, but we were able to lock in a low rate that the bank held to, despite recent interest rate volatility. Thanks to the investment sales team at Massey Knakal, we were also able to justify a bank valuation at a sub-3.00% cap rate,” said Director John Leslie, who exclusively handled this transaction.

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Neighborhoods: Greenwich Village

Massey Knakal Realty Services is pleased to announce the tenth installment of a new initiative called the Knakal News Network (KNN). In this episode, Mr. Knakal will discuss the link between politics, economics, and real estate. This episode is hosted by John Salustri, Content Director of ALM's Real Estate Media Group.  

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

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail lease for 226 West 116th Street, located between Eighth Avenue and Adam Clayton Powell Jr. Boulevard in Manhattan’s Harlem neighborhood.
 
The space contains approximately 1,650 square feet on the ground floor with 2,500 square feet of usable lower level space.  It features exposed brick walls and approximately ten foot high ceilings. This space is ideal for restaurant/lounge, retail store, or offices.

It is conveniently located near major transportation, including the 2, 3, B, and C subway lines.  Neighboring tenants include the U.S. Postal Service, Focus Lighting, Café La Case, The Pink Room, Make My Cake, Benjamin Optical, and Harlem Tavern.

“This space is ideal for a restaurant, retail store or community-use facility. We anticipate a great deal of interest from local and national retailers,” said Director of Retail Leasing David Chkheidze, who is exclusively marketing this space.  For more information, please contact David Chkheidze at 212.696.2500.

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Neighborhoods: Harlem