News

Massey Knakal Realty Services has been retained on an exclusive basis to sell The Landmark Building, a retail and office building at 41-60 Main Street. The property is located on the southwest corner of Main Street and Sanford Avenue in the Flushing neighborhood of Queens. The asking price is $88,000,000.

The three-story elevator serviced building contains approximately 100,500 square feet and sits on a 251.41’ x 103.16’ irregular lot.  It consists of 10 retail units, 38 office units, and nine basement storage units, and is anchored by Capital One Bank, New York Community Bank, United International Bank, and East West Bank.  Located in the highly desirable downtown Flushing area, the property features approximately 251 feet of frontage on Main Street and 100 feet on Sanford Avenue, both of which enjoy a tremendous amount of foot traffic.

It is very rare to see an asset of this size and stature in this prime location available for sale.  This is a great opportunity for an investor to make a real statement in the Queens retail/office sector.

For more information on this listing, contact Massey Knakal’s Thomas A. Donovan or Stephen R. Preuss at 718.275.3400.

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Neighborhoods: Flushing/ Agents: Stephen Preuss

Three buildings at 57, 59-63, and 65-67 Orchard Street, located between Grand and Broome Streets on Manhattan’s Lower East Side, were sold in an all-cash transaction valued at $27,000,000.

These contiguous properties comprise two block-through buildings from Orchard to Allen Streets plus the architecturally significant corner building on the southwest corner of Orchard and Grand Streets, which was recently designated a landmark by the New York City Landmarks Preservation Commission.  59-63 and 65-67 Orchard Street are five-story loft style buildings, while 57 Orchard Street is a two-story commercial building.  This unique location benefits from 320 feet of frontage on three streets, which are Allen, Grand, and Orchard.  The combined footprint of all three lots is approximately 12,083 square feet.

The two five-story buildings are in a C6-2G zone, and the two-story building is in a C6-2 zone.  Residential conversion in a G designation requires a special permit.  The two-story building is outside of the G designation.  The Floor-To-Area Ratio is 6, which equates to maximum of approximately 72,500 buildable square feet.  The buildings total approximately 54,985 square feet, which leaves roughly 17,515 square feet of air rights.

The buildings are fully occupied, however, the leases are either short term or carry six month cancellation clauses. The retail and commercial rents are below market and provide a significant amount of short-term upside potential.  

“Loft buildings are incredibly rare in the Lower East Side, let alone ones with 320 feet of frontage in a transitioning retail location, such as the area surrounding 57, 59-63, and 65-67 Orchard Street,” said Michael DeCheser, who exclusively handled this transaction.  The buildings were purchased by Waterbridge Capital and the Jangana family.

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Neighborhoods: Lower East Side/ Agents: Michael DeCheser

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 158 Rivington Street. The property is located between Suffolk and Clinton Streets on Manhattan’s Lower East Side. The asking price is $7,250,000.

The six-story walk-up building contains approximately 7,452 square feet and sits on a 23’ x 100’ lot.  It consists of two retail units on the ground floor and nine residential units on the upper floors. Of the residential units, there are two one-bedroom units on each floor on floor two through five and there is a recently added two-bedroom penthouse with outdoor terrace on the sixth floor.  The building was gut-renovated in the 1990s and holds approximately 2,151 square feet of additional air rights.

The building is steps from the Seward Park Urban Renewal Area (SPURA).  Community Board 3 recently approved the city’s land use application for a 1.65 million square foot mixed-use project, which would bring approximately 900,000 square feet of new apartments and 600,000 square feet of shops and community facilities to the Lower East Side.  Neighbors include The Lower East Side Tenement Museum, Streit’s, and a new hotel to the south on Delancey Street.  In addition, the property is two blocks from the Delancey Street-Essex Street subway stop, providing access to the F, J, M and Z trains.

For more information on this listing, contact Michael DeCheser at 212.696.2500.

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Neighborhoods: Lower East Side/ Agents: Michael DeCheser

A mixed-use development site at 66 East Tremont Avenue, located on the southeast corner of East Tremont and Morris Avenues in the Mount Hope neighborhood of the Bronx, was sold in an all-cash transaction valued at $670,000.

The lot contains approximately 4,424 square feet and measures 31’ x 85’.  Situated in a R8 / C1-2 zone on a high traffic corridor, the site holds up to approximately 26,632 square feet, offering an ideal opportunity for mixed-use development.

“We received a lot of interest and offers for this corner site due to its mixed-use zoning and location on East Tremont Avenue, a heavily trafficked corridor. Buyers liked its location between Jerome Avenue and the Grand Concourse,” said David Simone, who exclusively represented the seller in this transaction. “The property is suitable for new residential, commercial or medical building,” David added.

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Neighborhoods: Mount Hope

Massey Knakal Realty Services has been retained on an exclusive basis to sell a portfolio of two community child care centers, located at 34-10 108th Street in the Corona neighborhood of Queens and 670-680 East 219th Street in the Williamsbridge neighborhood of the Bronx. The asking price for the portfolio is $8,000,000, 000 equating to a 7% cap rate.

The buildings total approximately 45,470 square feet and are currently leased and operated by the City of New York.  All expenses, including real estate taxes, are paid by the tenants.

34-10 108th Street, located on the corner of 34th Avenue and 108th Street, is a two-story building currently operating as the Child Center of Corona.  It contains approximately 22,290 square feet, with a 5,000 square foot onsite roof playground, and sits on a 220’ x 85’ lot.  The building is located one block from Flushing Meadows-Corona Park and Northern Boulevard.

670-680 East 219th Street, located between Willet Avenue and White Plains Road, is a two-story building operating under the Williamsbridge NAACP for the past 42 years.  It contains approximately 23,180 square feet, with a 6,500 square foot onsite roof playground, and sits on a 148’ x 155’ lot.  The building is located less than a mile from the Bronx River Parkway.

For more information on this listing, contact Stephen R. Preuss at 718.275.3400 or Karl Brumback at 212.696.2500.

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Neighborhoods: Williamsbridge, Corona/ Agents: Karl Brumback, Stephen Preuss

Massey Knakal Capital Services is pleased to announce the closing of a $6.23 million construction loan collateralized by a 12-story mixed-use property in Manhattan’s Chelsea neighborhood.  The loan featured an interest rate of 6.0% and represents 100% of the development budget.
 
“This site was owned by a local family for almost two decades. Slated for development in 2008 as a hotel, the recession forced the sponsor to rethink the site’s highest and best use. With the pickup in rental demand and an easing in the financing markets, the owner decided a high-end rental property featuring floor-through units was the best vision. The financing structure was creative in that the lender gave the sponsor credit for the current value of the land, even though the basis in the property was negligible,” said Director Morris Betesh, who exclusively handled this transaction.

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Neighborhoods: Chelsea

Massey Knakal Realty Services has been retained on an exclusive basis to sell a residential condominium development project at 369 West 126th Street. The property is located between Morningside and St. Nicholas Avenues in Manhattan’s West Harlem neighborhood. The asking price is $4,400,000.

This 5-story, 11-unit elevator boutique residential development project contains approximately 8,593 square feet and sits on a 25’ x 99.92’ lot.  The property is approximately 80% complete and can serve as either a condo building or multifamily rental asset.  It will boast five studios, two one-bedroom, and four two-bedroom apartments, including a penthouse unit with two balconies and exclusive access to the rooftop.  The property also benefits from a 15 year 421a tax exemption.   

This property is ideally situated on a cozy residential street, one block north of the 125th Street commercial corridor and around the corner from the A, B, C, and D subway lines on 125th Street and St. Nicholas Avenue.  Its location only 15 minutes from midtown and within walking distance to the Columbia University expansion project makes this a favorable acquisition. 
 
For more information on this listing, contact Lev Kimyagarov or Josh Lipton at 212.696.2500.

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Neighborhoods: Harlem

An apartment building at 886 Jefferson Avenue, located between Howard and Ralph Avenues in Brooklyn’s Bedford-Stuyvesant neighborhood, was sold in an all-cash transaction valued at $985,000.

The three-story, six-unit building contains approximately 4,875 square feet and sits on a 25’ x 100’ lot.  The building has been well-maintained, preserving its classic character.  The sale price equates to approximately $202 per square foot.

This building is ideally located just two blocks from both the Broadway retail corridor, providing close proximity to grocery stores, dry cleaning, shopping, and restaurants, and the J train at Halsey Street, offering convenient access to Manhattan and Williamsburg in less than 15 minutes.

“The seemingly insatiable demand for vacant multifamily product resulted in a competitive bidding process which pushed the sales price to over $100,000 above the asking price,” said Massey Knakal Director of Sales Michael Amirkhanian, who exclusively handled this transaction.

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Neighborhoods: Bedford Stuyvesant

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail tenant for 72 Avenue A, located on the corner of Avenue A and East 5th Street in Manhattan’s East Village neighborhood.

The space contains approximately 1,000 square feet on the ground floor with approximately 13 foot high ceilings and 38 feet of frontage. The soaring ceilings add tremendous appeal, while the wraparound glass frontage provides excellent visibility to a future tenant.  All non-vented uses, including food uses, will be considered.

“With the continued development of the East Village as a retail destination, we will get incredible traction for the space,” said Brendan Gotch, Director of Retail Leasing, who is exclusively marketing this space. Neighboring tenants include Sovereign Bank, CitiBank, Key Food, Two Boots Pizza, Cienfuegos, Croissanteria, Lancelotti, and Mast Books.

For more information, please contact Brendan Gotch at 212.696.2500.

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Neighborhoods: East Village

Massey Knakal Realty Services is pleased to announce the Fourth Annual Brooklyn Real Estate Summit, to be held September 17, 2013 at Stage 6 Steiner Studios in Brooklyn. This year’s event will focus on tenants.  They will take the stage alongside 40-plus top real estate executives to offer their insight into why retailers, office tenants and renters love Brooklyn, and how owners can harness these insights to get deals done.

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Click here for event information and to register

An apartment building at 95-06 41st Avenue, located on the corner of 41st Avenue and 95th Street in the Elmhurst neighborhood of Queens, was sold in an all-cash transaction valued at $1,760,000.

The four-story, 16-unit walk-up building contains approximately 13,020 square feet and sits on a 35.67’ x 102’ irregular lot.  It consists of one studio, 11 one-bedroom, and four two-bedroom apartments.  The sale price equates to approximately $135 per square foot.

This property presents tremendous upside potential, in one of New York City’s most diverse neighborhoods.  Transportation is easily accessible, with bus lines servicing the area and the 7 train at Junction Boulevard a short walk away.

“The building was not in the best shape and required some hands on management, but we were able to find the perfect buyer for it,” said Massey Knakal Partner Thomas A. Donovan, who exclusively handled this transaction.  “The buyer turned out to be an investor, with whom we have a good relationship, who just happened to own the property next door,” he continued.

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Neighborhoods: Elmhurst

Massey Knakal Realty Services has been retained on an exclusive basis to sell three contiguous mixed-use buildings located at 185-189 Grand Street. The buildings are located on the southwest corner of Grand and Mulberry Streets, in the heart of Little Italy. The asking price is $13,000,000.

The three-story buildings total approximately 10,598 gross square feet and have a potential of approximately 22,841 buildable square feet. Upon sale, most of the ground floor will be delivered vacant, presenting a developer with approximately 75 feet of frontage on Mulberry Street or 60 feet of frontage on Grand Street. The second and third floors currently consist of six residential units. The Italian American Museum currently occupies most of 187 and 189 Grand Street and would like to retain a condominium interest in the redeveloped property after the sale.

“Given the corner location of the site, it is expected that the redevelopment will have a strong retail component,” stated Massey Knakal Chairman Bob Knakal who is handling the sale on behalf of the museum with Robert Burton.

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Neighborhoods: Lower East Side/ Agents: Robert Burton

Massey Knakal won the Real Estate Softball League Championship on Monday, defeating Robert K. Futterman by a score of 7-5 at Heckscher Field in Central Park.  There was a strong turnout from the MK family, who watched the team regain the title that was previously won in 2007, 2009, and 2010.

Congratulations to the team and thank you to all the supporters!

A townhouse, located at 158 East 81st Street between Lexington and Third Avenues on Manhattan’s Upper East Side neighborhood, was sold in an all-cash transaction valued at $9,245,000.

This four-story townhouse contains approximately 4,160 square feet with a 50 foot rear yard and sits on a 20’ x 104.33’ lot. There are approximately 4,188 of air rights remaining.  The sale price equates to approximately $2,222 per square foot.

This property is not Landmarked or located in the Historic District, allowing opportunity to alter the building if one chooses to do so.  This magnificent home is located in the heart of the Upper East Side, on a highly desirable block in an extremely sought after location.

“The townhouse market remains red-hot and the bidding for this property was highly competitive.  There were multiple bidders and multiple rounds of bidding and we are thrilled to have achieved over $2,200 per square foot for a townhouse in need of renovation,” said Guthrie Garvin, who exclusively handled this transaction with Thomas D. Gammino, Jr.

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Neighborhoods: Upper East Side

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail tenant for 1223 Bedford Avenue, located on the corner of Bedford Avenue and Halsey Street in Brooklyn’s Bedford-Stuyvesant neighborhood.
 
The space contains approximately 1,600 square feet on the ground floor with 15 feet high ceilings, plus additional basement space.  It is located on an active corner and benefits from approximately 20 feet of frontage on Bedford Avenue and 80 feet on Halsey Street.  The space is currently built-out as a restaurant/bar, but all uses will be considered.

This space features a fantastic location in an emerging retail corridor of Bed-Stuy.  Neighboring tenants include Bushbaby, Al Pasha, Rent-A-Center, Payless Shoes, and Hometown Studio.

“This is a truly unique corner space along Bedford Avenue that is perfect for a restaurateur to bring a much needed dining option to this emerging neighborhood.  The high ceilings, all glass storefront, and wide open floor plan, with additional space in the full basement, offer a one of a kind space for the neighborhood,” said Andrew Clemens, who is exclusively marketing this space with Michael Amirkhanian. 

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Neighborhoods: Bedford Stuyvesant

Two adjacent mixed-use buildings at 1160-1162 First Avenue, located between East 63rd and East 64th Streets on Manhattan’s Upper East Side neighborhood, were sold in an all-cash transaction valued at $13,125,000.

The five-story buildings contain approximately 16,850 square feet and sit on a 50’ x 81’ lot.  They currently consist of two retail stores, occupied by 7-Eleven and Lunetta Pizza, and 16 residential units, of which 12 are free market and four are rent stabilized.  The buildings have approximately 23,650 square feet of available air rights as well.  The sale price equates to approximately $779 per square foot.

“With strong current rents and future development possibilities, there is no mystery as to why these buildings were so highly sought after,” said Guthrie Garvin, who exclusively handled this transaction.

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Neighborhoods: Upper East Side

Massey Knakal commemorated the end of the successful 2013 Summer Internship Program with a scavenger hunt at Grand Central Terminal. This summer, Massey Knakal welcomed over 30 interns to the program.  

As a thank you for their dedication, Massey Knakals’ interns participated in a scavenger hunt at Grand Central Terminal. The teams ran all over Grand Central searching for top-secret passageways, hidden murals, and carvings, explored the art deco lobby of the Chrysler Building, uncovered the secret of the Whispering Gallery and ate their way through Grand Central Market. Thanks to Watson Adventures for organizing a fun (and educational) event! The winning team included Tina Hussain, Hong Pan, Phillip Galligan and Matt Dillon.

Massey Knakal has a great internship program designed to provide a real world look in the commercial brokerage and real estate industry. Our interns work directly with our investment sales, retail leasing and capital services teams. As an added benefit, our interns receive meaningful and practical training provided by Massey Knakal University and are able to participate in a variety of seminars presented by industry leaders and members of the Massey Knakal team.

What the Massey Knakal interns saying:

“My summer internship at Massey Knakal has given me the opportunity to meet and work with a group of amazing hardworking individuals. As an intern I was able to work alongside senior management and work on projects  that will help me as I move towards my last year of college and into the working world.” -Paige Hawley, Summer Intern for Massey Knakal’s Research department

“My two months interning with Massey Knakal was my first introduction into the world of real estate. I have learned a lot about the sell side aspect of the industry from a variety of projects, such as putting together Section 1’s of valuation brochures to collecting rent information from the city’s offices. I was really surprised to see that Massey Knakal’s competitive atmosphere doesn’t hinge upon the camaraderie.” – Janet Fang, Summer Intern for James Nelson

"My internship at Massey Knakal was filled with endless opportunities. From researching owners information to property tours, I was guided by real estate veterans. The atmosphere of hardworking professionals encouraged me to work hard and helped make my transition to Associate a breeze. " -David Shalom, former Intern who transitioned to Associate on James Nelson's Team

Massey Knakal Realty Services has been retained on an exclusive basis to sell a community facility building at 35-10/10A 156th Street. The property is located between Northern Boulevard and 35th Avenue in the Flushing neighborhood of Queens. The asking price is $2,500,000.

The four-story building contains approximately 5,817 square feet and sits on two tax lots with combined measurements of 75’ x 101’.  The lower level and first floor both consist of multiple classrooms fit for 54 children in nursery through kindergarten, plus additional staff.  There are a total of two classrooms in the lower level, complete with bathrooms, windows, storage space, and access to the front and rear exits.  On the first floor, there are four classrooms, as well as bathrooms, a reception desk, and access to the main entrance and rear exit.  The building has ample office space on the second and third floors with storage space.  Additionally, the property contains two full kitchenettes, a handicap accessible ramp at the main entrance and a full backyard complete with a playground.  The property will be delivered vacant, and is also available for net lease.

Located near downtown Flushing, this property is accessible by the LIRR as well as multiple bus lines along Northern Boulevard.  It is also in close proximity to major roadways, including the Clearview, Long Island, and Van Wyck Expressways.

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

Massey Knakal Capital Services is pleased to announce the closing of a $49.5 million loan collateralized by a 156-unit cooperative building on Manhattan’s Upper East Side. The loan featured a ten-year term and an interest rate of 3.625%.
 
“The members of the co-op board were aware of the rising rate environment and decided to lock in a historically low rate for the long-term.  We created significant value to the shareholders by reducing the annual debt service to the co-op; in turn lowering the monthly maintenance of each apartment,” said Director Justin Boruchov, who exclusively handled this transaction.  “Despite the recent interest rate volatility, this loan was quoted two months ago and the lender held to its initial quote,” added Justin Boruchov.  

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Neighborhoods: Upper East Side

Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 560 Seventh Avenue. The site is located on the northwest corner of Seventh Avenue and West 40th Street in Times Square. There is no formal asking price for the property.

The site is a prime corner development opportunity at the base of Times Square and is located in an M1-6 zone in the Special Midtown District, allowing for hotel and/or commercial development. Zoning allows for up to approximately 98,760 buildable square feet as-of-right, and up to a maximum of about 128,388 buildable square feet through bonuses and/or transfers.

The building is currently home to Parsons The New School for Design and has a long-term lease through 2076 with the Garment Center Congregation, which currently occupies a portion of the ground floor and basement. According to the lease, after the 40th anniversary of the lease on May 4, 2017, should the Landlord wish to demolish the building, Landlord may require tenant to vacate the demised premises, provided that Landlord provides interim quarters and includes a synagogue and general offices in the new improvement.

“Given the tremendous location, we expect that any new development on this site will contain a significant retail space component which could consist of three or four floors, including the basement,” stated Massey Knakal Chairman Bob Knakal.

For more information on this listing, contact Massey Knakal Chairman Bob Knakal or Director of Sales David Kalish at 212.696.2500

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Neighborhoods: Midtown West