News

Massey Knakal Realty Services has been retained on an exclusive basis to sell a multifamily building at 568 Decatur Street. The property is located on the corner of Decatur Street and Howard Avenue in Brooklyn’s Bedford Stuyvesant neighborhood. The asking price is $2,500,000.

The expansive four-story building contains approximately 10,080 square feet and sits on a 28’ x 100’ lot.  It consists of eight four-bedroom units, five of which have been recently renovated recognizing strong income.  Constructed in the early 1900s, the building has much of its original detail particularly regarding the façade. 

Public transportation is easily accessible, including the C and J trains within six blocks offering access to nearby Williamsburg and Manhattan within 25-30 minutes.

This property is being marketed exclusively by Massey Knakal’s Michael Amirkhanian, Mark Lively and Brendan Maddigan.

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Neighborhoods: Bedford Stuyvesant/ Agents: Mark Lively

A townhouse at 4 Bedford Street, located between Downing Street and Sixth Avenue in Manhattan’s Greenwich Village neighborhood, was sold in an all-cash transaction to Dyal Compass, valued at $4,650,000.

The four-story, plus lower level, townhouse contains approximately 2,686 square feet and sits on a 22’ x 97’ lot.  It consists of three apartments, including an owner’s duplex. This property features a prime Greenwich Village location and benefits from additional air rights. The sale price equates to approximately $1,731 square feet.

Dyal Compass is the developer of the first resort community to have all of its homes LEED certified (Indigo Park, Kiawah Island, SC) and also the developer of the HGTV Dream Home 2013, the first Platinum LEED certified Dream Home.  Dyal Compass is planning to convert 4 Bedford Street into a single-family townhome that will be both Passive and LEED certified.

“We were happy to be a part of this new green initiative. Hopefully, it'll serve as a model moving forward for others to follow,” said Massey Knakal’s James P. Nelson, who exclusively handled this transaction.

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Neighborhoods: Greenwich Village

Massey Knakal Realty Services has been retained on an exclusive basis to sell a townhouse at 11 West 84th Street. The property is located between Columbus Avenue and Central Park West in the Upper West Side-Central Park West Historic District of Manhattan. The asking price is $3,650,000.

The five-story Renaissance Revival townhouse contains approximately 7,300 square feet and sits on a 19’ x 102.17’ lot. It was constructed circa 1900 and currently contains five large floor-through rent stabilized apartments.  The house is built approximately 90 feet deep, featuring an oversized extension on all floors and a large basement space with separate entrance that could be suitable for a professional office.  Located on one of the Upper West Side’s most desirable blocks, this property offers significant value to an investor looking to increase the rent roll and one day convert to a single-family home.

This property is being marketed exclusively by Massey Knakal’s Michael DeCheser and Hall Oster.

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Neighborhoods: Upper West Side/ Agents: Michael DeCheser

Massey Knakal Capital Services is pleased to announce the closing of a $7.05 million townhome construction loan collateralized by an approximately 7,050 square foot vacant townhouse in Manhattan’s Greenwich Village Historic District.  The loan featured both an acquisition and construction facility.
 
"This deal was a challenge because the equity was mainly offshore, and the guarantor only had a very small ownership stake in the transaction. We were able to find a lender that was comfortable with the borrower’s complicated ownership structure and who was able to close under a very tight time-of-the-essence window, despite having a construction budget that was not fully developed,” said Massey Knakal’s John Leslie, who exclusively handled this transaction. 

“Massey Knakal also handled the sale of this townhouse a few weeks ago.  This is a perfect example of how Massey Knakal’s multiple disciplines work together,” said Garrett Thelander, Executive Managing Director.

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Neighborhoods: Greenwich Village

Massey Knakal Realty Services has been retained on an exclusive basis to sell two extra-wide townhouses at 324-326 West 108th Street. The properties are located between Riverside Drive and Broadway in Manhattan’s Upper West Side neighborhood.  The asking price is $13,500,000.

The two five-story buildings combine for approximately 14,141 square feet on a 43.5’ x 100.92’ lot.  The properties are serviced by an elevator located in 324 West 108th Street and have been interconnected for use by a non-profit tenant.  The tenant is nearing the end of a long-term lease, at which point the properties can be delivered vacant.  Although currently interconnected, the buildings could easily be separated as they still maintain separate entrances and staircases.  The buildings feature tall ceilings on all floors reaching a high just over 12 feet on the parlor level.  The houses receive great light due to a combination of their mid-block locale and their proximity to an abundance of low-rise townhouses on all sides.  

Buyers will be excited by the numerous possibilities to create spectacular outdoor spaces.  Since the lots are currently combined, there is a double wide garden measuring approximately 43.5’ wide by 28’ long.  Additional outdoor spaces could be created atop the large, sundrenched, three-story rear extension and the roof which features Hudson River views to the west. In addition, buyers interested in expanding the properties could recapture the cellars which already have ceilings heights in excess of 7 feet, and utilize a portion of the approximately 3,600 square feet of remaining air rights.

These properties are located on a beautiful Upper West Side block just steps from Riverside Park.  Their rare size and width, coupled with their desirable location within one of Manhattan’s most supply constrained neighborhoods, make this offering a unique opportunity.

These properties are being marketed exclusively by Massey Knakal CEO Paul J. Massey, Jr. and Hall Oster.

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Neighborhoods: Upper West Side

A mixed-use building at 975 Second Avenue, located between East 51st and East 52nd Streets in Manhattan’s Midtown East neighborhood, was sold in an all-cash transaction valued at $5,100,000.

The four-story building contains approximately 4,400 square feet and sits on a 20’ x 70’ lot.  The ground floor is configured as a bar/restaurant, with five free market residential units above.  The second floor contains a three-bedroom apartment and the third and fourth floors each contain two, one-bedroom apartments.  The sale price equates to approximately $1,159 per square foot.

“This property sold to an investor who plans on opening a restaurant and bar,” said Massey Knakal’s Clint B. Olsen, who exclusively handled this transaction. “The sale highlights a renewed and continued transformation of the Second Avenue corridor in anticipation of multiple luxury development projects and completion of the Second Avenue subway,” added Olsen.

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Neighborhoods: Midtown East

The News Funnel's latest Real Estate Rockstars Poll asks you to weigh in on who the Top Commercial Brokers are within the New York real estate market.  Visit their site to nominate Massey Knakal Chairman Bob Knakal!

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Massey Knakal Realty Services has been retained on an exclusive basis to sell a medical / community facility space, situated in a new property being built at the Oceana Condominium and Club at 50 Oceana Drive West. The property is located between Brighton Beach Avenue and Coney Island Beach in Brooklyn’s Brighton Beach neighborhood. The asking price is $8,500,000.

The anticipated possession date for this trophy space is Summer 2014.  It will contain approximately 834 square feet on the ground floor and 14,873 square feet on the second floor for a total of 15,617 square feet.  The space will feature a main entrance with approximately 217 feet of frontage in a prime location with tremendous exposure to pedestrian, vehicular, and subway traffic.    

The space will be located in the 16th and final building of the Oceana Condominium and Club, which includes 927 luxury condominiums.  This is the first medical/commercial space available in the 16 buildings.  It benefits from on-site valet parking and its proximity to public transportation, with the B and Q trains at Brighton Beach and several bus routes servicing the area.  Neighboring retailers include Chase Bank, Subway, Walgreen’s, Dunkin’ Donuts, T-Mobile, and Starbuck’s.

This property is being marketed exclusively by Massey Knakal’s Alex Svetlakov, Brendan Maddigan, and Mark Lively.

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Neighborhoods: Brighton Beach/ Agents: Mark Lively

In the latest installment of the Knakal News Network, Bob Knakal and Michael Stoler, President of New York Real Estate TV, discuss the question 'Are we in a Bubble?'.

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Two contiguous apartment buildings at 770 and 780 Garden Street, located between Prospect Avenue and Southern Boulevard in the Belmont neighborhood of the Bronx, were sold in an all-cash transaction valued at $8,700,000.  

The six-story, elevator buildings total approximately 96,344 square feet and consist of 113 units including two three-bedroom units, 24 two-bedroom units, 66 one-bedroom units, and 21 studios.  770 Garden Street is a 52-unit building containing approximately 48,172 square feet on a 130.33’ 107.67’ lot.  780 Garden Street is a 61-unit building containing approximately 48,172 square feet on a 110’ x 100’ lot.  The sale price of the two buildings equates to approximately $90 per square foot.

“Even though these properties had a troubled past and substantial deferred maintenance, the overall strength of the New York City multifamily market and lack of supply for elevator product, allowed us to sell in a competitive bidding environment for a top market price,” said Massey Knakal’s Karl Brumback, who exclusively handled this transaction with Bob Knakal and David Simone.

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Neighborhoods: Belmont/ Agents: Karl Brumback

Massey Knakal Realty Services has been retained on an exclusive basis to sell a multifamily building at 333 West State Street announced David A. Simon, SIOR, Executive Managing Director. The property is located between Rutgers Place and Calhoun Street on the east bank of the Delaware River in Downtown Trenton, New Jersey. The asking price is $23,000,000.

The 15-story elevator building contains approximately 235,985 square feet and sits on a 169,884 square foot irregular lot.  It consists of 270 fair market residential units, ranging from studios to two-bedroom apartments, and six commercial spaces located on the ground floor.  The building’s amenities include 195 parking spaces, a 24-hour doorman, laundry facilities, and numerous apartments with river views and private balconies.  Current and previous ownership have maintained the property extremely well and improvements over the past 15 years include pointing, balcony renovations, new mailboxes, roof work, carpeting, an alarm system, and numerous apartment renovations.

Public transportation within the city of Trenton is easily accessible via the numerous local bus routes provided by New Jersey Transit.  Additionally, service to Central and Northern New Jersey and New York City is provided by New Jersey Transit, and service to Philadelphia is available by New Jersey Transit’s River Line which connects SEPTA at the Pennsauken Transit Center.  Express service provided by Amtrak can have tenants to either New York City of Philadelphia in less than one hour.

This property is being exclusively marketed by Massey Knakal’s Robert M. Shapiro and David A. Simon.


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Neighborhoods: Other/ Agents: Robert Shapiro

A development site at 809-873 Neptune Avenue, located on the corner of Neptune Avenue and Shell Road in Brooklyn’s Coney Island neighborhood, was sold in an all-cash transaction valued at $15,000,000.

The site contains approximately 133,407 square feet on a 562’ x 312’ irregular lot.  Its M1-2 zoning allows a wide array of uses, including retail and light industrial. The property benefits from up to approximately 226,814 buildable square feet of commercial or industrial development rights.
 
There are a significant number of large residential developments within a half mile of the site.  These developments boast more than 11,100 residential units, representing an established neighborhood with built-in demand.  This site is just a few blocks from the New York Aquarium, the Riegelmann Boardwalk, and the Coney Island amusement area.

“National Grid's commitment to Coney Island has had a profound impact on the area's economic and cultural growth.  The sale of their Neptune site will continue in that vein and will provide much needed commercial development and jobs to the neighborhood,” said Massey Knakal’s Stephen P. Palmese, who exclusively handled this transaction.

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Neighborhoods: Coney Island/ Agents: Stephen Palmese

Paul Massey will take part in Real Estate Bisnow's Fifth Annual New York State of the Market on October 2nd at The Paramount Building in Manhattan.

The event will bring together the top real estate figures of New York as well as top national figures coming in just for the occasion. This is the Bisnow event of the year, reviewing the state of the market and key trends and issues ahead for the next 12 months.

Click here for event information

Agents: Paul Massey Jr.

Massey Knakal Realty Services and RiverOak Investment Corp., LLC, announced today that the companies’ partnership, MKRO, has made a $3.7 million investment in a portfolio of multifamily buildings located in Northern Manhattan. The investment was made on behalf of MKRO I, the partnership’s value-added real estate fund that targets commercial real estate investments in New York City, and with its partner Castellan Real Estate Partners, a New York City based real estate investment management firm.

The portfolio is comprised of four separate properties with 197-units totaling 106,620 square feet of residential, 4,300 square feet of retail and four cell towers in well-located areas in East and West Harlem.  The properties are scheduled to undergo significant interior renovations, including unit reconfigurations and new kitchens and bathrooms, in addition to upgrading the landscaping, common areas and façade.

“The Harlem Portfolio exemplifies the partnership’s ability to identify value and invest with best-in-class local sponsors,” commented Paul J. Massey Jr., Chief Executive Officer of Massey Knakal.

“We are very excited about this opportunity and its potential to contribute value for our investors,” commented Steve DeNardo, Chief Executive Officer of RiverOak. “Harlem is enjoying a resurgence that has fostered significant commercial investment in the area and continues to attract a well-educated workforce.  Vacancy is low and demand is expected to remain high due to a lack of new supply, a growing population and soaring rents south of Harlem.”

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Neighborhoods: Harlem/ Agents: Paul Massey Jr.

In the latest installment of the Knakal News Network, Bob Knakal and Michael Stoler, President of New York Real Estate TV, discuss whether it is time to buy or sell.

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Massey Knakal Realty Services has been retained on an exclusive basis to sell a commercial / industrial building at 19 Chasner Street. The property is located between Front Street and Madison Avenue in the Village of Hempstead in Nassau County. The asking price is $1,650,000.

The single-story building contains approximately 11,000 square feet, including 1,500 square feet of mezzanine space, and sits on a 100’ x 190’ lot.  It features approximately 20 foot high ceilings throughout the majority of the building, off-street parking, and a gated storage area adjacent to the parking lot for heavy equipment which may easily be converted for additional parking.  The building is situated in the Commercial DO-4 zoning district, making it eligible for a mixed-use overlay.  It will be delivered vacant, posing a prime opportunity for an investor or owner-user.

This property is located in close proximity to universities and the soon to be renovated Nassau Coliseum.  Shopping centers are within minutes of the property and include national tenants such as Home Depot, Stop & Shop, Old Navy, and GameStop.  Additionally, Hempstead Station with its bus terminal and Long Island Rail Road access is located less than a mile away.

This property is being marketed exclusively by Massey Knakal’s Benjamin Efraimov.

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Neighborhoods: Nassau County

Yesterday's Massey Knakal Brooklyn Real Estate Summit brought together over 600 owners, operators, tenants, investors, and real estate players for a day of thought leadership and networking.  

The event featured speeches by Joseph Sitt of Thor Equities, Jed Walentas of Two Tree Management Co., Douglas Steiner of Steiner Studios, and Andrew Kimball of Industry City.  Speakers from Massey Knakal included Michael Amirkhanian, Andrew Clemens, Bob Knakal, Todd Korren, Paul Massey, and Stephen Palmese.

The day concluded with an afterparty with a special performance by The Wailers!

Check out some pictures from the event

Agents: Paul Massey Jr., Stephen Palmese

Five adjoining multifamily buildings at 54-66 Livingston Street, located between Clinton and Court Streets in the Brooklyn Heights neighborhood of Brooklyn, were sold in an all-cash transaction valued at $13,250,000.

The brick buildings combine for approximately 32,075 square feet and 49 residential units on a 124.33’ x 95’ lot.  Three buildings share an elevator and the other two are walk-ups.  Of the 49 units, 33 are rent stabilized and 16 are free market.  The sale price equates to approximately $413 per square foot.

“This property is on a great block, close to public transportation and everything Downtown Brooklyn and Brooklyn Heights have to offer,” said Massey Knakal’s Stephen Palmese, who exclusively represented the seller in this transaction with Mark Lively and Brendan Maddigan.  “The five adjoining buildings were leased at just over $30 per net square foot to a very solid tenant base, which represents enormous long-term upside potential,” Mark Lively added.

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Neighborhoods: Brooklyn Heights/ Agents: Brendan Maddigan, Mark Lively

Massey Knakal Realty Services has been retained on an exclusive basis to sell the Kips Bay Portfolio, five apartment buildings at 243, 244, 247-249, 333, and 335 East 33rd Street. The properties are located between First and Third Avenues in Manhattan’s Murray Hill / Kips Bay neighborhoods. The buildings combine for 63 apartments and two professional offices and contain approximately 35,637 square feet with 15,875 of unused air rights. The asking price of the portfolio is $27,500,000.

The properties include three elevator buildings and two walkup buildings.  The apartment layouts include 18 studios, 39 one-bedrooms, five two-bedrooms, and one four-bedroom (three units combined).  The tenant mix consists of 34 fair market units, 27 rent stabilized units, and two rent controlled units.  

243 East 33rd Street is a four-story walkup containing approximately 4,176 square feet on a 15’ x 98.75’ lot with nine residential units.  244 East 33rd Street is a four-story walkup containing approximately 4,223 square feet on an 18.75’ x 98.75’ lot with eight residential units.  247-249 East 33rd Street is a five-story elevator building containing approximately 12,525 square feet on a 36.67’ x 98.75’ lot with 24 residential units.  333 East 33rd Street is a five-story elevator building containing approximately 7,860 square feet on a 20’ x 98.75’ lot with 13 residential units.  335 East 33rd Street is a five-story elevator building containing approximately 6,852 square feet on a 20’ x 98.75’ lot with nine residential units and two professional offices.

With the high number of rent regulated units and imminent upside in the fair market units, this portfolio provides an extremely rare opportunity to acquire five buildings all on the same block in one of Manhattan’s safest and cleanest communities with a tremendous amount of upside.

This portfolio is being marketed exclusively by Bob Knakal, John Ciraulo, and Michael DeCheser.

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Neighborhoods: Murray Hill/ Agents: John Ciraulo, Michael DeCheser

Massey Knakal Capital Services is pleased to announce the closing of a $1.45 million loan collateralized by a mixed-use building occupied by the non-profit organization Spoke the Hub Dancing, Inc., in Brooklyn’s Park Slope neighborhood.  The loan featured a ten-year term with a fixed interest rate of 5.37% and was funded by Sovereign Bank.
 
"Because of the property’s unique, mixed-use nature and it being occupied by the owner, the transaction had many moving parts. It could not have been completed without the combined effort of both the borrower and bank,” said Massey Knakal’s Roger Kapsalis, who exclusively handled this transaction.  “We were able to get the bank comfortable with the property’s investment value despite it being occupied long-term by a user/occupant,” added Mr. Kapsalis.

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Neighborhoods: Park Slope