News

A mixed-use building at 107 Greenwich Avenue, located between Jane and West 12th Streets in Manhattan’s Greenwich Village neighborhood, was sold in a transaction valued at $4,750,000.  

The four-story Greek Revival townhouse contains approximately 3,352 square feet and sits on a 20’ x 72.5’ irregular lot.  It is currently configured with a floor-through unit, duplex unit, and retail unit.  The sale price equates to approximately $1,417 per square foot.

“We have been fortunate to sell this property twice over the last few years.  The increase in value is a testament to the strength of the market,” said Massey Knakal’s James P. Nelson, who exclusively handled this transaction along with team member, David Shalom.
 
The property was purchased by Mark Geragos, a prominent trial attorney whose client list has included Michael Jackson, Mike Tyson, Chris Brown, and Sean Combs.  Geragos is also a legal analyst on CNN’s Anderson Cooper 360, where he comments on high profile legal cases.  Geragos has always had a passion for real estate, and in particular, for buildings which are historically significant.  Since a young age, he has bought and sold hundreds of properties throughout California and has recently broadened his real estate portfolio to include investments in New York.  In 2012, Geragos purchased 256 Fifth Avenue as the New York offices of his Los Angeles-based law firm, Geragos & Geragos.  Geragos was represented in this transaction by New York real estate attorney Yelena Nersesyan of Busson & Sikorski, who also represented him in the purchase of 256 Fifth Avenue.

This property is centrally located in Greenwich Village and benefits from its proximity to shopping and dining.  It is one block west of The Greenwich Lane, a collection of five unique addresses and five new townhouses that surround one lush central garden.  Additionally, just steps away at the corner of West 12th Street and Greenwich Avenue will be a new three-sided, 1,600 square foot park area with an 18-foot high canopy.

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Neighborhoods: Greenwich Village

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail tenant for 21 East 3rd Street, located between Second Avenue and Bowery in Manhattan’s East Village.

The ground floor space contains approximately 810 square feet with nine foot high ceilings. It features approximately 20 feet of frontage which provides great visibility for any retailer. All uses will be considered.

This space is ideally located in a dense residential and student neighborhood on the same block as the Bowery Hotel and its acclaimed restaurant Gemma. Other neighboring tenants include Bank of America, The Standard Hotel, B Bar & Grill, Phebe’s Tavern, and Piccola Strada.

“This block has changed so much in the last couple years,” said Massey Knakal’s Brendan Gotch, who is exclusively marketing this space.  “The resurgence of the Bowery has benefited retailers all around it, and this space is absolutely benefiting from that trend,” he added.

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Neighborhoods: East Village

A mixed-use building at 158 Rivington Street, located between Suffolk and Clinton Streets on Manhattan’s Lower East Side, was sold in all-cash transaction valued at $6,480,000.

The six-story walk-up building contains approximately 6,866 square feet and sits on a 23’ x 100’ lot.  It consists of two retail units on the ground floor that were combined as one and nine residential units on the upper floors. Of the residential units, there are eight one-bedroom units in addition to 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 sale price equates to approximately $944 per square foot.

The building is steps from Essex Crossing, a 1.65 million square foot mixed-use project, which will 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.

“Increasing demand continues to greatly exceed supply in all market segments of the Lower East Side. 158 Rivington is a rare commodity considering it is entirely free market and fully renovated. The price equates to approximately $944 per square foot, one of the highest sales in the neighborhood on a price per square foot basis,” said Massey Knakal’s Michael DeCheser, who exclusively handled this transaction.  The seller of the property is 158 Rivington Property Inc.

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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 townhouse at 118 Washington Place. The property is located between Sixth Avenue and West 4th Street in Manhattan’s Greenwich Village Historic District.  The asking price is $7,995,000.

The four-story newly-renovated townhouse contains approximately 3,106 square feet and sits on an 18’ x 71’ lot.  It consists of a one-bedroom garden unit, an owner’s triplex unit, and an almost 30 foot southern facing rear yard.  This townhouse is located on one of the most desirable blocks in Manhattan and it benefits from original detail and tremendous light with a setback sunroom.

“2013 saw multiple finished townhouse sales eclipsing the $3,000 per square foot mark.  49 Barrow Street, 281 West 4th Street, and 75 ½ Bedford Street are just a few that were at the top of the 2013 sales market with 49 Barrow Street selling at $3,684 per square foot.  In relation, 118 Washington is a great value,” said Massey Knakal’s James P. Nelson, who is exclusively marketing this property with Mitchell Levine.

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Neighborhoods: Greenwich Village

Massey Knakal Retail Leasing Services has secured a long-term retail lease for 205 West 88th Street, located between Broadway and Amsterdam Avenue on Manhattan’s Upper West Side.

The site contains approximately 4,000 square feet on the ground floor and 2,000 square feet of usable lower level space.  It features exposed brick walls, approximately ten foot high ceilings, and 25 feet of high visibility frontage.  The space will be occupied by Kidville.

This space is conveniently located in the heart of the Upper West Side, just a few blocks from the 1 train and crosstown buses.  Neighboring tenants include CVS, Starbuck’s, TD Bank, Subway, Belgian Brasserie, Mamajuana Café, and Bodrum Mediterranean.

“The space is the perfect for Kidville. It will be a great addition to the neighborhood and our client is thrilled,” said Massey Knakal’s David Chkheidze, who exclusively represented the landlord in this transaction.
 
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Neighborhoods: Upper West Side

On January 24th, Massey Knakal attended The Wharton School’s Zell/Lurie Real Estate Career Fair.  Jasmine Mele, HR Manager, was able to meet the University of Pennsylvania's best and brightest who are seriously interested in exploring the challenges and opportunities in the real estate profession.

We encourage you to take a moment to browse our available positions.

Massey Knakal Realty Services has been retained on an exclusive basis to sell a medical / office  building at 30-74 31st Street. The property is located between 30th Drive and 31st Avenue in the Astoria neighborhood of Queens. The asking price is $8,000,000.

The six-story building contains approximately 11,630 square feet and sits on a 30’ x 80’ lot.  It consists of five units of office and medical examination space, with a front balcony located on the fifth floor.  The building holds an additional 1,500 square feet available for office or storage use below.  The spaces are currently leased to Mount Sinai Medical Center and private medical practices.  This property requires minimal management.

This property is conveniently located near various transportation options, with the N and Q trains, multiple bus lines, and traffic arteries all servicing the area.  Mount Sinai Queens medical center, slated to undergo a $125 million expansion, is located within walking distance of the property as well.

This property is being marketed exclusively by Massey Knakal’s Evan J. Daniel and Jeffrey A. Shalom.

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Neighborhoods: Astoria/ Agents: Jeffrey Shalom

A mixed-use building at 155 Noble Street, located between Franklin Street and Manhattan Avenue in Brooklyn’s Greenpoint neighborhood, was sold in an all-cash transaction valued at $4,100,000.

The five-story brick building contains approximately 13,238 square feet and sits on a 30’ x 100’ lot.  It consists of two commercial and seven residential units.  The building was the headquarters of the Polish National Alliance in Brooklyn and features exceptional craftsmanship throughout.  It presents tremendous upside, and the sale price equates to approximately $310 per square foot.

“Buildings of this quality are rare in any market and an argument could be made that this is one of the nicest in Greenpoint,” said Massey Knakal’s Mark L. Lively, who exclusively handled this transaction with Brendan Maddigan.  “The former Brooklyn Headquarters of the Polish National Alliance is a landmark which will see some marked improvements over the next few years, as the new owners invest substantially to realize its potential,” Brendan added.

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Neighborhoods: Greenpoint/ Agents: Mark Lively

On February 11th, James Nelson will be a speaker at the first annual LandlordsNY Property Management Symposium, a unique event designed to assist landlords and managers.  

The event will feature 300 New York landlords and property managers and include expert speakers and invaluable networking opportunities.

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Massey Knakal Realty Services has been retained on an exclusive basis to sell a commercial building at 204 West 84th Street. The property is located between Amsterdam Avenue and Broadway on Manhattan’s Upper West Side.  The asking price is $8,500,000.

The three-story building contains approximately 6,625 square feet and sits on a 25’ x 102.17’ lot.  It was fully gut renovated in the late 1980s for use as an office building. With an additional approximately 2,550 square feet of usable basement space, it features four floors of usable space.  It is currently configured as a series of office suites spanning all four floors which share a common reception area and conference room.  The upper floors feature picturesque views of West 84th Street and terraces on the rear of the second and third floors.  The dropped ceilings range between eight and nine feet, but it may be possible to open them back to their original heights which exceed 11 feet.  Each floor has a separate air-conditioning system, his and her bathrooms, and a kitchenette.  The basement has approximately eight foot ceilings, is built full on the lot, and is currently occupied by a recording studio.  The building is sprinklered, heated by a gas-fired boiler, and individually metered by floor for electric.

This property lies outside of the Upper West Side Historic Districts and benefits from additional air rights.  It may be possible to use the air rights to construct additional residential square footage atop the existing building.

“This property is a unique opportunity for purchasers looking for live/work possibilities on the Upper West Side. Office space is extremely tight in the neighborhood and there are few, if any, available opportunities permitting retail, office, and residential use under the same roof,” said Massey Knakal’s Hall Oster, who is exclusively marketing this property with Paul Smadbeck.

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Neighborhoods: Upper West Side

A development site consisting of three adjacent mixed-use buildings at 207, 209, and 211 East 34th Street, located between Second and Third Avenues in Manhattan’s Murray Hill neighborhood, was sold in an all-cash transaction valued at $21,000,000.

207 East 34th Street is a vacant five-story approximately 7,469 square foot building that sits on a 25’ x 98.75’ lot.  209 and 211 East 34th Street are two four-story buildings that are approximately 6,208 square feet on a 25’ x 98.75’ lot.  The buildings were delivered vacant, except for one unit occupied by a tenant. Its C1-9A zoning designation allows for approximately 49,375 total buildable square feet as of right. The ground floor retail portion of all three buildings was formerly occupied by the legendary Murray Hill restaurant Nicola Paone for over 50 years before it closed its doors five years ago. In total, the site holds approximately 49,375 buildable square feet, with the sale price equating to approximately $425 per buildable square foot.

“The sale of this mid-block development site at $425 per buildable square foot is another example of the booming Manhattan development market which reached unprecedented levels in 2013 and will continue to thrive in 2014,” said Massey Knakal’s John Ciraulo, who exclusively handled this transaction.

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Agents: John Ciraulo

Massey Knakal Realty Services is pleased to announce the release of their exclusive Year-End Property Sales Reports. These unique, industry-leading, reports provides 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).

“As anticipated, after a slow start, investment activity in New York continued to strengthen over the course of 2013, stated Bob Knakal, Massey Knakal Chairman. “As the economy and property fundamentals improved, a second half investment rally pushed 2013’s dollar volume close to last year’s result. Additionally, we saw double digit increases in values across the board last year. These dynamics will carry over to 2014 – get ready for a record year,” added Knakal.

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Recently, James P. Nelson shared with The News Funnel his 10 networking tips for real estate professionals.

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Massey Knakal Realty Services has been retained on an exclusive basis to sell a waterfront development site at 151-45 Sixth Road. The property is located between the Throgs Neck and Whitestone Bridges in the Whitestone neighborhood of Flushing, Queens.  Ownership is requesting proposals.

The assemblage site contains an aggregate 18 acres, which consists of 13 upland acres and five underwater acres.  The upland site is a 13-acre waterfront development site, with approximately 1,000 feet of frontage along the Northern Queens waterfront in a highly desirable residential area.  City approvals were obtained for the development of 52 single-family residential lots on the site.

“This site is the only waterfront development site of this size with approved plans in place available for sale in the borough of Queens, creating an extremely unique and rare opportunity for a developer to take advantage of the residential need in this affluent community,” Massey Knakal’s Stephen R. Preuss, who is exclusively marketing this property.

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Neighborhoods: Whitestone, Flushing/ Agents: Stephen Preuss

In the latest installment of the Knakal News Network, Bob Knakal and Jonathan Hageman, Sales Team Manager, discuss how to get the best price for a development site.


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A development site at 1900 Park Avenue, located on the corner of Park Avenue and East 129th Street in Manhattan’s East Harlem neighborhood, was sold in an all-cash transaction valued at $2,725,000.

The site contains approximately 8,993 square feet on a 99.92’ x 90’ lot.  With C8-3 zoning and FAR of 2.0, the site allows for approximately 17,986 buildable square feet as of right, and the sale price equates to approximately $152 per buildable square foot.

This property is in close proximity to 125th Street, Harlem’s most exciting and rapidly developing retail corridor.  It is easily accessible to all downtown and outer borough locations via the Lexington Avenue subway at 125th Street and Metro-North at 125th Street and Park Avenue.

“We had a lot of interest from developers, investors and users. This level of interest is a huge indication of the emerging nature of the neighborhood,” said Massey Knakal’s Lev Kimyagarov, who exclusively handled this transaction.

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Neighborhoods: Harlem

Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 26-01 and 26-15 4th Street. The site is located on the corner of 26th Avenue and 4th Street in the Astoria neighborhood of Queens.  The asking price is $18,000,000.

The two-lot site currently consists of two industrial buildings containing approximately 49,000 square feet with 24-foot ceilings, four overhead roll-up doors, and outdoor parking for 15-20 cars.  With a combined footprint of approximately 51,493 square feet and a zoning designation of R6, the property has a total of approximately 154,479 buildable square feet for residential development.  The site benefits from approximately 200 feet of frontage on 4th Street, which gives the property the added FAR bonus of 3.0 under the Quality Housing program for a portion of the lot.  With approximately 49,000 square feet of commercial space already in place, the project could add an additional 61,638 square feet of community facility space bringing the project total to approximately 247,166 square feet.  

The neighborhood is set to undergo a massive revitalization with the coming construction of 4,000 new units, a bank, supermarket, school, commercial spaces, waterfront promenade and improved transit access. This neighborhood redevelopment is split between the Hallet's Point project (approved) and Astoria Cove.  With its size, available air rights and proximity to the waterfront and multiple large development projects, this site poses an excellent opportunity for a developer.

This property is being marketed exclusively by Massey Knakal’s Evan J. Daniel.

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Neighborhoods: Astoria

By: James P. Nelson

2013 will exceed our expectations both in term of value and sales volume. The mass sell-off in 2012 was attributed to the rise in capital gains, and our company predicted that the number of NYC sales in 2013 would be off by 20-25%. We did believe the decline in total sales volume would be less severe due to large scale transactions. What we did not expect was the massive uptick in pricing for virtually all asset classes across the boroughs.

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A mixed-use building at 5008 Broadway, located on the corner of Broadway and West 213th Street in Manhattan’s Inwood neighborhood, was sold in an all-cash transaction valued at $9,750,000.

The six-story, 52-unit elevator building contains approximately 48,576 square feet and sits on a 118.58’ x 70’ lot.  It consists of five commercial and 47 residential units, of which 32 are one-bedroom, 14 are two-bedroom, and one is a three-bedroom unit.  Recent improvements to the building include a new gas boiler and roof work.  The sale price equates to approximately $201 per square foot.

This property is located directly across from Isham and Inwood Hill Parks, offering tenants numerous outdoor amenities.  Public transportation is easily accessible by the A express train at Broadway and West 207th Street and the 1 train at Tenth Avenue and West 215th Street.

“The Northern Manhattan multifamily market remains red hot,” said Massey Knakal’s Robert M. Shapiro, who exclusively handled this transaction.  This property was on the market for just a few weeks before an investor picked it up above the asking price.

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Neighborhoods: Inwood/ Agents: Robert Shapiro

In the latest installment of the Knakal News Network, Bob Knakal and Jonathan Hageman, Sales Team Manager, discuss how 2014 will be for the real estate market.


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