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A blog for breaking sales and neighborhood real estate news.

Massey Knakal Realty Services has been retained on an exclusive basis to secure an investor / developer to triple net lease approximately 16.8 acres of vacant land at 2731 West 12th Street. The property is located on the south side of the Belt Parkway and bordered by the Coney Island Creek in the heart of Brooklyn’s Coney Island neighborhood.  Ownership is requesting proposals.
The subject property is a vacant approximately 731,001-square foot parcel of land.  Owned by a subsidiary of National Grid (NG), it formerly served as the home of the Brooklyn Borough Gas Works, a manufactured gas site, until the late 1950s.  Between 2001 and 2012, NG conducted an extensive environmental remediation of contaminated soil beneath the site and the adjacent Coney Island Creek. The property has been remediated and can be redeveloped to maximize its commercial potential. 
The site is predominantly in an M3-1 zoning district which supports all manufacturing uses in addition to an array of commercial and retail uses.  With a maximum FAR of 2.0 as-of-right, it holds a total of approximately 1,462,002 buildable square feet.  The property features excellent visibility from the Belt Parkway, close proximity to a significant number of large residential developments totaling more than 11,000 apartments, and convenient access to virtually anywhere in the five boroughs including Manhattan, the Verrazano Bridge, and JFK International Airport.
This property is being marketed exclusively by Massey Knakal CEO Paul J. Massey, Jr, James P. Nelson, Stephen P. Palmese, Hall Oster, and Alex Svetlakou.

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Neighborhoods: Coney Island/ Agents: Paul Massey Jr., Stephen Palmese

James Nelson was recently a panelist on The Stoler Report in the episode entitled "Everyone Wants to Own NYC Commercial Real Estate."  The group discussed land prices, retail prices, and foreign buyers driving pricing in the market.

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The Galleria, a mixed-use building at 201 Rock Road, located on the corner of Glen Avenue and Rock Road in Glen Rock, Bergen County, was sold in an all-cash transaction valued at $5,400,000.

The two-story office and retail building contains approximately 30,278 square feet and sits on a 177’ x 75’ lot. It consists of 22 units and is in walking distance of many restaurants, shops, banks and two New Jersey Transit rail stations. The sale price equates to approximately $178 per square foot.

Located in the heart of Downtown Glen Rock, the property is in close proximity to Route 208, providing connectivity to routes 4 and 17, the Garden State Parkway and Interstate 287.

“The property was sold to an investor from New York City that plans to utilize a large portion of the building for their own business operation. They were drawn to it by its location and aesthetic appeal,” said Massey Knakal’s Seth Pollack who exclusively represented the seller in this transaction. The buyer was represented by Brian Lee of Newmark Grubb Knight Frank.

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Neighborhoods: Bergen County/ Agents: Seth Pollack

Massey Knakal's Scott Aiese and Morris Betesh have been named to the Mortgage Observer's Brokers and Lenders on the Rise - Top 25 Under 35.  The list looks at rising stars in the commercial real estate lending industry.

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Bob Knakal was recently on Fox Business to discuss the potential impact of the midterm elections on the real estate market.

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In 2014, New York City is expected to see 55.8 million visitors, an increase of 2.8% from 2013.  By the end of the year, the city is expected to have 102,000 rooms, with an additional 14,049 rooms under construction.  The number of rooms represents a 6.7% increase from 2013, while the rooms under construction has increased by 26.1% from last year.

Massey Knakal Realty Services has been retained on an exclusive basis to sell adjacent development properties at 19-21 and 25-27 Beekman Street. The properties are located between Nassau and William Streets in Manhattan’s Financial District.  Ownership is requesting proposals and a bid deadline has been set for Friday, November 7th at 5:00pm.

Combined, the properties deliver up to approximately 160,000 buildable square feet including 135,000 as-of-right plus plaza bonus, and over 113 feet of frontage along Beekman Street.  It is possible to further increase the development potential by purchasing Inclusionary Air Rights from within the community board.  No height restrictions for the new building would mean spectacular views of the East River and City Hall Park.

19-21 Beekman Street contains approximately 76,992 buildable square feet and features 44.25 feet of frontage.  The property is being marketed exclusively by Massey Knakal Chairman Bob Knakal, John F. Ciraulo, and Will Suarez.

25-27 Beekman Street contains approximately 84,604 buildable square feet and features 68 feet of frontage. It is being marketed exclusively by Bob Knakal and Will Suarez.

Both properties are situated just a few blocks from the newly developed Fulton Center, providing access to multiple major subway lines and the PATH train. The Brooklyn Bridge, City Hall Park, and Lower Manhattan’s historic waterfront are in close proximity. In addition, the recently completed One World Trade Center is also nearby and expected to become one of the top tourist destinations in the city.  

Click here for listing details of 19-21 Beekman Street
Click here for listing details of 25-27 Beekman Street

Neighborhoods: Financial District/ Agents: Guillermo Suarez, John Ciraulo

Massey Knakal Realty Services has been retained on an exclusive basis to sell a townhouse at 321 West 108th Street. The property is located between Broadway and Riverside Drive on Manhattan’s Upper West Side. The asking price is $5,250,000.

The five-story townhouse with four-story rear extension contains approximately 7,490 square feet and sits on a 19’ x 100.92’ lot. The property was home to the famous Irish American Composer and conductor, Victor Herbert, who lived in the house from 1904 to his death in 1924. It contains 13 units, of which one is owner occupied, four are free market, one is temporarily exempt, two are rent stabilized, one is rent controlled and five are SRO units of which three are vacant.  The units consist of an array of different layouts, including one duplex, two one-bedrooms, five studios and five SRO units, one of which has a private terrace. There is rich decorative woodwork throughout, inlaid hardwood floors, decorative period fixtures, original fireplace mantels, four skylights and a lovely landscaped garden, which can be accessed via the owner’s duplex. The building is heated by a #2 oiler boiler, is individually metered for electric and features a new back flow prevention system.

Ideally located just steps from Riverside Park, the property is coming to the market for the first time in over 40 years and is ideal for a buyer seeking an opportunity to live with income or an investor looking to capitalize on the long term upside.

This property is being marketed exclusively by Massey Knakal’s Paul Smadbeck and Hall Oster.

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Neighborhoods: Upper West Side

Massey Knakal Retail Leasing Services has secured a retail lease for 41 West 24th Street, located between Broadway and Sixth Avenue in Manhattan’s Flatiron District. The space will be occupied by Chop-Shop Flatiron.

The space contains approximately 1,650 square feet of ground floor space, with an additional 675 square feet of lower level space. It is located on the same block as 10 Madison Square West, a 125-unit high-end residential conversion with 20,000 square feet of retail on the corner of Broadway.

The space is steps from Madison Square Park and in close proximity to The Ace, NoMad and Flatiron Hotels. Neighboring tenants include Eataly, Café El Presidente, Bo’s Kitchen & Bar, Junoon, Tappo and Raymi. Transportation is easily accessible with the N and R trains at 23rd Street and Broadway as well as the F train at 23rd Street and Sixth Avenue. 

“Chop-Shop will be an excellent complement to its neighbors along this stretch of 24th Street. Both the tenant and landlord are pleased with the arrangement,” said Massey Knakal’s Michael A. Azarian, who exclusively represented the landlord in this transaction.

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Neighborhoods: Flatiron

Massey Knakal Realty Services has been retained on an exclusive basis to sell an office building with redevelopment potential at 550 West Old Country Road. The property is located between Duffy and Charlotte Avenues in Hicksville, Nassau County. The asking price is $7,950,000.

The four-story building contains approximately 48,000 square feet and sits on two contiguous lots including a large parking lot. The irregular shaped parking lot contains approximately 32,850 square feet and offers development rights fit for retail and office. The property also offers antenna rights, and it will be delivered in “as-in” condition.  

Located on a major thoroughfare, the property is less than a block away from the Wantagh State Parkway. The LIRR is located 1.5 miles away and the N24 and N48 bus lines are located directly outside the property.

“This property has an ideal location on the busy Old Country Road corridor directly off Wantagh Parkway, providing extremely high exposure with the convenience of several major thoroughfares in the immediate area,” said Massey Knakal’s Stephen R. Preuss, who is exclusively marketing this property with Benjamin Efraimov.

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Neighborhoods: Nassau County/ Agents: Stephen Preuss

The Massey Knakal Multifamily Summit & Operations Academy, which brings together owners, operators, investors, and multifamily experts, will be held on November 12th and 13th at the McGraw-Hill Conference Center.  Day 1, which is an “invite only” event for property and asset managers of multifamily units, will offer a boardroom style setting with an in-depth discussion of the key issues.  Day 2 features over 40 titans of multifamily real estate as they discuss where and how to create value.  Over 850 attendees are expected, making it the largest day-long multifamily event in New York.

In the morning Keynote Interview, Paul J. Massey, Jr., CEO of Massey Knakal, will speak with Aby Rosen, Co-Founder & Principal of RFR, about his career, love of art and the New York City residential market.  In the afternoon Fireside Chat, Paul Massey will sit down with Ofer Yardeni, Co-Chairman & CEO of Stonehenge, to discuss how he has shaped the city, the challenges he has overcome, and his expectations for 2015.

Click here for event information

Agents: Paul Massey Jr.

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail and office building at 159-16 Union Turnpike. The property is located on the corner of Union Turnpike and 160th Street in the Fresh Meadows neighborhood of Queens. The asking price $14,650,000.

The newly-built, retail-anchored office building contains approximately 37,814 square feet and sits on a 123.25’ x 111.5’ lot. Consisting of six retail units and 11 office units, the building is currently fully-leased and poses tremendous upside. It is also ideal for a user to position themselves as a major tenant in a building with great visibility and high vehicle traffic.

The subject property is conveniently located in proximity to the Grand Central Parkway and Van Wyck and Long Island Expressways. In addition, multiple bus lines service the area along Union Turnpike, Parsons Boulevard, and 164th Street. The offering poses a rare opportunity for a large office investment property in one of the most highly desirable areas in Queens.

“There is a tremendous opportunity to add significant value by increasing the rents which are currently on average at 50% market value.  Additionally, the asset is being offered well below replacement cost,” said Massey Knakal’s Stephen R. Preuss, who is exclusively marketing this property with Brian J. Sarath.

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Neighborhoods: Fresh Meadows/ Agents: Stephen Preuss

A development site at 345-353 West 38th Street, running block-through to West 39th Street between Eighth and Ninth Avenues in Manhattan’s Hudson Yards, was sold in an all-cash transaction valued at $112,150,000.

The block-through site features approximately 125 feet of frontage on both West 38th and West 39th Streets.  It currently consists of a two-story commercial building occupied by R/GA who will vacate the building in late 2015. Uniquely located within the Garment Center Special Purpose Zoning District, it allows for a combination of commercial and/or residential uses, including retail, hospitality, community facility, and/or luxury condominiums.  The maximum FAR of 12.0 in this zoning district allows for a development of up to approximately 296,250 square feet, and the sale price equates to approximately $400 per buildable square foot.

The site is located in arguably Manhattan's most exciting submarket near some of the city's largest privately and publicly funded development projects including Hudson Yards, Manhattan West, the #7 subway extension, Hudson Yards Boulevard & Park, and the West Chelsea High Line.

“This transaction illustrates the continued demand that exists for development properties in and around the Hudson Yards District. Every week, buyers who are new to the area are expressing interest in purchasing something there,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Jonathan Hageman and David Kalish

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Neighborhoods: Hudson Yards

Massey Knakal is pleased to announce the sale of an apartment building known as The Marquee.  Located at 29 1st Street between Essex and Atlantic Streets in Hackensack, Bergen County, the property was sold in an all-cash transaction valued at $13,995,000.

The luxury, 40-unit, eight-story building contains approximately 90,000 square feet. Constructed in 2011, with steel reinforced concrete, the building features high-end finishes in both the common areas and units. Each unit features an open floor plan, high ceilings, granite countertops, stainless steel appliances, hardwood floors, floor-to-ceiling windows, HVAC unit, washer/dryer unit, walk-in closet, marble bathrooms with Jacuzzi tub and dual vanity sinks. The sale price equates to approximately $350,000 per apartment unit. “We were able to generate significant interest through our marketing efforts which ultimately enabled our client to achieve multiple offers,” stated David A. Simon, Executive Managing Director, New Jersey.
Located in Bergen County, the property is steps from Hackensack University Medical Center. Transportation is easily accessible to major highways and the George Washington Bridge. Access to the Port Authority Bus Terminal is available through nearby express and local bus service and the Essex Street NJ Transit rail station is within a quarter mile.
“This property was sold to a private investor who was impressed by the quality of the building and its proximity to Hackensack Hospital and the nearby train station. This sale is an example of the strength of the Northern New Jersey multifamily market,” said Massey Knakal’s Seth Pollack, who represented the seller in this transaction.  The buyer was represented by George Eggers of KenKap Realty Corp.
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Neighborhoods: Bergen County/ Agents: Seth Pollack

In 2014, retail properties were a driving force of investment sales dynamics.  Through 3Q14, the retail dollar volume for Manhattan was $2.5 billion, almost three times as much as 2013’s annual total of $915 million. With more large-scale retail deals pending, for example the St. Regis retail condo for $700 million and the 432 Park Avenue retail condo for $450 million, 2014 will likely set an all-time record. The strong demand for retail assets is reflected by the recent surge in value as the average price per square foot for retail properties was $3,113 in 2014 – an increase of 68% over 2013.

A main reason why retail properties are doing so well in 2014 is rental growth. In prime and emerging prime corridors, retail rents have increased considerably over the last two years.

This is based on a number of factors:
-Certain retailers have to be in certain locations of certain cities - prime Manhattan is one of those locations
-Having a store in these locations is not only important for sales purposes but those stores are used as a brand building and/or marketing tool
-Record high tourism numbers are strongly supporting retailers in the city

Elevated rents in prime corridors force retailers to rent space in the next best locations: the 'edge-of-prime' locations.  Rents in those prime and edge-of-prime locations have begun to experience increased rental growth elevating property values.  As a result, the trend of retail driving up sales is spreading.

Massey Knakal Is Hiring

10/21/2014 9:04:47 AM/ Massey Knakal/ News

Massey Knakal's sophisticated training programs and rigorous certification board are peerless among realty services firms, ensuring that our agents are the most disciplined, skilled and talented in the industry. Creating the best work environment is something we strive for on a daily basis, and intelligence, integrity, professionalism and passion are the keys to maintaining it. Talented individuals are valued at Massey Knakal.

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Skyway Development Group has retained Massey Knakal Realty Services to sell a single-family development opportunity at 34 West 21st Street. The property is located between Fifth and Sixth Avenues in Manhattan’s Flatiron District. The asking price is $5,750,000.

The property is an approximately 16.08’ x 92’ lot with what can be fully approved dramatic plans for a seven-story, elevatored single-family mansion containing approximately 7,974 square feet and rare curb cut allowing for private indoor parking. Designed by Andres Escobar and Karl Fisher, plans call for six bedrooms, six full baths, four powder rooms and private indoor parking. In addition, the house would have custom glass elevator, spa, oversized windows and 25 foot high ceilings overlooking the garden. Current ownership has meticulously designed what could be one of the most luxurious new construction single-family townhouses in the entire market. “We spent months optimizing and perfecting the plans for this site. Every last detail was considered for the exclusive buyer who wants to drive into their dream home,” said Steven Mashaal of Skyway Development Group.

“This is a rare opportunity for an end user to build a magnificent single-family mansion and end up at a basis well below market value,” said Massey Knakal’s James Nelson, who is exclusively marketing this property along with John Ciraulo, Matthew Nickerson and Craig Waggner.

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Neighborhoods: Flatiron/ Agents: John Ciraulo

Massey Knakal Capital Services is pleased to announce the closing of a $13,500,000 million cash-out refinancing, collateralized by a 201-unit garden style apartment complex in southern New Jersey.  The loan featured a 7-year term with a fixed-rate at 3.50%, and one year I/O.

"Close management of the financing process enabled us to deliver a seamless transaction, with substantial cash-out, and a material reduction in debt service. The borrowers were very happy,” said Massey Knakal’s Preston Flammang, who exclusively handled this transaction.

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Neighborhoods: Other/ Agents: Preston Flammang

Massey Knakal Realty Services has been retained on an exclusive basis to sell a single-family home with adjacent garden at 313-317 Vanderbilt Avenue. The properties are located between Dekalb and Lafayette Avenues in Brooklyn’s Clinton Hill neighborhood.  The asking price is $6,000,000.

The two-story building contains approximately 5,475 square feet and sits on a 37.5’ x 73’ lot.  Built in 1920 as the original home to the Candy and Confections Workers Union, it is currently occupied as an artist’s studio and residence.  The interiors feature a mix of industrial and modern styling with double height ceilings on both levels, concrete floors, two large, open living spaces and two master suites.  The property includes a private elevator and dedicated parking spots for two cars.  Adjacent to the building is a development site that is currently used as a beautifully landscaped garden with seating.  It contains approximately 1,891 square feet on a 22.25’ x 85’ lot.  In total, the property holds approximately 5,032 square feet of unused air rights.

The offering presents the opportunity for an owner-user to occupy the existing space or for an investor to add value through developing the unused air rights.  The property is ideally located just a few blocks from scenic Fort Greene Park.  It is also in close proximity to the G and C subway lines, offering convenient transportation through Brooklyn and Manhattan.
This property is being marketed exclusively by Massey Knakal’s Stephen P. Palmese, Aaron Warkov and Joana Filgueiras.

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Neighborhoods: Clinton Hill/ Agents: Stephen Palmese

Massey Knakal has completed its third quarter 2014 extensive analysis of the New York City real estate market.  This study includes an in-depth look at the retail, capital markets, and hospitality landscapes as well as the New York City investment sales market overall and its submarkets.

The New York City investment sales market continues on pace to set an all-time record for the number of properties sold in a given year. The city is expected to see more than 5,100 properties sold, breaking the previous high set in 2007. The on-going rise in transactional volume can be attributed to the resurgence of the outer markets (Brooklyn, Queens, Northern Manhattan, the Bronx) where 83% of all activity has taken place. This is due in large part to the “Manhattanization” of the outer markets, where increased investor interest and confidence has begun to blur the lines in institutional investor consciousness between Manhattan and certain submarkets within the outer markets.

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