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A mixed-use building at 238 West 14th Street, located between Seventh and Eighth Avenues bordering Manhattan’s Meatpacking neighborhood, was sold in an all-cash transaction valued at $7,250,000.

The property consists of a five-story, plus lower level, mixed-use elevator building that contains approximately 9,600 square feet and a two-story fully renovated carriage house in the rear that contains approximately 1,071 square feet.  The buildings sit on an approximately 25’ x 103.25’ lot and are separated by a beautifully landscaped courtyard.  The two structures consist of 11 residential apartments, including nine one-bedrooms, one studio, and the carriage house, and a lower level retail space.  The retail space and carriage house were both delivered vacant.  With a total of approximately 10,671 square feet, the sale price equates to approximately $679 per square foot.

“This property is a great opportunity for this ‘1031 exchange’ buyer who will benefit from long-term upside from the rent regulated units,” said Massey Knakal’s Vice Chairman, John F. Ciraulo, who exclusively handled this transaction with James Nelson and Craig Waggner.  “The buyer will also be able to capitalize on the vacant retail on one of the most heavily trafficked locations at the crossroads of three of Manhattan’s most vibrant and culturally rich neighborhoods, the West Village, Chelsea, and the Meatpacking District,” add Partner, James Nelson.

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Agents: John Ciraulo

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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Massey Knakal Realty Services has been retained to exclusively represent the Wadsworth Avenue Baptist Church Inc. for the development of the Church’s property at 206-212 Wadsworth Avenue.  The property is located on the corner of Wadsworth Avenue and West 184th Street in Manhattan’s Washington Heights neighborhood.  The asking price is $8,000,000.

The primary goal of the Church is to set aside space and construct a first rate facility, with state-of-the-art amenities, specifically designed to meet the programmatic and operational needs of the Church and its programs and activities.  To achieve these goals, the Church seeks to enter into a legal arrangement with a developer who will develop the property and convey to the Church a condominium interest in approximately 30,000 above grade square feet with additional below grade square footage and parking plus an interest in the balance of the development to meet the operation needs of the Church.  This additional interest can take the form of a fee interest in another condominium unit in the building, joint venture participation, or some other vehicle that will provide the Church with a steady stream of income to pay for its expenses and support its programs.  The RFP is now available and all submissions are due by March 31st, 2014.

The Church is committed to working promptly to bring about the development of the site, taking into account that the respective goals and needs of the Church are consistent with improvement of the overall Washington Heights community.

The site is rectangular in shape and has approximately 100 feet of frontage on Wadsworth Avenue and 150 feet of frontage along West 184th Street.  Currently, an irregularly shaped, approximately 13,381 square foot church is situated on the property.  The FAR for community facility use is 6.5 and the lot area is approximately 15,000 square feet.  Therefore, the maximum potential zoning floor area is approximately 97,500 square feet.  With the Church taking approximately 30,000 square feet above grade for sanctuary and residential use, it leaves 67,500 for the developer.  This does not include any cellar or below grade space in which the Church intends to utilize 60,000 square feet for multipurpose use or parking.

To aid them in their efforts, Wadsworth Avenue Baptist Church has enlisted Massey Knakal Realty Services’ Robert M. Shapiro to exclusively market the property.  “Substantial corner developments sites of this size are a rare find in today’s market.    The uniqueness of the steep sloping street may provide for significant below grade development at low costs, with parking as well as ample light and air.  This is a tremendous opportunity to develop residential apartments in concert with one of Washington Heights’ oldest religious organizations,” said Robert Shapiro.

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Neighborhoods: Washington Heights/ Agents: Robert Shapiro

In the latest installment of the Knakal News Network, Bob Knakal and Paul Bubny, Executive Editor of Real Estate Forum, discuss the 2013 outer boroughs sales market.

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A mixed-use building at 1064-1066 Madison Avenue, boasting approximately 40 feet of frontage in the heart of North America’s premier luxury shopping district, was sold in an all-cash transaction valued at $26,000,000.

The five-story building contains approximately 11,539 square feet and sits on a 40’ x 70’ lot.  Eli Zabar’s E.A.T. restaurant is on the first and second floors, with its office on the third floor.  The top two floors contain eight occupied residential units, four free-market and four rent-stabilized.  The property has an additional 16,461 sf of development rights.  The sale price equates to approximately $2,253 per square foot, a 2.6% cap and $928 per buildable square foot.

“This sale is exemplary of long term ownership capitalizing on the recent spike in activity of the sale of retail driven properties along the Madison Avenue corridor. This is due to the almost doubling of retail rents on the East 60s and East 70s in the last 18 months,” said Massey Knakal’s Thomas D. Gammino, Jr., who exclusively handled this transaction.

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Neighborhoods: Upper East Side

Massey Knakal recently honored the top producers of the firm at their annual award ceremony.  James P. Nelson, Stephen P. Palmese, Thomas A. Donovan and John F. Ciraulo were among those named Top Salesperson of the Year. Additionally, David Chkheidze was named Retail Leasing Agent of the Year and Morris Betesh was named Agent of the Year within the Capital Services division.

“We are extremely proud of our award winners and their dedication to their clients and the company,” said Neil Heilberg, Chief Operating Officer. “They exemplify our mission to provide our clients with superior execution and market knowledge.”

James P. Nelson was awarded the company-wide Salesperson of the Year award as well as the Manhattan Salesperson of the Year award, having completed 28 sales worth over $278 million. This is the seventh time he and his team have won the company-wide Salesperson of the Year award.

The Top Salesperson of the Year in Massey Knakal’s Brooklyn office, and second place company-wide, was awarded to Stephen P. Palmese. Since joining the firm in 2004, Stephen has sold over sold over 100 properties with an aggregate consideration of nearly $700,000,000. This is the third time Stephen has won the Brooklyn Salesperson of the Year award.

The Top Salesperson of the Year award in Massey Knakal’s Queens office was presented to Thomas A. Donovan for the sixth consecutive year.  Tom joined Massey Knakal in 1998 to head up the firm's first full-service outer borough office and since then has sold 285 properties for an aggregate consideration of over $1.15 billion.

John. F Ciraulo was awarded the third place company-wide Salesperson of the Year award. In the past 20 years, John has evaluated more than 2,300 buildings and closed in excess of 400 transactions with an aggregate value of more than $2.3 billion.

The award for Retail Leasing Agent of the Year was presented to David Chkheidze. Over the last two years at the firm, David Chkheidze as achieved impressive results, for both clients and the firm. David has secured 38 retail lease listings and 29 retail lease closings.

Morris Betesh was presented with the Capital Services Agent of the Year award. Since joining the firm in 2012, Morris has closed over $200 million in loans.

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Agents: John Ciraulo, Stephen Palmese

Massey Knakal Realty Services has been retained on an exclusive basis to sell an approximately 170,000 buildable square feet site, located at 191-231 Moore Street. The property runs block through from Seigel Street to Moore Street between White Street and Bushwick Avenue in Brooklyn’s East Williamsburg. The asking price is $35,000,000 or approximately $206 per buildable square foot.
 
This development opportunity is an approximately 2.3-acre site located in a dual zone of M1-1/M1-2, which permits a total of nearly 170,000 buildable square feet for retail or commercial development.  It features over 1,100 feet of frontage on Moore, Seigel, and White Streets.  The site currently consists of five industrial buildings totaling nearly 47,000 square feet. 
 
This site is ideally located in East Williamsburg, surrounded by some of the newest and best received restaurants, art galleries, clothing boutiques, music venues, and technology and manufacturing startups. It is conveniently situated one block from the Morgan Avenue L train.

“It is uncommon that a property of this size becomes available for sale.  Featuring over 2.3 acres and 1,100 square feet of frontage, the property is primed for retail reposition in the emerging neighborhood of East Williamsburg,” said Massey Knakal’s Stephen P. Palmese, who is exclusively marketing this property with Mark L. Lively.  “Given the character of the area, this new development has the potential to take full advantage of the trend of artists, galleries, music & recording venues, as well as new tech and manufacturing startups that are massing in the neighborhood. A hotel would no doubt be an appealing option as well,” Mark added.

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Neighborhoods: Williamsburg/ Agents: Mark Lively, Stephen Palmese

By: Thomas A. Donovan, Partner

The skyline of Queens is forever changing. Along Queens Boulevard, the major thoroughfare connecting Midtown Manhattan via the Queensboro Bridge to Jamaica, are some of the more prolific buildings in the entire borough, passing through some of the most dynamic and highly sought after neighborhoods.

Queens Boulevard is highlighted by the Queens Place Mall, Queens Center Mall, Rego Center, Rego Park Center, as well as numerous residential developments. Queens Place Mall was built in 1965 as Macy’s but was later converted to Stern’s and then closed by Federated Department Stores. Queens Center Mall opened in September of 1973 on land that was previously occupied by a children’s amusement park, a supermarket and automobile parking. Between 2002 and 2004 the mall went through major renovations, nearly doubling in size. It is now one of the highest grossing malls per square foot in America.

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A mixed-use building at 256-262 West 116th Street, located between Adam Clayton Powell Jr. and Frederick Douglass Bouelvards in Manhattan’s Central Harlem neighborhood, was sold in an all-cash transaction valued at $3,700,000.

The five-story building contains approximately 10,625 square feet on an 82’ x 25.92’ lot and consists of three office and two retail units.  The top three floors underwent gut renovation in 2013, including a new roof and heating system.   The sale price equates to approximately $348 per square foot.

The property’s close proximity to CCNY, Columbia University, and numerous national retail tenants ensures strong future tenant demand.  Public transportation is easily accessible via the 2 and 3 train stop at Lenox Avenue and West 116th Street and the B and C train stop at West 116th Street and Frederick Douglass Boulevard, providing access to midtown in less than 20 minutes

“There was a considerable amount of interest in this building as investors clearly recognized its long-term value,” said Massey Knakal’s Lev Kimyagarov, who exclusively handled this transaction.

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Neighborhoods: Harlem

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail tenant for 19 Willoughby Street, located on the corner of Willoughby and Pearl Streets in Downtown Brooklyn.

The ground floor space contains approximately 3,200 square feet with ten-foot high ceilings. It features approximately 100 feet of highly visible wraparound frontage on a busy Downtown Brooklyn corner. All uses will be considered.

This space is ideally located a few short blocks from the City Point Development Project, Brooklyn Municipal Center and Court Complex.  It is within walking distance of 14 million square feet of office space and surrounded by 5 million square feet of retail space. Neighboring tenants include Shake Shack, Panera, Modell’s, Buffalo Boss, Bank of America, and Burger King.

“This 3,200 square foot space is a terrific opportunity for a restaurant or bank tenant looking to take advantage of a high-traffic corner in the middle of Brooklyn’s busiest business district,” said Massey Knakal’s Joseph Colista, who is exclusively marketing this space.  

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Neighborhoods: Downtown Brooklyn

A townhouse at 111 East 37th Street, located between Park and Lexington Avenues in Manhattan’s Murray Hill neighborhood, was sold in an all-cash transaction valued at $5,100,000.

The five-story, six-unit building contains approximately 5,580 gross square feet and sits on a 21’ x 98.75’ lot.   Built in 1860, this property maintains most of its original detail including robust marble fireplaces, oversized windows, ornate moldings, wood pocket doors with original glass and an elegant wrap around staircase.  The ground and parlor floors were occupied by the New York Branch of the American Association of University Women, a nonprofit organization that used the space for their office and meetings.  The second floor has two units, a front one-bedroom, and a rear studio with a large deck.  The third floor is a floor-through one-bedroom with one and a half baths, and the fourth floor has two one-bedroom units.  While the property maintained most of its original detail, it still required extensive renovation. The sale price equates to approximately $914 per square foot. 

The building is situated in an R8B zoning district within the Murray Hill Historic District.  The land that was Robert Murray’s 18th-century country estate became one of the city’s premier residential districts.  Primarily constructed between 1853 and the 1920s, the neighborhood’s buildings consist of row houses built in the Italianate and Second Empire styles with many retaining their original stoop.

“We reduced the asking price from $5,300,000 to $4,950,000, which increased interest.  In the end, the buyer stepped up close to the original ask, which is a testament to the strength of the market,” said Massey Knakal’s James P. Nelson, who exclusively represented the seller in this transaction, with John Ciraulo.

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Neighborhoods: Murray Hill/ Agents: John Ciraulo

In the latest installment of the Knakal News Network, Bob Knakal and Paul Bubny, Executive Editor of Real Estate Forum, discuss the 2013 Manhattan sales market.

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Massey Knakal Realty Services has been retained on an exclusive basis to sell the Four Points Sheraton Chelsea Hotel in Manhattan and the Marriott Fairfield Inn Van Dam Hotel in Long Island City, Queens.  The properties are being offered for sale individually.

The Four Points Sheraton Chelsea Hotel is located at 158-162 West 25th Street between Avenue of the Americas and Seventh Avenue in Manhattan’s Chelsea neighborhood.  It contains approximately 55,916 square feet and sits on a 55’ x 98.75’ lot.  Built in 2001 and opened in 2003, this select-service, 21-story hotel contains 158 guestrooms featuring sweeping New York City skyline views and can be delivered unencumbered.  The hotel offers a fitness center, executive board room and a popular ground floor restaurant off the lobby called Westside Brewhouse, which also operates the outdoor bar and patio.  This is an exceptional opportunity to own and operate a recently renovated select-service hotel branded as a Four Points by Sheraton, within the Starwood family of brands.  The hotel enjoys an established presence in Chelsea, arguably one of the most sought after locations for hotels in Manhattan given the incredible growth it has been experiencing over the past several years, and the proximity of the neighborhood to desirable areas such as Times Square, the Highline, Flatiron District, and Hudson Yards.  This property is being marketed exclusively by Massey Knakal’s Andrew Posil, John F. Ciraulo, Craig M. Waggner, and Brock Emmetsberger. Ownership is requesting offers.

The Marriott Fairfield Inn Van Dam Hotel is located at 52-34 Van Dam Street at the intersection of 34th Street, Van Dam Street, Starr Avenue, and Bradley Avenue in the Long Island City neighborhood of Queens.  It contains approximately 67,223 square feet and sits on a 163.7’ x 84.72’ irregular lot.  Built in 2007, this select-service 12-story hotel contains 154 rooms featuring majestic views of the Manhattan skyline and can be delivered unencumbered.  The hotel also features an exercise room, executive meeting room, on-site parking, whirlpool tubs, an outdoor patio, an inviting lobby, and free shuttle service to nearby LaGuardia Airport and to the subway for convenient transportation to Manhattan.  This is an exceptional opportunity to own and operate a select-service hotel branded as a Fairfield Inn, by Marriott.  The hotel enjoys an established presence in Long Island City, within minutes to Midtown Manhattan.  This property is being marketed exclusively by Massey Knakal’s Andrew Posil, John F. Ciraulo, Craig M. Waggner, and Evan Daniel. Ownership is requesting offers.

“The Four Points Sheraton Chelsea Hotel presents the opportunity to acquire an asset with an undeniably strong performance track record, great flexibility and significant sub-market upside,” said Massey Knakal’s Andrew Posil.  “The Marriott Fairfield Inn Van Dam Hotel is an outstanding performer consistently exhibiting high occupancy levels due to its quality, location and affordability it offers guests,” he continued.

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Neighborhoods: Chelsea, Long Island City/ Agents: John Ciraulo

Massey Knakal Realty Services is pleased to announce that Chairman Bob Knakal has achieved a career milestone with $10 billion in personal sales. The recent sale of 511 West 35th Street for $88 million pushed Mr. Knakal above the $10 billion mark.

“This is a tremendous accomplishment, and I couldn’t be happier for or more proud of my good friend and business partner of over 25 years.  The best part is that Bob is still accelerating… each year he closes more transactions at a higher dollar volume.  He’ll be at $15B before you know it,” said Massey Knakal CEO Paul J. Massey, Jr.

Knakal has been personally responsible for the sale of more than 1,500 buildings. Some of his most notable transactions include the sale of Harry Macklowe’s multifamily portfolio for $187 million and the sale of the $117 million assemblage sale of the development site making up the entire westerly blockfront on Sixth Avenue between 30th and 31st Street. Bob attributes his success to his many loyal clients, the Massey Knakal brokers he has worked with over the years and specifically to his dedicated personal sales team which is led by Jonathan Hageman, sales team manager.

“I owe a lot to other people. Primarily my clients, without whom there would be nothing to do. Their trust and loyalty is, and always has been, greatly appreciated. Also, all of the great Massey Knakal brokers who I have worked with and my personal sales team have been invaluable to me,” said Bob Knakal.

Bob’s outstanding achievement in the New York City business community has not gone unnoticed. He is a two time recipient of the Real Estate Board of New York’s Robert T. Lawrence Award for the Most Ingenious Deal of the Year for his sale of 41 West 47th Street and the sale of the assemblage for the Milan at 55th Street and Second Avenue.  He was also honored with REBNY’s Louis Smadbeck Broker Recognition Award for Lifetime Achievement in Commercial Brokerage. The award honors a broker whose career distinctions include personal and professional integrity, long term leadership and prominence in the brokerage community, and participation on Real Estate Board committees.  

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The remaining 20-years of a master lease controlling a retail and professional cooperative unit at 200 Central Park South, located on the southwest corner of Seventh Avenue and Central Park South in Manhattan’s Midtown West neighborhood near Columbus Circle, was sold in an all-cash transaction valued at $18,000,000.

The building was built in 1963 as a residential rental property and converted to a cooperative in 1984. It has 309 co-op apartments and the sponsor had retained the ground floor retail and second floor professional space as one co-op unit subject to a 50-year master lease. The cooperative unit is located on the ground and second floors of the building and contains approximately 31,249 square feet. The building’s entrance is beautifully landscaped and spacious and the tenants benefit substantially from their highly visible corner location.  The sale price equates to approximately $576 per square foot.

The property is ideally located in the center of New York City’s highest income demographics, Columbus Circle’s tremendous foot traffic, and in close proximity to Lincoln Center and to several subway lines.

“The value of this transaction was driven by the strength of the existing in-place revenue and future upside potential. This stable property has great corner visibility in a prime location on Central Park South, 58th Street and Seventh Avenue, and is a manageable asset with value-add potential,” said Massey Knakal Vice Chairman John Ciraulo, who exclusively handled this transaction with Chairman Bob Knakal and Christoffer Brodhead. “There is existing stable cash flow here and with a renegotiation of the lease term could be a long-term home run for the buyer,” added Bob Knakal.

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Neighborhoods: Midtown West/ Agents: John Ciraulo

Massey Knakal Realty Services is pleased to announce that Morris Betesh, Director – Capital Services, has been named Agent of the Year within the Capital Services division for the second year in a row.

Since joining the firm in 2012, Morris has closed over $200 million in loans. While his neighborhood focus is Midtown East, Morris has closed loans throughout the boroughs and New Jersey as well as select assignments in Boston and Miami. This past year, Morris closed a $15,000,000 loan for the acquisition of 246 5th Avenue; a vacant office and retail property. Morris was able to creatively structure a non-recourse 10-year loan with three years of interest-only and 75%  LTV. This was a notable transaction because non-recourse permanent financing for vacant properties is extremely rare in today’s lending climate.

“I am not surprised that Morris won this award for the second year running, as it is based on production, and Morris is clearly our most productive agent,” said Garrett Thelander, Executive Managing Director. “Morris continues to excel in building new relationships by providing a very high level of service to each of his clients which generates repeat business,” states Garrett Thelander, who went on to say that the transaction cited above “demonstrated Morris’ ability to find the right lender for a particular situation.”

Prior to Massey Knakal, Morris was as a Manager for a portfolio of properties located in Midtown Manhattan. Morris was principally responsible for leasing and managing the finances of the properties at the corporate level. While working on multiple mortgage refinancings, Morris was also involved in the successful restructuring of this portfolio.

Morris attended Brooklyn College where he received his Bachelor of Science degree in Business Management and Finance. He was honored with the Brooklyn College Presidential Scholarship, and made the Dean’s List and Honor Roll.

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Massey Knakal Realty Services has been retained on an exclusive basis to sell a net-lease trophy building at 110 Boerum Place. The property is located on the block front of Boerum Place, Dean Street, and Pacific Street in Brooklyn’s Boerum Hill neighborhood.
 
110 Boerum Place is an iconic asset that is best recognized as the home of the New York Sports Club (NYSC) in the greater Downtown Brooklyn neighborhood. The building  measures approximately 40,000 square feet and consists of ten free market residential units and one commercial unit, net leased to NYSC.
 
This offering presents an extremely rare investment opportunity in a blossoming residential neighborhood known for its quaint tree-lined streets, historic brownstones, independent boutiques, and ethnic restaurants.  The property is located just a few blocks from the Borough Hall and MetroTech subway stations, providing access to 13 subway lines to virtually anywhere in New York City.
 
This property is being marketed exclusively by Massey Knakal’s Stephen P. Palmese and Michael Mazzara.

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Neighborhoods: Boerum Hill/ Agents: Stephen Palmese

Having completed 19 leases with an aggregate rental value of over $40 million in 2013 alone, David Chkheidze has been named Massey Knakal’s Leasing Agent of the Year.

“David’s exceptional creativity, determination, and ability to negotiate the most favorable terms for his clients enable him to consistently surpass expectations,” said Todd Korren, Executive Managing Director.

Over the last two years at the firm, David Chkheidze as achieved impressive results, for both clients and the firm. David has secured 38 retail lease listings and 29 retail lease closings. These impressive achievements have not gone unnoticed. In 2011, David received Massey Knakal’s First Annual Rookie of the Year award.

David also takes time to give back to his community. He is actively involved with the Upper West Side Business Improvement District and the Massey Knakal Charitable Foundation. Notably, he founded an English language school in Georgia (Former Soviet Republic) for underprivileged children. Because of these endeavors, David received Massey Knakal’s Annual Charitable Foundation Award for Making a Difference in 2012.

David has over ten years of real estate experience. Prior to Massey Knakal, David was at Manhattan Spaces where he was a commercial leasing agent focusing on Manhattan’s Upper West Side, Upper East Side and East Village. Earlier, he was a rental broker at Citi-Habitats and In Town Realty LLC.

Before joining Citi-Habitats, David moved back to Georgia, his home country, where he managed a 10-story, 24-unit construction project from the ground up. Additionally, David has represented landlords, owners and tenants, handled investment sales, and worked with dozens of commercial banks.

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An office building at 555 West 25th Street, located between Tenth and Eleventh in Manhattan’s West Chelsea neighborhood, was sold in an all-cash transaction valued at $27,000,000.

This six-story building contains approximately 40,856 square feet and sits on a 75’ x 98.75’ lot.  It also contains a sellable lower level.  The current rentable area is approximately 41,787 square feet.  Built in 1891 and completely renovated in 1985, the building is fully occupied by a gallery, showroom, and creative tenants.  It is exceedingly rare to find a building of this quality with rents so far below market.  Floors feature over 12’ high ceilings and ample light and air, leading itself to possible showroom space for galleries. The sale price equates to approximately $665 per square foot or a 2.25% capitalization rate.

Dominated by creative firms, art galleries and young professionals, the West Chelsea neighborhood has grown exponentially since the inception of the High Line, a public park built on a historic freight rail line elevated above the streets that runs from Gansevoort Street to West 30th Street, between Tenth and Eleventh Avenues.

“Rents throughout the property are roughly half of today’s market, so there is a tremendous amount of upside,” said Massey Knakal’s Brock Emmetsberger, who handled this transaction with James P. Nelson, who added, “The building benefited from high loft ceilings and windows on four sides on the above floors, which made it very desirable.”  The transaction was handled with Leonard Steinberg and Yoko Sanada of Douglas Elliman.

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Neighborhoods: Chelsea

In the latest installment of the Knakal News Network, Bob Knakal and Paul Bubny, Executive Editor of Real Estate Forum, discuss the 2013 New York City investment sales market.

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