News

Garrett Thelander, Executive Managing Director - Capital Services, will be a speaker at Bisnow's 5th annual NYC Capital Markets Summit on April 9th.  The event will feature some of the country's leading commercial real estate figures for a look at the equity and debt markets.

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A lease with an option to buy is a rare and attractive option for someone looking to live in a house before making the ultimate decision to purchase. This structure would allow for a much more relaxed process, where the buyer could take time to obtain financing. It could also be much more cost effective.

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.

Ownership has now offered a prospective buyer the ability to lease the owner’s triplex for $15,000 per month. These rental payments would be credited towards a purchase when and if the tenant ultimately bought the property.

These rental payments could be significantly less than the carrying costs if purchased. If a buyer received 60% financing for the house at 3.5% interest, the debt service alone would be about $270,000 per year. Real estate and operating taxes would be an additional amount of about $50,000. Combined these ownership costs are well above the rental amount. However, appreciation is a large consideration that renting does not afford. The potential buyer would have the best of both worlds if renting, while values continue to increase. 

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 which is currently being rented for $4,700 per month, an owner’s triplex unit, and an almost 30 foot southern facing rear yard.  Plans exist for an easy conversion to a single family. 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

Two retail condominiums situated in Barbizon/63 at 817 Lexington Avenue, located on the corner of Lexington Avenue and East 63rd Street in Manhattan’s Midtown neighborhood, were sold in an all-cash transaction valued at $48,200,000.

The fully-leased condominiums consist of the ground floor, second floor, cellar, and two sub-cellars of Barbizon/63, a landmarked luxury condominium property embodying a blend of Late Gothic Revival and Italian Renaissance.  They total approximately 47,197 square feet and feature over 178 feet of frontage on the corner of Lexington Avenue and East 63rd Street.  Equinox controls both retail condominiums with long-term leases, of which they sublease a portion to SoulCycle. Interestingly, the majority of the space was below grade. The sale price equates to approximately $1,021 per square foot or a 2.3% cap rate.

Situated in a premier retail location, these condominiums are surrounded by national tenants including Bloomingdale’s, Levi’s, Diesel, H&M, Crate & Barrel, Urban Outfitters.

“We had tremendous interest in the properties, which, along with the price, is a testament to the growing strength of the Lexington Avenue retail market just north of Bloomingdale’s,” said Massey Knakal’s Clint Olsen, who exclusively handled this transaction with Chairman Bob Knakal.

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Neighborhoods: Midtown East

Massey Knakal Realty Services has been retained on an exclusive basis to sell a commercial building at 60-15 Myrtle Avenue in Ridgewood, Queens. The property runs block-through on Myrtle Avenue between 60th Lane and 60th Street while also fronting the south side of 71st Avenue.  The asking price is $3,499,000.

The three-story building sits on a 41.25’ x 138’ irregular lot and consists of approximately 15,840 square feet above grade plus a full usable basement that contains 5,280 square feet for a total of 21,120 square feet.  It benefits from two elevators and dual means of egress and features brand new front and rear facades and a new roof. The second and third floors consist of open loft space with high ceilings and elevator access, offering an ideal conversion opportunity to residential apartments, loft studios, music/art studios, or medical/professional offices.  The building will be delivered vacant.

This property is located in Ridgewood, a vibrant, emerging neighborhood of Queens.  It is conveniently accessible via the L train.

“Over the past few months, demand for retail, residential and conversion properties has skyrocketed, as Ridgewood continues to evolve into a trendy New York City neighborhood,” said Massey Knakal’s Thomas A. Donovan, who is exclusively marketing this property.

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Neighborhoods: Ridgewood

Massey Knakal Retail Leasing Services has secured a retail lease for 141 Court Street, located between Atlantic Avenue and Pacific Street in Brooklyn’s Cobble Hill neighborhood.  The space will be occupied by Shelsky’s Smoked Fish.

The space contains approximately 1,200 square feet with 12-foot high ceilings, and a full, usable basement.  It features a large, windowed storefront with approximately 20 feet of frontage on a major Brooklyn thoroughfare.

Neighboring tenants include Urban Outfitters, Trader Joe’s, Barneys Co-op, Splendid, Bareburger, and a new location of J. Crew, which will be opening soon.

“With this lease we were able to achieve an extremely competitive rent while keeping a successful Brooklyn business, and local favorite, in the neighborhood. This demonstrates the strength of the Massey Knakal platform which allows us to identify and target all national, regional and local tenants in order to find the best fit and terms for any given space,” said Massey Knakal’s Joseph Colista, who exclusively represented the landlord in this transaction.

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Neighborhoods: Cobble Hill

In the latest installment of the Knakal News Network, Bob Knakal and Elysa Berlin, Director of Sales, give a recap of the 2013 office sales market in New York City.

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Massey Knakal Realty Services has been retained on an exclusive basis to sell or lease a development site at 70 Henry Street. The property is located on the corner of Orange and Henry Streets in Brooklyn Heights.   The property is available for sale with an asking price of $7,500,000 or for lease.

The site currently consists of a single-story, approximately 4,163 square foot building occupied by Brooklyn Heights Cinema, the oldest and longest running independently owned and operated cinema remaining in New York City.  It contains plans for the redevelopment of the commercial space as well as for the development of the residential development rights of over 10,000 square feet.  The current tenant has a month-to-month lease, and the site may be delivered vacant.

This offering presents a unique opportunity to own and/or operate a prime corner commercial property in the heart of Brooklyn Heights or to develop residential condominium units in a thriving market.

“The corner of Henry Street and Orange Street is so perfectly quaint that it is reminiscent of Paris. If condos were to be development at this location, it would not be surprising if they broke historical records for price per foot in Brooklyn,” said Massey Knakal’s Stephen P. Palmese, who is exclusively marketing this property.

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Neighborhoods: Brooklyn Heights/ Agents: Stephen Palmese

Three contiguous apartment buildings at 3401, 3403, and 3405 Riverdale Avenue located between West 232nd and West 235th Streets in the Riverdale neighborhood of the Bronx, were sold in an all-cash transaction valued at $2,425,000.  The three buildings total nine free market units and approximately 16,550 square feet on a 100’ x 100’ lot.

The four-story buildings were built in the early 1990s and have the same three unit configuration, with a ground level four-bedroom, two-bathroom duplex, a middle three-bedroom, two-bathroom unit and a top floor three-bedroom, two-bathroom unit.  Each building benefits from three parking spaces, with one garage space for the ground floor, plus additional paved parking for two more vehicles.  The properties are sprinklered, have a common washer/dryer, and each unit is separately metered for gas heat.  The sale price equates to approximately $147 per square foot.

The properties are located just off of the Riverdale Avenue commercial corridor, a short walk to the Johnson Avenue/235th Street retail shopping area.  Additional shopping is a short ride down the hill into Kingsbridge along the rapidly emerging Broadway corridor.  The nearby Henry Hudson Parkway provides easy access to Westchester and Manhattan and both the Major Deegan Expressway and Bronx River Parkway are within minutes of the properties.  In the immediate area, Montefiore Hospital will occupy almost 100,000 square feet of new office space, nearby condos are selling out and local retail has been growing strongly.

“Due to its desirable Riverdale location and value-add potential, we had a strong response from a buyer pool that previously overlooked the Bronx market.  As more neighborhoods begin to evolve, we expect this trend to continue,” said Massey Knakal’s Karl Brumback, who exclusively handled this transaction with Paul Smadbeck.

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Neighborhoods: Riverdale/ Agents: Karl Brumback

The fourth annual Massey Knakal Commercial Real Estate Investment Summit, which brings together commercial owners, investors, developers and other real estate professionals for a full day event focused on New York’s office and retail markets, will be held on April 1, 2014.  The keynote addresses will be given by Joel Picket, Chairman and Chief Executive Officer at Gotham Organization, Inc., and by Larry A. Silverstein, Chairman of Silverstein Properties, Inc.
Over 500 attendees are expected at the event, the only full day event to cover New York City trends in operations, mid-sized property transactions, and financing for retail and office properties.

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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 on an exclusive basis to sell a mixed-use building at 101-19 Rockaway Beach Boulevard. The property is located on the corner of Rockaway Beach Boulevard and Beach 102nd Street in the Rockaway Park neighborhood of Queens.  This is a bankruptcy sale and the bid deadline is April 17, 2014.

The two-story building contains approximately 9,500 square feet and sits on a 100’ x 122’ lot.  The ground floor currently consists of two commercial units occupied by a restaurant and law firm and two studio apartments.  The second floor consists of unoccupied office space.  Additionally, there are approximately 12 open-air parking spaces.

This property is ideally located a few blocks from the subway station and just one block from the boardwalk and beach.

This property is being marketed exclusively by Massey Knakal’s Debra Cohen, Thomas A. Donovan, and Stephen P. Palmese.

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Neighborhoods: The Rockaways

A retail building at 10309 Glenwood Road, located between 103rd and 104th Streets in Brooklyn’s Canarsie neighborhood, was sold in an all-cash transaction valued at $2,650,000.

The single-story concrete block building contains approximately 7,560 square feet and sits on a 140’ x 90’ lot.  It consists of six units, all net-leased with long-term tenants.  The sale price equates to approximately $351 per square foot.

“This retail property contains six retail tenants and is anchored by Fine Fare Supermarket, who recently signed a 10-year lease allowing them to occupy the space through 2023.  It was purchased at a 7.5% capitalization rate,” said Massey Knakal’s Edward Gevinski, who exclusively handled this transaction.

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Neighborhoods: Canarsie

Massey Knakal Realty Services has been retained on an exclusive basis to sell the Pearl on the Park, a development site at 1 Beekman Street (aka 33-34 Park Row). The property is located on the corner of Park Row and Beekman Street where Lower Manhattan’s Financial District and TriBeCa intersect.  Ownership is requesting proposals.

There are few parks in Manhattan south of 59th Street. The luxury properties that are lucky enough to be located on these parks enjoy rental and sale premiums far beyond their counterparts on side streets.  For the first time in over 40 years, 1 Beekman Street (aka 33-34 Park Row) is for sale.  It provides the developer a chance to make their mark downtown and offer the product that this neighborhood has been waiting for.  Furthermore, Pei Cobb Freed & Partners, the world-renowned architectural firm, has prepared an illustrative preliminary concept for the property.  While preliminary in nature, it does suggest the architectural and environmental potential of the site.  

The approximately 4,850 square foot lot currently contains a six-story, 18,435 square foot building and a three-story, 6,944 square foot building. The site features approximately 58 feet of frontage facing City Hall Park and 54 feet on Beekman Street.  Theater Alley runs another 86 feet directly behind the property, thus the site is effectively a block front which could have windows on at least three sides.  

The site is located in the Special Lower Manhattan District in the C5-5 zoning district.  This zoning allows for a base residential FAR of 10 with a commercial FAR of 15. With 5,000 square feet of recreation space, this residential FAR could potentially be increased to 12.  The commercial FAR could reach 18 with as-of-right floor area bonuses.  Thus, the site could yield a project approximately 72,750 square feet base buildable of which 48,500 square feet could be residential and 24,250 could be retail and/or commercial.  If 5,000 square feet of recreation space were created, this could shift distribution to about 52,200 square feet of residential and 14,550 square feet of retail and/or commercial.  Finally, if a plaza bonus was utilized, the total commercial buildable of the project could go up to approximately 87,300 buildable square feet.

“The fact that Pei Cobb Freed & Partners is willing to design the Pearl on the Park speaks volumes and shows how special this project is,” said Partner, James Nelson, who is exclusively marketing the site with Director of Sales, Will Suarez.  Since its formation in 1955, Pei Cobb Freed & Partners has completed nearly 250 projects in over a hundred cities across North America and around the world.  Some of Pei Cobb Freed & Partners best works include the John F. Kennedy Library, John Hancock Tower, Bank of China Tower in Honk Kong, Javits Convention Center, and the Louvre in Paris.  The firm has received top recognition in the field of architecture, including the Architectural Firm Award, Lifetime Achievement Award from the New York Society of Architects, Chicago Architecture Award, and is recognized as a Top Green Design Firm by McGraw-Hill’s New York Construction magazine.  

“It’s hard to imagine a more exciting site to develop in all of Downtown Manhattan. The corner views of the park and iconic New York City landmarks including City Hall, The Woolworth Building, the World Trade Center and even the Brooklyn Bridge will be breathtaking, and priceless, from the finished structure,” added Suarez.

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Photo Rendering Credit: Pei Cobb Freed & Partners Architects LLP

Neighborhoods: Financial District/ Agents: Guillermo Suarez

Massey Knakal Retail Leasing Services has been retained to market and lease 425 Fulton Street, located between Pearl and Jay Streets in Downtown Brooklyn’s Fulton Mall.  This super prime location is available for the first time in 30 years.

Formerly Wendy’s, this two-story building contains approximately 3,000 square feet on the ground floor and 3,000 square feet on the second floor with ten foot high ceilings, as well as an additional 3,000 square feet of basement space.  It features dual frontage, with approximately 25 feet on Fulton Street and 25 feet on Willoughby Street.  

Neighboring tenants include Shake Shack, Potbelly, Burger King, McDonald’s, Subway, Starbucks, Macy’s, Century 21, and Duane Reade.  The A, C, F, R, and N trains are less than one block away at the Jay Street – MetroTech station and the 2, 3, 4, and 5 trains are less than two blocks away at the Borough Hall station.

“The Fulton Mall welcomes more than 100,000 shoppers a day to its 150+ retail businesses, making it New York City's third largest commercial center and one of New York City's densest transit hubs, second only to Times Square,” said Massey Knakal’s Stephen P. Palmese, who is exclusively marketing this space, with Benjamin Fox and Joseph Colista. “With a vacancy rate of just 1%, 425 Fulton Street is sure to attract wide interest from national and regional retail and restaurant tenants,” Stephen Palmese added.

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Neighborhoods: Downtown Brooklyn/ Agents: Benjamin Fox, Stephen Palmese

A townhouse at 45 Horatio Street, located between Greenwich and Hudson Streets in the Greenwich Village Historic District, was sold in an all-cash transaction valued at $4,100,000.

This four-story townhouse is approximately 3,440 square feet and sits on a 16’ x 58.5’ lot.  Built in 1899, this building is currently configured as two residential units, one lower duplex with a garden which has a life estate, and an upper triplex that is leased to Town Residential.  Upon sale of the home, the trust will pay fair market rent for the life estate tenant. The sale price equates to approximately $1,192 per square foot.

“This estate referral was very interesting to work on. The tenants were cooperative and that made the process run smoothly for everyone,” said Massey Knakal’s Robert Burton, who exclusively represented the seller in this transaction with James P. Nelson.  “The property also benefits from its location, just blocks from the Hudson River, the High Line Park and the new Whitney Museum which is currently under construction,” added Nelson. 

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Neighborhoods: Greenwich Village/ Agents: Robert Burton

Massey Knakal Realty Services has been retained on an exclusive basis to sell an apartment building at 22 Pearsall Avenue. The property is located between Pennsylvania and North Long Beach Avenues in Freeport, Nassau County. The asking price is $4,850,000.

The three-story walk-up building contains approximately 42,228 square feet and sits on a 175’ x 238’ lot.  It consists of 32 residential units, of which 18 are one-bedroom and 14 are two-bedroom.  The property features on-site parking, superintendent, laundry facility, and a new roof.

The property poses an ideal investment opportunity and is located in proximity to the Freeport Long Island Rail Road station as well as many national retailers and restaurants on Sunrise Highway.

This property is being marketed exclusively by Massey Knakal’s Thomas A. Donovan and Debra M. Cohen.

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Neighborhoods: Nassau County

According to Massey Knakal’s Research department’s 2013 Brooklyn Property Sales Report, Brooklyn led all markets citywide in annual transaction volume. There was over 1,400 transactions totaling over $3.6 billion in aggregate dollar volume borough wide – almost doubling that of 2011. When taking a magnifying glass over North Central Brooklyn, which we define as comprising the rapidly transitioning neighborhoods of Bedford-Stuyvesant, Bushwick, Crown Heights and Prospect Lefferts Gardens, we see much more of an exciting picture. 

Massey Knakal Capital Services is pleased to announce the placing of approximately $4,415,000 in preferred equity arranged by Bruce Whipple, on behalf of a client, to finance tenant improvements and operational costs for a master leased artisanal food market in close proximity to Grand Central and the Met Life Building in an iconic landmark property.  Chris Kinder of CK Realty Partners, LLC acted as co-broker in the equity raise. 
 
“Both the landlord and the equity investor quickly understood the strong draw of the proposed retailer, as well as the shift in consumer demand away from chain restaurants that all too often typify “food courts” in malls, airports and other public spaces.  The market may also someday anchor the "Vanderbilt Avenue Pedestrian Corridor", should the pending plans become a reality,” stated Bruce Whipple.

The market will feature gourmet vendors new to Manhattan and will create new and diverse food options for the vast professional, commuter, and tourist markets in the Grand Central area.     

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Neighborhoods: Midtown East

In the latest installment of the Knakal News Network, Bob Knakal and Elysa Berlin, Director of Sales, give a recap of the 2013 multifamily market.

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Massey Knakal Realty Services has been retained on an exclusive basis to sell a parking garage / retail development site next to the Port Authority Bus Hub at 4162 Broadway and 655 West 176th Street in Manhattan’s Washington Heights neighborhood. The asking price is $16,000,000.

4162 Broadway consists of a four-story, irregularly-shaped parking garage containing approximately 27,366 square feet, with three separate commercial units. Part of the ground floor and floors two, three, and four contain a 163-space parking garage.  655 West 176th Street is an approximately 25’ x 100’ rectangular lot located directly behind and adjacent to 4126 Broadway.  Currently the lot is utilized as additional space for the parking garage and there is a curb cut in place.  

The properties are both zoned C8-3 and have an FAR of 2.0.  According to as-of-right zoning, 4162 Broadway is overbuilt.  However, if the community facility bonus is utilized (6.5 FAR), an extra 16,932 square feet can be added.  655 West 176th Street commands approximately 4,956 square feet of air rights and 16,107 if the community facility bonus is utilized.  When combined and the community facility bonus is utilized, both lots have approximately 33,039 square feet of air rights.

The site is located in the heart of Washington Heights, along one of the neighborhood’s most bustling retail corridors, just north of the Columbia Presbyterian Hospital and a few blocks from the George Washington Bridge Bus Terminal.  Many of Northern Manhattan’s beautiful parks are in close proximity to the property.  Major New York City thoroughfares including I-95, Harlem River Drive, and Henry Hudson Parkway are easily accessible, as well as public transportation via the A express train at Fort Washington Avenue and West 177th Street and numerous bus routes servicing the area.

“This high traffic area is rapidly transforming into Northern Manhattan's hottest retail destination.   The flexibility to do multi-level retail with a parking component located just steps away from the Port Authority Bus Terminal adds to this asset’s attractiveness,” said Massey Knakal’s Robert M. Shapiro, who is exclusively marketing this property.

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Neighborhoods: Washington Heights/ Agents: Robert Shapiro