News

Massey Knakal has sold the Hudson Spire development site in an all-cash transaction valued at $238,000,000.  The Hudson Boulevard facing site at 435 Tenth Avenue runs block-through from 501-507 West 34th Street to 510-528 West 35th Street.

Rarely does an opportunity become available to build a city’s tallest tower, especially in New York City, which is known for its iconic buildings.  The Hudson Spire site could one day be home to the tallest building in the US, surpassing One World Trade Center, thus making it the world’s third-tallest building after the Burj Khalifa in Dubai and the Makkah Royal Clock Tower in Mecca, Saudi Arabia.  This development will take place in New York’s next great neighborhood, Hudson Yards, the epicenter of Manhattan’s new west side which will include 26 million square feet of office space and 20,000 new residences.   

“In the years ahead the Hudson Yards District is sure to be the most dynamic neighborhood in the city. This is already reflected in land prices here which have tripled within the past two and a half years,” stated Robert Knakal, Massey Knakal’s Chairman, who exclusively represented the seller and was the sole broker in this transaction, with Partner James P. Nelson.  “This was an opportunity of a lifetime to help be part of something that will transform the city’s landscape,” added James Nelson.  

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Rendering Credit: MJM+A Architects

Neighborhoods: Hudson Yards

Massey Knakal Realty Services is pleased to announce the release of their exclusive First Quarter 2014 Property Sales Reports. These unique, industry-leading, reports provide 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).

“The investment sales market in New York City is about as good as it could be. Values are soaring and the volume of sales is approaching 2007 peak levels both in terms of dollar volume and number of properties sold,” stated Bob Knakal, Massey Knakal Chairman.

During the first quarter of 2014, 1,255 properties sold, which represents the strongest first quarter since 2007 and is an increase of 108% from 1Q13. NYC is expected to sell 5,020 properties by years end, putting it on pace to exceed its all-time high of 5,018 properties set in 2007. With an aggregate total of $13.3 billion, the city-wide dollar volume in 1Q14 was up 98% from the same quarter a year ago and also represents the strongest first quarter since 2007. Annualizing the first quarter, NYC’s dollar volume is on track to reach $53.1 billion in 2014, an increase of 39% from 2013.

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Massey Knakal Retail Leasing Services has secured a retail lease for 1407 Third Avenue, located on Third Avenue between East 79th and East 80th Streets on Manhattan’s Upper East Side.  The space will be occupied by a home furnishings store, Bleulili.

The space contains approximately 1,250 square feet on the ground floor with ten-foot high ceilings, and 500 square feet of basement space with 12-foot high ceilings.  Located on one of Manhattan’s busiest retail corridors, it features approximately 20 feet of frontage on Third Avenue.

Neighboring tenants include The Gap, Athleta, Vince Camuto, Blue Mercury, Loft, and Delfino.

“Through an extensive marketing campaign, we were able to locate a contemporary home furnishings and accessories tenant that is going to be great for the block,” said Massey Knakal’s Jill Lovatt, who represented the landlord in this transaction.

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Neighborhoods: Upper East Side/ Agents: Jill Lovatt

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use loft/conversion building at 61 Fourth Avenue (aka 61 Park Avenue South). The property is located between East 9th and East 10th Streets on the border of Manhattan’s East Village and Greenwich Village.  The asking price is $15,500,000.

The six-story building contains approximately 13,230 square feet and sits on a 24’ x 96.3’ irregular lot.  Although the current Certificate of Occupancy is a mix of office and art studio space, the building could be converted to residential as-of-right and it will be delivered vacant.  

“New condominium inventory is very tight in Greenwich Village and NoHo.  Currently, there are only 72 units available in new developments, with the average price per square foot hovering around $2,746,” said Massey Knakal’s James P. Nelson, who is exclusively marketing this property with Chairman Bob Knakal and Mitchell Levine.

The property presents a great condominium conversion opportunity or live-investment in an amazing location straddling the East Village and Greenwich Village just north of Astor Place.  It is across the street from Facebook’s new office and one block from 51 Astor Place, which will soon be the headquarters of IBM Watson and 1stdibs.

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Neighborhoods: Greenwich Village, East Village

The Colgate University Raider made a special visit to Massey Knakal's Manhattan office today. All were excited to see him in NYC, especially our Colgate alumni including CEO Paul J. Massey, Jr.



Below are a couple photos of the Raider hanging outo with our Colgate alumni
Photo 1 - Paul J. Massey, Jr.
Photo 2 - James Nelson, Mike Wlody, Charlotte Myers, John Leslie

Agents: Paul Massey Jr.

By: David Simon, Executive Managing Director, New Jersey

Last year, 924 properties sold in the six counties that Massey Knakal Realty Services tracks in Northern New Jersey (Bergen, Passaic, Hudson, Essex, Union and Middlesex) which equates to a thirteen (13%) percent decline from the prior year.  However, even though the number of trades that occurred in the sectors we monitor was down, the gross aggregate dollar value of these transactions increased by forty five (45%) percent.

Demand for multifamily and industrial continued to be very strong in 2013.  Forty one (41%) percent of the total dollar value occurred in the industrial sector.  This was driven by the fact that three industrial buildings sold for over $80 million dollars each.  The majority of the industrial activity occurred in Middlesex County which has a vacancy rate of 7.4%.

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Neighborhoods: Hudson County

An apartment building at 85-93 Humboldt Street, located on the corner of Humboldt and Seigel Streets in Brooklyn’s East Williamsburg neighborhood, was sold in an all-cash transaction valued at $12,000,000.

The four-story walkup building contains approximately 34,902 square feet and sits on a 99.42’ x 100.00’ lot.  It consists of a ground floor retail space with 18 residential units above, of which nine are three-bedroom and nine are four-bedroom units. The apartments were gut-renovated in 2010 and have individual sub-metered forced air HVAC systems, washer/dryer hookups and dishwashers.  The property was recently approved for a 14 year J-51 tax exemption.  The sale price equates to an approximately 5.59% capitalization rate.

The property is conveniently located five blocks from the Montrose Avenue L train station as well as the Flushing Avenue J and M train station, providing quick access to Manhattan and throughout Brooklyn.

“This is a turn-key investment property in a popular, emerging area,” said Massey Knakal’s Mark L. Lively, who exclusively handled this transaction with Brendan T. Maddigan.  “We received substantial interest, which is reflected in the strong pricing we attained,” added Maddigan.

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Neighborhoods: Williamsburg/ Agents: Mark Lively

In the latest installment of the Knakal News Network, Bob Knakal and Jonathan Hageman give a recap of the 2013 retail property sales market.

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Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 55 West 19th Street. The property is located between Fifth and Sixth Avenues in the Ladies’ Mile Historic District of Manhattan’s Flatiron and Chelsea neighborhoods. The asking price is $9,950,000.

The five-story elevator-serviced building contains approximately 8,905 square feet and sits on a 28’ x 92’ irregular lot.  Built in 1854, it consists of a retail store on the ground floor, floor-through commercial lofts on floors two and three, and a residential owner’s duplex on floors four and five with private roof deck.  The top three floors can be delivered vacant and the lease of the first two floors expires in September 2016, making this property ideal for an end-user as live/work, live/invest or as an investment property.  

This exceptional opportunity is located in the desirable Flatiron/Chelsea District, which has benefited tremendously over the last few years from the influx of high-end luxury retail stores lining Fifth Avenue, Sixth Avenue, and Broadway.  Burgeoning office rents and nation-leading low vacancy rates from the technology, advertising, media, and information sectors, coupled with the surge in recent residential conversions and developments, have made the Flatiron area one of the most desired neighborhoods to live and work in the city.  The property has convenient access to every major subway line, the major employment centers of Midtown South, the Chelsea gallery district, Gramercy and Madison Square Parks, and world class shopping in SoHo, making this property a truly one-of-a-kind investment opportunity.  

This property is being marketed exclusively by Massey Knakal’s John F. Ciraulo and Brock Emmetsberger.

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Neighborhoods: Chelsea, Flatiron/ Agents: John Ciraulo

On April 23, the Lower East Side Tenement Museum will hold its annual gala event celebrating the rich history and vibrant future of New York City and the Lower East Side. This year’s event has raised $1 million for the Museum, and is nearly sold-out. It is the most successful Gala in the Museum’s 25-year history. Held at the Essex Street Market in buildings rarely seen by the general public over the last 60 years, the Tenement Museum Gala may be the last ever held in these historic spaces.

The Museum’s 2014 Gala honors Taconic Investment Partners, L+M Development Partners, and BFC Partners; in September of 2013, these three firms were selected by the City of New York to develop the Seward Park Urban Renewal Area, which represents one of most significant urban renewal development opportunities remaining in Manhattan. Now known as Essex Crossing, the project will celebrate the neighborhood's past while promoting cultural energy and economic development for its future.

The Gala will begin in the Market’s Building D at 83 Essex Street with an array of foods highlighting the culinary diversity of the Lower East Side from vendors including Katz's Delicatessen, Parm, DiPalo's, Grey Lady, Red Hook Lobster Pound, Brooklyn Taco, Vanessa’s Dumplings, and Saxelby Cheesemongers. Guests will enjoy activities including a fortune teller, Chinese silhouette artist, and henna artist, and music from Lower East Side musicians.

This year’s Gala coincides with the most successful year in Museum visitorship. Notable attendees to the event include top names in New York real estate such as Bruce and Julie Menin, Paul J. Massey, Jr., Paul Pariser, Charles Bendit, Ron Moelis, Donald Capoccia, Jonathan Mechanic, and Robert Ivanhoe.

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Neighborhoods: Lower East Side/ Agents: Paul Massey Jr.

Massey Knakal Retail Leasing Services has secured a retail lease for 542 LaGuardia Place, located between Bleecker and West 3rd Streets in Manhattan’s Greenwich Village neighborhood.  The space will be occupied by a nail salon.
 
The space contains approximately 1,550 square feet on the ground floor with an additional 400 square feet of basement space.  It features a large, glass façade with approximately 12 feet of frontage that allows a tremendous amount of visibility.   The space benefits from soaring 12 foot high ceilings throughout.

This space is ideally located immediately across from NYU’s 2.1 million square foot development that is imminently beginning construction.  The combination of students, tourists, and residents continuously drives foot traffic to this block.  Neighboring tenants include Subway, Dunkin’ Donuts, Curves, Citibank, Peanut Butter & Co., Pita Grill, and Il Mulino.

“This is a perfect tenant for this space, because it’s already largely built out for the use they have in mind. We can’t wait to see the space once they’ve opened up!” said Massey Knakal’s Brendan Gotch, who exclusively represented the landlord in this transaction.

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Neighborhoods: Greenwich Village

Massey Knakal Realty Services has been retained on an exclusive basis to sell or ground lease a development site at 215 North 10th Street. The property is located on the corner of North 10th and Roebling Streets in Brooklyn’s Williamsburg neighborhood. The property is available for sale with an asking price of $24,000,000 or for ground lease.

The site is an approximately 18,000 square foot lot, which is located two blocks from McCarren Park and zoned for residential or commercial use.  It holds approximately 48,600 buildable square feet, which can be raised up to approximately 64,800 with inclusionary housing.

“This is a great corner development site not far from McCarren Park and the entrance to the Bedford Avenue L train station,” said Massey Knakal’s Mark L. Lively, who is exclusively marketing this property with Brendan T. Maddigan and Andrew J. Posil.  “There really are not too many good sized properties left for development in the Northside,” said Maddigan.  “The property’s desirable location and existing zoning offer a variety of attractive development options including residential, retail, and hotel,” added Posil.

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Neighborhoods: Williamsburg/ Agents: Mark Lively

Massey Knakal Realty Services proudly congratulates Karl Brumback for being awarded “Realtor Associate of the Year” by The Bronx-Manhattan North Association Of Realtors® (BMAR). Karl will be honored at their 90th Annual black tie banquet on Thursday, April 24th, 2014 at the Marina del Rey in the Bronx.

“Karl’s recognition by BMAR is a fitting testament to the professionalism he demonstrates with every client he represents, and for his commitment to enhancing the communities in which he works,” said Todd Korren, Executive Managing Director.
 
 For nearly a decade, Karl Brumback has been handling investment sales at Massey Knakal and has become the territory expert for various Bronx neighborhoods including Fordham, Riverdale, Kingsbridge and Wakefield. He has sold over 65 properties or notes with an aggregate consideration of nearly $400,000,000. His most noteworthy transaction was the Hamilton Dunbar Portfolio which consisted of a 15 building portfolio containing approximately 1100 units located throughout Northern Manhattan.  The properties were sold in six transactions based primarily on location to maximize value and economies of scale.  The aggregate sales consideration for the portfolio was over $139 million.

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Agents: Karl Brumback

By: Brendan Gotch, Massey Knakal Retail Leasing Services

With all the uproar over the continuously developing retail markets surrounding it, the quiet transformation of Broadway in NoHo has gone all but unnoticed. In SoHo, rents can now top $1,000 per square foot for the most valuable space, while in Union Square, H&M has signed a lease for nearly 40,000 square feet. Even other parts of NoHo have drawn their share of attention with the arrival of high fashion tenants like John Varvatos and Intermix on the Bowery. In spite of the fervor over all of the areas encircling it, the buzz has largely missed the changes on Broadway.

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Neighborhoods: NoHo

A commercial building at 345 East 104th Street, located between First and Second Avenues in Manhattan’s East Harlem neighborhood, was sold in an all-cash transaction valued at $6,750,000.

The five-story elevator building contains approximately 24,230 square feet and sits on a 50’ x 100.92’ irregular lot.  Owner-occupied for multiple generations and previously used as a combination of storage and office space, the building is configured as two retail units on the ground floor and commercial space on floors two through five.  It features large floor plates, high ceilings, abundant light, two internal staircases, and an elevator that services all floors.  The basement has approximately nine foot high ceilings and is currently used as additional storage and mechanical space.  The building is sprinklered, heated by #2 oil-fired boiler which is supplied by two tanks, and is sub-metered for electric use.  The sale price equates to approximately $280 per square foot.

“We received a tremendous amount of interest from buyers who traditionally focus on properties below 96th Street that were drawn to the unique character of the building. Tight supply, rising values, and a shift in the fundamentals along Second Avenue ultimately yielded a great price for the seller and provided a terrific conversion opportunity for the purchaser,” said Massey Knakal’s Hall Oster, who exclusively represented the seller in this transaction with Lev Kimyagorov.

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Neighborhoods: Harlem

In the latest installment of the Knakal News Network, Bob Knakal and Jonathan Hageman discuss the similarities between this year's market and 1988's.

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Massey Knakal Realty Services has been retained on an exclusive basis to sell a commercial building at 184 Main Street. The property is located between Madison and Monroe Streets in Port Washington, Nassau County. The asking price is $569,000.

The single-story building contains approximately 1,025 square feet on the ground floor, and an additional 600 square foot, beautifully finished lower level.  It sits on an approximately 18’ x 82’ lot and is terrific for retail or office space.  Parking is provided in the rear of the building for one car and the property offers full security surveillance.  The building has been meticulously renovated with two-zoned heating and hot water system, Weil McLain boiler, and new electrical system and roof, in addition to extras including custom skylights and stairway.  This property is currently leased, offering a good positive cash-flow, but it could also be the future home of an owner-user.

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

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Neighborhoods: Nassau County

An apartment building at 235 South Lexington Avenue, located on the corner of South Lexington and Maple Avenues in White Plains, New York, was sold in an all-cash transaction valued at $24,250,000.

The 13-story, 191-unit elevator serviced building contains approximately 222,155 square feet and sits on an 80,586 square foot lot.  It consists of 186 residential units, five office suites, and 209 on-site parking spaces.  The residential unit mix comprises three studio units, 97 one-bedroom units, 74 two-bedroom units, and 12 three-bedroom units.  The building features four elevators and an on-site laundry facility.  The sale price equates to approximately $109 per square foot, a 5.9% capitalization rate, and $130,376 per residential unit.

This property offers tremendous upside potential and is centrally located one block from White Plains Hospital and near City Center on Mamaroneck Avenue.  The Metro-North station is less than one mile away and the Bronx River Parkway and I-287 are in close proximity as well.

“This represents one of the largest sales transactions to occur in Westchester County in the recent past,” said Massey Knakal’s Thomas A. Donovan, who exclusively handled this transaction.  “There is tremendous growth potential for this neighborhood, which is highlighted by the development of an approximately 250,000 square foot retail center nearby,” he continued.

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Neighborhoods: Westchester County

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Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 258 Wythe Avenue. The property is located between Metropolitan Avenue and North 3rd Street in Brooklyn’s Williamsburg neighborhood. The asking price is $7,300,000.

The four-story walkup building contains approximately 6,444 square feet and sits on a 33’ x 50’ irregular lot.  It consists of a ground floor commercial unit, occupied by a restaurant, and three vacant full-floor loft units above. 

The building is located within three blocks of the waterfront and offers an excellent investment opportunity in a vibrant neighborhood.

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

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Agents: Mark Lively