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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 sell a residential development site at 608 Ocean Avenue. The property is located between Church Avenue and Albermarle Road in Brooklyn’s Flatbush/Prospect Park South neighborhood. The asking price is $3,750,000.

The subject site has DOB approved plans for 31 residential units totaling approximately 25,000 gross square feet on a 37.5’ x 150’ lot. A 421-a tax abatement will be secured for the next 15 years, minimizing operating costs. The offering presents one of the only development sites on the corridor and is a rare opportunity to develop near Church Avenue, Flatbush’s prime retail corridor.

The site is in one of Brooklyn’s most rapidly maturing neighborhoods, just three blocks from Prospect Park. The Q and B subway lines are two blocks away at Church Avenue offering 20 minute access to Downtown Brooklyn and Manhattan.  

“The site offers a substantial, turn-key development opportunity with a tax abatement, on one of Brooklyn’s more desirable avenues,” said Massey Knakal’s Michael Amirkhanian, who is exclusively marketing this property.

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Neighborhoods: Flatbush

“The 105 Riverside Drive House”, a townhouse at 105 Riverside Drive located between West 82nd and West 83rd Streets on Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $6,150,000.

This five-story, plus penthouse, Elizabethan Revival townhouse contains approximately 8,172 square feet and sits on a 26.33’ x 88.67’ lot.  It was designed and constructed by Clarence F. True in 1898 and features both south and west facing facades with sweeping views of the Hudson River and Riverside Park.  The property was designated as a landmark in 1991 and has one of the most unique facades in all of New York City featuring contrasting light orange roman iron-spot brick and limestone facing, a pitched roof with front and side dormers, and a stepped end-wall gable overlooking a side courtyard.  In addition to the side courtyard, there is a rear garden and two terraces on the fifth floor, one facing east and the other west.  The sale price equates to approximately $753 per square foot, a 2.03% capitalization rate and 29.85 times the gross rent.

The house was converted to a multifamily in 1953 and is presently configured as 11 apartments of which eight are free market, two are rent stabilized, and one is rent controlled.  The units consist of an array of different layouts, a number of which could be immediately combined to create a large owner’s apartment.  The interior of the building features ample original detail including a grand winding staircase leading from the foyer through to the sixth floor, wainscoting, beautiful fireplaces with mantels, exposed ceiling beams, wood floors, stained glass windows, and an old elevator shaft in the southeast corner of the building.  The property’s unique façade and side courtyard provide an extraordinary number of windows which supply afternoon light to all of the apartments. 

"105 Riverside Drive is a true Upper West Side classic and tremendous value opportunity that had been well-cared for by multigenerational ownership,” said Massey Knakal’s Hall Oster, who exclusively handled this transaction with Paul Smadbeck.

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Neighborhoods: Upper West Side

Massey Knakal's Stephen Palmese was recently featured in New York Real Estate Journal's Young and Established Spotlight.

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Agents: Stephen Palmese

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail condominium at 95 Chambers Street (AKA 77 Reade Street). The property runs block through between Broadway and Church Street in Manhattan’s TriBeCa neighborhood. The asking price is $22,500,000.

Situated in a newly-renovated building, the unit contains approximately 8,450 square feet on the ground floor and 4,188 square feet on the basement level for a total of approximately 12,638 square feet with 15-foot high ceilings.  It is currently occupied by European Wax Center and Reade Street Prep and also contains two vacant spaces.  The unit features approximately 79 feet of frontage on Chambers Street and 49 feet on Reade Street. In addition, the retail rents on Chambers Street are surging after being depressed by major street construction which will be completed in the fall.

This unit is located less than two blocks from the Chambers Street and City Hall subway stations, providing access to multiple subway lines.  It is also four blocks from the World Trade Center and WTC transportation hub.  Neighboring tenants include Dunkin’ Donuts, Starbucks, LePain Quotidien, GNC, Smyth Hotel, and Sophie’s.

“The property benefits from heavy foot traffic, with over 18,000 people passing daily, as per a 2012 report by the Downtown Alliance,” said Massey Knakal’s James Nelson, who is exclusively marketing this property with Will Suarez.  

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Neighborhoods: TriBeCa/ Agents: Guillermo Suarez

Massey Knakal Retail Leasing Services has secured a retail lease for 785 Eighth Avenue, located between West 47th and West 48th Streets in Manhattan’s Times Square Business District.  The space will be occupied by Open Tour New York.

The space contains approximately 1,838 square feet with 22-foot high ceilings, an 800 square foot basement, and an 800 square foot terrace.  It is located within a building that was recently reborn as Icon, a luxury rental building.  Designed by Ismael Leyva Architects, it was built in 2007 as a sliver condo that is 43-stories tall on a 23’ wide lot.

With an estimated 39 million visitors annually, more than 40 theatres and 29 million square feet of office space within a few blocks, the foot traffic is extremely heavy in the area.

“A perfect match for Eighth Avenue’s vibrant tourism and hospitality focused retail character, Open Tour New York is an ideal use for the space,”said Massey Knakal’s Dylan Murphy, who exclusively represented the landlord in this transaction. “Taking full advantage of the ceiling heights and dramatic frontage, the storefront is a beautiful addition to the block,” he added.

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Neighborhoods: Midtown West/ Agents: Dylan Murphy

A townhouse at 170 Amity Street located between Court and Clinton Streets in the heart of Brooklyn’s Cobble Hill neighborhood, was sold in an all-cash transaction valued at $4,500,000.

The beautiful four-story building contains approximately 4,500 square feet and sits on a 25’ x 100’ lot.  It consists of a ground floor duplex, which features two bedrooms, two bathrooms, and a garden.  Additionally, there is a floor-through two-bedroom unit on both the third and fourth floors. The sale price equates to approximately $1,000 per square foot.

The property is conveniently located in close proximity to Cobble Hill Park, multiple subway lines, and the prime retail corridors of Court Street, Smith Street, and Atlantic Avenue.

“The market was swift to respond to the rare opportunity to own an Amity Street address in Brooklyn’s highly coveted Cobble Hill neighborhood,” said Massey Knakal’s Winfield Clifford, who exclusively represented the seller in this transaction with Stephen R. Preuss. We achieved $1000 per square foot for a building that will ultimately be converted to a single-family residence,” Clifford added.

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Neighborhoods: Cobble Hill/ Agents: Stephen Preuss, Winfield Clifford

Massey Knakal Realty Services & 5Points Group LLC have been retained on an exclusive basis to sell a development site at 532 West 20th Street. The property is located between Tenth and Eleventh Avenues in the heart of Manhattan’s West Chelsea neighborhood.  The asking price is $27,000,000.

The site consists of an approximately 4,600 square-foot lot that measures 50’ x 92’. The site could hold up to approximately 27,500 buildable square feet for residential or mixed-use development.

This property is being marketed exclusively by Massey Knakal’s James Nelson and Brock Emmetsberger, along with 5Points Group, David Johnson and Alan Miller, who are also advising on the sale. “There are very few remaining residential developments in West Chelsea, especially so well located between the High Line and the Water,” said James Nelson.  "The site will enjoy protected Southern views because the low rise gallery building directly behind it on West 19th Street transferred its air rights to Jean Nouvel's 100 Eleventh Avenue luxury residential condominium.  In addition, it is adjacent to the NYS owned vacant former Women's prison on Eleventh Avenue which will be redeveloped imminently as an RFP has been underway for that large project.  West Chelsea is the hottest new construction neighborhood in Manhattan right now with by far the most new residential developments underway", said Alan P. Miller of 5Points Group.

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Neighborhoods: Chelsea

Massey Knakal Capital Services is pleased to announce the closing of an $18.0 million loan for Greenhill Partners, collateralized by a 292-unit multifamily property in Kalamzoo, Michigan. The 10-year loan featured a 5-year interest only term.  CIBC was the lender.

"The borrowers purchased the property a year ago using short term financing but made quick improvements to the asset which created significant value.  We knew that CMBS would be a great execution here and we were able to secure a loan with 5 years of interest-only and take advantage of the recent lowering of long-term interest rates,” said Massey Knakal’s Justin Boruchov, who exclusively handled this transaction.  “In addition, CIBC was able to recognize and give credit to the relatively quick improvement in the property’s operating performance. The quality of the asset and the strong operating experience and track record of the borrowers made this a great transaction,” he added.

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Massey Knakal's summer interns recently had the opportunity to take part in the firm's Initial Success Training classes.  The classes are taught by Massey Knakal employees as well as industry professionals and the topics range from Company History to Mechanics of a Lease to Networking.

"What I learned from the Initial Success Training was invaluable. The sessions covered topics that most of us probably are not taught in school, but are key to a successful career." - Sophie Smadbeck, intern from University of Florida

"I attended Paul Massey’s Company History speech and learned of his experiences from college, to entering the world of real estate, to succeeding in the world of real estate. I found it inspiring that he and Bob (Knakal) took what talent and eagerness they had and put that energy towards starting their own firm. It was evident, after witnessing Paul’s cool demeanor and overwhelming knowledge of the industry, that a company like Massey Knakal was bound for success." Blake Breitman, intern from Syracuse University

Photo 1: The group gets ready for the first session
Photo 2: Paul Massey talks about Massey Knakal Company History
Photo 3: Craig Waggner takes a selfie before starting his session on Due Diligence

Massey Knakal Realty Services has been retained on an exclusive basis to sell an office building at 12 Havemeyer Place. The property is located between Greenwich Avenue and Mason Street in Downtown Greenwich, Connecticut. The asking price is $6,000,000.

Fully-renovated in 2001, the three-story elevatored building contains approximately 9,000 square feet plus a finished lower level basement containing approximately 1,500 square feet, and sits on a 25’ x 104.5’ lot. There are two included parking spaces, as well as municipal parking which is available next door to the property. The building is currently vacant and the ground floor has the potential to be converted to retail. The offering presents an excellent opportunity for an investor to purchase and lease-up, or for a buyer to use as their own office.

“Boutique office buildings, which could be delivered vacant, are a rare opportunity in Greenwich.  This could serve as a central office or satellite location for a New York City firm,” said James Nelson, who is exclusively marketing the property. The property is located in desirable Downtown Greenwich steps off the Avenue, the town’s main shopping and dining destination, and it is a five minute walk from the Greenwich Metro-North train station.

This property is being marketed exclusively Massey Knakal’s James Nelson.

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Massey Knakal's Thomas A. Donovan was recently a guest on Building New York-New York Life Stories, a weekly television show hosted by Michael Stoler.  The show features local and national leaders responsible for real estate activities in the metropolitan region.  

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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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A development site at 76 Ainslie Street located between Keap Street and Union Avenue in Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $3,944,300.

The site currently consists of a single-story factory that contains approximately 5,060 square feet on a 50.58’ x 100’ lot. With an MX8 (M1-2/R6A) zoning, the buildable square footage is approximately 13,662 with the possibility to build up to 18,216 with inclusionary housing. The property was delivered vacant and the sale price equates to approximately $289 per buildable square foot.

The property is located one block from the Union Avenue entrance to the Metropolitan Avenue L and G train station and nine blocks from the Bedford Avenue L train station. The site is an excellent opportunity to develop in a great neighborhood of Williamsburg.

“There was strong interest in this property from developers as new construction is being built all around the area,” said Massey Knakal’s Mark Lively, who exclusively handled this transaction with Brendan Maddigan. “The building itself also offers the possibility of unique retail, and the demand in general for retail in Williamsburg is growing steadily,” Maddigan added.

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Neighborhoods: Williamsburg/ Agents: Mark Lively

In the latest installment of the Knakal News Network, Bob Knakal and Jon Hageman discuss the first quarter 2014 outer borough sales market.

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Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail strip center with parking at 3591-3597 Bayview Street. The property is located on the corner of Bayview Street and Osage Place in Seaford, Nassau County. The asking price is $1,150,000.

The single-story building contains approximately 4,000 square feet and sits of a 160’ x 100’ lot, with a large parking lot that can accommodate approximately 32 vehicles. The property is fully-leased and presents a great opportunity for an investor looking for a secure return on their investment. The property is in close proximity to the LIRR, as well as major roadways.

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

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Neighborhoods: Nassau County

The Society of Industrial and Office Realtors (SIOR) New Jersey chapter recently announced its new slate of officers for 2014 and Massey Knakal's David Simon was named Treasurer.
The New Jersey Chapter of SIOR includes 75 members, representing the leading commercial real estate professionals in New Jersey.  SIOR, a professional affiliate of the National Association of REALTORS®, is a global, professional association representing the commercial real estate industry’s top producers.

Massey Knakal Capital Services is pleased to announce the closing of a $26.6 million loan collateralized by eight mixed-use properties in Manhattan’s Midtown and Upper East Side neighborhoods.  The loan featured a 10-year term at 3.625%, with a 30-year amortization schedule and 75.00% LTV.  

"This was the third transaction we closed with our client, an institutional owner of properties nationwide. The challenge on this transaction was that 65% of the rents were generated by restaurant tenants, however, there were over 70 apartment units. Through a thorough marketing process we identified a lender who was able to underwrite these assets as multifamily properties rather than as commercial properties. In so doing we were able to net the sponsor greater loan proceeds and more aggressive pricing,” said Massey Knakal’s Morris Betesh, who exclusively handled this transaction.  

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Neighborhoods: Upper East Side, Midtown East

Massey Knakal Internship Program

6/14/2014 12:03:09 PM/ Massey Knakal/ News

Massey Knakal kicked off its Summer 2014 internship program last week.  Almost 50 students from colleges including NYU, Brown University, Villanova University, and Vanderbilt University are participating in the two month program.  The interns are working with agents in our investment sales, retail leasing, and capital services divisions as well as our corporate departments, including Public Relations, Marketing, Research, and Operations.

The interns' first two weeks were jam packed starting with a company-wide trip to the Bronx for a game at Yankee Stadium followed by catered lunches in each of the offices where the interns were able to mingle and get to know their colleagues. They got down to business the second week with a two-day training course held at the Penn Club. The training sessions were taught by Massey Knakal veterans and covered a wide array of topics such as brushing up on presentation skills, overcoming objectives and how to network.

Massey Knakal Realty Services is pleased to offer for sale the Beaux-Arts style townhome located at 9 East 89th Street. The property is located in the heart of Museum Mile and just steps from the Engineer’s Gate entry to Central Park, making it ideal for museum enthusiasts and Park lovers. It is also surrounded by some of the best private schools in the country. The asking price is $24,750,000.
The property itself is a 23’ wide, six-story elevatored building containing approximately 10,285 square feet above grade that was designed by German-born architect and artist Oscar Bluemner for Charles Glen, and built in 1902. The basement areaway, open at each side of the entrance, is surrounded by tall wrought-iron fences. The south facing limestone façade has a strong vertical emphasis and a centrally located entry that is complimented by the tall, molded stone openings of the upper stories. Four elongated brackets support the stone cornice above the fourth story.  The attic story has a single tripartite window opening and is terminated by a parapet. The roofs of the fifth and sixth floors boast unobstructed views of Central Park, the Jacqueline Kennedy Onassis Reservoir and the Guggenheim Museum.

The property is currently owned by New York Road Runners (NYRR), but will be delivered vacant, affording a prospective purchaser the opportunity to convert the commercial townhouse for residential use. The sale of the property is a natural next step for NYRR as they look to extend their reach throughout the five boroughs. The building will remain open and continue to provide NYRR services to runners until the property is sold.      

This historic townhouse is being marketed exclusively by Massey Knakal CEO Paul J. Massey Jr. and Thomas D. Gammino Jr.

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

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail tenant for the entire retail townhouse at 5 Ninth Avenue, located between Gansevoort and Little West 12th Streets in Manhattan’s Meatpacking District

The space contains approximately 4,102 square feet and offers the entire 19 foot-wide, four-story façade as frontage on Gansevoort Plaza, which has as many as 3,000 pedestrians passing through per hour.  Each floor has an open layout and there are soaring ceilings on the top floor.  A rear courtyard is included and offers rare outdoor space without the need for a sidewalk permits. The previous tenant, the restaurant 5 Ninth, vacated in early 2013.  The landlord will consider both restaurants and retailers as the new tenant.

This offering presents a tremendous branding opportunity in the heart of the Meatpacking District. Neighbors include The Gansevoort Hotel, The Standard Hotel, The Whitney Museum (coming in 2015), the High Line, Apple, Theory, Google, Sephora, and STK.

“This is an incredibly exciting assignment for us.  With the Whitney Museum opening soon, the repositioning of the Pastis building, and Thor’s project on Washington Street, the Meatpacking District is truly primed to achieve new heights,” said Massey Knakal’s Brendan Gotch, who is exclusively marketing his space. “The tenant that leases 5 Ninth Avenue will be one of the primary beneficiaries of that trend,” he continued.

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