News

Radburn Plaza, a mixed-use building located at 14-01 Plaza Road between Fair Lawn Avenue and High Street in the heart of the historic Radburn section of Fair Lawn, NJ, was recently sold for $8,000,000.

The three-story office and retail building contains approximately 37,000 square feet and consists of 21 units.
 
The property is on the New Jersey and National Register of Historic Places and it is within walking distance of local restaurants, shops, banks, and the Radburn train station. It is also in close proximity to Route 208, providing connectivity to Routes 4 and 17, Garden State Parkway, and Interstate 287.

“This property is a landmark building in the Radburn district and it received tremendous interest and multiple offers during our marketing process.  We found a qualified buyer in a short period of time who closed quickly and met the seller’s expectations,” said Massey Knakal’s Seth Pollack, who exclusively represented the owner in this transaction. “The activity was an indication of the strength of the Bergen county market for well-located, well-occupied mixed-use properties,” he added.

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Neighborhoods: Bergen County/ Agents: Seth Pollack

According to Massey Knakal Research, transactional activity during the first six months set the course for 2014 to become a remarkable year.  In 1H14, 478 properties sold, up 3% from the 2H13 and up 18% from 2013 in annualized terms.

Price per square foot and price per buildable square foot were up to new all-time highs.  The average price per square foot in 2Q14 was $1,254, an increase of 13% of the quarter.  Average price per buildable square foot was up to $530 in 2Q14, the highest value ever.

Last week, Massey Knakal’s summer interns attended the “A Day in the Life of an Agent” session hosted by Brendan Gotch, Director of Retail Leasing.  Brendan joined the Massey Knakal team in 2003 as an Intern, and after graduating was hired full-time working on James Nelson’s sales team. Finally, he was promoted to Director of Retail Leasing, covering the East Village, Greenwich Village, and NoHo.

Brendan began by discussing his reasons for pursuing a career in the real estate industry and his path to Massey Knakal Retail Leasing Services. Growing up, Brendan’s parents invested in real estate on a small scale and the concept was always something he found intriguing. However, after spending a few years in the business, Brendan decided he wanted change so he moved to Paris. He wasn’t there long before realizing his heart belonged in New York City. Upon his return, it became almost immediately obvious to Brendan that he wanted to continue his career in real estate and there was only one place he wanted to continue it - at Massey Knakal.
 
Brendan shared with the group the process of closing a deal from beginning to end. The conversation concluded with a Q&A, where Brendan answered questions like “What is your daily routine?” and “Why do you value networking?” 

Massey Knakal Retail Leasing Services has secured a retail lease for 633 Second Avenue, located between East 34th and East 35th Streets in Manhattan’s Murray Hill neighborhood.  The space will be occupied by a new food concept.

The space contains approximately 1,400 square feet on the ground floor and a 1,000 square foot basement. It was previously occupied by Casaville Restaurant. 

The space is surrounded by over 200,000 square feet of proposed residential development and is in close proximity to 900 luxury apartments that are under construction. The 6 train subway line and the 34th Street East River Ferry Terminal are close by and several bus lines including the crosstown and M15 downtown service the area. NYU Langone Medical Center, Alexandria Science Center and The United Nations are in close proximity as well.

“The tenant moving in is an experienced operator with a new concept, it’s a perfect location to capitalize on the nearby hospitals and Murray Hill market. Both the landlord and tenant are excited,” said Massey Knakal’s Michael A. Azarian, who exclusively represented the landlord in this transaction. 

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Neighborhoods: Murray Hill

Massey Knakal Realty Services is pleased to announce the expansion of its New Jersey headquarters. Over the past year, the firm has added industry professionals bringing more than 100 years of experience to the New Jersey office.  

“We look forward to continuing to provide our clients with the highest level of resources and industry expertise as we expand our New Jersey brokerage services,” said COO Neil Heilberg.

Commercial real estate veteran, David A. Simon, joined the firm last year as Executive Managing Director to oversee the day-to-day operations, recruiting and expansion of Massey Knakal’s service lines throughout Northern and Central New Jersey.

“The firm has an impeccable reputation in the industry and the volume of business that it has transacted over the past 25 years speaks for itself. Massey Knakal’s unique and proven business model has enabled us to hit the ground running,” said Simon.

The New Jersey office consists of agents across the firm’s three disciplines which includes investment sales, retail leasing and capital services. Under Massey Knakal’s exclusive Territory System™, Northern and Central New Jersey has been divided into 24 distinct territories located within Middlesex, Union, Essex, Hudson, Bergen and Passaic counties. This system enables professionals who possess expert knowledge in a specific geographic location to provide critical real estate information to the marketplace.

“As we’re settled into our new space, we’re looking to add additional brokerage talent in sales, retail leasing and capital services,” said Gia LaMarca, Senior Vice President of Human Resources.

Neighborhoods: Hudson County

Massey Knakal Realty Services has been retained on an exclusive basis to sell the 16-story Class B office building at 21 Penn Plaza, aka 360 West 31st Street in Manhattan’s Penn Plaza District. The building is located on the southeast corner of Ninth Avenue and West 31st Street.  21 Penn Plaza is owned by a joint venture of The Feil Organization and Savanna.
 
“Given Massey Knakal’s track record of deals in Midtown West and the Hudson Yards area, The Feil Organization and Savanna believe they are well-positioned to market this property and to maximize its value,” stated Jeff Feil of The Feil Organization and Nick Bienstock of Savanna.

The subject property contains approximately 378,547 rentable square feet and boasts approximately 98.75’ of frontage on Ninth Avenue and approximately 220’ of frontage on West 31st Street. The building’s occupancy rate is 98.44%.  Approximately 67% of the building’s leases are expiring within the next five years. Therefore, new ownership can almost immediately take advantage of significant upside potential.

21 Penn Plaza is surrounded by some of the largest private and public development projects in the city, and is centrally located near various modes of transportation and hubs, making it an accessible and desirable place for tenants. Its prime location makes it a rare acquisition opportunity for investors in one of New York’s thriving office markets.
 
“This is a great asset in the heart of the corridor between Penn Station and Hudson Yards. With the new station entrance planned on 31st Street between Eight and Ninth Avenues, this property is poised for tremendous growth in the years to come,” stated Massey Knakal’s Bob Knakal, who is marketing the site with Jonathan Hageman and David Kalish.

Massey Knakal Realty Services has been retained on an exclusive basis to sell an apartment building at 529 East 13th Street. The property is located between Avenues A and B in Manhattan’s East Village. The asking price is $7,800,000.

The five-story walk-up contains approximately 10,500 square feet and sits on a 25’ x 103.25’ lot. It consists of 11 residential units of which three are rent stabilized and eight are free market. The ground floor has three apartments and floors two through five have two apartment per floor, all of which are identical in size. The ground floor is built approximately 100’ deep, while floors two through five are built 80’ deep. The building features a new gas boiler and most of the free market apartments have been recently renovated.

The subject property provides an excellent opportunity for an investor to purchase a well-maintained apartment building with remaining upside potential in an area that is quickly appreciating in value.

“With strong in-place cash flow, and plenty of upside, this is a great opportunity to buy in the East Village, just a few blocks from Union Square,” said Massey Knakal’s Guthrie Garvin, who is exclusively marketing this property with Michael DeCheser.

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Neighborhoods: East Village/ Agents: Michael DeCheser

On Wednesday, July 23rd, Paul Massey hosted a breakfast in the Brooklyn office for the students taking part in Massey Knakal’s summer internship program. Paul began by giving the group a brief introduction on Massey Knakal and the real estate business.  He then allowed the interns to steer the conversation as they wanted, answering questions and expanding on topics of their choosing. 

At the request of the interns, Paul discussed the open floor plan and went into detail on his personal take on competition, and why the firm chooses to only represent owners and landlords. He described his daily routine, and why he values networking and picking up the phone every morning. Paul emphasized how important it is to have at least one real conversation with someone a day, and how that is better than having several generic conversations. He educated the group on the history of Massey Knakal, what sets it apart from the competition and why it is important to befriend your competition. He even went on to have a more personal discussion, sharing with the interns his methods for balancing a business and a family.

Agents: Paul Massey Jr.

Massey Knakal Capital Services is pleased to announce the closing of a $900,000 non-recourse loan collateralized by a mixed-use property with two residential units and one commercial unit at 619 Hudson Street in Manhattan’s West Village neighborhood.  The loan featured a 7-year term with a fixed-rate at 3.75%, and 30-year amortization.

"Many people we speak to in the West Village have a hard time financing their buildings with less than five residential units. Several of the big names in the multifamily lending arena won’t touch an asset like 619 Hudson Street simply because of its size. We actively scoured the lending community, and we have found lenders offering competitive rates and structures for this ‘niche’ asset type,” said Massey Knakal’s John Leslie, who exclusively handled this transaction.   

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Neighborhoods: Greenwich Village

In the latest installment of the Knakal News Network, Bob Knakal and Jon Hageman discuss the seven key skills that brokers need to be successful.

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According to Massey Knakal Research, sales activity in 1H14 was one of the strongest half-years ever.  In 1H14, 2,643 properties sold, the third highest bi-annual result following 1H07 (2,738) and 2H12 (2,690).  The number of properties sold during the last four quarters (3Q13 to 2Q14) mark the strongest four quarter period ever - exceeding the strongest 12 month period of the 06/07 boom.

Additionally, 1H14 citywide dollar volume was $27.4 billion, the strongest first half since 2007.  Pricing was $421 per square foot, up 8.4% from 2013's annual average.

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 48 MacDougal Street. The property is located between Houston and Prince Streets in Manhattan’s SoHo neighborhood. The asking price is $7,350,000

The three-story walk-up building contains approximately 4,440 square feet and sits on a 20.83’ x 75’ lot. It consists of a ground floor restaurant and two duplex apartments above that each have two full bathrooms with exclusive outdoor space. The units feature large skylights, 20’ ceilings, oversized windows and a separate kitchen with dishwasher. The property benefits from approximately 995 square feet of air rights, presenting an excellent opportunity for a user to convert the above floors to a single-family residence while collecting income from the ground floor. An investor may also look to utilize the long-term upside in the retail rents.

The property is located in the desirable SoHo neighborhood, known as a vibrant international destination with excellent restaurants, retail shops, five star hotels and multiple art galleries and museums. Transportation is easily accessible with the Spring Street subway station just around the corner with access to the C and E trains and the West 4th Street station in close proximity with access to the B, D, F, M trains. There are also multiple bus lines servicing the area.

“We anticipate strong interest in this property from users looking for live plus income opportunities, because of the lack of this product type in the market,” said Partner James Nelson who is marketing the property with Robert Burton. “This property is ideally located on a quiet side street of SoHo, minutes away from some of the best shopping in the world,” added Burton.

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Neighborhoods: SoHo/ Agents: Robert Burton

A residential development site, located at 599-603 Willoughby Avenue, between Tompkins and Throop Avenues in Brooklyn’s Bedford Stuyvesant neighborhood, was sold in an all-cash transaction valued at $1,900,000.

The existing three-story structure contains approximately 8,725 square feet and sits on a 60’ x 100’ lot.  It consists of a house of worship, cafeteria, and office space, as well as a vacant second and third floor that can be converted to apartments or redeveloped to recognize the property’s full potential of approximately 13,200 buildable square feet.  The sale price equates to approximately $144 per buildable square foot.

The property is located one block from the G train and a short walk from the J, M, and Z trains, offering access to nearby Williamsburg and Manhattan within 20 minutes.

“In this strong development climate, this is just another example of how we have helped non-profit clients sell real estate assets that no longer meet their needs as an organization, but that have become highly desirable development sites,” said Massey Knakal’s Michael Amirkhanian, who exclusively handled this transaction. “Our client was able to take the proceeds of the sale and trade into a property that better suits the needs of their growing organization and community,” he added. 

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Neighborhoods: Bedford Stuyvesant

Massey Knakal Realty Services has been retained on an exclusive basis to sell a townhouse at 562 3rd Street. The property is located between Seventh and Eighth Avenues in the heart of Brooklyn’s Park Slope neighborhood. The asking price is $4,300,000.
 
The three-story building contains approximately 3,800 square feet and sits on a 20’ x 95’ lot.  It features five bedrooms and boasts a beautiful synthesis of original detail and contemporary style.
 
Ideally located just steps away from Prospect Park and lively Seventh Avenue, this townhouse provides a unique balance of natural surroundings and metropolitan activity. A rarity in the neighborhood due to its wide, child-friendly sidewalks, 3rd Street continues to stand out as one of the more desirable streets in Park Slope. Additionally, the property is located in proximity to the 2, 3, F, G, R, D, and N trains.
 
This property is being marketed exclusively by Massey Knakal’s Ilya Tolmasov.

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Neighborhoods: Park Slope

An apartment building at 87-21 87th Street located between Jamaica and 88th Avenues in the Woodhaven neighborhood of Queens, was sold in an all-cash transaction valued at $5,050,000.

The 35-unit, four-story walkup building contains approximately 28,100 square feet and sits on a 100’ x 100’ lot. It consists of two studios, 29 one-bedroom apartments, three two-bedroom apartments, and one three-bedroom apartment. The sale price equates to approximately $180 per square foot, $144,285 per unit, a cap rate of 5.30%, and 10.01 GRM.

The building is ideally located just south of Jamaica Avenue and two blocks from the J train at Forest parkway.

“Due to the lack of similar properties available and our marketing process, we were able to achieve a sale price which exceeded the asking price,” said Massey Knakal’s Thomas A. Donovan, who exclusively handled this transaction with Brian Sarath.

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Neighborhoods: Woodhaven

In the latest installment of the Knakal News Network, Bob Knakal and Jon Hageman discuss the Rent Guidelines Board decision.

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Massey Knakal Realty Services has been retained on an exclusive basis to market the senior non-performing loan collateralized by an apartment building at 120 Beach 26th Street.

120 Beach 26th Street is a 15-story luxury building, known as The Metroplex, located on the south side of Beach 26th Street running block through to Beach 25th Street in Far Rockaway, Queens.  It contains approximately 125,874 square feet and sits on a 224’ x 195’ lot and consists of 126 residential units, one community facility space, and an internal parking garage.  Each unit features hardwood floors, granite countertops, washer/dryer hook-ups, wood cabinetry, and ocean views.  The building will be delivered vacant and the units’ high-end finishes make it suitable for potential condominium sellout or luxury rental.  

This loan is being marketed exclusively by Massey Knakal’s James Nelson and Matt Nickerson.

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Neighborhoods: The Rockaways

Last week, the interns at Massey Knakal had the opportunity to listen to Dan Maurer host the firm’s “A Day in the Life of an Associate” session.
 
Dan has been at Massey Knakal for two years, working alongside Rob Shapiro focusing on Manhattan’s Inwood and Washington Heights neighborhoods.
 
Dan discussed his long-term goals, background, education, daily role on his team and evolution within the firm. He emphasized how valuable networking is, and discussed why having a real estate license can set one Associate apart from the rest. He talked about the friendly company culture at Massey Knakal, and how events such as the annual picnic help bring the firm together. According to Dan, what sets Massey Knakal apart from other firms is that instead of competing with colleagues, employees motivate one another and one colleague’s success is the entire company’s success.
 
Dan closed his discussion with a Q&A, where he answered questions such as “What are the best and worst parts about being an Associate?” and “What is the difference between an Agent and an Associate?” 

Agents: Robert Shapiro

Two adjacent office buildings known as the Morris Avenue Professional Center, located at 1185 and 1191 Morris Avenue in Union, New Jersey, were recently sold.

The three-story buildings consist of approximately 18,624 square feet.  1185 Morris Avenue, known as the Imperial Building, contains approximately 11,000 square feet and features recently renovated common areas and flexible floor layouts accommodating tenants of all sizes. The Regency Building, located at 1191 Morris Avenue contains approximately 7,500 square feet and was completely renovated in 2011.

The properties are well-located for commuters and are within walking distance of the Union NJ Transit railroad station, providing service to Manhattan and throughout New Jersey.  Additionally, the buildings are easily accessible from the Garden State Parkway, Interstate 78, and U.S. Route 22.  A variety of retail shops and restaurants as well as Kean University are in close proximity and Newark Liberty International Airport is only six miles away.

“We received multiple offers for this property due to our extensive marketing campaign. The property was sold to a New York based owner who was looking to complete a 1031 exchange,” said Massey Knakal’s David Simon, Executive Managing Director, New Jersey, who exclusively represented the seller in this transaction with Chairman Bob Knakal and Johnathan Kristofich.

The buyer was represented by William F. Gilsenan Jr. of Gilsenan & Company, LLP.

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Neighborhoods: Union County

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail tenant for 41 West 24th Street, located between Broadway and Sixth Avenue in Manhattan’s Flatiron District.

The space contains approximately 1,650 square feet of ground floor space, with an additional 675 square feet of lower level space. It is located on the same block as 10 Madison Square West, an ultra-high-end residential and retail development on the corner of Broadway. All uses will be considered.

This offering presents a tremendous branding opportunity steps from Madison Square Park. It is directly adjacent to the newly constructed Wyndham Garden Hotel and in close proximity to The Ace, NoMad and Flatiron Hotels. Neighboring tenants include Eataly, Café El Presidente, Bo’s Kitchen & Bar, Junoon, Tappo and Raymi. Transportation is easily accessible with the N and R trains at 23rd Street and Broadway as well as the F train at 23rd Street and Sixth Avenue.  

“This block is getting a ton of attention thanks to all the high-end development surrounding Madison Square Park and the adjacent stretch of Broadway,” said Massey Knakal’s Michael A. Azarian, who is exclusively marketing this space.

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Neighborhoods: Flatiron