News

Massey Knakal Realty Services has been retained on an exclusive basis to sell a medical office building at 23-91 Bell Boulevard. The property is located on the corner of Bell Boulevard and 24th Avenue in the Bay Terrace neighborhood of Queens. The asking price is $9,000,000.

The three-story 12-unit building contains approximately 15,000 square feet and sits on a 189’ x 91’ irregular lot. The building is currently leased to 27 strong medical tenants, including two of the area’s largest hospitals, with minimal vacancy. It features rare on-site gated parking with valet and sits directly opposite of the main entrance to the Bay Terrace Shopping Mall, one of the busiest and largest shopping destinations in Queens and home to over 50 national credit tenants such as Applebee’s, Barnes & Noble, The Gap, and, Waldbaums. The property presents a rare investment opportunity in a prime corner location with high visibility and exposure.

The property is conveniently locates less than a mile from the Clearview Expressway, Cross Island Parkway, and Long Island Expressway, with easy access to the Throgs Neck and Whitestone Bridges. The LIRR is only minutes away and multiple bus lines service the area.

This property is being marketed exclusively by Massey Knakal’s Stephen R. Preuss.

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Neighborhoods: Bay Terrace/ Agents: Stephen Preuss

Bob Knakal will be a panelist at the upcoming RealShare New York conference on October 9th at The Roosevelt Hotel.  The Future of NYC's Hot Markets panel will focus on what is driving up demand in NYC's hot neighborhoods.

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Massey Knakal Retail Leasing Services has secured a retail lease on behalf of the Moinian Group for 37 West 17th Street, located between Fifth and Sixth Avenues in the Flatiron district of Manhattan.  The space will be occupied by a restaurant.

The space is approximately 2,200 square feet with a 1,000 square foot basement and benefits from 13.5-foot high ceilings. Neighboring tenants include Basta Pasta, Le Petite Abielle, BLT Fish, Rennert’s Gallery, and Charles P. Rodgers.

“The landlord is very pleased with the co-tenancy created at the property. The new tenant will be a perfect complement to Basta Pasta, which has been a destination for over 20 years,” said Massey Knakal’s Michael A. Azarian, who exclusively represented the Moinian Group in this transaction with colleague David Chkheidze. 

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Neighborhoods: Flatiron

Massey Knakal Chairman Bob Knakal will be honored at the Friends of Karen’s “An Evening at Tribeca Rooftop” gala for his long-time commitment to family causes.  The event will take place on Tuesday, October 7th at Manhattan’s Tribeca Rooftop.  Randi Kaye, Emmy Award-winning anchor and correspondent for CNN/U.S., will be the Master of Ceremonies.  Friends of Karen provides vital, practical and comprehensive support, at no cost, to families in the tri-state region who are caring for a child with a life-threatening illness. Since 1978, Friends of Karen has helped more than 13,000 children and their families with individualized case management provided by a team of experienced and compassionate social workers.

Mr. Knakal’s personal civic involvements include his presidency of the 149-year-old Prescott Fund for Children and Youth; President and member of the Board of Directors of Ice Hockey in Harlem; a recipient of The Catalog For Giving’s prestigious Urban Hero Award where he was subsequently elected to their Board of Directors; and being named, along with his partner, Paul J. Massey, 2002’s Real Estate Men of the Year for their charitable work by the Rambam Hospital in Israel.   In her ten years with CNN, Randi Kaye has covered breaking news stories, reports for Anderson Cooper 360 and regularly anchors and reports for CNN’s Documentary Unit.

For sponsorship and ticket information or to learn more about Friends of Karen, visit www.friendsofkaren.org or call Patricia Conway at (631) 473-1768 ext. 303.

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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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Two multifamily building at 107-109 and 111 Kensington Road, located between Avon and Minturn Roads in Bronxville, Westchester County, were sold in an all-cash transaction valued at $2,800,000.

The two buildings combine for approximately 13,200 square feet, 17 residential units, and five parking garage spaces.  They consist of eight one-bedroom units and nine two-bedroom units.  Washer and dryer facilities are located on premises and each unit comes with one parking space, in addition to the five parking garage spaces.  The sale price equates to approximately $212 per square foot.

Located on border of Bronxville and Tuckahoe, the properties are less than a ten minute walk from the Tuckahoe Metro-North train station, offering a 30-minute train ride to Midtown Manhattan.

“This sale is a testament to the strength of the multifamily market in the suburbs surrounding New York City,” said Massey Knakal’s Robert M. Shapiro, who exclusively handled this transaction with William Eisenhut. “This rare opportunity to own in Bronxville, one of Westchester’s most desirable villages, generated a tremendous amount of interest from the marketplace,” added Eisenhut.

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Neighborhoods: Westchester County/ Agents: Robert Shapiro, William Eisenhut

Massey Knakal Realty Services has been retained on an exclusive basis to sell a development site at 125 3rd Avenue / 10 St. Marks Place, located on the southeast corner of 3rd Avenue and St. Marks Place in Brooklyn’s Boerum Hill neighborhood.

The approximately 3,946-square foot corner lot features over 125 feet of frontage along St. Marks Place and 3rd Avenue.  It is currently improved by an approximately 3,360-square foot, single-story retail building.  As-of-right the property offers the opportunity to building approximately 15,785 square feet and purchased air rights from the neighboring parcel improve this opportunity to approximately 19,631 total buildable square feet.

This property is located on the border of Boerum Hill and Gowanus, two of the most dynamic and rapidly growing submarkets in Brownstone Brooklyn.  It has convenient access to transportation, with the 2, 3, 4, 5, B, D, N, Q, and R trains at Atlantic Avenue-Barclays Center just three blocks north and Atlantic Terminal, Brooklyn’s main transportation hub, just five blocks away.

This property is being marketed exclusively by Massey Knakal’s Stephen P. Palmese.

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Neighborhoods: Boerum Hill/ Agents: Stephen Palmese

By, Betty Castro, Massey Knakal Realty Services

The sales process has evolved over the years as consumers have become more sophisticated and somewhat desensitized to the “sales pitch.” Gone are the days of the “pressure close” and other tactics widely used in the 1980s. Today, successful sales professionals understand that they need to provide significant value to their clients. They assume the role of advisors and experts as they practice the art of selling without selling. It’s a subtle, disarming approach that creates instant rapport and long-term trust. Simply doing what’s in the best interest of the client builds credibility.

Providing information and value without the “sales pitch” is unpredictable and different. It’s something your competition is probably not doing and it will immediately set you apart. Instead of pitching, try listening. Ask questions and let your prospect do the talking. You will uncover a vast amount of information that will help you meet their needs and establish a long-term relationship. 

Corporates: Betty Castro

Massey Knakal Capital Services is pleased to announce the closing of a $69.5 million loan collateralized by nine hotel properties located in New York City, Rockland County, and New Jersey.  The loan featured a 10-year term at 3.439%, with a 25-year amortization schedule and 60.00% LTV.  

"Our client, a major hospitality owner, tasked us with sourcing capital in the 3% range. We were able to successfully identify a lender with a niche for limited service hotels and a competitive cost of capital. The Sponsor was able to pull out over $17,000,000 in cash-out and also reduce his debt service by $350,000 annually by virtue of our efforts,” said Massey Knakal’s Morris Betesh, who exclusively handled this transaction.  

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Massey Knakal Realty Services is pleased to announce that Neil Heilberg, Gia LaMarca, and Michael Wlody have been promoted to Partner at the firm.

Neil Heilberg joined Massey Knakal in 2012 as Chief Operating Officer.  Mr. Heilberg is responsible for the day-to-day operations of the firm. He has direct management responsibility for Marketing, Research, Human Resources, Sales Operations and Training, and Information Technology and he directly oversees each of the company’s service lines which include Investment Sales, Retail Leasing and Capital Services.  Neil plays an active role in developing and implementing the company’s strategic plan and organizational structure and serves on the firm’s Executive Committee. 

Gia LaMarca has been at Massey Knakal for nearly 15 years, having joined the firm in 2000 as an Intern in the Queens office.  After one year, she was asked to head up Human Resources and Recruiting for the firm, an effort taken on while pursuing a full academic schedule at Fordham University.  In 2002, Gia was integral in staffing the entire Brooklyn office with brokers, associates, and administrative support.  She next took on the expansion into Staten Island, the Bronx, Westchester, Nassau, and is currently instrumental in staffing the firm’s New Jersey division.  Her daily responsibilities as Senior Vice President, Human Resources include a variety of areas across management, personnel, compliance, career development, benefits/compensation, and strategy.  Gia was also a founding board member and prior Secretary of the Massey Knakal Charitable Foundation.

“Neil has been instrumental in the company’s strategic planning and macro initiatives since joining the firm in 2012. His appointment to Partner is a true testament to how valuable he is to this firm’s growth going forward,” said CEO Paul J. Massey, Jr.  “More people owe their successes and careers at Massey Knakal to Gia LaMarca than any other one individual,” he continued. 

Michael Wlody has been at Massey Knakal for nearly ten years, having joined the firm as Chief Financial Officer. He oversees the accounting, tax, budgeting, cash management and risk management functions, along with the direction of the corporate services and information technology departments.  He also serves on the firm’s Executive Committee.  In 2008, he received Massey Knakal’s annual Morton Apfeldorf Award for Integrity and Corporate Citizenship. Michael was a founding board member and Treasurer of the Massey Knakal Charitable Foundation.

“Mike has been the long-time financial steward of the company’s resources since he joined us in 2005. His direction of these resources serves as the foundation for the continued growth of our firm,” said Paul J. Massey, Jr.

All have been received Massey Knakal’s Robert A. Knakal Chairman’s award for Outstanding Services and Promotion of the Massey Knakal mission. “Gia, Mike and Neil have consistently done an outstanding job for us, embody our core values and their promotion to Partner is well deserved,” said Bob Knakal.

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Check out photos from our event to celebrate the new Parters

Photo 1- Massey Knakal Partners - Christy Alvarez, Stephen P. Palmese, Gia LaMarca, Michael Wlody, Paul J. Massey, Jr., Neil Heilberg, John Ciraulo, Thomas A. Donovan
Photo 2 - Paul J. Massey, Jr. with newly named Partners
Photo 3 - Chairman Bob Knakal and Stephen P. Palmese

Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 28 East 14th Street, located between University Place and Fifth Avenue in Manhattan’s East Village neighborhood.  The asking price is $30,000,000.

The five-story building contains approximately 11,875 square feet and sits on a 25’ x 103.25’ lot.  It consists of a ground floor retail unit and eight residential units, all of which are free market.  The building features approximately 25 feet of frontage on East 14th Street, directly east of Union Square.  It benefits from additional development rights and is within a block of several major subway stops.  This offering presents an excellent opportunity for an investor looking for stable in-place cash flow on one of the best retail corridors in Manhattan or a condominium conversion opportunity.

“Benefiting from its close proximity to Union Square station, which according to the MTA is the fourth busiest subway station in Manhattan with over 35,000,000 annual travelers, 28 East 14th Street stands to gain from the continued success of the 14th Street retail corridor,” said Massey Knakal’s James Nelson who is exclusively marketing the property along with Matthew Nickerson.

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Neighborhoods: East Village

By, Andrew Posil, Massey Knakal Realty Services

Through the first half of 2014, Brooklyn’s hotel market exhibited strong  performance  despite  growth  in  supply.   Market-wide  ADR has increased to record levels and occupancy remains well above the  national  average.  Brooklyn’s  hotels  leverage  the  high  urban density and growing business and leisure travel to the Borough. An increasing percentage of New York’s (over) 55 million visitors are making the choice to stay in Brooklyn hotels, a fi gure that is likely to continue as the Borough continues to develop world-wide appeal for all types of travelers. As a result, hotel investors and developers have a keen eye on Brooklyn.

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78 Grand Street, a prime mixed-use loft building located between Wooster and Greene Streets in Manhattan’s SoHo Cast Iron Historic District, was sold in an all-cash transaction valued at $15,600,000.

The five-story elevator-serviced former co-op building contains approximately 11,975 square feet and sits on a 25’ x 100’ lot.  It consists of a ground floor retail space and four full-floor upper lofts in excess of 2,000 square feet each. The retail tenant had a short lease term remaining and was paying a substantially below-market rent.

“At roughly $1,300 per square foot for an essentially non-stabilized building, this transaction demonstrates the continued strong demand for well-located property in SoHo," said Massey Knakal’s Paul Smadbeck, who exclusively handled this transaction with colleague Robert Burton. “When both the buyer and the seller want to get a transaction done, things progress smoothly. Both parties in this sale were very pleasant and worked together to accomplish the sale in a very timely manner,” added Burton.

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Neighborhoods: SoHo/ Agents: Robert Burton

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail cooperative unit at 104 West 13th Street. The property is located between Sixth and Seventh Avenues in Manhattan’s Greenwich Village Historic District. The asking price is $2,950,000.

The retail unit encompasses the entire ground floor and a portion of the basement for a total of approximately 3,074 square feet.  It is situated in a two-unit cooperative townhouse on a historic tree-lined street.  The unit is currently occupied by the owner and operating as a restaurant. It benefits from a front garden, rear patio, existing kitchen and liquor license, and a lower level that includes ample space for storage as well as a bathroom for patrons. The unit will be delivered vacant.

“This is an excellent opportunity to purchase a retail co-op space outfitted for a restaurant on a tree-lined residential block in undoubtedly one of the most food centric neighborhoods in all of Manhattan. This year, similar retail spaces have sold for an average of $3,300 per square foot, making this an attractive investment,” said Massey Knakal’s James Nelson, who is exclusively marketing this property with Brock Emmetsberger.

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Neighborhoods: Greenwich Village

Massey Knakal Realty Services has been retained to explore the sale or lease of the properties owned by FIP Ventures (“FIPV”), owner of a majority of the commercial properties of the waterfront resort complex just 60 miles east of Manhattan.  The properties consist of approximately 80% of the real estate in the commercial district in The Pines, an upscale gay community. The commercial district, which has been a staple in the area for decades, stretches 250 feet along the harbor and main pedestrian promenade leading to the residential and beach access areas.
 
The offering includes the Botel hotel and the Blue Whale restaurant and bar, famous for the Low Tea party; the newly rebuilt, architecturally distinct Pavilion night club with a 20 foot deck overlooking the harbor, famous for the High Tea party; the Pool Deck and Outdoor Bar; the Cultured Elephant, an outdoor restaurant; the Harbor Club and The Rack Gym.  There are also several retail stores which could be greatly expanded upon. Additionally, there are two multifamily properties that are included in the offering.  

“This is a once in a lifetime opportunity for a world class operator to run the majority of commercial businesses in this highly coveted community,” said Massey Knakal’s James Nelson, who is exclusively marketing FIPV with Andrew Posil and Brendan Gotch. Jon Wilner from Island Properties of the Pines, Inc. is also the on-site broker.

“Incredible upside potential exists to elevate the performance of these assets and to serve the loyal following that has come to The Pines year after year,” added Nelson.

The properties are being offered as a package with an asking price of $19,500,000, or individually. The Botel hotel and Blue Whale must be sold together and have an asking price of $8,500,000.  The Pavilion and adjacent house have an asking price of $5,500,000.  The Pool Deck and Cultured Elephant have an asking price of $3,500,000 and the staff house multifamily properties have an asking price of $2,000,000.
 
“The Botel hotel presents an outstanding opportunity to continue to operate on an as-is basis, or to redevelop the property into a larger, more modern hotel,” said Massey Knakal’s Andrew Posil.

“FIPV retail stores, which currently command rents upwards of $300 per square foot, are no larger than 500 square feet, so name brand luxury tenants have not been given the opportunity to serve this market,” said Massey Knakal’s Brendan Gotch. “Converting the ground floor of the hotel to retail would face a pool deck with thousands of potential customers each weekend,” added Gotch.

Now in its fifth year of ownership, and after successfully rebuilding a triumphantly redesigned Pavilion, ownership has decided to explore the sale and/or lease of the properties, passing the torch on to someone who can continue their vision and execute a broader redevelopment plan.
 
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Massey Knakal Realty Services has been retained on an exclusive basis by Carlyle House, Inc. to assist with the leasing of their Madison Avenue retail space located between East 76th and East 77th Streets. Ownership is considering all options, including master lease and direct lease.  CEO Paul J. Massey, Jr., Thomas D. Gammino, Jr., and Jill Lovatt are exclusively handling this assignment.

“This location is one of the premier retail locations in all of New York City and we are excited to assist ownership in finding the perfect opportunity for the space,” said Massey Knakal CEO Paul J. Massey, Jr.

The space, which is currently master leased to The Carlyle, consists of approximately 6,956 square feet on the first and second floors, plus an additional 593 square feet of cellar space.  It is currently subdivided into five stores, but could be combined. It boasts approximately 132 feet of prime Madison Avenue frontage.  The entire space will be delivered vacant upon expiration of the master lease on April 30, 2016.

Madison Avenue and the surrounding area is North America’s premier luxury shopping district.  It features the flagship boutiques of the finest international designers, over 100 world-class galleries, exquisite restaurants, dozens of spas and salons for exclusive pampering, and renowned hotels and museums.  

“A testament to the robust nature of Madison Avenue, this vibrant corridor has experienced a recent transformation of the brownstones adjacent to the Whitney, with a significant amount of new store openings – 30 in 2013 and 11 in the first half of 2014.  Rents for the diverse retail mix have soared to record levels.  Those seeking prime sites on Madison Avenue include retailers from around the globe,” said Jill Lovatt.

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Neighborhoods: Upper East Side/ Agents: Jill Lovatt, Paul Massey Jr.

Massey Knakal Retail Leasing Services has secured a retail lease for 716 Broadway, located between West 4th Street and Astor Place in Manhattan’s NoHo neighborhood.  The space will be occupied by Foot Locker.

This stunning, column-free retail space is located in an extraordinarily beautiful building and features two floors of potential selling space, though the future tenant intends to only sell out of the ground floor.  Previously occupied by bookstore Shakespeare & Co., it contains approximately 3,000 square feet on the ground floor with ceilings over 14 feet high and 2,000 square feet of basement space with almost 12-foot high ceilings. It benefits from approximately 20 feet of frontage as well as front and rear staircases.

The property receives heavy foot traffic from the local student, tourist, office, and resident populations. Retail neighbors include American Apparel, Superdry, French Connection, Duane Reade, and Aldo, while other neighbors include NYU, Facebook, and J. Crew.

“I remember buying my textbooks at Shakespeare & Co. as an NYU student, and while both the landlord and I are sad to see them go, the realities of today’s market combined with the effect of online retailing made it undesirable for them to continue their business,” said Massey Knakal’s Brendan Gotch, who exclusively represented the landlord in this transaction.  “Foot Locker is an ideal solution for the landlord and provides a product that is hotly in demand in this market, especially by NYU students,” he continued.

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Neighborhoods: NoHo

By: Betty Castro, Massey Knakal Realty Services

The Massey Knakal Brooklyn Summit is fast approaching. It is jammed packed with networking opportunities, educational workshops and fascinating panels.

Here are some tips to get the most out of this event.

Plan ahead
Review the event agenda beforehand and create a schedule for yourself so you're not taking time the day of to figure out what session to attend. Be prepared to take notes and bring plenty of business cards.

Do your homework
Review panel topics and bios of the speakers so you can come up with questions ahead of time to ask during the Q&A (or if you run into speakers at the networking session). You will also be able to recognize them from the pictures on our website.

Have a Goal
At each networking session, set a goal for yourself to meet at three people. Focusing on meaningful relationships instead of "working the room" will go a long way.

Arrive early
Instead of walking into a packed room, which can be overwhelming, arrive early so you can strike up meaningful conversations. It will also give you time to become familiar with the venue.

Ask questions
Ask people questions about their line of work, what they like about it and what challenges they face. Get to know their needs and offer your help instead of asking for something first.

Keep it light  
It doesn't have to be all business. Make it fun. Put a smile on your face and strike up a relaxed conversation about their hometown, favorite sports team or hobbies. It's important to make a connection with people.

Follow up!
You’ll probably come back with a bunch of business cards from the event. Add them to your contacts in Outlook. Send a follow up email reiterating what you discussed and offer next steps, i.e. coffee, lunch. Look them up on LinkedIn and make a connection.

Event Information

WHAT: Massey Knakal Brooklyn Real Estate Summit

WHO: Massey Knakal Realty Services and GreenPearl Events

WHEN: Tuesday, September 16, 2014
            7:45a.m. - 5:00p.m.

WHERE: Brooklyn Museum
               200 Eastern Parkway
               Brooklyn, NY 11238

Corporates: Betty Castro

Chairman Bob Knakal recently sat down with Bill Moller of First Business News to discuss the EB-5 program and its effect on the real estate industry.

Click here to view interview

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail tenant for 108 Delancey Street, located between Ludlow and Essex Streets on Manhattan’s Lower East Side.

The space contains approximately 2,200 square feet on the ground floor, 2,200 square feet on the second floor, 880 square feet on the third floor and 880 square feet on the fourth floor.  It features approximately 16 foot high ceilings and 22-feet of high visibility frontage along Delancey Street.  All uses will be considered and divisions will be considered.

This space is ideally located near The Williamsburg Bridge and steps from the J, M, Z subway entrance.  It is adjacent to the $1.1 billion Essex Crossing Development, which will add 1.9 million square feet of office, retail, and residential development, including 1,000 apartments.  Neighboring retailers include T-Mobile, Starbucks, Duane Reade, Chase, and McDonald’s.

“Even though Delancey Street is already a major thoroughfare, new types of retailers are looking to capitalize on the Essex Crossing Development while rents in the surrounding areas are still relatively low,” said Massey Knakal’s Ryan Reszelbach, who is exclusively marketing this space.  

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Neighborhoods: Lower East Side