News

Recently, Commercial Observer released their Power 100, a look at the most influential people in New York City real estate.

Paul Massey and Bob Knakal both made the cut, as did Bruce Mosler, Ed Forst, and Ron Lo Russo.

Click here to view on CommercialObserver.com

Agents: Paul Massey Jr.

Cushman & Wakefield is pleased to announce its #1 ranking for the fourteenth consecutive year on CoStar’s list of Top Brokerage Firms for NYC Commercial Property Sales.  Cushman & Wakefield acquired Massey Knakal Realty Services on December 31, 2014, and the ranking is based on their combined 2014 activity. According to CoStar data, in 2014, Cushman & Wakefield handled 301 transactions totaling over $5 billion dollars.

“Massey Knakal has truly been a game-changing acquisition for Cushman & Wakefield,” said Ron Lo Russo, President, NY Tri-State Region. “We continue to work together, seamlessly providing innovative and creative solutions to our clients. We’re excited about the opportunities ahead and poised to continue working together to reach new heights.”

“We are delighted to be ranked the #1 New York brokerage firm by number of transactions for the 14th year in a row. This accomplishment is a direct result of having the best and brightest sales force and management staff in the industry,” said Paul J. Massey Jr. President, New York Investment Sales.

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Cushman & Wakefield has been retained on an exclusive basis to sell the Duke Properties Brooklyn Portfolio, consisting of four multifamily and one mixed-use building in Brooklyn.  The asking price is $18,000,000.

The five brick and limestone walkup buildings are located at 29 Brooklyn Avenue, 137 MacDonough Street, and 235 Malcolm X Boulevard in Bedford-Stuyvesant, 1509 Pacific Avenue in Crown Heights and 300 Palmetto Street in Bushwick.  The buildings total 49 apartments and two stores - 27 of the 51 units will be delivered vacant or renovated, presenting buyers with significant upside in rents. All five properties are close to public transportation, providing convenient access to Downtown Brooklyn, Williamsburg, and Manhattan within 25 minutes.

“With average rents of stabilized apartments at less than a third of market, this portfolio offers a rare combination of scale with real upside across one of the fastest growing markets in New York City,” said Cushman & Wakefield’s Michael Amirkhanian, who is exclusively marketing this portfolio.

Click here for listing details

Neighborhoods: Bushwick, Bedford Stuyvesant, Crown Heights

A development site at 192 Bedford Avenue, located between North 6th and North 7th Streets in Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $12,250,000.  

This retail driven site measures approximately 20’ x 100’ and offers the opportunity to build approximately 4,000 square feet less than one block from the Bedford Avenue L train station.  It is currently improved by a two-story mixed-use building.  The sale price equates to approximately $3,062 per buildable square foot.

“The price and the incredibly quick sale of this well situated asset further demonstrates that Williamsburg is a major market in New York City, not an emerging part of the boroughs anymore,” said Cushman & Wakefield’s Brendan Maddigan, who exclusively handled this transaction.

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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan

Cushman & Wakefield has been retained on an exclusive basis to sell a development site at 97-29 64th Road, located on the corner of 98th Street and 64th Road in the Rego Park neighborhood of Queens.  The asking price is $12,500,000.

The site, consisting of two contiguous lots which combine for approximately 14,000 square feet, is currently improved by a two-story, income-producing retail/office building totaling approximately 20,771 square feet.  The property benefits from approximately 140’ of frontage on 64th Road and 100’ on 98th Street.  Situated within a C4-2 zoning district, it features a commercial FAR of 3.4, equating to approximately 47,600 buildable square feet.  The site also allows for a maximum FAR of 4.8 with community facility bonus, equating to approximately 67,200 buildable square feet of as-of-right development potential.  All leases contain demolition clauses, posing a prime development opportunity.

The property is just two blocks from the 63rd Drive – Rego Park subway station, with the M and R subways providing access to Midtown Manhattan in 25 minutes.  It is located one block from Queens Boulevard, within walking distance to the Rego Center Mall, and less than a mile from the Queens Place and Queens Center Malls.  The site is also in proximity to the Long Island Expressway, Grand Central Parkway, and Van Wyck Expressway.

“The property is ideally located, near the subway as well as big box retailers, in one of the most desirable neighborhoods in Northern Queens,” said Cushman & Wakefield’s Thomas A. Donovan, who is exclusively marketing this property with Eugene Kim, Tommy Lin and Robert Rappa.

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Neighborhoods: Rego Park

Stephen P. Palmese, one of Cushman & Wakefield’s leading sales agents, was honored on Thursday, April 16th with the Glenn Markman Award at the firm’s 2015 Recognition Celebration at C&W’s Theater at Barclays Center in Brooklyn.

“Glenn was all Brooklyn all the time and this building was one of his favorite places to go to after work,” said Bruce Mosler, Chairman of Global Brokerage. “If you took Glenn’s passion, dedication and love for giving back to the community in which he worked, then you know that Brooklyn, Cushman & Wakefield and his family were at the epicenter of his heart.”

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Photo: Bruce Mosler, Chairman of Global Brokerage, with Glenn’s wife, Jan and daughter Edie Ray at his side, presents first annual award to Palmese at C&W’s 2015 Recognition Celebration at the Cushman & Wakefield Theater at Barclays Center in Brooklyn

Agents: Stephen Palmese

A 48-unit apartment building located at 204 West 108th Street between Broadway and Amsterdam Avenue on Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $27,500,000.

The six-story, elevator-serviced building contains approximately 42,186 square feet on a 100’ x 100.92’ lot with 48 residential units, of which 33 are free market, 11 are rent stabilized, and four are rent controlled.  The unit mix consists of one two-room studio, 13 one-bedroom, 24 two-bedroom, 10 three-bedroom apartments, and a basement super’s unit.  The apartments possess crisp layouts and generous sizes, receive ample light and air, and are individually metered for gas and electric.  Recent improvements include a new roof, numerous apartment renovations, and updated gas service.  The building features approximately 9-10’ ceilings throughout, a large center courtyard providing additional light and air to the interior apartments, a full basement with tall ceilings, a laundry room, and ample storage space.  The sale price equates to approximately $652 per square foot.

“204 West 108th Street received a tremendous amount of interest from the marketplace due to its excellent overall condition and strong location. Demand for multifamily properties continue to far exceed the supply of available opportunities leading to high velocity and previously uncharted pricing,” said Cushman & Wakefield’s Hall Oster, who exclusively handled this transaction along with Teddy Galligan.

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Neighborhoods: Upper West Side

Cushman & Wakefield has been retained on an exclusive basis to sell a commercial building at 12 Franklin Street, located on the corner of Franklin Street and Meserole Avenue in Brooklyn’s Greenpoint neighborhood.  The asking price is $19,500,000.
 
The property currently consists of a single-story commercial building containing approximately 30,500 square feet on a 180’ x 122’ irregular lot.  Currently occupied by five noteworthy commercial tenants with a few years remaining on their leases, it holds approximately 55,550 buildable square feet or up to approximately 133,320 buildable square feet with Community Facility.
 
The property is ideally located across from the East River and Bushwick Inlet Park.  This manufacturing zoned pocket of Greenpoint and Williamsburg is currently experiencing an influx of office, hotel, and retail developments.
 
“Situated across the street from the slated Bushwick Inlet Park, the retail potential is strong and with unobstructed views of Manhattan, a new tower would be the preeminent location for an office, hotel or school,” said Cushman & Wakefield’s Brendan Maddigan, who is exclusively marketing this property.

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Neighborhoods: Greenpoint/ Agents: Brendan Maddigan

The New York City investment sales market set an all-time record in quarterly dollar volume in 1Q15 with $20.8 billion sold, surpassing the previous record of $20 billion established in 1Q07. Large ticket sales dominated the first quarter headlines, with three sales over $1 billion occurring in 1Q15 compared to four in all of 2014.  These large transactions, which all occurred in Manhattan, meant the borough contributed 81% of total dollar volume for New York City. The city is on pace to record 4,936 building sales in 2015, with 1,234 buildings sold in 1Q15. This year’s total number of buildings sold is expected to fall behind 2014’s record of 5,532 properties sold.

“After an incredible 2014, with more investment properties selling in New York City than ever before, it is remarkable that the market is continuing to roll along. The dollar volume in 1Q15 established a new record and expectations are for this unprecedented level of activity to continue throughout the year. New York real estate has become the hard asset of choice for wealthy investors from across the country and around the globe,” said Bob Knakal, Chairman, New York Investment Sales.

Some highlights include:

·    Global capital seeking safety will look towards the U.S. with ‘gateway cities’ its preferred destination – with the US economy set to outperform most of the developed world in 2015, and New York City’s economy expected to outperform most of the nation, New York City is an attractive destination for foreign and domestic capital placement.

·    Citywide dollar volume set an all-time quarterly record with $20.8 billion – we expect dollar volume to remain high throughout the year, ending 2015 with $65 billion, an all-time high.

·    On a submarket level, Brooklyn also set an all-time record for its dollar volume with $2.3 billion, representing 61% of total outer borough dollar volume.

·    Large transactions dominate the headlines with three transactions over $1 billion making up 25% of total dollar volume, led by the acquisition of 3 Bryant Park by Ivanhoe Cambridge and Callahan Capital Properties.

·    Price per square foot was down year over year, finishing 1Q15 at $519, mainly due to a lackluster quarter by the retail sector.

·    For the first time in history, citywide cap rates fell below 5% to 4.8% with all property sectors in Manhattan recording cap rates below 4%.

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In the latest Knakal News Network installment hosted by Jon Hageman, Director at Cushman & Wakefield, Bob Knakal discusses the acqusition of Massey Knakal by Cushman & Wakefield.

Click here to view

Paul J. Massey, Jr. will be honored at Bridges to Community 2015 Leadership Dinner.  The event will be held tonight at TriBeCa 360!

Click here for event information

Agents: Paul Massey Jr.

Cushman & Wakefield is pleased to announce the closing of a $1.8 million cash-out refinance, collateralized by two multifamily buildings in Brooklyn’s Crown Heights neighborhood. The loan features a 5-year term and 30 year amortization.

“We secured a loan for the borrower that not only reduced his current interest rate by as much as 1.75%, but also provided a significant amount of cash-out,” said Cushman & Wakefield’s Jessica Ke, who exclusively handled this transaction.

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Neighborhoods: Crown Heights/ Agents: Jessica Ke

Bob Knakal exclusively sat down with Rayma Katz, East Coast Editor of Globe St., to discuss the market's performance in 1Q15, growth potential, and outlook.

Click here to view video at GlobeSt.com

A commercial building at 150-42 12th Avenue, located between Clintonville and 150th Streets in the Whitestone neighborhood of Queens, was sold in an all-cash transaction valued at $1,475,000.

The property consists of an approximately 4,500 square foot commercial building with a parking lot in the rear which can hold 14 vehicles.  It was delivered vacant and can be renovated or developed into a variety of uses.  Zoned C2-2/R3-2, the property holds up to approximately 10,000 buildable square feet.  The sale price equates to approximately $328 per square foot or $148 per buildable square foot.

The property benefits from its location in one of the most desirable areas of Queens and in close proximity to all major thoroughfares including the Whitestone Expressway and Cross Island Parkway.

“This owner-user property allows the buyer to use the existing space and, as his business grows, eventually add-on square footage with the additional available development rights afforded by the zoning in this area,” said Cushman & Wakefield’s Stephen R. Preuss, who exclusively handled this transaction with Stephen P. Palmese.

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Neighborhoods: Whitestone/ Agents: Stephen Preuss, Stephen Palmese

Cushman & Wakefield has been retained on an exclusive basis to sell a medical office building at 407-409 East 70th Street.  The property is located between First and York Avenues on Manhattan’s Upper East Side.  The asking price is $26,500,000.
 
The five-story, plus fully built out lower level, elevator-serviced building contains approximately 15,000 square feet plus and sits on a 50’ x 55.33’ lot.  This property, which can be delivered vacant, could be suitable for a doctors’ practice, investment, conversion, or local hospital.  The Upper East Side, one of New York City’s most elegant neighborhoods, is known for its top ranked hospitals and schools and the neighborhood continues to attract young professionals and families.

This turnkey medical office property is located in the heart of New York’s major medical center.  It is less than one block from New York Presbyterian Hospital and Weill Cornell Medical College, both consistently ranked in the top 10 hospitals in the nation.  Additionally, across the street from the property is the Lasdon House, a 15-story doorman style building providing housing for medical and graduate students.  Memorial Sloan Kettering is also within walking distance.  The surging healthcare market has clearly driven long-term growth in the area and this offering could allow an investor to take advantage of a surging market.

This property also presents a residential development opportunity.  It is zoned R8, allowing for a residential conversion as-of-right.  It benefits approximately 4,157 square feet of air rights, potentially allowing a developer to add a penthouse.  The Upper East Side features an astoundingly low residential vacancy rate and an excellent residential sales market.  

“This is a rare opportunity to purchase a 50 foot wide, free market building in the heart of the Upper East Side.  We anticipate strong demand from medical users, institutions, and investors alike,” said Cushman & Wakefield’s Guthrie Garvin, who is exclusively marketing this property with Mitchell Levine and James Nelson.  “With medical office space located in close walking distance to some of Manhattan’s top hospitals being in high demand, we expect this to be a highly sought after asset,” said Mitchell Levine.

Click here for listing details

Neighborhoods: Upper East Side

A development site at 41-43 Dean Street, located between Court and Smith Streets in Brooklyn’s Boerum Hill neighborhood, was sold in an all-cash transaction valued at $2,450,000.
 
This property consists of an approximately 2,226-square foot lot which measures 53’ x 42’ and is ideally located on a tree-lined residential block.  The site holds approximately 4,452 buildable square feet for residential development, and the sale price equates to approximately $550 per buildable square foot.

This property is located just one block from the Bergen Street F and G subway station and the Borough Hall 2, 3, 4, 5, and R subway station is just a few short blocks north.  It is well-positioned among Brownstone Brooklyn’s most desirable retail destinations with Atlantic Avenue to the north, Court Street to the west, and Smith Street to the east.  The property is surrounded by an array of local bars, eateries, and boutiques as well as national retailers including Trader Joe’s, J. Crew, Barneys, CVS, New York Sports Club, and Starbucks.  The Brooklyn waterfront and Brooklyn Bridge Park are also a few blocks west.

“Not only does this sale establish a new record for price per buildable square foot within the greater Downtown Brooklyn markets, it is indicative of an upward trend in value for smaller-scale development opportunities in desirable residential enclaves,” said Cushman & Wakefield’s Stephen P. Palmese, who exclusively handled this transaction.

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Neighborhoods: Boerum Hill/ Agents: Stephen Palmese

Four contiguous mixed-use buildings, located at 56-48/50/52/54 Myrtle Avenue between Hancock and Cornelia Streets in the Ridgewood neighborhood of Queens, were sold in an all-cash transaction valued at $6,750,000.  

The three-story buildings run block-through and total approximately 17,645 square feet, two retail stores, and eight apartments.  They combine for approximately 80’ of frontage on Myrtle Avenue and 73’ on Hancock Street.  The properties also benefits from approximately 8,890 square feet of additional air rights.  The sale price equates to approximately $383 per square foot.

The properties are ideally located on Myrtle Avenue in proximity to the M and L subway lines in the heart of Ridgewood.

“These properties are ideally located in the heart of Ridgewood, currently one of the most in-demand neighborhoods in Queens,” said Cushman & Wakefield’s Thomas A. Donovan, who exclusively represented the seller in this transaction along with Tommy Lin, Eugene Kim and Robert Rappa.  “We were able to utilize our proven marketing process and leverage the tremendous interest in Ridgewood to achieve the full asking price for our client,” Donovan added.  The buyer was represented by Danny Millan of MNS.

Click here for press release

Neighborhoods: Ridgewood

A mixed-use building at 8309 Third Avenue, located between 83rd and 84th Streets in Brooklyn’s Bay Ridge neighborhood, was sold in all-cash transaction valued at $1,450,000.  

The three-story building contains approximately 2,964 square feet and sits on a 19.08’ x 80’ lot.  It consists of a ground floor retail unit and floor-through, two-bedroom units on each the second and third floors.  The sale price equates to approximately $489 per square foot.

This property is conveniently located four blocks from the 86th Street R train station, three blocks from the B16 bus stop, and across the street from the B37 bus stop.

“The transaction was smooth and quick.  A 1031 buyer purchased the property and the seller was pleased with our process and the sales price,” said Cushman & Wakefield’s Aaron Warkov, who exclusively represented the seller in this transaction with John Ciraulo and Hunter L. Moss.  “Our marketing process proved to maximize value by achieving a price far beyond any comparable sales in the neighborhood,” added Moss.  The buyer was represented by Alan Ng of House N Key Realty.  

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Neighborhoods: Bay Ridge/ Agents: John Ciraulo

Cushman & Wakefield has been retained on an exclusive basis to sell four development sites in Brooklyn’s Greenpoint and Williamsburg neighborhoods.

624 Metropolitan Avenue, located between Lorimer and Leonard Streets in Williamsburg, is an approximately 25’ x 100’ development site.  It holds approximately 8,625 buildable square feet and offers the potential to build a mixed-use or residential building less than a block from the entrance to the combined Lorimer Street L and Metropolitan Avenue G train station.  The area benefits from many popular restaurants, bars, and cafes, which make this site ideal for a project with a retail component.  The asking price is $3,300,000.

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75 McGuinness Boulevard, located between Nassau and Norman Avenues in Greenpoint, is an approximately 25’ x 100’ development site currently improved by a two-family building.  The site holds approximately 8,625 buildable square feet for residential development and is less than three blocks from the Nassau Avenue G train station.  The asking price is $2,800,000.

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186 Greenpoint Avenue, located between Leonard and Eckford Streets in Greenpoint, is a residential development site on an approximately 25’ x 112.58’ irregular lot.  Plans have been approved by the DOB to build a five-story residential building comprising six large apartments.  The property is located less than two blocks from the Greenpoint Avenue G train station.  The asking price is $2,775,000.

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263 Union Avenue, located between South 3rd and South 4th Streets in East Williamsburg, is an approximately 25’ x 91’ irregular development site.  Ownership has submitted plans to the DOB and MTA for approval to build a six-unit, seven-story building.  The site is in close proximity to the J and M trains at Hewes Street, the G train at Broadway, and the G and L trains at Metropolitan Avenue and Lorimer Street.  The asking price is $2,150,000.

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These development sites are being marketed exclusively by Cushman & Wakefield’s Brendan Maddigan.

Neighborhoods: Greenpoint, Williamsburg/ Agents: Brendan Maddigan

Cushman & Wakefield's Rob Shapiro will be a speaker at Bisnow's upcoming New York City Emerging Markets conference.  The event will focus on the next frontiers of Investment and Development, including Harlem, Queens, Staten Island, and the Bronx.

Click here for event information

Agents: Robert Shapiro