The Reel

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A blog for breaking sales and neighborhood real estate news.

Massey Knakal Realty Services is pleased to announce the closing of their 200th transaction of 2010. A block-front mixed-use offering at 3300 Netherland Avenue and 560-74 West 235th Street, located in the heart of Riverdale in the Bronx, was sold in an all cash transaction valued at $16,200,000.  

“We have clearly seen an increase in investment sales activity from historically low levels in 2009,” said Massey Knakal Managing Director Ken Krasnow.  “Investors have more confidence, interest rates are still low and well located, stabilized assets can still command excellent pricing.  The outlook for 2011 looks even more promising,” added Krasnow.

3300 Netherland Avenue is a six-story, elevator apartment building that is approximately 81,880 square feet. There are 66 units and a full basement with parking for 38 cars. The building is very well maintained and violation-free.

560-574 West 235th Street is a one-story commercial building located on the corner of Johnson Avenue and West 235th Street. This 5,000 square foot property features seven commercial units and a full basement.

“This is one of the largest Riverdale apartment buildings that sold over the last several years,” said Massey Knakal First Vice President of Sales Karl Brumback who exclusively handled this transaction. “We received a tremendous response to the listing and within two months of kicking off the marketing process, we were in contract at over the asking price,” added Brumback.

Click here for press release

Neighborhoods: Riverdale/ Agents: Karl Brumback