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A blog for breaking sales and neighborhood real estate news.

Just as the Dow reported a 28-month high, Massey Knakal has had their own 34-month high for closings since March of 2008. Massey Knakal completed 35 transactions in December throughout the New York metro area with an aggregate value of approximately $221,175,000.

Some of the notable transactions included:
·    The Bleecker Street Luxury Retail Portfolio consisting of six leased retail condominiums on Bleecker Street which sold for $34,000,000. The portfolio is located on the prime luxury retail corridor in Manhattan’s West Village. According to REIS, the sale marks the third highest priced per square foot retail transaction in the United States.

·    A four-building multifamily portfolio consisting of approximately 217 units located in Astoria, Queens which sold for $30,100,000.

·    A 100,000 square foot block-through development site in Midtown West with foundation in place and approved plans which sold for $18,700,000.

·    A six-building package with 200 feet of frontage on Canal Street in Chinatown which sold for $15,000,000.

In addition to 33 property transactions, Massey Knakal handled two confidential note sales in December totaling an aggregate value of $31,325,000.

“There was a big rush by lenders to close in the Fourth Quarter, so we were pleased to have participated on these sales,” said Massey Knakal Partner James P. Nelson.

“Things are looking up in the investment sales arena,” said CEO Paul J. Massey Jr. “For the past 90 days, investment sales activity has increased dramatically due to a combination of interested buyers and available financing from local savings and commercial banks. Massey Knakal has also become a valued partner with financial institutions who, by using our New York metro area Territory System™, have come to realize maximum asset value,” added Massey.

On January 19th, Massey Knakal will release their exclusive year-end Property Sales Report, the most comprehensive study of the investment sales market by product type in the entire New York City area.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 2001, our agents have closed over 2,500 transactions, with an aggregate value exceeding $12 billion.

Click here for press release

Agents: Paul Massey Jr.