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North Central Brooklyn Outpaces The Rest Of The Borough, Despite A Sluggish 4th Quarter
3.28.2017 / DJ Johnston
According to Cushman & Wakefield Research, Brooklyn YE16 concluded with a total of 1,702 transactions and an aggregate value of $8.2 billion, a 2.4% decrease from 2015. The annual statistics below will highlight activity during 2016, specifically in the North Central Brooklyn submarket, which is comprised of the Bedford-Stuyvesant, Bushwick, Crown Heights, and Prospect Lefferts Gardens neighborhoods... View Article

Queens is Heating Up, and Investors are Taking Notice
3.28.2017 / Thomas Donovan
Queens, NY has had all of the underpinnings of the next trendy area for some time now. Its sheer size - home to 2.4 million residents across 178 square miles - would make it the fourth largest city by population in the United States, lagging only Los Angeles, Chicago, and Brooklyn. It is also one of the most ethnically diverse urban areas in the world, with more than 138 unique... View Article

Market Activity Report for North Central Brooklyn - 3Q16
1.5.2017 / DJ Johnston
According to Cushman & Wakefield Research, Brooklyn’s 3Q16 concluded with a total of 433 properties sold and an aggregate value of over $2 billion, suggesting... View Article

Market Activity Report for SoHo - Third Quarter 2016
10.21.2016 / Robert Burton, Max Hecht
The third quarter of 2016 remained consistent with the second half of 2015 and the first two quarters of 2016. Transaction volume has remained flat while pricing has also held steady... View Article

Market Activity Report for North Central Brooklyn - First Half 2016
9.29.2016 / DJ Johnston
According to Cushman & Wakefield Research, Brooklyn’s 1H16 concluded with a total of 657 transactions and an aggregate value of $4 billion, suggesting an annualized dollar volume of $8 billion, a 4% decrease from 2015. The biannual statistics below will highlight activity during 1H16, specifically in the North Central Brooklyn submarket, which is comprised of the Bedford-Stuyvesant, Bushwick, Crown Heights, and Prospect Lefferts Gardens neighborhoods... View Article

Team Amirkhanian Year-End 2015 Market Activity Report for North Central Brooklyn
3.21.2016 / Michael Amirkhanian
This report focuses on the investment sales activity in the North Central Brooklyn submarket, which we define as comprising the neighborhoods of Bedford Stuyvesant, Bushwick, Crown Heights, and Prospect Lefferts Gardens. Each of these neighboring areas, characterized recently as going through an economic resurgence and a significant drop in crime, have seen an influx of artists, young families, and a diverse array of new restaurants and other retail amenities. Driven by strong fundamentals like proximity to market center and transportation (including 10-25 minute subway commutes to Downtown Brooklyn and Manhattan), architectural significance, solid returns and tremendous long-term upside, these transitional neighborhoods have emerged as a focal point of transaction volume in Brooklyn. View Article

West Chelsea Rezoning: Ten Years Later
3.2.2016 / Brock Emmetsberger
Five years ago I wrote about the changes brought about by the West Chelsea Special District rezoning. In addition to spurring mixed-use development, the implementation of the Special District has preserved the integrity of West Chelsea’s commercially zoned properties while fostering the growth of the area’s various galleries. View Article

2015 Year in Review: Northern Queens
1.14.2016 / Stephen Preuss
2015 proved to be a very busy year in the Northern Queens Commercial Real Estate market. Throughout the first three quarters of the year Northern Queens experienced heavy activity focused in mixed use and retail properties, while across the whole Queens Market retail buildings and development sites saw the largest dollar volume growth. Compared to 2014, the dollar volume of sales increased by 44% over the first three quarters of 2015, however the number of sales decreased about 19%. View Article

Team Amirkhanian Third Quarter 2015 Market Activity Report for North Central Brooklyn
12.21.2015 / Michael Amirkhanian
North Central Brooklyn’s Dollar Volume On Par with 2014; Transaction Volume Down 15%; According to Cushman & Wakefield Research, Brooklyn’s 3Q15 finished with a total 392 transactions with an aggregate value of $1.9 billion, bringing YTD dollar volume to $6.6 billion, a 37% increase from 2014. This quarterly report will take a closer look at the activity during 3Q15 in the North Central Brooklyn submarket, which is comprised of the Bedford-Stuyvesant, Bushwick, Crown Heights and Prospect Lefferts Gardens neighborhoods. View Article

North Central Brooklyn Sales Volume Reaches $650M for the Second Year in a Row – First Half 2015
9.24.2015 / Michael Amirkhanian
According to Cushman & Wakefield Research, Brooklyn’s 1H15 concluded with a total of 1,064 sales transactions with total aggregate value of $4.5 billion. This biannual report will take a closer look at sales activity during 1H15 in the North Central Brooklyn submarket, which is comprised of the Bedford-Stuyvesant, Bushwick, Crown Heights and Prospect Lefferts Gardens neighborhoods. View Article

Team Amirkhanian First Quarter 2015 Market Activity Report for North Central Brooklyn
6.22.2015 / Michael Amirkhanian
According to Cushman & Wakefield Research, 1Q15 in Brooklyn closed with a total of 336 transactions with a total aggregate value of $2.4 billion. On an annualized basis, this would be over $9.5 billion total dollar volume, or a 42% increase from 2014. This quarterly report will take a closer look at the activity during 1Q15 in the North Central Brooklyn submarket which compromises the neighborhoods of Bedford-Stuyvesant, Bushwick, Crown Heights and Prospect Lefferts Gardens. View Article

Chinatown: Manhattan’s Next Hotel Hotspot
5.8.2015 / Andrew Posil
On an island of soaring property values, Chinatown offers hotel developers in Manhattan the illusive buy-low, sell-high proposition. The adolescent nature of Chinatown’s hotel market creates the type of risk that may harbor great rewards. The market’s key underlying fundamentals include: relatively lower prices for development properties compared to other parts of Manhattan; the authentic character of the neighborhood appealing to a growing demand for experiential travel; and the opportunity to serve a growing number of Chinese visitors. View Article

Team Amirkhanian Year-End 2014 Market Report for North Central Brooklyn
4.16.2015 / Michael Amirkhanian
This quarterly market report focuses on investment sales activity in the North Central Brooklyn submarket, which we define as comprising the neighborhoods of Bedford-Stuyvesant, Bushwick, Crown Heights and Prospect Lefferts Gardens. The report includes comprehensive comparative sales data for each corresponding quarter. View Article

Checking in on New York’s Hotel Market
3.5.2015 / Andrew Posil
2014 was a remarkable year for New York’s hotels – largely because the market endured unprecedented new supply. Despite the added inventory, New York’s hotels exhibited commanding performance, setting the standard for gateway markets around the country and the world. This article offers a roundup of the New York hotel market focusing on two basic aspects – hotel performance, and hotel investment activity. View Article

First Quarter 2015- A Message from the President
2.19.2015 / Paul Massey Jr.
Until recently, as a smaller regional firm (Massey Knakal), we would only rarely travel for business…most of our clients were in New York (or would regularly come to New York themselves). However, for years we would coach our salespeople to travel to clients (or prospective clients), who were outside New York, any chance they could get. Fortunately, our salespeople are a coachable/competitive bunch. View Article

Rezoning Of East New York Could Lead To Big Change
12.31.2014 / Edward Gevinski
As Mayor Bill de Blasio has settled into office, his plan to increase the volume of affordable housing in New York City is gaining more and more traction. It was announced recently that a major portion of Brooklyn’s East New York neighborhood will be rezoned to promote new housing projects. The details of the rezoning are unclear at this point, however, the Mayor plans to develop 200,000 affordable housing units within the next ten years. View Article

Ridgewood: A Modern Renaissance
12.31.2014 / Thomas Donovan
Transformation is under way in the Queens neighborhood of Ridgewood. As young professionals continue to get priced out of nearby areas they are rediscovering Ridgewood as a more economical alternative. This uptick in demand for housing in this supply constrained market is leading to rising rents and higher per unit sale prices for multifamily investors. View Article

Team Amirkhanian Third Quarter 2014 Market Report for North Central Brooklyn
12.6.2014 / Michael Amirkhanian
According to Massey Knakal Research, Brooklyn’s 2014 dollar volume is on pace to exceed 2013 by 74%, with $5B sold thus far - by year end, the Brooklyn Borough can expect to reach $6.63B. This report will take a closer look at activity during 3Q14 in the North Central Brooklyn submarket, which comprises Bedford-Stuyvesant, Bushwick, Crown Heights and Prospect Lefferts Gardens. View Article

Team Amirkhanian First Half 2014 Market Activity Report For North Central Brooklyn
11.17.2014 / Michael Amirkhanian
According to Massey Knakal Research, the first half of 2014 was the highest producing first half the Brooklyn Market has ever seen - 795 transactions closed with a total aggregate value of $3.4B. By year end, the Brooklyn borough can expect to reach $6.9B which would exceed the previous high of $4.8B set in 2012. This report will take a closer look at activity during 1H14 in the North Central Brooklyn submarket, including Bedford Stuyvesant, Bushwick, Crown Heights and Prospect Lefferts Gardens. View Article

Brooklyn Hotel Market 2014 Outlook
9.17.2014 / Andrew Posil
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 figure 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. View Article

The Upper East Side Real Estate Market: 2009-Today
8.4.2014 / Guthrie Garvin
Bound on the west by Central Park and on the east by the East River, the Upper East Side has traditionally fallen between 59th Street on the south and 96th Street on the north. While the core of the market was once the narrow sliver located to the west of Third Avenue, the Upper East Side’s high property values have been gradually expanding eastwards towards the river, with higher prices becoming the norm. Given the perceived stability of the Upper East Side, one might assume investors to expect limited price-appreciation. However, in some metrics, the Upper East Side has outpaced the overall Manhattan market over the past five years. View Article

FiDi's Development Attracts Visitors Of All Types
8.4.2014 / Andrew Posil, Guillermo Suarez
At the recent Massey Knakal CRE Summit, Larry Silverstein delivered a rousing keynote address outlining his company’s extensive development activities in Lower Manhattan. He enthusiastically described his firm’s remarkable World Trade Center buildings as well as its residential, retail, and hotel projects which are reinventing Lower Manhattan. No longer is Lower Manhattan merely a place where people show up to work. Rather the area is quickly becoming a seven day a week destination for all: business people, leisure travelers, and residents. Given the tremendous momentum that Lower Manhattan’s real estate projects are gaining, Mr. Silverstein’s enthusiasm is well founded. With over $30 billion in combined private and public investment in Lower Manhattan over the last 10 years, Silverstein Properties, and many other notable New York developers, have been compelled to spend much of their time, energy, and resources there. Given the amenities which the influx of development activity has View Article

East Village Surges According to Recent Massey Knakal Study
8.4.2014 / Brendan Gotch
Recent data released by Massey Knakal reveals a surging market in the retail sector of the East Village. The report shows a closing gap between the neighborhoods of the East Village and its more traditionally affluent counterpart the West Village. Asking rents per square foot for the West Village have historically been higher than those of the East Village, however, over the last two years asking rents for the East Village have increased from 71% of those in the West Village in the first half of 2012, to 84% in the first half of 2014. Looking at the data from a growth perspective reveals that the East Village’s asking rates have increased about 14% over the same period. A remarkable progression over a two-year span that indicates the East Village renaissance is well underway. View Article

Third Quarter 2014 - Message from the CEO
7.16.2014 / Paul Massey Jr.
The other day I was interviewing a candidate who was hoping to head up the Retail Leasing Division at our firm. I asked her if she had discussed her job search with her current boss. She said, “Absolutely not” and then added that if she told him (or he found out) he would fire her and have security escort her from the building. Sadly, this is an all too common reaction. Imagine how productive it would be, for all concerned, if each time an employee were at a significant career inflection point, they could go to their direct supervisor or a high level manager at their own firm to get advice. After all, who would have better perspective or could be a better advocate? View Article

Third Quarter 2014 - A Message From The Chairman
7.16.2014 / Robert Knakal
The Land Rush Continues in 2014: The market for land revolves around what is probably the most perplexing product type in New York City today. While underlying fundamentals in the commercial real estate market have improved, on average, by 15 percent to 20 percent, land values have, in some cases, doubled, tripled and in some rare cases quadrupled. View Article

Team Amirkhanian North Central Brooklyn First Quarter Market Recap
6.6.2014 / Michael Amirkhanian
According to Massey Knakal’s Research department’s 1Q14 Property Sales Report, the first quarter of 2014 was noted as the second best performing first quarter in the Brooklyn boroughs history behind 1Q07 - 374 transactions closed with a total aggregate value of $1.67 billion. North Central Brooklyn, which we define as compromising the neighborhoods of Bedford Stuyvesant, Bushwick, Crown Heights and Prospect Lefferts Gardens saw its biggest quarter on record. View Article

Real Estate Trends In Brooklyn and Queens
5.7.2014 / Betty Castro
Low inventory and increased demand continue to play a key role in the growth of the Brooklyn and Queens markets. Foreign investors are gravitating to the boroughs at an unprecedented rate. It is becoming an attractive alternative or supplement to Manhattan real estate investments. View Article

The Upper East Side Real Estate Market: 2009-Today
5.2.2014 / Guthrie Garvin
Bound on the west by Central Park and on the east by the East River, the Upper East Side has traditionally fallen between 59th Street on the south and 96th Street on the north. While the core of the market was once the narrow sliver located to the west of Third Avenue, the Upper East Side’s high property values have been gradually expanding eastwards towards the river, with higher prices becoming the norm. Given the perceived stability of the Upper East Side, one might assume investors to expect limited price-appreciation. However, in some metrics, the Upper East Side has outpaced the overall Manhattan market over the past five years. View Article

Manhattan or Brooklyn?
4.9.2014 / Betty Castro
After raising my kids in the suburbs of Long Island, I was ready for the next chapter in my life. My husband and I are empty nesters and still quite young by today’s standards. Whenever we were in Manhattan, whether for a show, dinner or just passing through, we would get the itch for city life again. We missed the excitement, energy and nightlife. So when I decided to join Massey Knakal Realty Services, it was just the impetus we needed to start looking for an apartment in New York City. I needed to be close to Manhattan, Brooklyn and Queens, so there was flexibility in terms of location. We kept hearing about the expansion to the outer boroughs and that popular line… “Brooklyn is the new Manhattan.” View Article

With Hell’s Kitchen Getting So Hot… Can Ninth Avenue Keep Its Cool???
4.1.2014 / Dylan Murphy
“Hell’s Kitchen” brings to mind Irish gangsters, underground speakeasies and a general film noir mystique that has foiled every intention to rename the area “Clinton” or “Midtown West.” The neighborhood’s residents and business owners alike take a definite pride in the district’s extremely colorful past. Taking a stroll down Ninth Avenue, the neighborhood’s primary retail center, it seems that nearly every business on the strip has either “Hell’s Kitchen” or “HK” in its name or branding. However, while they are still projecting a certain “edgy” sensibility, the Ninth Avenue corridor in the West 40s and 50s has become home to some of the finest dining and nightlife establishments in the city. Even though the neighborhood has been slowly developing for the last 15 – 20 years, the Ninth Avenue retail corridor has exploded. Patrons are flocking from all over the city to partake in the neighborhood’s seemingly never ending variety of eating and drinking experiences. This incredible influx View Article

A Quiet Revolution on Broadway in NoHo
3.26.2014 / Brendan Gotch
With all the uproar over the continuously developing retail markets surrounding it, the quiet transformation of Broadway in NoHo has gone all but unnoticed. In SoHo, rents can now top $1,000 per square foot for the most valuable space, while in Union Square, H&M has signed a lease for nearly 40,000 square feet. Even other parts of NoHo have drawn their share of attention with the arrival of high fashion tenants like John Varvatos and Intermix on the Bowery. In spite of the fervor over all of the areas encircling it, the buzz has largely missed the changes on Broadway. View Article

Northern Queens Year-End Market Review and What to Expect in 2014
3.26.2014 / Stephen Preuss
The second half of 2013 proved to be the stronger of the two. The Queens market saw a surge in properties sold getting the ball rolling quickly for 2014. Per Massey Knakal’s Year-End Property Sales Report, the number of properties sold in 2013 increased 17% from 2012, with Queens being the only market besides Northern Manhattan to have either matched or exceeded its 2012 numbers. The dollar volume remained remotely the same around $2.3 billion; however the number of properties sold increased from about 600 properties to just fewer than 800, with the second half of 2013 seeing 482 property sales alone. View Article

Team Amirkhanian - North Central Brooklyn Year-End Recap
3.18.2014 / Michael Amirkhanian
This report focuses on the investment sales activity in the North Central Brooklyn submarket, which we define as comprising the neighborhoods of Bedford Stuyvesant, Bushwick and Crown Heights. Each of these neighboring areas, characterized recently as going through an economic resurgence and a significant drop in crime, have seen an influx of artists, young families, and a diverse array of new restaurants and other retail amenities. Driven by strong fundamentals like proximity to market center and transportation (including 10-25 minute subway commutes to Downtown Brooklyn and Manhattan), architectural significance, solid returns and tremendous long-term upside, these transitional neighborhoods have emerged as a focal point of transaction volume in Brooklyn. View Article

Manhattan’s Upper East Side Leads New York City Retail Boom
3.5.2014 / Jill Lovatt

This past year has been a very strong year for New York City retail. In terms of retailer demand and growth in rents, New York City has outperformed the rest of the country, and Manhattan’s Upper East Side has been leading the way.

A driving force for retail rents has been the improving economy due to the recovery of employment and disposable income. Even more impactful has been thriving levels of tourism in New York City. Last year, there were over 54 million tourists exploring New York City, which is an all-time high and impressively 18 million more tourists than what New York City welcomed in 2000. The economic impact of tourism is expected to be nearly $59 billion with $39 billion in direct spending. While the overall number of visitors has increased by 50% since 2000, the number of international visitors was up more than 100%, making international tourism the main driver of growth.

View Article

Queens Boulevard: The Heart of Queens
2.19.2014 / Thomas Donovan
The skyline of Queens is forever changing. Along Queens Boulevard, the major thoroughfare connecting Midtown Manhattan via the Queensboro Bridge to Jamaica, are some of the more prolific buildings in the entire borough, passing through some of the most dynamic and highly sought after neighborhoods. View Article

Message from the CEO
2.12.2014 / Paul Massey Jr.
When I got started in the real estate business, I had this skewed perception that life was a zero-sum game. Therefore, I thought that in order to land a sales assignment I had to beat out or take from a competitor. My outlook was influenced by ignorance. Growing up, everything I knew about business came from watching movies; picture me watching Michael Douglas in “Wall Street” and you’ll get the idea. I thought everything was kill or be killed. View Article

Fourth Quarter 2013 - A Message from the Chairman
2.12.2014 / Robert Knakal
After my column appeared in these pages last week, in which I forecasted a record year in New York’s investment sales market, the emails came flooding in primarily asking me if I have lost my mind. Nearly everything written or discussed by market analysts, or participants, has predicted “flat”, “moderating”, “normalizing” or “more of the same” as the fate of the 2014 sales market. I strongly disagree with these positions and will explain why I believe our sales market will produce record results this year. View Article

Ocean Hill, Brooklyn: What's to Come
1.16.2014 / Edward Gevinski
As the Brooklyn real estate market continues to shift east, many neighborhoods that were once overlooked by investors are beginning to hit a turning point. One of the neighborhoods that is currently finding itself in transition is Ocean Hill. View Article

The Future is Looking Bright for Nassau County
12.31.2013 / Benjamin Efraimov
Nassau County has always drawn interest for commercial property investment however there are areas of the county demonstrating significant momentum. Values remain steady while vacancy rates seem to be improving, potentially due to the steady pace of property price increases in the city and the surrounding boroughs driving industries and investors to more affordable areas like Nassau County. View Article

The Boutique Buzz
12.19.2013 / Andrew Posil
While the national and New York metro lodging markets boast strong metrics, boutique hotels, as a subset, are outperforming their branded brethren. Despite the relatively new product’s outstanding performance, defining and classifying what constitutes a boutique hotel remains a challenge. View Article

Queens: The Best Is Yet To Come
11.18.2013 / Thomas Donovan
More than just the most diverse community in the world, the borough of Queens is also a promising place for multifamily investors. It has a strong history of performance, supported by a large stock of rental properties and by renter-heavy demographics. While the community is always changing, some areas of the borough are creating unique opportunities for investors to participate in projects that are leading to significant potential increases in both rent levels and per-unit values. At the same time, the rest of the borough continues to enjoy some of the lowest vacancy rates in all of New York City. View Article

Checking In on New York’s Hotel Market
11.18.2013 / Andrew Posil
New York’s hotel market has reason to be optimistic. Although there are concerns regarding the increasing number of hotel rooms on the market and rising operating costs, there are also many reasons to be confident in the market’s long-term viability. With so much product delivering in the next thirty-six months, how can owners and investors remain positive? The answer is that rock-solid fundamentals will sustain the market as new product comes on-line, and that the long term demands of the market will exceed the near-term jump in supply. View Article

Next stop for Chelsea land prices: $1,000/BSF?
10.28.2013 / Brock Emmetsberger
It was just over a decade ago that Manhattanites started digesting the reality of paying $1,000,000 for 1,000 glorious square feet of dwelling space. Shortly after, Manhattan landlords accepted the fact that prime retail, office and multifamily properties located in the Island’s most desirable neighborhoods would surpass this same quotient. Is it possible that $1,000 per buildable square foot, as a norm, is just around the corner for a patch of unimproved land? View Article

Message from the Chairman
8.28.2013 / Robert Knakal
The recovery in the property sales market continues to outpace the recovery in the broader economy and is, in fact, performing better than the recovery in commercial real estate’s underlying fundamentals would dictate. 2012 was a banner year, therefore, comparatively this year is lagging but activity is better than we had in 2011, a year in which we were all feeling very happy. View Article

Message from the CEO
8.27.2013 / Paul Massey Jr.
Recently, I attended a Brookfield Office Properties (NYSE) board meeting in London. Brookfield just wrapped up construction on their latest office building project and secured an impressive office building development site portfolio, and we were there to learn more about the local market. To provide board members with an overview, Brookfield executives orchestrated an excellent presentation by two Jones Lang LaSalle leasing and capital market specialists. During the presentation, they mentioned that 75% of all investment sales in London were purchased by foreign buyers. This came as a surprise to those of us from New York, where, in a year of high foreign investment, roughly 12-15% of all investment purchases are made by foreign individuals or companies. View Article

The Rise of E-Commerce and its Effects on Greenwich Village Retail
7.24.2013 / Brendan Gotch
E-commerce is quickly capturing a large share of the retail sales market across the United States. A recent report by Cassidy Turley shows that internet usage has increased by 1.5 billion people in the last 10 years alone. This has translated into a 10% increase in e-commerce in the last five years, now representing 5.4% of all retail sales in the United States. Analysts project that this figure will grow to 30% of all retail sales in the US in the next 30 years. The combination of this internet surge and improvements in mobile technology are making it easier to purchase goods without ever entering a store. The impact on brick and mortar retail stores is substantial, however, it is not strictly negative, nor is it evenly distributed across varieties of retailers. View Article

The Future of Times Square West: Eighth Avenue as World Class Hospitality Destination
5.30.2013 / Dylan Murphy
For decades the retail corridor along Times Square's Eighth Avenue has been transforming away from its seedy "Red Light District" past. This year, two of the buildings that house two of the last handful of adult video stores in the district have come on the market and two major development sites have been slated for luxury hotel development. This, along with the rebirth of Icon, the massive Nomura lease at Worldwide Plaza and Microsoft's landmark lease at 11 Times Square has firmly secured the corridor's future as a premier global destination for dining and hospitality. View Article

Village Retail Continues to Strengthen Amid Robust Economic Trends
4.18.2013 / Brendan Gotch
Low vacancy and relative optimism about the economy as well as several major construction projects characterized the first quarter retail market in Greenwich Village, the East Village, the Meatpacking District, and NoHo, according to the most recent quarterly market study by Massey Knakal’s Director of Retail Leasing Brendan Gotch. Having developed a consistent and rigorous method to determine these statistics, the report was released last week and is the only study focusing specifically on the neighborhood in such depth. View Article

Message From The CEO - Fourth Quarter 2012
2.13.2013 / Paul Massey Jr.
At Massey Knakal, we’ve worked hard to foster and maintain a “People” culture. We believe this is one of our competitive advantages. As part of their on boarding process, I personally meet with every new hire to get to know them and to cover some ground rules regarding our company values and culture. View Article

2012 Year In Review: Northern Queens
2.13.2013 / Stephen Preuss
The year of 2012 was an overall positive environment for the commercial sales marketplace. Activity, pricing, sales volume, lending and just about any other relevant metric increased from the year before and greatly increased from the previous several years. The driving forces of the overall demand was the steady lack of available product throughout the year and the impending capital gains increase which pushed the sales activity to a sprint in the last few months of the year. In Northern Queens, which includes Flushing, College Point, Whitestone, Bayside, Little Neck, Douglaston, Jackson Heights, Corona and East Elmhurst, saw a total of 123 commercial and investment property sales for a total dollar value of $288,000,000. These figures represent an approximate 25% increase from 2011 in both categories. The sales figures and marketplace activity in each of these geographic territories are summarized below. View Article

Fourth Quarter 2012 - A Message From The Chairman
1.1.2013 / Robert Knakal
I gave three speeches last week about the results of the 2012 property sales market. I began all three by asking the question to the audiences, “Do you believe last year’s sales market in New York City was great, good, fair, or not so good? By a show of hands from those I had already not put to sleep, there was about equal sentiment for each of the choices. In certain ways, they all were correct. View Article

Message from the CEO: The Job Hunt Part I “The Informational Interview”
12.13.2012 / Paul Massey Jr.
In my last letter, I wrote about what defines a good career candidate. We are frequently asked by clients and friends for advice the early stages of a career search. I’ve had some recent experience in coaching a promising young candidate. View Article

A Retail-Eye View on the NYU Expansion Plan
9.12.2012 / Brendan Gotch
After multiple setbacks and a years long negotiation between New York University and its opponents, the New York City Council recently approved a modified plan for NYU’s expansion that includes a series of zoning amendments, map changes and permits allowing NYU to construct four buildings with a total of about 1.9 million square feet in Greenwich Village. Although this project has stirred some controversy in the neighborhood and will take nearly 20 years to complete, the long-term net effect on retail rents, occupancy, and sales in the area is expected to be a positive one.We anticipate that the expansion will begin to drive up retail rents in the near future as the first phases of construction get underway. This will be a direct effect of retailers’ anticipation of increased foot traffic, generated by the new buildings and their eventual occupants. View Article

Message From The Chairman - First Half 2012
8.13.2012 / Robert Knakal
New York City’s investment sales market, in the first half of 2012, (1H12), had a much more positive and uplifting feeling to it than the statistics reflect. The reason for this incongruity is mainly because the volume of sales has increased marginally but the number of buyers in the market has been overwhelming which has precipitated a significant increase in value. This was particularly true in the second quarter; however, this influence will not be reflected until 2H12 numbers are in as those transactions close. It is, however, interesting to look at what has transpired with investment sales volume in the first two months in the year. In 1H12, the total dollar volume of sales in the city was $14.2 billion, reflecting a 3 percent increase over the $27.4 billion total in 2011, if annualized. We expect that this $14.2 billion of activity will more than double before the end of the year as we expect more robust activity in the second half of the year as additional supply comes on the View Article

Real Estate Investing For The Non-Professional
7.14.2012 / James Nelson
Trophy office building sales tend to dominate the headlines. Rightfully so, as large sums of money are changing hands. These transactions usually trade from one institutional buyer to another and involve complex capital structures fueled by private equity funds and the CMBS market. View Article

As Village Rents Rise, More Choose to be Landlords
7.11.2012 / Brendan Gotch
In the last ten years, retail rents in Greenwich Village, the East Village, the Meatpacking District, and NoHo have risen substantially. The most extreme example of this has been parts of Bleecker Street where rents have risen as much as 500%. As a result, when looking at Bleecker Street’s stores and restaurants west of 7th Avenue, essentially all of the businesses are operated by someone other than the property owner. View Article

Message from the Chairman: The Distressed Asset Cycle
4.23.2012 / Robert Knakal
Recently, I heard a panel of four sales brokers speaking about the sale of distressed assets and they were basically saying that as an investment strategy it was over. Clearly, appropriately leveraged assets are doing well, but over-leverage is still with us.Private lenders, banks and special servicers have been aggressive sellers of distressed loans and REO properties that they had foreclosed on. In 2009, and more so in 2010, there were hundreds of these distressed assets sold. The activity began to slow in 2011 as banks had dealt with, what were, the majority of their problem loans. Servicers were focusing on workouts and, while they have asked for hundreds of broker opinion of values, “BOV”, they were not selling as aggressively as the banks had.However, the pace of distressed sales is picking up again and this should come as no surprise. View Article

The New Timing to Find a New Tenant
2.29.2012 / Brendan Gotch
In Greenwich Village, the East Village, NoHo, and the Meatpacking District, there is an interesting trend in the timing that property owners use to find a new tenant as the lease on their retail space is expiring. Traditionally, many of these people would wait either for their space to become vacant or at least for their tenant to have indicated that they would be moving out. This way of doing business, however, is losing ground to another timeline. View Article

Message from the CEO: Integrity - Applying Our PIER Values to Company Titles
2.7.2012 / Paul Massey Jr.
We’ve noticed a proliferation over recent years of rather lofty titles and colorful team names bestowed by real estate brokerage firms (both commercial and residential) on their top agents. While we believe recognizing talent and achievement is essential, our firm has stuck to a very strict titling and brand name preservation policy that we believe has had some very positive results for our agents and for our company as a whole. View Article

Message from the Chairman: 2011 Market Recap
1.25.2012 / Robert Knakal
The New York City property sales market’s recovery is, generally, trending positive but remains uneven. In 2011, there were $25.6 billion of investment sales transactions city-wide. This figure is up 80% over 2010’s $14.25 billion. It is also over 4 times the $6.1 billion that occurred in 2009. These increases, while substantial, remain 58% below the 2007 peak of a whopping $62.2 billion. View Article

Greenwich Village & East Village Retail Study
1.25.2012 / Brendan Gotch
Massey Knakal’s Greenwich Village & East Village neighborhood expert, Brendan Gotch, recently concluded a study of the retail property in area. The study comprised mostly stores and restaurants, but also bars, clubs, ground floor offices, and other retail uses throughout the area. The results of the study showed an overall vacancy rate of 4.6%. We view this as a healthy level and have seen that empty spaces are getting reabsorbed fairly quickly. In fact, we think that this vacancy rate may even be slightly low,putting upward pressure on lease rates, as we have witnessed several higher than expected deals in the last couple months. View Article

2011 Year-End Market Update: North Queens
12.13.2011 / Stephen Preuss
Flushing went through another transitional year in 2011. Many residential development sites have either begun construction or are in the process of completion after two years of sitting as empty lots from stalled projects. As there is more accessibility to construction financing this past year, commercial development sites have also began to rise from the ashes. For most of Flushing, retail and office rental prices have stabilized in $60 and $30 per SF range, respectively while Main Street continues to be the aberration with rents as high as $100 per SF. For the most part, the vacancies of 2010 have been filled, Industrial properties have also seemed to catch their footing but still carry an approximate 10% vacancy rate. Multifamily apartment buildings have remained the most desirable investment for investors and lenders alike with little to no vacancy and extraordinary overall property value. View Article

Message from the CEO: Helping Investors Get the Job Done
11.7.2011 / Paul Massey Jr.
Investors (or buyers) are an essential element to every commercial real estate transaction, and Massey Knakal is keenly aware of this. As such, we provide much benefit to buyers/investors as well as our clients. Massey Knakal believes in two fundamental procedures that benefit our relationships with buyers, stemming from one of our key company values: integrity. View Article

Message from the Chairman: Third Quarter 2011 Market Update
10.25.2011 / Robert Knakal
The investment sales market in New York City continues to trend positively as third quarter 2011 (3Q11) statistics show. This may not seem so apparent when looking at the data in isolation, but drilling down into the numbers reveals a more telling message.In 3Q11, there was $6.5 billion in investments sales activity citywide which was down from the $8.7 billion which occurred in 2Q11. On face value, it might appear that this slow down in activity is a negative signal for the market. But, when we look at the numbers more carefully, we see that the medium-term trend is positive. Notwithstanding the $2.2 billion reduction in dollar volume in the third quarter, with the exception of 2Q11 results, the $6.5 billion in sales in 3Q11 was the highest quarterly total the market has experienced going all the way back to 3Q08. View Article

Message from the Chairman: What's Driving Investment Sales - And Holding Them Up
7.18.2011 / Robert Knakal
Market for properties over $100 M. chugging along; under-$50 M. market anemic; pessimistically hopeful on interest rates, debt ceiling debate View Article

Message from the CEO: New Focus
7.14.2011 / Paul Massey Jr.
In our most recent issue of the Massey Knakal Building Sales Journal, we outlined the firm's expansion plans, especially into our new disciplines: financing and retail leasing. We're pleased to report that since the first of the year, we've added ten top performers to our roster. View Article

Tourism Is Key To NYC Retail
5.12.2011 / Benjamin Fox
In general terms there is no question that retail rents in Manhattan have moderated somewhat over the last couple of years in response to the economic downturn. On the other hand, rents in certain high traffic retail corridors have not decreased all that much and in some cases have even risen during this period. Why is this happening? Why are all these stores flourishing? Have New Yorkers all of a sudden found spare cash in their pockets while the rest of the country is still struggling? Three questions, one answer: tourism. View Article

Message from the CEO: Help Wanted!
4.14.2011 / Paul Massey Jr.
Massey Knakal’s vision for the next few years is to double the size of the firm not only by expanding our geographic Investment Sales territory footprint but also to staff our Massey Knakal Capital Services and Massey Knakal Retail Leasing Services divisions. View Article

A Lesson on the Need for 421-a
4.13.2011 / Robert Knakal
It is imperative that our housing system include a 421-a type of incentive program. No one can argue that our market doesn’t need new market-rate and affordable-housing units. They can be created utilizing a program that doesn’t cost a dime (just like our no-cost widgets). View Article

Northern Manhattan: Manhattan's Final Frontier
1.31.2011 / Robert Shapiro
The robust year over year expansion in both dollar and transactional volume clearly signaled a recovery in Northern Manhattan. We believe this is only the beginning of a sustained upward trend as numerous factors will continue to stimulate and encourage growth. The tremendous deployment of capital into Harlem, Washington Heights and Inwood over the past real estate cycle has replenished the formally famished neighborhoods. Large scale institutional investments from hedge funds, international hotel chains, and Columbia University, have also played a significant role helping revitalizing the landscape uptown. View Article

The Threats to the Market in 2011
1.5.2011 / Robert Knakal
Inflation, devaluation, unemployment, the Fed and the feds: positive signs for real estate investment abound in the new year, but some things to watch View Article

Forecasting for Investment Sales
10.15.2010 / Robert Knakal
The two main metrics we discuss when talking about the relative health of the investment sales market are the volume of sales and the level of values. These two indicators provide the best snapshot illustrating how the market is currently performing, particularly relative to past performance. The volume of investment sales in the New York City marketplace has clearly been improving steadily since early 2009 (although third-quarter 2010 performance looks like it may have suffered a setback). Additional activity in the distressed-asset market, from both banks and special servicers, has helped with volume increases. View Article

Chasing The Market: Timing Vs. Pricing
6.30.2010 / Thomas Donovan
In certain segments and locations, the commercial real estate market has shown great resiliency and recently we were able to achieve relatively high sale prices for properly priced assets. However, other market segments remain more difficult to close transactions; some properties were not sold due to vacancy, a less desirable location, a lack of upside potential, or the property’s condition. View Article

The Investment Sales Mini-Bubble
6.30.2010 / Robert Knakal
When it comes to today’s investment sales market, the biggest question on everyone’s mind is the sustainability of the market’s present momentum. Can the currently elevated price levels continue on their current trajectory, or are we in a mini-bubble at a low point in this cycle? In order to answer this question, we shall look at present conditions and what they might say about where the market is headed. View Article

Message from CEO: Dominant in Bank Foreclosure Work
6.30.2010 / Paul Massey Jr.
The Massey Knakal team of 50 New York Metro Area agents utilizes our Territory System to make ours the company of choice for financial institutions looking to sell special assets. View Article

Northern Manhattan - Leading The Way Towards Recovery
6.2.2010 / Robert Shapiro
A sense of optimism has begun to return to the New York City real estate investment property market as transactional activity has been steadily rising quarter by quarter. Although this overall trend is being felt in neighborhoods all over the city, nowhere is this more prevalent than in Northern Manhattan (East & West Harlem, Washington Heights and Inwood). With over $116,000,000 in sales consisting of 35 transactions in the first quarter of 2010, it is clear that Northern Manhattan is experiencing one of the sharpest rebounds in activity. View Article

Valuing Properties In Today's Market
4.20.2010 / James Nelson
In a Manhattan property sales market where there were 63% less transactions in the first quarter of 2010, compared to the same quarter in 2007, how is it possible to accurately value a property? In some cases, such as multi-family sales, there have been enough sales to make a determination. Whereas with other product types such as land, it becomes a real art, as there have been virtually no sales. View Article

Message from the CEO
3.31.2010 / Paul Massey Jr.
Having recently undertaken a company-wide strategic planning exercise, we reaffirmed that Massey Knakal’s single competitive advantage is our Territory System™. Our territory platform is the cornerstone of our ability to provide 1)excellence in client service and 2)a workplace environment that is wonderfully unique. View Article

North Queens Market
3.31.2010 / Stephen Preuss
Flushing Area Arguably Queens’ most desirable real estate marketplace, Flushing, went through an eyeopening year in 2009. Dozens of residential development sites remain as vacant lots, construction sites have stalled, and those sites who were able to reach completion are sitting with many empty units or the constant churning of broken contracts. View Article

End Users Step Up To The Plate
2.10.2010 / James Nelson
Some would think that user groups would be paralyzed from purchasing in today’s transitional marketplace. However, many user groups are stepping up to expand their operations and take advantage of pricing that is well below previous levels. These organizations range from schools to cultural centers to foreign governments. View Article

Clear Skies Ahead For Washington Heights And Inwood
2.1.2010 / Robert Shapiro
As with the rest of the New York City investment property market place, Manhattan’s two most northern neighborhoods experienced a very trying year. However due to an abundance of medium sized, multifamily properties, they fared better than most. By thoroughly studying and dissecting real market data, neighborhood trends, and actively brokering properties everyday we are forecasting significantly clearer skies ahead in 2010. Readily available and attractive financing for this preferred asset class has also helped fuel a spike in activity in the Q4 2009 contract signings. The overall improved quality of life, decrease in crime, and geographical advantages, has also contributed to this sunnier outlook. View Article

Positive Signs In The New Investment Sales Market
7.8.2009 / Robert Shapiro
Overall, the beginning of the 2009 investment property market was nothing to write home about. However, as we bring the second quarter to a close and head into the second half of the year, we have begun to see some positive signs within the marketplace. A modest pick up in velocity at the end of Q2 has provided hard comparable sales data for today’s “new market”. With this new information we can now begin to draw some significant conclusions. Many people in the real estate community believed that there would be a flood of foreclosure properties coming to the market place. This has not happened thus far and in-turn has had a stabilizing effect on market values. Multifamily property owners also received some positive news from the shake up of the New York State Senate. A change in power in the State Senate has dealt a significant blow to supporters of the Bill State Legislation to reform housing. View Article

Is the Current Sample of Comparable Sales Relevant?
6.15.2009 / Brock Emmetsberger
Since comparable sales are lagging indicators to begin with, a significant sampling from the third and fourth quarters of 2008 is now all but relics of better days. Without relevant comparable sales, the next applicable indicator would be recent neighborhood contract signings for similar properties. View Article

Maximizing Profits From An Estate Sale
1.28.2009 / Thomas Gammino Jr.
When it is imperative that real property from an Estate must be sold, it’s no surprise that the seller’s primary goal is to maximize profits. However, in today’s market the reality of these ‘need-to-sell’ scenarios is that Estates are not getting the most from a sale. Too often, an Estate ends up in a situation where they pay more in taxes than they should AND realize fewer dollars from a sale than they could. How much more? In some cases millions of dollars. Although you can’t avoid paying taxes, you can strategically--and legally-- minimize the potential tax burden and maximize your proceeds from a sale by understanding what influences an Estate’s tax liability and knowing where to go to get this information. View Article

Does LES Equal More? Much More.
12.16.2008 / Michael DeCheser
Statistically the most diverse neighborhood in Manhattan , it’s no wonder the Lower East Side in Manhattan attracts everyone from struggling musicians to wealthy celebrities. The age old destination for many newly arrived immigrants has evolved to become the destination of choice for those looking for culture, art, music, fine dining and nightlife. The influx of development has struck fear into longtime residents that the neighborhood character will be lost, but that is most certainly not the case. LES staples such as Katz’s Deli, Russ & Daughters, Guss’ Pickles and other establishments continue to thrive. View Article

Downtown Looks Up
12.8.2008 / Robert Burton
As the national spotlight targets the banking and real estate industries, analysts are divided over the future of NYC real estate, especially in regards to the last six months. In spite of what news sources have said about the current state of the market, we have found that although activity has been slow through late spring and the summer, prices have not decreased. However, there remains a static gap between what a seller expects their property to fetch and what a buyer can afford to pay given the lending situation. Larger property sales (over $50 million) have come to a virtual standstill, especially since banks have tightened their lending standards, expecting a higher return with some type of recourse in the event of a default. View Article

Demolition Non-Renewal - Fair Or Foul?
11.11.2006 / Thomas Gammino Jr.
Rent stabilized buildings traditionally have not been a target for developers. In order to vacate buildings, developers typically pay exorbitant amounts of money to current tenants, sometimes five, or in same cases, even seven-figure buyouts. Section 9 NYCRR § 2524.5 of the Rent Stabilization Code has changed that. Although not well-known by most developers or tenants, this section has significant implications on both parties, and has shifted the advantage from the rent-stabilized tenant to the developer in a buyout scenario. View Article