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Building Sales Journal - February 2014
Massey Knakal's Building Sales Journal, produced for over 20 years, provides information about some of our notable transactions, company related news and industry trends.
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Featured Sales By Massey KnakalMassey Knakal Realty
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200 East 11th Street, New York, NY
 
357-365 Flatbush Avenue, Brooklyn, NY
 
358 Grove Street, Brooklyn, NY
 
140 Hartsdale Avenue, Westchester, NY
 
Boulevard Heights Portfolio, New York, NY
 
113 Kenilworth Place and 145 Kenilworth Place, Brooklyn, NY
 
146 Waverly Place, New York, NY
 
229 East 67th Street, New York, NY
 
209 West 18th Street, New York, NY
 
307 East 60th Street, New York, NY
 
58-07/09/11 32nd Avenue, Queens, NY
 
 
Featured Leases by Massey KnakalMassey Knakal Realty
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211 Front Street, New York, NY
 
154 Bleecker Street, New York, NY
 
271 Amsterdam Avenue, New York, NY
 
1407 Fulton Street, Brooklyn, NY
 
Gaston Boulevard, 944 4th Avenue, New York, NY
 
723 Eleventh Avenue, New York, NY
 
 
Featured Financings by Massey KnakalMassey Knakal Realty
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$5M Williamsburg Loan, Brooklyn, NY
 
$1.3M North Haven Loan, North Haven, CT
 
 
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Chinatown Portfolio Sold For $95 Million By Massey Knakal
Neighborhood: Chinatown

Type: Commercial Portfolio

Sale Price: $95,500,000

Transfer Date:


Three office buildings at 164-168 Canal Street, 40-42 Elizabeth Street and 159-165 Canal Street, have been sold in two all-cash transactions with an aggregate value of $95,500,000. The properties are located on the corner of Canal and Elizabeth Streets in Manhattan?s Chinatown neighborhood and combined for approximately 79,375 square feet.

164-168 Canal Street is a six-story building that contains approximately 49,950 square feet and sits on a 47 foot x 100 foot lot. Approximately 70% of the building is occupied by credit tenants Citibank and NY Life & Co. This property features two lobbies and is serviced by two high-speed elevators, a full-time concierge, central HVAC throughout the entire building, and security cameras. Additionally, there is approximately 3,178 square feet of air rights, which could be used for a potential penthouse. Located a block away from the Bowery and boasting sweeping roof top views, the potential roof top addition can be used for residential or commercial use. The building was purchased by George Comfort & Sons, Inc. with ASB Real Estate Investments, in an all-cash transaction valued at $61,900,000. The sale price equates to approximately $1,239 per square foot.

40-42 Elizabeth Street is a five-story renovated office building containing approximately 24,425 square feet on a 50 foot x 100.25 foot lot. It consists of two ground floor retail stores with 16 office units above, and the basement is used for storage and mechanicals for the building. 159-165 Canal Street is a two-story building containing approximately 5,000 square feet on a 100.17 foot x 25 foot lot. It consists of six ground floor retail tenants anchored by First Republic Bank, with office tenants above. The buildings were purchased by Isaac and Joseph Oved of The Oved Group in an all-cash transaction valued at $33,600,000, with the sale price equating to approximately $1,142 per square foot.

The properties are located on the corner of two of the busiest downtown streets and are easily accessible from all corners of New York City by car and public transportation.

"These three excellent properties are situated on busy corners of a street and in a neighborhood that is really taking off. Having three buildings available at the same intersection generated a ton of initial interest, with investors and developers looking both at buying the properties individually and as a package," said Massey Knakal CEO Paul J. Massey, Jr., who exclusively handled these transactions with Robert Burton and Nick Petkoff. "Ultimately, we wound up in competitive bidding situations and sold 159-165 Canal Street and 40-42 Elizabeth Street as a package, and 164-168 Canal Street separately. The family that sold the buildings had the security of knowing that they had reached out to the entire market and that they were getting the highest prices and best terms available," Paul Massey added.
 
Message from the CEO
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. Read Article
Fourth Quarter 2013 - A Message from the Chairman
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. Read Article
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