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Building Sales Journal - February 2015
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.
Massey Knakal Realty Services
Massey Knakal Realty Services
Featured Sales By Massey KnakalMassey Knakal Realty Services
184-186 and 204-206 Bedford Avenue, Brooklyn, NY
 
The Palace Portfolio, New York, NY
 
710 Third Avenue, New York, NY
 
754 Grand Street, Brooklyn, NY
 
37 Crosby Street, New York, NY
 
71-45 160th Street, Queens, NY
 
305 and 315 East Fordham Road, Bronx, NY
 
39-26 and 43-19-23 Bell Boulevard, Queens, NY
 
70 Henry Street, Brooklyn, NY
 
201 Rock Road, Glen Rock, NJ
 
555 West End Avenue, New York, NY
 
29 1st Street, Hackensack, NJ
 
6 Gramatan Avenue, Mount Vernon, NY
 
163-05/25 Archer Avenue, Queens, NY
 
 
Featured Leases by Massey KnakalMassey Knakal Realty Services
41 West 24th Street, New York, NY
 
471 86th Street, Brooklyn, NY
 
6 St. Mark's Place, New York, NY
 
 
Featured Financings by Massey KnakalMassey Knakal Realty Services
$4M East Village Acquisition Loan, New York, NY
 
$13.5M New Jersey Refinance
 
 
Massey Knakal Realty Services
MASSEY KNAKAL SELLS DEVELOPMENT SITE IN HUDSON YARDS FOR $112 MILLION
Neighborhood: Hudson Yards

Type: Development Site

Sale Price: $112,000,000

Transfer Date:

A development site at 345-353 West 38th Street, running block-through to West 39th Street between Eighth and Ninth Avenues in Manhattan's Hudson Yards, was sold in an all-cash transaction valued at $112,150,000.

The block-through site features approximately 125 feet of frontage on both West 38th and West 39th Streets. It currently consists of a two-story commercial building occupied by R/GA who will vacate the building in late 2015. Uniquely located within the Garment Center Special Purpose Zoning District, it allows for a combination of commercial and/or residential uses, including retail, hospitality, community facility, and/or luxury condominiums. The maximum FAR of 12.0 in this zoning district allows for a development of up to approximately 296,250 square feet, and the sale price equates to approximately $400 per buildable square foot.

The site is located in arguably Manhattan's most exciting submarket near some of the city's largest privately and publicly funded development projects including Hudson Yards, Manhattan West, the #7 subway extension, Hudson Yards Boulevard & Park, and the West Chelsea High Line.

"This transaction illustrates the continued demand that exists for development properties in and around the Hudson Yards District. Every week, buyers who are new to the area are expressing interest in purchasing something there," said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Jonathan Hageman and David Kalish.
 
First Quarter 2015- A Message from the President
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 sales people to travel to clients (or prospective clients), who were outside New York, any chance they could get. Fortunately, our sales people are a coachable / competitive bunch. Read Article
First Quarter 2015- A Message from the Chairman
As we enter 2015 with the wind at our backs in the investment sales market, I thought it was a good time to visit the supply / demand dynamics at work today. Read Article
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