News

Massey Knakal Retail Leasing Services has secured three new retail leases for 110 West End Avenue, 973 Columbus Avenue, and 383 West 125th Street.
 
The retail space at 110 West End Avenue, located between West 64th and West 65th Streets on Manhattan’s Upper West Side, contains approximately 950 square feet on the ground floor with 950 square feet of basement space with 11 foot high ceilings.  It benefits from 15 feet of visibility steps from a bus stop on one of the busiest pedestrian blocks of West End Avenue.  Neighboring tenants include Western Beef, Subway Restaurant, and the River School.  The site will be occupied by Pinnacle Wine & Spirits.

The retail space at 973 Columbus Avenue, located between West 107th and West 108th Streets on Manhattan’s Upper West Side, contains approximately 500 square feet on the ground floor and 300 square feet of basement space with 10.5 foot high ceilings.  The space benefits from having great exposure from every corner.  It is located just steps from bus stops, subway stations, restaurants, retail shops, and parks. Neighboring tenants include Sheshe Pizzeria, Allstate, Metro PCS, Subway Restaurant, Columbus Deli, AT&T, and Columbia University.  The site will be occupied by a Mexican restaurant and tapas bar.

The retail space at 383 West 125th Street, located on the corner of West 125th Street and Morningside Avenue in Manhattan’s Harlem neighborhood, contains approximately 1,400 square feet on the ground floor and 800 square feet of basement space with 12 foot high ceilings.  It benefits from its proximity to bus stops and the # 2 and 3 subway on the busiest streets in Harlem.  Neighboring retailers include Chase Bank, UPS, Suwbay Restaurant, New York Sports Club, Dunkin Donuts, and Rite Aid.  The site will be occupied by Supra, a retail store.

“We are very happy to secure these three leases, especially to have the opportunity to increase the rent roll for each building.  Rents have increased from 30% to 200% above the rents paid by the previous tenants,” said Director of Retail Leasing David Chkheidze, who exclusively represented the landlord in all three transactions.

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Neighborhoods: Harlem, Upper West Side/ Agents: David Chkheidze

A commercial building at 47-33 Little Neck Parkway, located between West End Drive and Iowa Road in the Little Neck neighborhood of Queens, was sold in an all-cash transaction valued at $1,200,000.

The one-story building, containing approximately 3,500 square feet on a 65’ x 92’ irregular lot, is net-leased to an auto service center.  The sale price equates to approximately $343 per square foot.

This property features long-standing tenancy with future development potential.  It is centrally located between Northern Boulevard and the Long Island Expressway.

“With a combination of the lack of industrial property in the area and this desirable Little Neck location, we were able to achieve full asking price,” said Massey Knakal Director of Sales Stephen R. Preuss, who exclusively represented the seller in this transaction.

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Neighborhoods: Little Neck/ Agents: Stephen Preuss

A mixed-use building at 602 Pacific Street, between 4th and Flatbush Avenues across the street from Barclays Center in Brooklyn, has been sold in an all-cash transaction valued at $1,500,000.

The building contains approximately 2,664 gross square feet and sits on a 16.33’ x 44’ lot.  It features a split-level 1,100 square foot commercial space with a full basement which was previously occupied by a sports bar. There is a duplex apartment above which is approximately 1,100 square feet and occupied on a month-to-month basis.  The sale price equates to approximately $563 per square foot.

“There were multiple competitive offers on this property ultimately leading to a sale at the full asking price.  Given the future development projects around Atlantic Yards this will likely prove to be a strategic pickup for the buyer in the long term,” said Massey Knakal Vice President of Sales Mark Lively, who exclusively represented the seller in this transaction with Senior Vice President of Sales Ken Freeman and Director of Sales Brendan Maddigan.

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Agents: Brendan Maddigan, Kenneth Freeman, Mark Lively

A retail building at 1289 Louis Nine Boulevard, located at the intersection of Southern Boulevard, Freeman Street, and Louis Nine Boulevard in the Crotona Park neighborhood of the Bronx, was sold in an all-cash transaction valued at $1,550,000.
 
The single-story building contains approximately 12,400 square feet, a full basement and features over 100 feet of frontage on Louis Nine Boulevard.  The property was delivered vacant and is currently zoned C1-4 / R7-1. The sale price equates to approximately $125 per square foot.
 
This property benefits from tremendous visibility and high vehicular and foot traffic.  Located at the foot of the #2 and #5 subway station at Freeman Street, both the east and west sides of Manhattan are easily accessible.
 
“The property required a significant amount of renovation but its location and retail frontage represented an ideal scenario for the buyer, who will occupy the building for their own retail business,” said Massey Knakal Director of Sales Nick Burns, who exclusively handled this transaction.

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Agents: Nicholas Burns

Two contiguous mixed-use buildings at 57-59 East 125th Street, located between Madison and Park Avenues in Manhattan’s Harlem neighborhood, were sold in an all-cash transaction valued at $3,600,000.

The buildings combine for approximately 6,786 square feet and sit on a 37.33’ x 99.92’ lot.  The current zoning allows for approximately 22,455 buildable square feet as-of-right. One building was delivered vacant. The sale price equates to approximately $160 per buildable square foot.

Located on the busiest retail corridor in the heart of Central Harlem, this site is easily accessible to Midtown and Downtown Manhattan via the Lexington Avenue 4, 5, and 6 trains.  It is also one block from the Metro-North Railroad, and a number of bus routes service the area.

“We received a great deal of interest and strong offers during the 60 days of marketing,” said Massey Knakal Director of Sales Lev Kimyagarov, who exclusively represented the seller in this transaction.

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Neighborhoods: Harlem/ Agents: Lev Kimyagarov

Massey Knakal has sold two mixed-use buildings in Brooklyn for an aggregate value of $1,065,000.  The buildings are located at 630 Liberty Avenue, on the corner of Liberty Avenue and Warwick Street in East New York, and 1729 Pitkin Avenue, between Thatford Avenue and Osborn Street in Brownsville.

The three-story fully-occupied building at 630 Liberty Avenue contains approximately 4,825 square feet and sits on a 25’ x 100’ lot.  It features approximately 1,305 square feet of commercial space on the ground floor, along with one two-bedroom unit on the second floor and one three-bedroom unit on the third floor.  Attached to the building are two single car garages and a two-story home.  This property is located only a few blocks from both the C train Shepherd Avenue and Van Siclen Avenue subway stations.  It was sold in an all-cash transaction valued at $400,000, with the sale price equating to approximately $83 per square foot.

The four-story building at 1729 Pitkin Avenue contains approximately 8,400 square feet and sits on a 25’ x 100’ lot.   It consists of one ground floor store and six residential units which include three three-bedroom units and three two-bedroom units.  It is situated in the prime retail area of Pitkin Avenue and is less than two blocks away from Foot Locker, Chase, H&R Block, and T-Mobile.  It was sold in an all-cash transaction valued at $665,000, with the sale price equating to approximately $79 per square foot.

Massey Knakal Director of Sales Edward Gevinski exclusively represented the seller in each transaction.

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Neighborhoods: Brownsville, East New York/ Agents: Edward Gevinski

A 41 residential condominium unit package situated within The Hopkins Condominium at 172 West 79th Street, located on the corner of West 79th Street and Amsterdam Avenue on Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $16,250,000.
                                                               
Combined, the units total approximately 40,378 net rentable/sellable square feet and of the 41 sponsor-owned apartments, 33 are rent stabilized, and eight are rent controlled.  Layouts consist of 22 two-bedroom, two-bath units totaling approximately 26,009 square feet and ranging in approximate size from 1,060 square feet to 1,464 square feet and 19 one-bedroom units totaling roughly 14,369 square feet ranging in approximate size from 682 square feet to 842 square feet.  The sale price equates to approximately $402 per square foot.

The Hopkins Condominium is a 19-story, 98-unit, pre-war, elevator building just steps from the Museum of Natural History and Central Park.  The property was converted to condominium ownership in 2004, and tenant amenities include 24-hour doorman, live-in super, laundry room, and available bicycle storage and personal storage cages.

“This is a unique asset in a highly desirable location on Manhattan’s Upper West Side. We’re not surprised that the investment community showed such strong interest for this 41-unit package,” said Massey Knakal Vice President of Sales Guthrie Garvin, who exclusively handled this transaction with Senior Vice President of Sales Paul B. Smadbeck.

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Neighborhoods: Upper West Side/ Agents: Guthrie Garvin, Paul Smadbeck

Massey Knakal Retail Leasing Services has secured a new lease for a retail store at 200 Franklin Street, located between Huron and India Streets in Brooklyn’s Greenpoint neighborhood.
 
The newly constructed space contains approximately 1,005 square feet and features approximately 15 feet of frontage in a highly sought after Greenpoint location.  It benefits from central HVAC and 100 amp electric.  The site will be occupied by a florist.

Neighboring tenants include Hair Metal, Oak and Iron, Wyne-A-Bit, Atler, The Habitat, Three King’s Tattoo, Latika Spa, and Brooklyn Label.

“Through an aggressive marketing campaign, we were able to quickly source a well-qualified tenant that was exactly what the owner was looking for.  With the redevelopment of the Greenpoint waterfront, Franklin Street will become an integral part of the very vibrant retail corridor,” said Director of Retail Leasing Andrew Clemens, who exclusively handled this transaction with Vice President of Sales Mark L. Lively.

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Neighborhoods: Greenpoint/ Agents: Andrew Clemens, Mark Lively

Three contiguous newly-constructed apartment buildings at 684-686 Willoughby Avenue, located between Throop Avenue and Marcus Garvey Boulevard in Brooklyn’s Bedford-Stuyvesant neighborhood, were sold in an all-cash transaction valued at $1,800,000.

The three-story property contains approximately 12,480 square feet and sits on a 60’ x 100’ lot.  It totals nine residential units, each separately metered for electric and heat with tenants paying their own utilities.  The ground floor units include finished basement space.  The property benefits from parking in the front as well as a deck with garden space to the rear.  The sale price equates to approximately $144 per square foot.

Surrounded by new development, this property offers attractive returns today, with clear condo conversion potential down the line.  It is located in walking distance to Pratt Institute, three blocks from the G train station, and 5 blocks from the city-bound J/M/Z train station along Myrtle Avenue.

“This newly constructed property offers the purchaser solid returns in the middle of what has become one of the city’s most rapidly transitioning neighborhoods,” said Massey Knakal Director of Sales Michael Amirkhanian, who exclusively handled this transaction.

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Neighborhoods: Bedford Stuyvesant/ Agents: Michael Amirkhanian

An apartment building at 265-267 South 2nd Street, located between Havemeyer Street and Marcy Avenue in Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $9,700,000.

The fully-occupied six-story walk-up building contains approximately 22,800 square feet and sits on a 50’ x 100’ lot.  Of its 35 units, 17 are Rent Stabilized and are considerably under market.  The Free Market units have been nicely renovated, and the building’s structure has been well-maintained including the installation of a new gas boiler last year.  The sale price equates to approximately $425 per square foot, a 4.9% capitalization rate and over 13x the gross rent.

This turn-key investment property offers tremendous upside in a popular location with a rent roll that is poised to grow over the coming years.  It is located four blocks from the Marcy Avenue J, M, & Z train station, six blocks from the Lorimer Street L train station, and nine blocks from the Bedford Avenue L train station, all of which provide direct access to Manhattan.

“There were multiple offers in the month and a half we marketed the property.  The buyer recognized what is happening in South Williamsburg and acted quickly,” said Massey Knakal Vice President of Sales Mark L. Lively, who exclusively handled this transaction with Director of Sales Brendan Maddigan.

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Neighborhoods: Williamsburg/ Agents: Brendan Maddigan, Mark Lively

A net-leased commercial building at 567 Seventh Avenue, located between West 40th and West 41st Streets in the Fashion District / Times Square section of Manhattan, was sold in an all-cash transaction valued at $7,250,000.

The four-story building contains approximately 4,149 square feet and sits on a 19.75’ x 60’ lot.  It lies in a C5-3 zone in the special Midtown District, yielding an as-of-right commercial FAR of 15.0.  The property holds approximately 17,775 buildable square feet, allowing for redevelopment options on one of the city’s busiest corridors.

Prior to the sale, Massey Knakal Retail Leasing Services secured Paris Baguette, as the net-lease tenant for the entire building, which had been vacant for the past six years.  Paris Baguette is a division of an international food and food services company based in Korea.  With 2,900 stores in Korea and 50 in China, it is rapidly expanding its US presence, and this is its first Manhattan location.

“By putting a great tenant in the building, the true value of the asset was realized.  We were then able to achieve a higher sale price for our client,” said Massey Knakal CEO Paul J. Massey, Jr., who exclusively handled this transaction with Chairman Bob Knakal and Director of Retail Leasing Ryan Horvath. “This is a classic example of how Massey Knakal’s multiple disciplines work together,” added Massey.

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Neighborhoods: Midtown West/ Agents: Paul Massey Jr., Robert Knakal, Ryan Horvath

Massey Knakal Retail Leasing Services has secured a new long-term retail lease at 2303 Broadway, between West 83rd and West 84th Streets for Oren’s Daily Roast, the 26 year-old company with ten stores in Manhattan.  The space was formerly occupied by L’Occitane which consolidated into its nearby Columbus Avenue location.
 
Neighboring retailers include Zabar’s, Victoria’s Secret, Barnes and Noble, Harry’s Shoes, Duane Reade, Bank of America, The Vitamin Shoppe, and McDonald’s.

“800 square foot stores, with 20 feet of frontage no less, are rarely available on this stretch of Broadway and was leased in 30 days,” said Executive Vice President of Retail Leasing Benjamin Fox, who exclusively represented the landlord in this transaction with Director of Retail Leasing David Chkheidze. Dan Gronich of Newmark Grub Knight Frank represented the tenant.

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Neighborhoods: Upper West Side/ Agents: Benjamin Fox, David Chkheidze

A townhouse at 165 East 71st Street, located between Lexington and Third Avenues in Manhattan’s Upper East Side neighborhood, was sold in an all-cash transaction valued at $5,900,000.

The five-story building contains approximately 4,500 square feet and sits on a 17’ x 102’ lot.  It is currently configured as a multifamily property, with a duplex apartment with garden on the first and second floors, and three floor-through rental apartments above.  It benefits from a new boiler, new roof, and approximately 25’ rear garden on the ground level.  The sale price equates to approximately $1,311 per square foot.

Ira Lifshutz, a local investor who continues to be an active buyer of NYC real estate, purchased the property.

“This five-unit property contained a duplex and three floor-through apartments.  This is a popular block and there was a great deal of interest from both local and international buyers,” said Massey Knakal Vice President of Sales Guthrie Garvin, who exclusively handled this transaction with CEO Paul J. Massey, Jr.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

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Neighborhoods: Upper East Side/ Agents: Guthrie Garvin, Paul Massey Jr.

A mixed-use building at 90-07 Jamaica Avenue, located between 90th and 91st Streets in the Woodhaven neighborhood of Queens, was sold in an all-cash transaction valued at $910,000.

The two-story building contains approximately 2,696 square feet and sits on a 24’ x 108’ irregular lot.  It consists of one commercial space on the ground floor, currently leased to T-Mobile, and two one-bedroom apartments on the second floor.  Each tenant has their own boiler and electric and gas meters.  The sale price equates to approximately $338 per square foot and an 8% capitalization rate.

This property is ideally located on Jamaica Avenue just two blocks west of Woodhaven Boulevard near transportation and many neighborhood amenities.

“The property garnered a high amount of interest due to the desirable location and solid retail tenant,” said Massey Knakal Director of Sales Stephen R. Preuss, who exclusively represented the seller in this transaction with Director of Sales Brian J. Sarath.

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Neighborhoods: Woodhaven/ Agents: Brian Sarath, Stephen Preuss

A modern townhouse at 542 Cathedral Parkway, located between Amsterdam Avenue and Broadway in Manhattan’s Upper West Side, was sold in an all-cash transaction valued at $3,400,000.
 
The four-story building, including basement, contains approximately 5,065 square feet and sits on a 25’ x 70.92’ lot.  Built in 1988 by Smith and Thompson Architects, it is currently configured as four floor-through apartments and a penthouse studio. The site contains approximately 10,673 buildable square feet, and a significant portion of the excess air-rights could be used to add to the existing building. The sale price equates to approximately $671 per existing square foot.
 
This property is in close proximity to both the Broadway shopping corridor and Columbia University, and offers excellent access to all forms of transportation.
 
“542 Cathedral Parkway was sold to an end-user once again demonstrating the strong demand from purchasers looking to create a home in one of Manhattan's most desirable neighborhoods," said Massey Knakal First Vice President of Sales Hall H. Oster, who exclusively handled this transaction.

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Neighborhoods: Upper West Side/ Agents: Hall Oster

A development site at 920 University Avenue, located between West 161st and West 165th Streets in the Highbridge neighborhood of the Bronx, was sold in an all-cash transaction valued at $500,000.

The block-through vacant lot consisting of approximately 7,735 square feet of total lot area benefits from over 61 feet of frontage on University Avenue as well as 60 feet on Summit Avenue.  Located within an M1-5/ R7-1 zone, the irregularly shaped lot holds approximately 38,673 buildable square feet for commercial development. A hotel will be constructed on the site and could provide Harlem River views from the upper floors.

“The majority of interest came from hotel developers as this site will become the closest hotel to Yankee Stadium,” said Massey Knakal Director of Sales Nick Burns, who exclusively handled this transaction with First Vice President of Sales David Simone.

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Neighborhoods: Highbridge/ Agents: David Simone, Nicholas Burns

A mixed-use loft building at 57 Grand Street, located between West Broadway and Wooster Street in Manhattan’s SoHo Cast Iron Historic District, was sold in a transaction valued at $4,700,000.

The four-story building contains approximately 4,422 square feet and sits on a 22’ x 67’ lot.  It contains the ground floor bar Toad Hall, which has been at the building for over 20 years.  The sale price equates to approximately $1,063 per square foot.

“Competition was fierce for this charming SoHo building,” said Massey Knakal Senior Vice President of Sales Robert Burton, who exclusively handled this transaction. “I was honored to receive the call from the owner, who had owned the building with her family for more than 30 years,” he continued.

Ira Lifshutz purchased the property. “Ira is a very active investor well-known at Massey Knakal, who always keeps his word.  He closed six transactions with us in 2012, and we look forward to continuing the partnership with him in 2013,” added Burton.

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Neighborhoods: SoHo/ Agents: Robert Burton

Massey Knakal Capital Services is pleased to announce the closing of a $4.0 million acquisition loan collateralized by a vacant office building located at 44 West 55th Street in Manhattan’s Midtown West neighborhood.  The loan featured a 5 year term with 2 years of interest-only payments and an interest rate of 2.70%. The creative structure of the loan also allowed for pre-payment at any time without penalty.
 
“This was the second loan we closed for our institutional client. The challenge in this transaction was that the building’s entire office portion was vacant and the cash-flow from the retail unit barely covered the operating expenses of the property. We were able to source a lender who had confidence in the Sponsor’s ability to execute his business plan and lease up the office space in a short amount of time. The Sponsor’s portfolio contained several similar properties within steps of this asset which we utilized to demonstrate comparable rents and a successful operating history,” said Director Morris Betesh, who exclusively handled this transaction.

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Neighborhoods: Midtown West/ Agents: Morris Betesh

A mixed-use building at 228 Wilson Avenue, located between Myrtle Avenue and Harman Street in Brooklyn’s Bushwick neighborhood, was sold in an all-cash transaction valued at $800,000.

The three-story building contains approximately 4,200 square feet and sits on a 25’ x 80’ lot.  It is currently configured as four residential units atop two rear residential units and two front side-by-side retail spaces.  The sale price equates to approximately $190 per square foot.

The building is located in Central Bushwick a half-block from Myrtle Avenue, providing foot traffic for retail tenants as well as convenient access to stores and transportation.  The M subway stop at Knickerbocker Avenue is only one block away offering easy access to Manhattan in less than 15 minutes.

“With sales pushing towards $200 per square foot, we are seeing a new depth in the market for mixed-use properties along the Wilson Avenue retail corridor in Bushwick.  This activity is directly correlated to the growing confidence among investors in retail in this rapidly transitioning neighborhood,” said Massey Knakal Director of Sales Michael Amirkhanian, who exclusively handled this transaction.

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Neighborhoods: Bushwick/ Agents: Michael Amirkhanian

A townhouse at 110 West 87th Street, located between Columbus and Amsterdam Avenues on Manhattan’s Upper West Side – Central Park West Historic District, was sold in an all-cash transaction valued at $3,700,000.

The five-story townhouse with 4-story extension and finished basement contains approximately 5,335 square feet and sits on a 17.5’ x 100’ lot.  It is currently configured as nine apartments of which two are rent stabilized. The nine apartments consist of two ground floor-basement duplexes, three studios, three one-bedrooms, and one floor-through.  The house was built by John G. Prague circa 1887 and possesses elements of both Romanesque and Queen Anne design.  Much of the property’s original detail has been maintained including fireplaces, the wooden staircase, high ceilings, and traditional moldings.  Even though nearly 30% of the house remained subject to rent regulation, the final sale price still equates to approximately $694 per square foot.

“We had a tremendous amount of interest in the house from end-users and investors alike which drove pricing above the asking price. Ultimately we secured an all-cash buyer who closed on the property within a week of signing a contract,” said Massey Knakal First Vice President of Sales Hall H. Oster, who exclusively handled this transaction with Partner James P. Nelson.

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Neighborhoods: Upper West Side/ Agents: Hall Oster, James Nelson