News

Massey Knakal Capital Services is pleased to announce the closing of a $14.5 million ground-up construction loan collateralized by a 12-unit luxury multifamily property in Manhattan’s Soho neighborhood. 

“The developers for this property previously owned and managed a large portfolio of multifamily properties in Little Italy and SoHo, but had not done any recent construction projects in New York City,” said Bruce Whipple, who exclusively handled this transaction. “The loan request went out to approximately 60 lenders and was difficult to place for several reasons.   The foremost concern was that the construction loan market was just beginning to recover from the credit crisis last summer. Very few lenders wanted to take on the risk of ground-up construction and had concerns about the high rents projected for each unit (in excess of $10,000 per month). The units will have balconies, terraces, direct elevator access, and high-end finishes and appliances.  There will be a pre-school on the lowest three levels.”  The lender that closed the loan was a fund that felt comfortable with the location, the strength of the neighborhood and New York City land values,” added Whipple.

Massey Knakal was able to leverage synergies with its investment sales team by securing accurate and up-to-date comparable sales data for the land, community space rents and residential rents in SoHo.

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Neighborhoods: SoHo/ Agents: Bruce Whipple

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail strip at 204-210 Jericho Turnpike. The property is located on the corner of Jericho Turnpike and Mineola Boulevard in Mineola, Nassau County. The asking price is $1,995,000.

The fully-leased one-story retail strip contains approximately 4,566 square feet and sits on a 72’ x 103’ lot.  It contains a parking lot fit for several spaces in the rear, and additional municipal parking for over 100 spaces which the village is responsible for maintaining.  The current tenants are Hanger Medical, a national credit tenant, and Carlino’s Pizzeria & Restaurant.  

Located on a major retail corridor in the heart of Mineola, this property is a great opportunity for an investor to purchase prime retail with excellent visibility.

“This fully-leased retail product with solid tenants on a prime corner makes for an excellent investment for a 1031 exchange buyer or investor looking for a quality income-producing asset,” said Massey Knakal Director of Sales Stephen R. Preuss, who is exclusively marketing this property.

For more information on this listing, contact Stephen R. Preuss at 718.275.3400.

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Neighborhoods: Nassau County/ Agents: Stephen Preuss

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail building at 1620 Ralph Avenue. The property is located on the corner of Ralph Avenue and Farragut Road in Brooklyn’s East Flatbush neighborhood. The asking price is $4,200,000.

The one-story building contains approximately 7,672 square feet and sits on a 96’ x 154’ lot.  It consists of four units and is 100% leased to a pizzeria, laundromat, and pair of medical offices.  There is significant potential for upside in rents.  This property has incredible street presence, benefitting from over 250 feet of frontage in a location with high traffic volume at a five-way intersection.

For more information on this listing, contact Massey Knakal Chairman Bob Knakal at 212.696.2500 or Director of Sales Edward Gevinski at 718.238.8999.

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Neighborhoods: Flatbush/ Agents: Edward Gevinski, Robert Knakal

A mixed-use building at 452 West 145th Street, located between Amsterdam and Convent Avenues in the Hamilton Heights Historic District of Harlem, was sold in an all-cash transaction valued at $1,100,000.

The four-story walk-up building contains approximately 3,328 square feet and sits on a 16’ x 99.92’ lot.  It consists of six rent stabilized units and one commercial unit on the ground floor.  There is approximately 3,086 square feet of additional air rights which could potentially be used to build out the back of the building.  The sale price equates to approximately $331 per square foot.

This property is conveniently located near City College on a commercial corridor in Harlem.  The B, C, and D trains are just one block away.

“With the property located on a key commercial corridor in Northern Manhattan and within walking distance to City College, we expect the owner to do very well with this acquisition heading into a very strong rental season,” said Massey Knakal Director of Sales Mitchell Levine, who exclusively handled this transaction with Partner James P. Nelson and First Vice President of Sales Josh Lipton.

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Neighborhoods: Hamilton Heights/ Agents: James Nelson, Josh Lipton, Mitchell Levine

Massey Knakal representatives are currently in Las Vegas for the Global Retail Real Estate Convention.
 
RECon is the global convention for the shopping center industry and provides networking, deal making and educational opportunities for retail real estate professionals from around the world. With over 30,000 attendees and 1,000 exhibitors it is the largest industry convention, making it an unparalleled opportunity to do a year's worth of business in just four days.

Visit Massey Knakal's booth located at C (central hall) 160 F Street

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Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail lease for 52 Court Street, located between Joralemon and Livingston Streets in Downtown Brooklyn.

The space, located on the second, third, and fourth floors, contains approximately 3,300 square feet with ceiling heights of approximately 15 feet.  With approximately 21 feet of frontage, the space benefits from high visibility and provides a great signage opportunity on the busy retail corridor of Court Street.  The site is ideal for a gym, yoga platform, medical office, salon, as well as other uses.

Downtown Brooklyn features a mix of national, regional, and local retailers.  The site is opposite Sephora, adjacent to Starbuck’s and Equinox, and other neighboring tenants include Duane Reade, Marriott Hotel, Chase Bank, McDonald’s, and T-Mobile.  It is in close proximity to all major subway lines, and only one train stop from Manhattan.

“This stretch of Court Street is becoming a major retail hub for Downtown Brooklyn,” said First Vice President of Retail Leasing Gregory Bartlett, who is exclusively marketing this space with Director of Sales Stephen Palmese.  “52 Court Street offers a tenant the opportunity to operate on the same block as a number of national retailers,” added Palmese.

For more information, contact Gregory Bartlett or Stephen Palmese at 718.238.8999.

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Neighborhoods: Downtown Brooklyn/ Agents: Gregory Bartlett, Stephen Palmese

Massey Knakal Realty Services has sold a development site located at 49 Bond Street in Downtown Brooklyn. The site was sold in a transaction valued at $70,000,000.

The site consists of more than an acre of land at 49,942 square feet and offers one of the most flexible zoning designations available in New York City. Located within a C6-4 zone, it carries an R10 residential designation, allowing for the availability of 10.0 FAR for commercial, residential, or community facility use. This would allow for an as-of-right building of about 500,000 square feet with the ability to grow the site to about 600,000 square feet through the use of inclusionary house bonuses. The site can potentially be home to a massive mixed-use development project that incorporates significant amounts of retail and residential space. The R10 zoning district is unique in that it provides the developer with access to the Inclusionary Housing Program, potentially adding 20% more residential square footage to a mixed-use or entirely residential project.

“The sale of this site is a great shot in the arm for Brooklyn’s downtown market, which is one of the most transformative neighborhoods in the city presently,” stated Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Senior Executive Vice President Stephen Palmese.

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Neighborhoods: Downtown Brooklyn/ Agents: Robert Knakal, Stephen Palmese

Massey Knakal Realty Services has been retained on an exclusive basis to sell a garage condominium situated in the Regency Plaza Condominiums at 132-03 Sanford Avenue (41-45 College Point Boulevard). The property is located on the corner of Sanford Avenue and College Point Boulevard in the Flushing neighborhood of Queens. The asking price is $2,750,000.

The two-level below-grade space contains approximately 25,273 gross square feet.  The garage occupies the cellar and sub-cellar which are connected by a ramp, and contains two street level entrances on Sanford Avenue and College Point Boulevard.  It features 24-hour parking complete with 105 legal parking spaces with potential for more spaces with park attendants’ assistance.    The property is currently occupied by an owner-user and can either be delivered vacant or the current owner may consider staying on to manage the garage business for the new owner if needed.

Ideally located just blocks from Downtown Flushing, Flushing Hospital, and the Sky View Parc Development, the Regency Plaza Condominiums consist of 56 total units including retail units on the ground floor.

“This is a great opportunity for an investor or user to acquire one of the few parking garages in the dynamic Flushing marketplace,” said Massey Knakal Director of Sales Stephen R. Preuss, who is exclusively marketing this property.

For more information on this listing, contact Stephen R. Preuss at 718.275.3400.

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Neighborhoods: Flushing/ Agents: Stephen Preuss

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

Massey Knakal Realty Services has been retained on an exclusive basis to sell an office building with on-site parking at 11 Oval Drive. The property is located at the southeast corner of Oval Drive in the village of Islandia in Suffolk County, New York. The asking price is $6,500,000.

The property consists of a single-story office building totaling approximately 61,304 square feet with on-site parking situated on an approximately 5.8-acre lot.  The building is comprised of eight units, one of which is currently vacant.

The property is located just ½ mile south of the Long Island Expressway and approximately 1.5 miles from the Central Islip Long Island Rail Road station.

For more information on this listing, contact Massey Knakal Partner Thomas A. Donovan at 718.275.3400 or Vice President of Sales Jeffrey A. Shalom at 718.238.8999.

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Neighborhoods: Suffolk County/ Agents: Jeffrey Shalom, Thomas Donovan

A commercial co-op located at 6 West 20th Street, between Fifth and Sixth Avenues in Manhattan’s Flatiron District, was sold in an all-cash transaction valued at $3,600,000.
 
The commercial co-op unit, situated on the sixth floor of an 11-story commercial loft cooperative building, contains approximately 4,500 square feet. It benefits from tremendous light and air quality due to northern and southern exposures. It features ceilings approximately 12.5 feet high, partially exposed brick walls, hardwood floors, new windows, and tenant controlled air conditioning.  The unit also has one passenger and one freight elevator which open directly into the unit.  It was delivered vacant. The sale price equates to approximately $800 per square foot.
 
The building is within close proximity to Madison Square Park, Union Square, and major public transportation.
 
“From the start of marketing to closing the whole process took just over two months. After other firms had been trying to sell the space for over two years we ended up having multiple buyers at asking price. This is a true testament to our marketing capabilities in conjunction with a rising market as commercial condos and co-ops have become very desirable for end-users,” said Massey Knakal First Vice President of Sales Brock Emmetsberger, who exclusively represented the seller in this transaction with Vice Chairman and Partner John F. Ciraulo.
 
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Neighborhoods: Flatiron/ Agents: Brock Emmetsberger, John Ciraulo

Massey Knakal Realty Services has been retained on an exclusive basis to sell an expansive townhouse at 27 East 11th Street. The property is located between University Place and Fifth Avenue in the Greenwich Village Historic District, with an asking price of $11,950,000.

This five-story townhouse is an impressive 7,050 square feet (approximate), and sits on a 25.02’ x 103.25’ lot. It is currently configured as four free market units. Originally built for dry goods merchant Samuel Holmes in 1844, this Greek Revival is currently vacant, as the owner has started the restoration process.  The property benefits from high ceilings on the parlor and garden floor and has excellent natural light.

This is a prime opportunity to convert this townhouse to one of the most spectacular single family homes in the area.  Neighboring homes, such as 40 West 10th Street and 20 East 10th Street, have achieved the highest prices in the area, selling for $21,000,000 and $18,995,000, respectively.  Other homes on the same block, such as 12 East 11th Street and 23 East 11th Street, have recently undergone multi-million dollar renovations.

“Townhouses of this size are exceedingly rare in this neighborhood,” said Massey Knakal Partner James Nelson who is exclusively marketing this property. “We have no doubt this house would sell for over $20 million once renovated, offering an exceptional opportunity for the right buyer,” added Director of Sales Mitchell Levine.

For more information on this listing, contact James Nelson or Mitchell Levine at 212.696.2500.

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Neighborhoods: Greenwich Village/ Agents: James Nelson

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

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail tenant for 148 West 28th Street, located between Sixth and Seventh Avenues in Manhattan’s Chelsea neighborhood.
     
The site contains approximately 2,300 square feet on the ground floor and 700 square feet of basement space with 12 foot high ceilings.  It benefits from approximately 20 feet of frontage and a brand new storefront in a high foot traffic area.  All uses will be considered.

“With the Fashion Institute of Technology around the corner, hotels in abundance on the block, and the 1 train on the corner, this retail space presents a unique opportunity for a retailer or food user to get in early on a block in transition,” said Director of Retail Leasing Ryan Horvath, who is exclusively marketing this space.

For more information, contact Ryan Horvath at 212.696.2500.

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Neighborhoods: Chelsea/ Agents: Ryan Horvath

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

Massey Knakal Realty Services has been retained on an exclusive basis to sell three contiguous townhouses at 315, 317, and 319 West 88th Street. The properties are located between West End Avenue and Riverside Drive in the Riverside-West End Historic District of Manhattan’s Upper West Side. The asking price is $15,500,000.

The Renaissance Revival townhouses were designed and constructed by Theodore E. Thomson in 1896 and combine for approximately 21,508 square feet on a 60’ x 100.67’ lot.  Of the 31 total apartments, 17 are Free Market, two are owner-occupied, 11 are Rent Stabilized, and one is Rent Controlled.  The units consist of six studios and 25 large one-bedrooms with varying layouts.  The common areas and apartments contain significant original detail including rich woodwork, ceiling moldings, stained glass, wainscoting, inlaid wood floors, fireplaces, and detailed original staircases.  Recent improvements to the building include restored woodwork, upgraded electric service, and roofs that were resurfaced between 1997 and 2003.  The buildings are individually metered for electric, partially sub-metered for gas, and heated by a #2 oil-fired boiler, approximately ten years old, located in the basement of 317 West 88th Street.  Additionally, the properties have approximately 14,850 square feet of air rights. The houses have been meticulously maintained for multiple generations and are being offered for sale for the first time in nearly 60 years.

 “With 60 feet of frontage, an incredible amount of original detail, a location on one of the neighborhood’s most sought after residential blocks, and over two-thirds of the units already decontrolled, this is a rare investment opportunity for value-add luxury rentals or single-family conversion,” said Senior Vice President of Sales Paul Smadbeck, who is handling the assignment along with First Vice President of Sales Hall Oster. Both can be reached at 212.696.2500.

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Neighborhoods: Upper West Side/ Agents: Hall Oster, Paul Smadbeck

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

By: Brendan Gotch, Director of Retail Leasing, Massey Knakal Realty Services

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.

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Neighborhoods: Greenwich Village, NoHo, East Village

Massey Knakal Realty Services has been retained on an exclusive basis to sell a multifamily property at 690-702 New Lots Avenue. The property is located between Warwick and Jerome Streets in Brooklyn’s New Lots neighborhood. The asking price is $2,200,000.

The property contains four contiguous tax lots measuring approximately 120’ x 100’.  They encompass six two-family units that combine for a total of approximately 12,096 square feet.  Construction on the units was completed in 2008 and each unit contains an individual meter for gas and electric.  

The property resides in a residential zone (R5) and is located just two blocks from the number 3 subway line at the New Lots Avenue station.

“These newly constructed duplexes are a terrific investment opportunity in an up and coming area of Brooklyn,” said Massey Knakal Director of Sales Edward Gevinski, who is exclusively marketing this property with First Vice President of Sales Brock Emmetsberger.

For more information on this listing, contact Edward Gevinski at 718.238.8999 or Brock Emmetsberger at 212.696.2500.

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Neighborhoods: New Lots/ Agents: Brock Emmetsberger, Edward Gevinski

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