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A blog for breaking sales and neighborhood real estate news.

Newly restored 566 East Boston Post Road in Mamaroneck is a visual landmark along Boston Post Road / U.S. Route 1 retail and business corridor.

In the 1920’s, when the famous New York City Fifth Avenue retailer Best and Company expanded this Westchester County location, this site was selected as ideal due to its high visibility and proximity to the affluence of Rye, Larchmont and Greenwich.

Massey Knakal broker John Barrett commented that “the property is designed in a classic manner and has a stunning edifice that will enhance the image of any user who acquires it.”

The property has 2 full floor plates of 9,000 +/- SF along with three penthouse office suites (3,500 +/- SF) offering views of the harbor. Past uses have included retail and office as well as the current tenant an antiques dealer showroom. The total building size is approximately 21,500 SF. The property has a new elevator along with upgraded and enhanced electric service and offers off street parking for 24 vehicles.

Neighborhoods: Westchester County

A three story, 75' wide building with garage space on the ground floor, unfinished space on the second floor and beautifully renovated office space on the third floor. The property has heavy floor-loads and a brand new passenger elevator. Views from the roof of Midtown and New Jersey are breathtaking. Air Rights of approximately 15,725 sq. ft. exist and allow for significant expansion possibilities.

The area is home to Kenneth Cole, Prada and Ogilvy & Mather. The property represents an interesting candidate for conversion to a similar such office, retail, showroom, and/or production facility.

Click here for listing details.

Neighborhoods: Midtown West/ Agents: Christoffer Brodhead

The sales volume of investment properties in New York City in the under $100,000,000 market is approaching its all-time low level. The two metrics we watch most closely are prices and the number of properties sold. This commentary will address the current trend in the volume of sales.

 

The 2008 turnover rate (which is expressed as a percentage of properties sold out of the total stock of properties) was 1.8% of the total stock of buildings and we anticipate this turnover level dropping to 1.6%, or lower, in 2009. The statistical sample used for this analysis takes into consideration Class C, D, S and K properties, eliminating some segments of these classes which are not applicable, in the five boroughs of New York City. The total number of properties in this segment is approximately 125,000. The 2008 turnover rate of 1.8% results in approximately 2,250 properties trading hands. This total represents a 40% drop in the number of properties sold from 2007 to 2008 (in the over $100 million market turnover is down 70% to 85% depending upon the report quoted). Since the mid-‘70s the turnover of the total stock of buildings has been lower than 1.8% on only three occasions. The volume of sales was 1.7% and 1.6% during the recessionary years of 1991 and 1992 respectively. It also hit 1.6% again in 2003 as we were emerging from the recession caused by the technology bubble bursting.

 

We had always assumed that this 1.6% turnover level was a baseline rate of turnover; representing only those seller who had no choice but to sell. Death, divorce, taxes, partnership disputes, distress and insolvency were the motivations underpinning this baseline number. In the early 1990s, prices had fallen so precipitously that only those who had to sell, did.  Interestingly, if you look at the chart below, you can see that sales volume decreases significantly during the recessionary periods as unemployment simultaneously spikes. The red unemployment line shows the increases in unemployment as the recessionary periods’ progress. (Be mindful that you are not really comparing apples to apples looking at pre- and post-Clinton eras.)

 

2008 finished with an unemployment rate of approximately 7.2%. It is projected that by the end of 2009 unemployment will be approaching 9%. While our projection for sales volume is 1.6% for 2009, we would not be surprised to see this volume dip to a new record of between 1.4% and 1.6% as we are in unprecedented times which could cause a new record low number of properties sold.

 

The positive news is that even with an historically low turnover of 1.6%, that still translates into approximately 2,000 sales in the New York City marketplace. When comparing 2009 to the recession of the early ‘90s, a striking difference is that today there is a tremendous amount of patient capital waiting on the sidelines eagerly awaiting buying opportunities. The reduction in sales volume in the early ‘90s was primarily a function of lack of demand, as supply was significant. Today, the reduction in volume is much more a function of supply constraint as all of the negative news about the economy and our market has many sellers feeling as if they should not be voluntarily selling. Interestingly, prices, particularly in the multi-family sector, are only off their peak by about 10%. We are still regularly selling rent regulated assets at cap rates ranging from 4.5%-5.5%. Other segments of the market, such as retail properties and office buildings, have experienced much greater upward pressure on capitalization rates driving those prices lower. We expect 2009 to be a challenging year as brokers compete to sell the 2,000 (or fewer) properties that will sell this year.

Agents: Robert Knakal

Suprisingly charming 4 family 25' wide building. Each apartment contains 3 bedrooms, brick fireplaces and updated mechanicals. Ground floor unit has access to landscaped backyard, and 2nd floor unit has a large deck. Proposed Gowanus rezoning to M1-4/R7A allowing a 3.45 F.A.R as of right, or 4.6 with inclusionary housing. This site is lcoated near the Gowanus Canal and walking distance from the Smith Street social life. Less than two blocks from the Union Street stop servicing the M and R lines. Can be sold as a package with 557 and 561 Union Street.

Click here for listing details.

Neighborhoods: Gowanus

This prime three story brick mixed-use building is located on Greenpoint’s main retail corridor, Manhattan Avenue. The building consists of two floor-through apartments and a commercial unit with an extension on the ground floor.

The property is located just steps from the Nassau Avenue G train station and one block away from McCarren Park.

Click here for listing details.

Neighborhoods: Greenpoint/ Agents: Mark Lively

This 17,500 SF Riverdale property is located on Broadway & Mosholu Avenue, fronting Van Cortlandt Park. The site features 175’ of frontage, R6 zoning, a commercial overlay and 52,500 BSF. Currently an operating gas station, monitoring wells are in place, Phase II environmental reports & remediation plans are available & approvals are in place for additional testing.

Well priced at $27 per buildable foot.

Click here for listing details.

Neighborhoods: Riverdale/ Agents: Karl Brumback

25' Wide, Five-Story Mixed-Use Building in the Manhattanville section of New York.

Click here for listing details.

Neighborhoods: Manhattanville

A corner retail strip at 2514-2520 Merrick Road in Bellmore, New York sold in an all-cash transaction valued at $1,250,000. Located on a prime retail corner, this property sits on a 175’ x 110’ lot which consists of approximately 5,524 sq. ft. A smoke shop, a Chinese restaurant and an Italian restaurant occupy the ground floors with 4% annual rent increases. There is one three bedroom apartment located above the Italian restaurant. The property also benefits from 175’ of prime retail frontage along with 22 parking spaces.

Neighborhoods: Nassau County

The property is currently occupied by two commercial spaces and a newly renovated residential unit.

The ground floor contains a high-end French restaurant, the second floor an office, and the third floor an apartment with a terrace and roof deck.

Click here for listing details.

Neighborhoods: Upper East Side/ Agents: Guthrie Garvin

The property is a 4-story retail/commercial building in the heart of downtown Newark near the intersection of Broad Street and Market Street.

The property is has been meticulously maintained and is in excellent condition. The property will be delivered vacant making it an excellent opportunity to reposition a great asset in a rapidly gentrifying area. Allowed uses include restaurant, retail, office and residential.

Click here for listing details.

306 East 15th Street is a five story, 7,425 sq. ft., townhouse located on the south side of East 15th Street between First and Second Avenues. The townhouse benefited from its 25’ width and direct views of Stuyvesant Square Park. This property sold in less than one week’s time at an all cash transaction valued at $5,175,000.

Neighborhoods: East Village/ Agents: James Nelson, John Ciraulo

The subject property is a newly constructed retail and office building on Northern Boulevard and the corner of 208th Street just East of the Clearview Expressway in Bayside, Queens.

This rarely available retail & office property is a brand new construction from the ground up and has a desirable 100’ feet of frontage on Northern Boulevard surrounded by national tenancy with heavy traffic.

Click here for listing details.

Neighborhoods: Bayside/ Agents: Stephen Preuss

FEATURED CLOSING:78 EAST 2ND STREET

1/14/2009 10:17:53 AM/ Massey Knakal/ Closings

78 East 2nd Street is a five story townhouse, located on the north side of East Second Street between First and Second Avenues. The three family property, which was delivered vacant, has windows on all three sides providing tremendous light. The all cash transaction was valued at $3,300,000. 

Neighborhoods: East Village/ Agents: James Nelson

Commercial development site with 20,000 buildable square feet. Ideal retail location located on prime corner vacant lot on Fourth Avenue. The property is adjacent to Staples, Pep Boys and one block from the proposed Whole Food Market.

The site has been partially environmentally remediated, but additional remidiation is required. Details available upon request.

Neighborhoods: Park Slope

A development site located at 644 East 14th Street on the southwest corner of East 14th Street and Avenue C in Manhattan’s East Village sold in an all cash transaction valued at $12,300,000. The lot measures 114’9” x 88’and has a total buildable square footage of approximately 36,125 sq. ft. for residential use or 68,262 sq. ft. for a community facility, which will likely be the ultimate use of the property. 

Neighborhoods: East Village/ Agents: James Nelson

Between Franklin and Bedford Avenues in Brooklyn, this 2,700 SF four family building is being used as a legal SRO. The property is well maintained and generates about $6,000 per month revenue. All the required documentation will be provided by the owner.

Can be delivered vacant upon request.

Click here for listing details.

Neighborhoods: Prospect Heights

The subject property is approximately 3,500 square feet (land area is 5,000 SF), leased by 196 Pennsylvania Avenue Laundromat LLC.

The property is located on a highly visible corner at Pennsylvania Avenue and Glenmore Avenue in central Brooklyn. The building is in excellent condition with recent renovations. The Laundromat is equipped with about 100 machines, on site parking for approximately 5 cars and plenty of curb side parking.

Click here for listing details.

Neighborhoods: East New York/ Agents: Edward Gevinski

A two story proffesional office building with 40+ feet of frontage, 9,000+ sf of usable space plus approx. 3,000 sf of air rights in TriBeCa.
Close to eight subway lines (A, C, E, N, R, 4, 5 and 6). A small plaza open to the public at the back of the building. Great for owner/ user or investor.

Click here for listing details.

Neighborhoods: TriBeCa

Massey Knakal Realty Services has been retained on an exclusive basis by the ownership to arrange for the sale of 304 Fifth Avenue, New York, NY. The subject property is a 19.92' wide by 99.95' deep parcel of land with approved plans to build an approximately 19,878 sq. ft. (above grade), 14-story, mixed-use condominium building.

The subject site is located on the west side of Fifth Avenue between West 31st and 32nd Street.

Click here for listing details.

Neighborhoods: Penn Station, Flatiron, Murray Hill/ Agents: Brock Emmetsberger, John Ciraulo

A retail property located at 2201 86th Street in Brooklyn’s Bensonhurst neighborhood was sold in an all cash transaction valued at $5,000,000.

Neighborhoods: Bensonhurst/ Agents: Jeffrey Shalom

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