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A blog for breaking sales and neighborhood real estate news.

Featured Listing: 111 4th Place, Brooklyn, NY

10/29/2009 3:02:41 PM/ Massey Knakal/ Listings

28'+ foot wide walk-up apartment building with eleven residential units. Located in prime Carroll Gardens, two blocks from the F and G lines. The building is in excellent condition with 10 of the 11 apartments completely renovated as well as the common areas, laundry facilities and exterior. Seperately metered heat, hot water and gas for each tenant. Parallel light wells provide each apartment with exposure on three sides, providing lots of light. 5 studios, 5 one-bedrooms, 1 two-bedroom.

Click here for listing details.

Neighborhoods: Carroll Gardens

A 120-unit building and adjacent development site at 1428 Fifth Avenue, spanning an entire Fifth Avenue block front in Central Harlem, was recently sold in an all cash transaction valued at $21,925,000.

Shimon Shkury and Thomas A. Donovan, Partners at Massey Knakal Realty Services, represented the seller, Metrovest Equities, and sold the property to developer L & M Equities.

The transaction consisted of two distinct components. The first was an existing six-story elevatored building spanning Fifth Avenue’s entire western block front between West 116th and 117th Streets. Constructed in 1983, the building contains 120 apartments that were recently ‘marked to market’ with HUD for a new five year contract. The buyer plans on maintaining the building as an affordable housing complex.  Renovated under Metrovest’s ownership, the building achieved a 94 REAC score from HUD and had zero violations.

The second component was an L-shaped 220’ by 201.83’ vacant lot, one of the largest remaining development sites in northern Manhattan. Currently the site can accommodate over 180,000 buildable sq. ft., but the site was marketed with proposed plans from Metrovest that could result in a building as large as 260,000 square feet.

Neighborhoods: Harlem/ Agents: Thomas Donovan

So often I hear people in our industry say that the weak dollar is encouraging foreign investment in U.S. real estate. This is something that only makes sense in two ways: the first is if the foreign investor is purchasing a residential property for his or her own use and it is simply “cheap” to them because of the exchange rate. Think of the opportunity to buy a mansion on the water in the south of France for $10,000US. If this location is of interest to you, you might just buy that property because it is so cheap that you figure, why not?

Click here for full article.

Agents: Robert Knakal

A 21' wide, four-story, approximately 5,208 square foot walk-up building located on the north side of East 82nd Street between First and Second Avenues. The property consists of four one-bedroom units and four alcove studios. Six of the units are rent stabilized and two are free market. Two of the units have newly renovated kitchens and bathrooms.

Click here for listing details.

Neighborhoods: Upper East Side/ Agents: John Ciraulo, Thomas Gammino Jr.

 A residential development site at 2681-91 Marion Avenue, located on the west side of Marion Avenue between 194th and 196th Street in Bedford Park/Fordham neighborhood of the North Bronx, was sold in an all cash transaction valued at $2,350,000.

The site consists of four contiguous lots offering 164’ of frontage with roughly 150’-180’ of depth, totaling approximately 96,289 buildable square feet. The site will be delivered vacant. The sales price represented approximately $24 per buildable square foot.

Neighborhoods: Fordham/ Agents: Karl Brumback

The subject properties are three (3) contiguous block-through buildings owned by (3) separate individuals, featuring over 100’ of frontage along Third Avenue. This assemblage offers a unique opportunity to become a player in “The Hub,” one of the tri-state areas most up-and-coming neighborhoods.

Click here for listing details.

Neighborhoods: The Hub

The Hospital Portfolio is named for its close proximity to the Columbia Presbyterian Medical Center. All four (4) properties are located west of Broadway in one of Washington Heights most desirable neighborhoods. Columbia Presbyterian is a neighborhood anchor which draws a tremendous amount of traffic from patients, visitors, doctors, along with medical and support staff every day. The amenities which service this neighborhood include many national retail tenants including Chase, Dallas BBQ, Starbucks, as the demand for higher quality goods and services is abundant. The rental apartments in this portfolio are always in high demand from medical students, and employees of Columbia Presbyterian Hospital. Access to public transportation is just two short blocks away on 169th Street and Broadway with the A, C, and 1 trains along with numerous MTA bus lines.

Click here for listing details.

Neighborhoods: Washington Heights/ Agents: Robert Shapiro, Robert Knakal, Thomas Donovan

This property is a 25’ wide, five (5) story building containing fifteen (15) rent stabilized units. The building contains ten (10) railroad apartments and five (5) two-bedroom units located in the building’s rear. Four (4) units will be delivered vacant and two (2) apartments that are owner occupied will have rents set at market level. Steps away from Harlem ’s primary commercial corridor, 125th Street , the building is located in an area that has undergone rapid development. Its close proximity to the Lexington Avenue subway station (4-5-6 trains), the FDR Drive and the Triborough Bridge provides easy access to all Manhattan and outer borough locations in a matter of minutes. The property is adjacent to a recent condominium conversion and is steps away from 3 brand new rental buildings. 208 East 124th Street also enjoys the convenience of being steps away from Pathmark and the Gotham Plaza retail strip. Offering an accessible, central location and readily extractable upside, 208 East 124th stands out as a premier East Harlem investment opportunity.

Click here for listing details.

Neighborhoods: Harlem

Multifamily Investment Summit
December 3, 2009
McGraw Hill Conference Center


GreenPearl Events is delighted to announce NYC's leading investment sales broker, Robert Knakal, Chairman of MASSEY KNAKAL REALTY SERVICES, is a featured speaker at GreenPearl Events' MULTIFAMILY INVESTMENT SUMMIT on December 3rd. The premier conference and networking event for commercial real estate executives who specialize in the acquisition, disposition, or development of multifamily properties will be held at the McGraw Hill Conference Center in Midtown Manhattan.

Robert Knakal will join a panel focused on political measures and new legislation that could impact rental rates and values of New York City multifamily properties, "Politics, Recession, Rent Stabilization: What are the Political Forces, and Legislation, that Could Impact New York City Real Estate?" is a prominently-featured panel at the summit, and will also feature Robert LiMandri, Commissioner of the New York City Buildings Department, CITY OF NEW YORK, in addition to a state representative (to be announced).

For more information or to register: mfny.eventbrite.com
or call: 212-260-6321



Agents: Robert Knakal

1/3 partnership interest of 244 Front Street in the South Street Seaport for sale. Approx. $380 PSF for the partnership interest - negotiable!!! Owner has full ownership of the third floor unit and 1/3rd of the ground, second and 6th floors as per the partnership agreement. Each Floor is approx. 2,215 SF rentable SF. The 3rd Floor has 2 units, a large 2BR / 2 Bath unit (currently Vacant) and a Studio, currently rented for $1,400. Common charges per month are $1,400.

The 2BR/2Bath unit is beautifully renovated, with a large living room with wooden beams, an open kitchen and a lot of character. A copy of the partnership agreement and income/ expense statement is available as is a mortgage amortization schedule. Excellent property for an Owner/ User or Investor. Alternatively, owner is ready to sell only the 3rd Floor Unit.

Click here for listing details.

Neighborhoods: Financial District

Bob Knakal discusses the wisdom of buying now in an interview with John Salustri, editorial director of ALM’s Real Estate Media Group.

Click here to watch on GlobeSt.tv


Agents: Robert Knakal

The subject property consists of (4) contiguous lots located on the west side of 130th Street between Jamaica and 89th Avenues in Richmond Hill, just blocks from the Van Wyck Expressway. Lot 19 is a warehouse building, Lot 29 is a one family house and Lots 30 and 33 are vacant and currently being used as parking lots. All properties will be delivered vacant at closing. The property has a total footprint of approx. 33,000 SF. The approx. 27,000 SF warehouse building has 2 overhead doors, 14' ceilings and Brickmill construction. The site lies in the Jamaica Empire Zone and is eligible for QEZE and EZ tax credits.

Click here for listing details.

Neighborhoods: Richmond Hill

NYC Real Estate Expo

10/19/2009 9:52:28 AM/ Massey Knakal/ News

Robert Knakal  will be speaking at the NYC Real Estate Expo at The Roosevelt Hotel on Friday October 30th.

Seating is limited and begins at 11:40 a.m.

Admission is free.

Please RSVP for Bob’s seminar to Erin Mitchell at emitchell@masseyknakal.com

For more information: http://www.nycrealestateexpo.com/

Agents: Robert Knakal

The volume of investment sales recently has been extraordinarily weak whether you look at aggregate sales price or number of transactions. In fact, we are on pace to see sales volume hit the lowest level we have seen in the 26 years we have been tracking these statistics.

Our recently completed analysis of the Manhattan property sales market, through the first three quarters of 2009, shows only $3.2 billion in volume; a remarkable reduction in the aggregate sales price of 82% from the first three quarters of 2008 and 92% from this cycle’s peak in the first three quarters of 2007. For those of you familiar with the Manhattan market, our study analyzes sales which occurred south of 96th Street on the eastside and south of 110th Street on the westside.

Click here for full article.

Agents: Robert Knakal

The subject property is a 4 story walk-up apartment building located on East 9th Street in Brooklyn. The property is approximately 16,700 sq. ft. and consists of 23 residential apartments.

Click here for listing details.

Neighborhoods: Ditmas Park

New York City’s most influential and knowledgeable real estate leaders will once again share their insights and outlooks for the marketplace at the eighth-annual RealShare NEW YORK.

Wednesday, October 28, 2009
8:00 a.m.–2:00 p.m.
The Roosevelt Hotel  (Madison at 45th)

Robert Knakal will be speaking from 10:45 a.m. –11:30 a.m.
Investors Panel: How to Embrace Distress and Find Opportunity
The expected surge in distressed assets is getting closer each day. One-off deals are too few to stop more and more distressed situations from piling up. What can be done? Where is the upside? Our panel will look at the reality of the distressed market in New York and discusses current and future opportunities

Click here for more information.



Agents: Robert Knakal

A 215' wide 1 story retail property that services LaGuardia Airport, located on the south side of Astoria Blvd. between 87th & 88th Streets. It is currently occupied by 7 retail tenants including a 7-11, Subway and OTB. There is parking on the eastern end of the property to accommodate 10 vehicles. The building is net leased to existing tenants, responsible for all charges, repairs and damages of every description excluding taxes and insurance. The building is fully occupied.

Click here for listing details.

Neighborhoods: Elmhurst

Featured Listing: 5753 Broadway, The Bronx, NY

10/13/2009 10:37:02 AM/ Massey Knakal/ Listings

5753 Broadway is a three (3) story mixed-use walk-up building located on the southwest corner of Broadway and West 236th Street in the Kingsbridge/Riverdale section of the North Bronx. This unique building features six (6) one bedroom apartments and six (6) commercial spaces including an owner occupied bar (with cabaret license) and a large second floor commercial space perfect for professional/community use. The bar will be vacated upon sale.

 This property is located adjacent to the NYPD’s 50th Precinct, steps from the MTA #1 subway line, and within walking distance to Manhattan College and Van Cortlandt Park. Rent roll and unit/revenue & expense breakdown on reverse. Enormous potential for a business owner or investor.

Click here for listing details.

Neighborhoods: Kingsbridge/ Agents: Karl Brumback

A prime residential development site at 164-09/11 45th Avenue located in Flushing, Queens was sold in an all cash transaction valued at $425,000.

The property is vacant land with an approximate lot size of 4,100 square feet measuring 68 feet of frontage on 45th Avenue.. The lot is zoned R4-1 allowing for approximately 3,672 buildable square feet. The property benefits from its close proximity to Downtown Flushing, Flushing Hospital and major transportation. The sales price represented $115 per buildable square feet.

Neighborhoods: Flushing/ Agents: Stephen Preuss

46 Linden Boulevard is a four story, 16 unit walk-up apartment building in the Flatbush area of Brooklyn, New York. The building is comprised of 5 one bedroom, 8 two bedroom and 3 three bedroom apartments. The entire building is maintained extremely well and needs no significant improvements. 46 Linden Boulevard is an excellent purchase for an investor looking for a strong cash flow.

Click here for listing details.

Neighborhoods: Flatbush

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