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A blog for breaking sales and neighborhood real estate news.

The most common question I am asked these days is, “When will the good times return to the commercial real estate market?” That question is impossible to answer with accuracy as we are in unprecedented times with unprecedented government intervention and an unprecedented global recession. Below is a scenario that I think could be possible and may even be probable based upon what we are presently seeing in the market.

Agents: Robert Knakal

Located on the north side of West 179th Street between Wadsworth and St. Nicholas Avenues, 605 West 179th Street is a 18' wide, eight (8) unit walk-up apartment building. All residential units have been gut renovated and the ground floor units (1 & 2) are currently being renovated into one 1,300 SF single unit to be used for community facility space. The building has a new 20 foot extension on the back of floors one and two and is equipped with a gas boiler from 1998. The property benefits from the high traffic retail corridor on St. Nicholas Avenue and the number 1 subway stop at 181st Street.

Click here for listing details.

Neighborhoods: Washington Heights/ Agents: Robert Shapiro

Located in the heart of Chelsea, this property consists of a 2BR / 2 ½ bath owner's duplex, two free market apartments and one rent controlled apartment. The building benefits from a tremendous amount of light and air, high ceilings and original detail. All apartments aside from the rent controlled unit can be delivered vacant, making 333 West 18th Street the ideal investment or live/invest opportunity.

Click here for listing details.

Neighborhoods: Chelsea/ Agents: Brock Emmetsberger

Located on one of the best residential blocks in Chelsea, this Italianate style brownstone was originally built in 1842. The house benefits from 12 1/2’ ceiling heights on the parlor floor and 11’ on the third floor. Although the property would require a gut renovation, the house retains some architectural detail. It can be delivered vacant and would be suitable for a single family conversion.

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Neighborhoods: Chelsea/ Agents: Brock Emmetsberger, James Nelson

A property at 3379-3381 Shore Parkway located on the northeast corner of Sheepeshead Bay Road and Shore Parkway in Brooklyn was sold in an all cash transaction valued at $1,670,000.

The 76’ x 95’ square foot lot contains two factory buildings with three commercial units totaling 7,144 square feet. There are two legal parking spaces. The property traded to a local user for $210 per square foot.

Neighborhoods: Sheepshead Bay

The most common question I am asked these days is, “When will the good times return to the commercial real estate market?” That question is impossible to answer with accuracy as we are in unprecedented times with unprecedented government intervention and an unprecedented global recession. Below is a scenario that I think could be possible and may even be probable based upon what we are presently seeing in the market.

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Agents: Robert Knakal

A 18,500 sqfoot industrial building within 5 minutes of Air, Rail, Road and Sea transportation. The property also has a 3,600 sqft yard / parking lot.

This is an Ideal user property in a prime industrial area.

Click here for listing details.

Neighborhoods: Essex County

A two-story commercial building at 2632 East 14th Street in Sheepshead Bay, Brooklyn was sold in all cash transaction valued at $1,775,000.

The newly constructed 7,250 square foot office building consists of three levels of office space all accessible by a glass elevator. Each floor has its own 10-ton HVAC unit and sprinkler system. There are two bathrooms on each floor and multiple doors which allow for subdivision. General commercial offices are permitted on the lower two levels.  The property is located adjacent to the busy commercial district of Sheepshead Bay. It also benefits from its close proximity to public transportation, the Belt Parkway and municipal parking lots.  The sale price represented $254 per square foot. The property was sold to Accord Business Administration (ACCORDS) who will expand their full-service healthcare management facility to this location.

Neighborhoods: Sheepshead Bay

The subject property consists of seven contiguous lots located on the south side of 155th Avenue, west side of 79th Street and east side of Sapphire Street/78th Street in Lindenwood. Each lot contains a three story building consisting of (6) apartments for a total of (7) buildings and (42) residential units, many of which have balconies. All of the apartments, except for 3, are free market and not subject to any rent stabilization guidelines.

These well maintained buildings have an average monthly rent of $893, which equates to approx. 77% of current market value, offering tremendous upside potential to an investor. The property is located in a pristine residential neighborhood close to Howard Beach, Cross Bay Boulevard, the Belt Parkway and the Q21 and Q41 bus lines.

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Neighborhoods: Lindenwood

The subject property is a 7,500 SF building that is classified as a (F9) Factory. The left side of the building is 25’ x 100’ on the first floor and 25’ x 50’ on the second floor. The right side of the building is 25’ x 75 on the first and second floors. The owner currently occupies the building and operates a commercial bakery. The property will be delivered vacant.
The residential zoning allows for conversion to multifamily or single family residence.

Click here for listing details.

Neighborhoods: Clinton Hill/ Agents: Stephen Palmese

A brick three-story mixed-use building at 21 Greenpoint Avenue located between West Street and the East River in the Greenpoint, Brooklyn was sold in an all cash transaction valued at $1,320,000.

This 3,500 square foot building consists of two floor-through apartments and a garage which extends the length of the lot on the ground floor. The third floor apartment is in need of a gut renovation. It has a curb cut and a mechanical roll down gate. There are also approximately 1,117 square feet of available air rights associated with the property which allows for the possibility of future development. The building was delivered vacant.  The sale price represented $377.15 per square foot which is a high price for this neighborhood.

Neighborhoods: Greenpoint/ Agents: Mark Lively

The Upper East Side property contains one (1) bedroom apartment, eight (8) 2 bedroom apartments, one (1) two bedroom two bath duplex garden apartment and one (1) 500 s.f. office. All apartments were renovated in 2008.

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Neighborhoods: Upper East Side/ Agents: Guthrie Garvin

Massey Knakal’s Special Asset Strategy Group is pleased to announce the sale of 643 Vermont Street. This multi-family property, located on the corner of Vermont and Riverdale Avenues in the East New York neighborhood of Brooklyn, was sold in an all cash transaction valued at $440,000.

This three-story brick apartment building is approximately 4,340 square feet and lies in a residential zone with a commercial overlay (R6/C1-3). There are no rent regulations. The building consists of five apartments; one four-bedroom unit, two two-bedroom units and two one-bedroom units. There is also a two car garage. The property is located three blocks from the Pennsylvania Avenue stop on the 3 train.

Neighborhoods: East New York/ Agents: Edward Gevinski

Featured Listing: The Bronx Portfolio

6/11/2009 3:54:36 PM/ Massey Knakal/ Listings

Massey Knakal Realty is pleased to present a portfolio of 5 buildings spread throughout the Bronx neighborhoods of Parkchester, Mount Hope, Bronx River, and Mott Haven. The package is composed of 199 units of which 189 are residential, and 10 are commercial (including 2 antennas). 

The average residential rent per room is $287, and the average monthly rent for the portfolio is $944. These 5 buildings are well-maintained, virtually violation free, have low vacancy/collection loss, and have been family owned and operated for years.

These buildings are offered for sale as a portfolio, or as a variety of other combinations.

Click here for listing details.

Neighborhoods: Mott Haven, Mount Hope/ Agents: Karl Brumback

A three-story commercial property at 121 Ludlow Street located in the heart of the Lower East Side was sold in an all cash transaction valued at $3,450,000.

This completely renovated building is approximately 4,485 sq. ft. The vacant ground floor is fully equipped for restaurant use with an exhaust system, a working kitchen and a full basement. There is an art studio on the second floor with 12 foot ceilings and a hair salon on the third floor with 10 foot ceilings. The property traded to a local investor for $756 per square foot which represented a 4.35% capitalization rate.

Neighborhoods: Lower East Side/ Agents: Michael DeCheser

The subject property is a below grade parking garage condominium located in The Regency Condominiums at 132-03 Sanford Avenue, Flushing, Queens, NY. The property features 56 total units, including the retail units on the ground floor.

The condominium is in an ideal location, just blocks from Downtown Flushing, Flushing Hospital, and the 1 million+ square foot Sky View Parc Development, which is currently being constructed. The garage occupies the cellar and sub-cellar (connected by ramp) of the property and features 105 legal parking spaces as well as two street level entrances, one on Sanford Avenue and the other on College Point Boulevard.

Click here for listing details.

Neighborhoods: Flushing/ Agents: Robert Knakal, Stephen Preuss

Massey Knakal’s Special Asset Strategy Group is pleased to announce the sale of 96 Eaton Place. This multi-family property, located near the intersection of Eaton Place and Greenwood Avenue in East Orange, New Jersey, was sold in an all cash transaction valued at $225,000.

The subject property, which sits on a 37’ x 100’ footprint, contains eight units with a total square footage of 12,000.  It is vacant and requires a gut renovation. The property was sold to a Brooklyn based investor.

Neighborhoods: Essex County

This 5 building package consists of 75 residential units and 2 stores. The breakdown is as follows: 10 three bedrooms, 2 two bedrooms, 57 one bedroom and 6 studios and 2 stores.

The combined gross rent roll is $1,020,720.  The combined GRM is 8.90 and the CAP rate is 8%. The properties are professionally managed and are in excellent condition. Apartments are renovated on a regular basis.

The properties all have assumable financing at attractive rates.

The buildings are in close proximity to each other, major public transportation, Prospect Park, The Brooklyn Museum, The Botanic Gardens, Medgar Evers College and more.

Click here for listing details.

Neighborhoods: Crown Heights

A 25,000 square foot warehouse at 585 Wales Avenue located on the southwest corner of Wales Avenue and East 150th Street was sold in an all cash transaction valued at $1,300,000.

The subject property is a five-story plus basement which was formerly used as an office/warehouse space. The building lies in a R7-1 zone ideally situated for residential conversion. The sale price represented $52 per square foot.

A prime residential development site at 101-103 Boerum Place located between Dean and Pacific Streets in Brooklyn’s Boerum Hill neighborhood sold in an all cash transaction valued at $825,000.

The combined lot size is approximately 40’ x 60’ with 5,280 buildable square feet and 40’ feet of frontage on Boerum Place. It is ideally situated just one block from prime retail strips on both Smith and Court Street and is located near public transportation. The site is ideal for condominium, multi-family or townhouse development. The existing curb cut creates a unique opportunity for parking.

Neighborhoods: Boerum Hill

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