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A blog for breaking sales and neighborhood real estate news.

2503 Hughes Avenue is a four (4) story walkup building located in the Fordham/Little Italy neighborhood of the North Bronx. This building features twenty-one (21) units comprised of 13 one-bedrooms and 8 two-bedrooms.

The building is located just off East Fordham Road and within a short walking distance to Fordham University, Little Italy, the Bronx Zoo, Botanical Gardens and St. Barnabas Hospital. The Metro-North Fordham station provides a 30 minute trip to Grand Central Station and there is easy access to the B/D line and express bus service. Featuring low rents with plenty of upside & a great location this is an outstanding opportunity to own in one of the most in-demand sections of the North Bronx.

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Neighborhoods: Fordham/ Agents: Karl Brumback

This Bay Ridge six family building is an excellent investment opportunity. It has a recently replaced gas boiler and a 2 year old roof. There is upside in the rents and it is located right off Owls Head Park. There is easy access to the Belt Parkway and express buses to Lower and Midtown Manhattan.

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Neighborhoods: Bay Ridge

A mixed-use brick building at 145-52 Rockaway Boulevard, located on the southwest corner of 146th Street and Rockaway Boulevard, was sold in an all cash transaction valued at $350,000.

The 3,300 square foot building consists of two stores on the first floor and two apartments on the second floor as well as a basement. The entire building was delivered vacant. The property is ideally located on a vibrant retail strip with excellent transportation including the Van Wyck Expressway, Belt Parkway and JFK airport.

Neighborhoods: Ozone Park/ Agents: Stephen Preuss

Massey Knakal Realty Services and Gallin Glick Sullivan O’Keefe have been retained on an exclusive basis to offer for sale the Unsubordinated Fee Interest Subject to a Long-Term Ground Lease for the properties having the addresses of 119-125 Madison Avenue and 27-29 East 30th Street. The ground is improved with 12 and 7 story elevatored apartment buildings containing 125 rental apartments as well as 9 retail spaces.

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Neighborhoods: Murray Hill/ Agents: John Ciraulo, Robert Knakal

3050 Perry Avenue is a six (6) story elevator building located in the desirable Norwood neighborhood of the North Bronx. This building features thirty-seven (37) units comprised of 11 studios, 15 one-bedrooms, 6 two-bedrooms, and 5 three-bedrooms. Located off the Mosholu Parkway and within close proximity to the Montefiore Medical Center, this property is a short walk to the Norwood/205th Street D subway and the Botanical Garden or Williamsbridge Metro North train stations.

There is an assumable $3,000,000 mortgage on the property.

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Neighborhoods: Norwood/ Agents: Karl Brumback

We sat down for our quarterly conversation with Massey Knakal Chairman, Robert Knakal to discuss his views on the New York City property sales market, economics and political initiatives that have effected the first half of 2009. We hope you find this interview informative and timely.

Agents: Robert Knakal

Your perspective on the relative success or failure thus far of the American Recovery and Reinvestment Act of 2009 aka “The Stimulus Plan”, probably depends, in part, on your political persuasion. Republicans have called it a failure and Democrats remain hopeful that the benefits will start to tangibly kick in. I would like to look at the $787 billion  (which equates to about 5.5% of GDP while the New Deal was only about 2% of GDP) the government has appropriated from the perspective of neither a Republican nor a Democrat, but rather from the perspective of a real estate guy or what I will call a Realestatarian.

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Agents: Robert Knakal

The subject property is a two-story industrial building of brick construction with 25,658 square feet. The property is located on the west side of 11th Street between 34th and 35th Avenues in Queens. The street is wide enough for a large truck to back into the loading bay.  The property will be delivered vacant and is prime for an owner/user.

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Neighborhoods: Long Island City

A 10,500 square foot industrial building located on the corner of Beaver Street and Park Street in Bushwick. The property features roll down gates and sprinklers throughout the building (including the basement). There is approximately 1,200 space of undeveloped space next to the building, suitable for parking or extra storage. The building is currently split in two between tenants, with one tenant paying $5,460 and ½ the expenses. The other side is currently owner-occupied. The building can be provided 100% vacant for an owner-user.

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Neighborhoods: Bushwick

A one-story retail building at 76-07/23 Jamaica Avenue, located on the northwest corner of 77th Street and Jamaica Avenue in Woodhaven, Queens, was sold in an all cash transaction valued at $1,100,000.

The building is approximately 4,298 square feet and sits on a 130’ x 35’ lot. There are three retail spaces which are fully occupied with long standing businesses. The tenants are responsible for a substantial portion of the real estate taxes and 100% of the remaining property expenses.

Neighborhoods: Woodhaven/ Agents: Stephen Preuss

A two story, corner retail building which is currently occupied by five ground floor tenants and two office tenants on the second floor. This is anexcellent opportunity for an investor to capitalize on the future upside. There is Landmark approval in place (LPC Letter upon request) for a six story mixed use building with retail on the ground and second floors and apartments above for a total project of about 15,000 above grade square footage. The approval is in effect for 6 years to 9/16/2014. This is only the second sale in 60 years.

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Neighborhoods: Greenwich Village/ Agents: James Nelson

Windsor Crossing is East Windsor’s newest shopping center strategically located on Hickory Corner Road just off of Route 130, situated between Home Depot and Wal-Mart. It includes approximately 79,889 S.F. of rentable space. The main strip consists of 65,189 S.F. and is anchored by Gold’s Gym. There is a 6,000 S.F. and an 8,700 S.F. existing pad site, and the owners have preliminary approvals for two additional pad sites totaling
10,309 S.F. Within a five mile radius, the average household income is $121,282 and the median household income is $94,029. Mayor Mironov recently presented this property an award for “creating an attractive appearance” by way of landscaping and the physical appearance of its structures and site.

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Neighborhoods: Other

Two office buildings at 372 and 378 Willis Avenue located between Wheeler and McClellen Avenues in the Incorporated Village of Mineola was sold in an all cash transaction valued at $1,200,000.

The first building, 372 Willis Avenue, sits on a 100’ x 92’ lot with approximately 9,200 square feet. The building has two floors and totals approximately 4,700 square feet. The second building, 378 Willis Avenue, sits on a 50’ x 93’ lot and has approximately 4,648 square feet. The building has two floors totaling 2,200 square feet. The two buildings share parking for about fourteen cars.

Neighborhoods: Nassau County

13-19 N. Oxford Street is a 23,875 SF (approx) loft/factory/industrial building in Ft. Greene. The property sits on two separate tax lots & is comprised of three separate buildings. Located at the Brooklyn Navy Yard & Steiner Studios, there is immediate access to Brooklyn & Manhattan Bridges, BQE, Belt Parkway & Brooklyn Battery Tunnel. All three properties can inter-connect or can be used separately. To be delivered vacant.

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Neighborhoods: Fort Greene/ Agents: Robert Knakal, Stephen Palmese

Featured Closing: Two Bronx Development Sites

7/16/2009 9:39:09 AM/ Massey Knakal/ Closings

Massey Knakal Realty Services has completed two transactions in the Bronx totaling over $1,300,000.

A residential development site at 1117 Intervale Avenue sold in an all cash transaction valued at $850,000. The property is a 9,256 square foot site located on Intervale Avenue between East 167th Street and East 169th Street. The site is zoned R7-1. The property allows for the construction of 31,841 square feet of residential space. The property is currently a parking lot, rented on a month to month basis for $1,350 per month.

A commercial building at 1345-47 Cromwell Avenue sold in an all cash transaction valued at $462,500. This one-story 10,894 square foot building is currently zoned M1-2 with an F.A.R. of 2.0.  It is located near Yankee Stadium on the west side of Cromwell Avenue between West 169th Street and West 170th Street

Neighborhoods: Morrisania

-- 421-A Tax Abatement Preserved -- The subject is a development site in Downtown Brooklyn, located on the block front of Nassau Street between Duffield & Bridge Streets. Totaling approx. 87,892 buildable SF (C6-2 zoning permits an FAR of up to 7.02, which provides potential to build up to 102,942 SF) the site remains on two contiguous tax lots & a third, non-contiguous corner lot. On the premises remains an approx. 4,284 SF multi-family building that occupies 8% of the site's footprint & contains one remaining rent stabilized tenant.

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Neighborhoods: Downtown Brooklyn/ Agents: Stephen Palmese

This past week, we read an announcement about the Treasury selecting nine fund managers to implement the PPIP program. Is this a positive thing? Should we celebrate? Let’s take a closer look:

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Agents: Robert Knakal

A property at 150 Kenilworth Place located between Glenwood Road and Hillel Place in Flatbush, Brooklyn was sold in an all cash transaction valued at $900,000.

Located across from the Brooklyn College Campus entrance, this two-story community facility was the long time exclusive location to the Third Church of Christian Scientists. The building is 20’ x 105’ and is approximately 4,200 square feet.

Neighborhoods: Flatbush

A ground floor retail condominium located on the western side of Columbus Avenue directly across from the Museum of Natural History. The condominium is currently occupied by a salon and consists of 2,068 sq. ft. on the ground floor, approximately 700 sq. ft. of finished basement space, and another 500 sq. ft. of storage. The building was constructed in 1979 and subsequently divided into two separate tax lots; one for the retail condominium and another for the cooperative ownership of the apartments above. There are no common charges associated with the condominium. The unit is suitable for a wide range uses including restaurants and bars and does not require board approval. Neighboring retailers and restaurants include Ocean Grill, Pizzeria Uno, Bicycle Renaissance, Medici, and Patagonia. Delivered vacant.

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Neighborhoods: Upper West Side/ Agents: Hall Oster

A two-story mixed-use building at 41-03 31st Avenue located on the north side of 31st Avenue between 41st and 42nd Streets in Astoria, Queens was sold in an all cash transaction valued at $630,000.

The 2,200 square foot building sits on a 25’ x 95.1’ lot. A health food store occupies the ground floor and there is a completely renovated three bedroom residential apartment on the second floor.

Neighborhoods: Astoria

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