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The subject property is a one story 3,700 SF retail property located on a highly visible 35,000 SF corner lot with 290' of frontage on Sunrise Hwy, one of the major thoroughfares in the area. The property contains a 13,000 SF parking lot, and 12,000 SF buildable lot. The buses N72 and the S25 are both within close proximity to the property allowing for easy access to the LIRR Babylon station. The property is located on the North side of Sunrise Hwy. in between Magaw Pl. & Little East Neck Rd. in West Babylon (Suffolk). The building will be delivered vacant and is suitable for most uses. This property is ideal for an investor, owner user or a developer.

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Neighborhoods: Nassau County

Featured Listing: 5 Broadway, Freeport, NY

9/28/2009 12:03:33 PM/ Massey Knakal/ Listings

The subject property consists of a 3-story, 20,484 SF (approx.) elevator office building situated on a 33,362 SF (approx.) lot area, located at the northeast corner of Broadway and N. Main Street in Freeport, NY. The property features approximately 23,500 SF of open air parking and is ideally located just one block from the Long Island Rail Road (Freeport) Station and two blocks north of Sunrise Highway. The property is also located in a Service Business District and can be further developed.

The building itself is in need of a complete gut renovation and will be delivered vacant upon closing, posing a prime opportunity for a use, investor or developer.

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Neighborhoods: Nassau County/ Agents: Thomas Donovan

The title of this post says it all. Real estate is rarely in a state of crisis unless an earthquake or other natural disaster disturbs the structual integrity of the building. Real estate becomes distressed when too much leverage is used and the net income from the property is insufficient to meet debt service payments.

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Agents: Robert Knakal

544 Pacific Street is a vacant brownstone, which was, most recently, used as an SRO Building. For a residential owner/user, the opportunity exists to convert into a one, two or three family private home. For an investor/developer, the current units can be rehabbed and the building operated as a multifamily apartment building, w/ approx 8 apartments. Under this scenario, the projected rent is estimated to be approximately $150,000 per year.

Owner financing may be available.

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Neighborhoods: Boerum Hill/ Agents: Stephen Palmese

This building is one of the most architecturally distinct and vastly unique townhouses in Greenwich Village. The townhouse comes with a carriage house that has been adjoined to it by a grand solarium. The façade, of Greek Revival architecture, is stucco decorated with ivy pouring from each window making 16 Minetta truly unique.

The house may benefit from additional air rights giving it potential to add additional footage. There is a proposal in place for a new South Village Historic District that would encompass this location. Although the property requires renovations, it would be of great interest to someone looking for a truly unique home with open air qualities, loft like space and an outdoor living experience.

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

The subject block-front property is a fully-leased prime five-story medical & office building with separate parking lot ideally located on the Long Island Expressway (I-495) Service Road between 163rd and 164th Streets in the Fresh Meadows section of Flushing, Queens. 

The property is anchored by New York Hospital of Queens which occupies approximately 35% of the building with a lease in place until 2018. The remaining tenancy includes medical professionals, regional organizations and national companies. The average price per SF for gross rent equals approximately $38 which shows 20% upside potential to market rents. The building has been meticulously maintained and is one of the most desirable trophy assets in the Queens Marketplace.

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Neighborhoods: Fresh Meadows/ Agents: Stephen Preuss

A pre-war walk-up apartment building at 1001 Avenue H located in the Flatbush neighborhood of Brooklyn was sold in an all cash transaction valued at $3,168,000 or $98 per square foot.

This 32,200 square foot apartment building sits on a 100’ x 100’ lot. There are 38 residential units. The sales price represented a 6.4% capitalization rate and $83,368 per unit.

Neighborhoods: Flatbush

In what has become a very tangible trend, we have noticed a tremendous influx of foreign capital looking to acquire investment properties in the Manhattan marketplace recently.

Agents: Robert Knakal

The former home of the Bay Ridge United Methodist Church, located at 362-364 Ovington Avenue in Bay Ridge Brooklyn, was sold in an all cash transaction valued at $9,750,000.

Better known as the “Green Church,” for its moss color, the century old Bay Ridge United Methodist Church resided on nearly an acre of land on the corner of Fourth and Ovington Avenues until it was demolished last October. The institution has temporarily relocated down the street at the corner of Fourth Avenue and Bay Ridge Parkway. The property remains in a dual zoning, comprised of R7-B and R5-B and can accommodate up to approximately 92,000 total buildable square feet for community facility purposes.

Neighborhoods: Bay Ridge/ Agents: Stephen Palmese

Last week Bill Rudin, Chair of the Association for a Better New York, addressed the Massey Knakal sales team.  Mr. Rudin spoke about his family's history and continuing involvment in real estate and in NYC at large.  Then, he addressed ABNY's current work and the real estate market today.  He is one in a series of esteemed guest lecturers at Massey Knakal's monthly firm meetings held to further employees' knowledge about and exposure to leaders in the industry.

One year ago, one of the most intriguing questions on the minds of commercial real estate investors was what was going to happen to large, performing CMBS loan that matured and the owner was not able to refinance. Since then, 528 CMBS loans valued at nearly $5 billion matured and were unable to be refinance even though 75% of these loans were throwing off more than enough cash to service their debt. The evaporation of the CMBS market and the entire shadow banking industry has created an extremely challenging financing market for all large loans, even for properties which have the cash flow to cover debt service payments. This lack of liquidity has continued to be a tangible concern for the industry.

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Agents: Robert Knakal

A 25' x 76' four-story walk-up apartment building consisting of 8 two-bedroom non-railroad style fully occupied apartments. This property is approximately 7,600 sq. ft. and resides in a residential R6 zone. This is a turn key investment as the entire building has recently been renovated.

Located in the Ocean-Hill section of Brooklyn it on the north side of Hull Street between Mother Gaston Boulevard and Broadway just blocks away from the J, Z, A, C, and L trains as well as the LIRR.

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Neighborhoods: Ocean Hill/ Agents: Edward Gevinski

The subject property is a mixed-use building located at 248-250 Prospect Park West. The property will be delivered completely vacant. The building offers 40’ of retail frontage on a prime Park Slope retail corridor. National tenants Hallmark and Sovereign Bank are located on the same block; Verizon and Connecticut Muffin are within 2 blocks.

There are three large, 2-bedroom apartments. There is also a large office space, located above 248 Prospect Park West, that can be converted into additional apartments. The property is located 2 blocks from the F and G Trains at 15th Street.

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Neighborhoods: Windsor Terrace

A retail property at 2117 86th Street, located on the north side of 86th Street between Bay Parkway and 21st Avenue in Brooklyn’s Bensonhurst neighborhood was sold in an all cash transaction valued at $1,900,000.

The one-story, 1,800 square foot building sits on a 20’ x 100’ lot. The property is occupied by Tango, a local retailer who has been operating the clothing store for over twenty years. The property is ideally located between AT&T Wireless and Footaction and benefits from high pedestrian traffic from neighboring retailers such as Gap, CVS, Citibank and Payless Shoes. The entire building is currently net leased below the current market rent for this location.

Neighborhoods: Bensonhurst/ Agents: Jeffrey Shalom

The subject property consists of three contiguous 23’ wide, 5-story mixed use apartment buildings located on the east side of Tenth Avenue between West 45th and West 46th Streets. The properties combine for a total of approximately 70’ of frontage. In total there are twenty-four (24) one-bedroom apartments, twenty (20) of which are currently vacant. Of the four occupied apartments, three (3) are rent stabilized and one (1) is rent controlled. Each of the three buildings benefits from retail space on the ground floor that is currently leased. The vacant units and common areas are in need of complete gut renovation. All of the properties have their own basement, with sufficient room for storage.

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Neighborhoods: Midtown West/ Agents: Christoffer Brodhead

These two adjacent, 6 story, elevator, mixed-use apartment buildings, offer a combined 253’ feet of frontage on St. Nicholas Avenue stretching from 162nd Street to 163rd Street. These properties represent a unique opportunity to purchase 113 residential units and 14 Avenue retail stores.

These properties are located just 6 blocks south of the Columbia Presbyterian Medical Center and many employees of the hospital and medical students seek housing in this neighborhood. The bustling two way Saint Nicholas Avenue provides more than ample foot traffic to support retailers. The C train is located immediately across the street adding to the desirability and accessibility of this trophy piece of real estate.

The adjacent building located at 530 West 163rd Street is also available for sale.

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

The subject property is a 23' wide 8-family building in prime Park Slope. Great location one block from Prospect Park and the F train subway.

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Neighborhoods: Park Slope

Built in 1998, this is a two story commercial building with three tenants and a 70 space indoor gated parking facility. The building is anchored by the United States Government Social Security Office. This investment represents a tremendous investment opportunity with strong in-place cash flow and a AAA credit rated tenant.

There is currently an assumable $4.2 million dollar loan at 6.25% with a 5 year term which expires February 2014. There is a five year option to renew; the 1st year is interest only and the next 4 years are based on a 30 year amortization schedule. There is a 1% fee to assume which would be paid by the buyer.

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Neighborhoods: Mount Hope/ Agents: James Nelson

A few times each week I am asked by clients and colleagues what my biggest concerns are in our current marketplace. One that has really been resonating with those that I speak with is the unprecedented shift in economic power from the private sector to Washington DC and how this fact could impact the commercial real estate market. Our CRE market (and the ecomony for that matter) needs job creation which does not seem to be on the minds of those with the economic power today.

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Agents: Robert Knakal

A fully leased building at 135-09 Cross Bay Boulevard, located between Linden Boulevard and Pitkin Avenue in Ozone Park, New York, was sold in an all cash transaction valued at $400,000.

The property consists of a 2,000 square foot building on an oversized block through lot. The first floor is leased to Subway who has three years left on their original five year lease term. A three bedroom apartment, which has been completely renovated, occupies the second floor and is leased until June 2010. The property has a rear lot for parking which has access from 94th Street and is currently rented on a monthly basis. The area is saturated with national tenants and the building has high visibility on one of the busiest thoroughfares in South Queens. The lot also has approximately 800 square feet of air rights.

Neighborhoods: Ozone Park/ Agents: Stephen Preuss

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