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One of a row of 6 Flemish Revival row houses constructed together in 1889, 308 West 88th Street is 21' wide and five (5) stories with a 3 story rear extension. The building contains a garden duplex and 8 apartments all of which are currently vacant.

Although the property lies within the Riverside - West End Historic District there are sufficient air-rights to add a partial 6th story. The building will require a full renovation and is ideal for conversion to a single family home or live plus income. Delivered Vacant.

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Neighborhoods: Upper West Side/ Agents: Hall Oster, Paul Smadbeck

Paul J. Massey Jr., CEO and Founding Partner of Massey Knakal Realty Services, proudly congratulates Partner Shimon Shkury for being awarded “Realtor of the Year” by the Bronx Manhattan North Association of Realtors. Mr. Shkury will be honored at their 86th annual banquet on Thursday, April 15th, 2010 at the Marina del Rey in the Bronx.

A native of Israel, Mr. Shkury entered the real estate industry in 2002, and after only 18 months in the industry, he was named a partner at Massey Knakal. He was integral in leading the company’s expansion into Upper Manhattan and The Bronx, and has been involved in the sale of nearly $1.5 billion of commercial properties. In 2009, Mr. Shkury and his team sold over $100 million which included the two largest transactions in Northern Manhattan – The East Harlem HUD Portfolio, a 230-unit portfolio that sold for $26.9 million; and 1428 Fifth Avenue, a package that consisted of a 120-unit residential building and 180,000 square foot development site that sold for $21.95 million.

Mr. Shkury devotes much of his spare time and resources to professional and nonprofit organizations. These include various leading positions with the Bronx Manhattan North Association of Realtors, the National Realty Club, the UJA Federation, The Rabin Medical Center, the Chabad Israel Center and the State of Israel Bonds Committee. He also works as an Adjunct Professor of Real Estate Investments for Yeshiva University; holds position on the Advisory Board for Legal Outreach, a Harlem-based after school program; and has hosted several fundraisers for the Manhattan School of Music.

“Bob and I, along with everyone at Massey Knakal, are incredibly proud of Shimon and all that he has accomplished in his career both professionally and philanthropically.  He is an extremely valuable member of our team and a leadership example for both our company and the industry,” said Mr. Massey.

For more information on this event, email info@BMAR.org


This two story industrial loft building was formerly the popular night club Studio B in Greenpoint, Brooklyn. The first floor of the club is approximately 9,000 square feet. There is a also an additional space approximately 4,500 square feet of partially enclosed outdoor space. The club features three bars, a dance floor and four bathrooms. Through a separate entrance there is also an approximately 4,500 square foot nicely renovated loft space with a full kitchen and bathroom. The property is located less than six blocks away from the Nassau Avenue G Train Station at Norman Avenue and twelve blocks from the Bedford Avenue L Train Station which runs directly into Manhattan. It is also a couple blocks away from McCarren Park, Transmitter Park and the East River State Park.

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Neighborhoods: Greenpoint/ Agents: Mark Lively

Last week, we began discussing the divergence of perspectives among many participants in the marketplace, some of whom are viewing the future very optimistically and some of whom remain pessimistic. The bulls believe the market has bottomed and a real, sustainable, recovery is upon us. The bears believe that present market conditions represent the eye of the storm and that we are in for even rougher times ahead as we get further into 2010, 2011 and 2012. This week we will continue to look at factors which are affecting the marketplace and how the bulls and the bears are interpreting them.

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Agents: Robert Knakal

This sale represents an approx. 9,515 SF assemblage
of two lots. The lots are currently improved by fully
occupied four family building which can be delivered
vacant if necessary. There is significant development
potential in the large parcel, especially considering the
scarcity of new residential units in the vicinity. The
Coney Island Rezoning Plan was approved in July
2009 and will usher in sweeping improvements to the
area. The nearby major thoroughfares are Surf Avenue,
Cropsey Avenue, and the Belt Parkway. Transportation
includes the B68, B64, B82, and X29 buses as well as
D, F, N, Q subway lines at Stillwell Avenue.

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Neighborhoods: Canarsie/ Agents: Stephen Preuss

A loft warehouse at 156 Flushing Avenue located between Vanderbilt and Clinton Avenues across from the Brooklyn Navy Yard in Fort Greene, Brooklyn was sold for $1,600,000.

The warehouse, which measures approximately 15,000 square feet, sits on a 65’ x 133’ lot with ceiling heights ranging from 15 to 40 feet.  The property is ideally located across from the Navy Yard and Steiner Studios and provides easy access to the BQE, Brooklyn Battery Tunnel, Verrazano, Brooklyn, Manhattan, and Williamsburg Bridges.

Neighborhoods: Fort Greene/ Agents: Stephen Palmese

A development site at 74-21 Queens Boulevard located between 74th and 76th Streets in Elmhurst, Queens was sold in an all cash transaction valued at $3,570,000.

The site, which has 237 feet of frontage on Queens Boulevard, houses a single-story automobile repair shop situated on approximately 23,743 square feet. The current zoning is C8-1, allowing for a commercial or hotel development. The entire property was delivered vacant at closing.

Neighborhoods: Elmhurst/ Agents: Thomas Donovan

A multifamily apartment building at 276 Throop Street located on the northwest corner of Throop and Willoughby Avenues in the Brooklyn’s Bedford Stuyvesant was sold in an all cash transaction valued at $1,658,500, or over $100k per unit.

The four-story property is approximately 9,936 square feet and sits on a 27’ x 100’ lot. There are 16-units. The property had a total gut renovation in 2005 and has about 12 years remaining on a J-51 tax abatement. Units have separate water heaters and tenants pay hot water and cooking gas. Improvements include new lock systems, video security, and new lighting.  

Neighborhoods: Bedford Stuyvesant/ Agents: Michael Amirkhanian

As we have progressed through the recent recession and entered recovery mode, I have observed an interesting change in participant’s perspectives on where we are headed from here. Up until a couple of months ago, it seemed like there was consensus within the commercial real estate sector regarding the direction of things to come. We felt the effects of high unemployment and a degrading of our fundamentals. From late 2007 through the beginning of 2009, we knew things were going to be difficult with transparent downward pressure on rental rates and property values. The health and direction of these metrics have always been, and remain, linked to aspects of the broader economy.

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Agents: Robert Knakal

A beautiful, 20’ wide five (5) story townhouse located in the heart of the Upper West Side’s Bloomingdale District. The property is currently configured as a four family home consisting of a spacious owner’s duplex with a south facing garden and three floor-through apartments. A significant amount of the property’s original detail has been preserved including the original staircase, wood floors, pocket doors, elaborate fireplaces with mantels, wainscoting, and fine moldings. There are high ceilings through out and a large basement which is currently used for storage. The property is ideal for conversion to a beautiful single family home or live plus income. Delivered vacant.

Click here for listing details.

Neighborhoods: Upper West Side/ Agents: Hall Oster

A loft warehouse at 156 Flushing Avenue located between Vanderbilt and Clinton Avenues across from the Brooklyn Navy Yard in Fort Greene, Brooklyn was sold for $1,600,000.

The warehouse, which measures approximately 15,000 square feet, sits on a 65’ x 133’ lot with ceiling heights ranging from 15 to 40 feet.  The property is ideally located across from the Navy Yard and Steiner Studios and provides easy access to the BQE, Brooklyn Battery Tunnel, Verrazano, Brooklyn, Manhattan, and Williamsburg Bridges.

Neighborhoods: Fort Greene/ Agents: Stephen Palmese

Massey Knakal is pleased to offer for sale the retail and office component of one of the most successful condominium conversion projects in Brooklyn. The Mill Building is five blocks from the Bedford Avenue L train station, which is the first stop into Brooklyn on the line and offers easy access to Manhattan. This Northside Williamsburg location is surrounded by the amenities of this vibrant community including a renowned nightlife and a unique shopping experience that draw people in from all over the five boroughs. It was well received by the marketplace when converted in 2007 and is a unique offering in the area. This package offers a tremendous and stable return on an investment in a popular historic building. Additionally, the potential exists to combine individual units into larger, sub-divide and sell commercial units, or convert to residential use. Please inquire for a comprehensive marketing package.

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Neighborhoods: Williamsburg/ Agents: Mark Lively

A vacant retail condominium space at 211 East 51st Street located between Second and Third Avenues in Midtown Manhattan was sold in an all cash transaction valued at $1,850,000

This offering consists of a retail condo space located within the newly designed TWO ELEVEN E51 conversion which includes 73 nouveau décor style luxury units situated next to the charming Green Acre Park. The retail space is approximately 2,719 square feet and has been recently renovated.

Neighborhoods: Midtown West/ Agents: Clint Olsen, James Nelson

A six-story mixed-use building at 42 Clinton Street located between Stanton and Rivington Streets in Manhattan’s Lower East Side neighborhood was sold in an all cash transaction valued at $3,125,000

The building is approximately 11,350 square feet and sits on a 25’ x 100’ lot. The building is 60% vacant. There is a short terms tenant in the retail space on the ground floor and the remaining floors contain a total of 22 rent stabilized units. Ten units are occupied and twelve units are vacant. Of the 22 units, five of them are combined units. The property traded for approximately $275 per square foot.

Neighborhoods: Lower East Side/ Agents: Michael DeCheser

3042 3rd Avenue is located on the northeast corner of E 156th Street and 3rd Avenue. The building consists of 1 commercial space and 12 residential apartments. The lot and building size are 25’ x 96’ and 25’ x 90’ respectively. The subject property is located in the Melrose section of the Bronx, next to the “Hub Retail and Office Center”, a new $50 million mixed-use development with a 260-car garage. The property is also adjacent to the recently sold out Orion, a 61 unit Condominium building.

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Neighborhoods: Melrose

Do you remember college? Do you remember Economics 101? In Econ 101, we studied Adam Smith's famous Paradox of Diamonds and Water. Even though life cannot exist without water and can easily exist without diamonds, diamonds are pound for pound vastly more valuable than water. While marginal-utility theory of value resolves this paradox, scarcity of goods is what causes humans to attribute value. If we had an unending abundance of both water and diamonds, we probably wouldn't value either very much.

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Agents: Robert Knakal

The subject property consists of a one story retail building located on the southwest corner of Cross Bay Boulevard and 158th Avenue in Howard Beach, Queens. The building is currently double net leased to T-Mobile. The tenant has a ten year lease (beginning 9/1/09) with increases to the base rent at Years 4 and 7. There is also a five year renewal option. The tenant is responsible for all building expenses except for the roof, structure, sidewalks and structural damage to the parking area. The property is located in the heart of Howard Beach's retail district. Other major commercial tenants in the immediate area including Starbuck's, McDonald's, Gap/Gap Kids, Petco, CVS and Gold's Gym. This property offers an excellent retail investment opportunity in this extremely desirable neighborhood.

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Neighborhoods: Howard Beach/ Agents: Jeffrey Shalom

A five story, 25' wide walk-up apartment building with 20 units - 11 one-bedroom units and 9 studios. A building-wide renovation program transformed this old law tenement building into a modern apartment building with highly attractive, desirable studio and one-bedroom units.

15 units are free market, 2 are rent stabilized with preferential rents, 2 are rent stabilized without preferential rents and 1 is rent controlled. The building represents a tremendous low-management investment opportunity in an up-in-coming area.

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Neighborhoods: Midtown West/ Agents: Christoffer Brodhead

Two weeks ago, the title of my Streetwise column was, “Why Would a Seller Sell Today if They Didn’t Have to?” This prompted several emails from readers asking me to address the flip side of that coin which is why buyers should buy today.

The general perception is that prices have either hit bottom or may only slide further by another 5 or 10%. As we’ve discussed in several other columns, the timing of the market approaching bottom will likely coincide with the time that unemployment peaks and reverses its trend. Job creation will have a positive impact on our fundamentals and will exert upward pressure on pricing.

There are several reasons why buyers should want to be active today...

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Agents: Robert Knakal

Located on the northeast corner of Greenwich and Bleecker Streets, this 3 story plus basement walk-up mixed use building contains one retail space and four residential units. As per the C of O, the basement is legal retail space (Use group 6) and presents an investor or end-user the opportunity to have multi-leveled retail. The residential units are all fair market and are fully occupied, while the seller could lease back the retail space for three years at $20,000/month or deliver it vacant.

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Neighborhoods: Greenwich Village/ Agents: Brock Emmetsberger, James Nelson

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