News

This parcel is comprised of three lots totaling 190,000 square feet of M1-1 land. It is located on the west side of Arthur Kill Road at the southern end of Richmond Valley Road. The property has over 600 feet of frontage on Arthur Kill Road and is located in the Charleston shopping district. The site is large enough to support a big box anchor tenant or be developed for more local retail tenants.

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Neighborhoods: Staten Island

A vacant mixed-use building at 236 East 60th Street located between Second and Third Avenues in the heart of Manhattan’s Design District was sold in an all cash transaction valued at $3,200,000.

The subject property is a four-story walk-up building. The property is approximately 4,500 square feet. Formerly “Grafstein Antiques,” the property was delivered vacant providing the ideal opportunity for another antique or design business to occupy the first two floors, while operating or occupying the four residential units above. Most recently, the property’s first two floors were used for a show room while the top two floors were the owner’s apartment. There are additional development rights which can be used to expand the ground floor for retail use or the above floors for residential use. The sale price represented $711 per square foot.

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Neighborhoods: Midtown East/ Agents: Clint Olsen, Robert Knakal

Sitting at the base of the newly opened Brooklyn Bridge Park, 117 Atlantic Avenue is conveniently located at the corner of Henry Street. This corner commercial condo is the combination of three smaller units, totaling approximately 1,629 SF, and is a great exposure opportunity for new businesses looking to build roots in Brooklyn, or for the expansion of an existing business. The site provides over 30’ of frontage on Atlantic Avenue and has three separate points of egress. The property has low common charges and real estate taxes, totaling approximately $1,500 per month.

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Neighborhoods: Brooklyn Heights/ Agents: Stephen Palmese

Massey Knakal seeks top tier sales professional to join its new venture, our New Jersey division.

Ideal candidates are self motivated, disciplined, driven, and persistent. Assertive, goaloriented self-starters / entrepreneurs. Exhibiting a stellar track record of sales success is a plus; however, MK has top notch training to bring any determined player to the top of their game. Marketing and Sales oriented professionals seeking high pay/unlimited earning potential, top
corporate and high net worth client base, and professional, team atmosphere will thrive in a career selling New Jersey’s finest buildings.

To apply, or for more information, click here.

Two commercial buildings at 4812 Sunrise Highway located in Nassau County’s Wantagh neighborhood was sold in an all cash transaction valued at $3,400,000.

This property consists of two one-story buildings on Sunrise Highway. One building is a large commercial store containing over 6,000 interior square feet. It is completely occupied by OTB. The second building is occupied by a car wash. It contains approximately 3,900 interior square feet. The buildings sit on a lot totaling 45,185 square feet with ample parking on the premises. The lot is situated at an excellent intersection with high visibility and traffic counts.

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The collateral consists of 6 walk-up apartment buildings located within the Williamsburg and Carroll Gardens areas of Brooklyn. The portfolio contains 2 commercial units and 21 residential apartments totaling approximately 19,600 gross square feet. Based upon the March 2010 rent roll, each building is fully occupied except apartments 1 and 2 in 68 Carroll Street. The total blended monthly rent is approximately $39,100 which equates to approximately $470,000 in annual revenue. The average blended rent per square foot for the portfolio is approximately $24.00. The properties are currently being managed by a court appointed receiver and the Lender has filed a motion for summary judgment. The current loan is nonrecourse to the Borrower.

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Neighborhoods: Williamsburg, Carroll Gardens/ Agents: Kenneth Freeman, Mark Lively, Robert Knakal

Having sold 22 properties in 2009 worth over $92,000,000, John Ciraulo has won Massey Knakal’s Gerald W. Bridges Award for company-wide Salesperson of the Year.

Mr. Ciraulo joined Massey Knakal in 1993 to expand the company’s territory system. Since then, he has built a strong presence in the Midtown South marketplace in neighborhoods including Murray Hill, Gramercy Park, and the Flatiron District. He has evaluated more than 1,500 buildings and closed in excess of 310 buildings with an aggregate value of more than $1 billion.

In 1998, he was named Partner and in 2006 Vice Chairman of Massey Knakal. Mr. Ciraulo’s role in Massey Knakal’s Executive Committee and his exemplary efforts over the years made a significant impact on the way the company has done business. His lead-by-example style has
resonated throughout the company.

Mr. Ciraulo began his real estate career as a commercial office leasing broker. He has specialized in the Midtown South marketplace since 1990 and continues to hone his skills in this area, continuously earning him recognition. He was named Top Salesperson of the firm numerous
times and was also a multiple recipient of Massey Knakal’s Louis Brause Award for Outstanding Business Development and Goodwill Promotion.

John and his dedicated team, Craig Waggner and Mike Azarian, work closely together and support each other to grow their business and service their clients.

Mr. Ciraulo’s most notable transaction in 2009 was the “The NYC Realty Corp. Portfolio” a 10 walk-up apartment building portfolio in Manhattan which sold for $29,000,000 in just six weeks. Combined, the properties contain 87,707 square feet including 89 residential apartments, eight retail stores, three commercial units, and a rooftop antenna.

In addition to his work in the office, John is a devoted husband and father. He has been married to his wife Kathy for 18 years and has three children, Jack, Olivia and Nicholas.

Congratulations John!

Agents: John Ciraulo

This sale represents a unique three acre assemblage of lots with tremendous development potential ideally situated between MCU Park and Stillwell Avenue within the newly rezoned Coney Island Amusement Area. The Coney Island Rezoning Plan was approved in July 2009 and will undoubtedly usher in sweeping improvements and opportunities the area. The City of New York has put its plans in motion revitalize and rebuild “America’s Playground” beginning with both new infrastructure and significant investments into the area. The property is an assemblage of five tax lots that run for a length 861’ from Surf Avenue to the mean high water line at the time the beach was filled in according to the deed of record. For more detailed information regarding the site please contact us to receive the full offering memorandum.

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Neighborhoods: Coney Island/ Agents: Robert Knakal

An Associate assists in the day-to-day brokerage activities. This position entails all types of brokerage support including, but not limited to, doing feasibility analyses, studying market trends, obtaining data at government agencies, taking photographs of buildings, coordinating, etc. Qualified candidates have previously demonstrated ability in sales, have held leadership roles and/or have excellence in team-oriented activities.

To apply, or for more information, click here.

268 Water Street is a three story mixed-use building on the west side of Water Street between Dover Street and Peck Slip in the South Street Seaport Historic District. It presently has a 2,300 SF ground floor, a second floor apartment of 2,300 SF, and a shorter 3rd floor that is 1,100 SF. While the building can be delivered vacant, the current rent roll is approximately $4,5000 for the store, $5,500 for the 2nd floor, and $3,700 for the 3rd floor.

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Neighborhoods: TriBeCa/ Agents: Michael DeCheser, Nick Petkoff

Normally, the content in StreetWise is very macro in nature as I try to make the topics of interest and germane to a national audience. This week, I will divert from this practice to share with you what we are seeing in the New York City building sales market and, perhaps, those of you operating in other markets across the country can chime in with what you are seeing in your markets.

In the first quarter of 2010 (1Q10), we did not see the increase in sales activity that we had anticipated based upon the positive psychology many participants in the market are exhibiting. In terms of dollar volume of sales citywide, there were $2.03 billion of closed transactions, a 0.7% reduction from the $2.05 billion transacted in 1Q09. Interestingly, we saw better results in Manhattan than in the outer boroughs where activity levels continue to drop from the remarkably low 2009 levels.

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Agents: Robert Knakal

The subject property consists of one lot which occupies over fifty feet of frontage on Roosevelt Avenue. It is on the north side of the avenue between 71st and 72nd Streets. This property is one block from the major subway/bus transportation hub at the corner of Roosevelt Avenue and Broadway. The property offers a tremendous opportunity with commercial, residential and community useage. Survey available upon request

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Neighborhoods: Jackson Heights

The Director of Research will lead the effort of further enhancing MKRS’ data, differentiating the firm from the rest of the market. This individual will be accountable for collecting, tracking and analyzing all aspects of the commercial real estate market including our internal sales statistics.

To apply, or for more information, click here.

In a Manhattan property sales market where there were 63% less transactions in the first quarter of 2010, compared to the same quarter in 2007, how is it possible to accurately value a property?

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Agents: James Nelson

State-of-the-Art production facility with a residential floor and roof deck and a curb cut. The ground floor is configured as a sound stage and the rest of the floors are used as recording studio with the top floor as a caretaker's unit. Building is in immaculate condition.

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Neighborhoods: TriBeCa/ Agents: James Nelson, Nick Petkoff

A 25' wide, four (4) story modern townhouse built in 1988 by Smith and Thompson Architects. Currently configured as 4 floor-through apartments and a penthouse studio, the building could easily be converted to a single family residence or expanded to accommodate a larger structure. Plans have been prepared to construct two additional stories and the building is framed to allow for the addition of an elevator. Alternate plans have been approved pursuant to NYC’s quality housing regulations to construct a 13 story building which would expand the maximum FAR of 7.20 or approx. 12,765 Sq. Ft..

The property benefits from a tremendous amount of light, two south facing gardens, a significant supply of excess air-rights, and excellent access to all forms of transportation. The property will be delivered vacant and is ideal for either conversion to a single family home or redevelopment to a larger building.

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Neighborhoods: Upper West Side/ Agents: Hall Oster

Massey Knakal Realty Services has sold the 3rd floor of a 10 full floor commercial condominium offering at 137 West 25th Street to a not-for-profit end user for $2,025,000.  The 3rd floor sold at the lowest price point.  The not-for-profit status of the buyer was also taken into consideration.  Each floor is approximately 5,900 SF with the 10 floors combining for approximately 59,000 SF.  Floors still available are the 2nd FL and the 4th – 11th floors.  The 2nd floor has 13’ ceilings and the rest of the floors feature 11’ ceilings.  The building has recently upgraded systems and new windows in the front.  Each floor has HVAC in good working condition with the exception of one gutted floor.  The remaining units are priced starting at $2,350,000.    


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Neighborhoods: Chelsea/ Agents: Brock Emmetsberger, Robert Burton

The subject property is a retail condominium occupying the entire easterly blockfront at 1175 Third Avenue between East 68th and East 69th Street. The property benefits from 200' of Avenue frontage and is a total of 27,701 SF on multiple levels. The condominium is currently triple net leased.

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Neighborhoods: Upper East Side/ Agents: Guthrie Garvin, Robert Knakal

Bob will be on CityWide - CUNY TV's dynamic talk show for New Yorkers who care deeply about our city. The program is hosted by former City Council member Ken Fisher. On this edition, Bob discusses how the real estate sector of the NYC economy has responded to the recession and signs that the recovery phase is underway. Click here for more information.

The program will air:
Wednesday April 21st at 10am, 3pm, 11pm
Saturday April 24th at 8 pm
Sunday April 25th at 10am

CUNY TV can be viewed on most cable systems in the New York metropolitan area on Channel 75. In addition, many of the programs can be viewed online at http://www.cuny.tv/

Agents: Robert Knakal

A four-story walk-up apartment building at 111 4th Place was sold in an all cash transaction valued at $2,445,000. The property is located on the north side of 4th Place between Court and Smith Streets in Brooklyn’s Carroll Gardens neighborhood.

The building is 28’ wide and is approximately 8,284 square feet. There are eleven residential units – five studios, five one-bedroom units, and one two-bedroom unit.  The building is in excellent condition with ten of the apartments completely renovated. The common areas, laundry facilities, and exterior have also been renovated. The property is in prime Carroll Gardens, just two blocks from the F and G lines.

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Neighborhoods: Carroll Gardens/ Agents: Kenneth Freeman