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The property is a five story walk up apartment building located on the south side of East 88th Street between First and York Avenue. The property contains approximately 8,300 gross square feet and a total of nineteen (19) residential units. Of the nineteen (19) residential units ten (10) are Free Market, eight (8) are rent Stabilized, and one (1) is Rent Controlled. The units consist of eight (8) studios, ten (10) one bedrooms, and one (1) two bedroom units. Two (2) of the units are currently vacant.

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Neighborhoods: Upper East Side/ Agents: Robert Knakal, Thomas Gammino Jr.

The subject property is a 12,000 SF four-level newly constructed dual elevator mixed-use building on 45th Drive and Bell Boulevard just two blocks South of Northern Boulevard in Bayside, Queens. The building consists of 4,000 SF of lower level office space with a private elevator / 3,000 SF of first floor retail space / 2,500 SF including (3) two-bedroom apartments on the second floor and 2,500 SF including (3) two-bedroom apartments on the third floor, all apartments are handicap accessible with direct elevator access.

The first floor is leased to a educational and tutoring company and all of the apartments are also rented. The lower level with private elevator will be delivered vacant ideal for a medical group, professional use, or any owner-user.

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Neighborhoods: Bayside/ Agents: Stephen Preuss

185-189 Grand Street are 3 contiguous mixed-use buildings totaling approximately 10,598 sf. Upon sale, the entire ground floor could potentially be delivered vacant creating a unique opportunity for one retail tenant to occupy 60' of frontage on Grand Street and 75' of frontage on Mulberry Street. The buildings are currently occupied by three different ground floor tenants and each building features 2 residential apartments for a total of 6 units. Of the six residential apartments, 5 are free market and 1 is rent controlled.

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Neighborhoods: Chinatown/ Agents: Robert Burton, Robert Knakal

The European Central Bank is the central bank for Europe’s single currency, the “euro”. The euro was first used in 1999 at which time there were 11 member nations in the European Union. Today, there are 16 countries which are members.

The credit crisis we have experienced in the U.S. was not isolated. Countries all over the globe have been affected and, most recently, the so-called PIIGS nations have been suffering significantly. Economies in Portugal, Italy, Ireland, Greece and Spain have seen debt to GDP ratios explode and needed austerity measures have already prompted both strikes and riots, most notably, in Greece. All of the uncertainty surrounding many of the EU economies has exerted substantial downward pressure on the euro.

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Agents: Robert Knakal

This large warehouse has frontage on both Box Street and Clay Street. The building is built full on the lot comprising approximately 24,200 SF. The site is located off of Manhattan Avenue and offers easy access to Manhattan, Brooklyn and Queens. The flexible zoning allows a wide variety of uses. Current lease expires at the end of the year. The possibility to subdivide 5,000 SF off of Clay Street exists.

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Neighborhoods: Greenpoint/ Agents: Mark Lively

Massey Knakal Realty Services is pleased to announce the sale of 10 Jefferson Place for $1,375,000 representing the first multifamily transaction on the north side of Mount Vernon in 2010.

First Vice President of Sales John Barrett and Hall Oster brokered the sale on behalf of the seller to an experienced NYC based investor on all cash, non-contingent basis.

At the time of sale the building contained 20 apartments, 16 of which were rent stabilized, with average rents of approximately $17.25 per net square foot. The final sales price represented an 8.75% capitalization rate and $69,000 per unit. Capital One Bank provided the buyer financing at 75% loan to value.

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Neighborhoods: Westchester County/ Agents: Hall Oster

The subject property is a block through residential development site with frontage on 79th Street and 78th Street between Northern Boulevard and 34th Avenue in Jackson Heights, Queens. The property is a portion of a much larger lot that houses an exclusive private school and will be subdivided. The footprint of the property being sold is approximately 20,000 Sq. Ft. The seller will require approximately 4-6 months for the tax lot subdivision and closing period.

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Neighborhoods: Jackson Heights/ Agents: Thomas Donovan

A development site at 2765-2773 West 16th Street located between Neptune Avenue and Hart Place in Coney Island, Brooklyn was sold in an all cash transaction valued at $1,400,000.

This site, which is approximately 12,000 square feet, was currently improved by a 16’ x 48’ two-story building being used for a commercial business and apartment. There is approximately 23,800 buildable square feet of commercial/manufacturing use and approximately 57,120 buildable square feet for community use.  The property benefits from its close proximity to the Belt Parkway, Cropsey Avenue, Neptune Avenue and public transportation.

Click here for full press release.

Neighborhoods: Coney Island

Massey Knakal Realty Services has been retained to sell a five-story commercial building at 29 East 61st Street.  Located setps from Barney's and a block from Central Park, this property is ideally situated ina high-end retail corridor located in the heart of the Upper East Side.

This 33' wide renovated doorman building houses the restaurant Serafina as well as high-end retail and office tenants.  With unparalleled location and leases expiring in the near future, this building is ideal for retailers, restaurateurs, investors and developers alike.  It is located in a prestigious and highly visible location and offers a strong in-place rent roll as well as significant future upside.

For more information on this exclusive, please contact First Vice President of Sales Guthrie Garvin at 212.696.2500 or First Vice President of Sales Jeffrey A. Shalom at 718.307.6558.

Click here for listing details.

Neighborhoods: Upper East Side/ Agents: Guthrie Garvin, Jeffrey Shalom

A townhouse at 222 East 50th Street located between Second and Third Avenues on Manhattan’s Midtown East neighborhood was sold in an all cash transaction valued at $2,100,000.

This four-story townhouse is approximately 3,134 square feet and sits on a 15’8” x 88’5”irregular lot. The townhouse contains five units; four studios and an owner’s duplex.  It will be delivered vacant. The sale price represented $670 per square foot.

Click here for press release.

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

This TD Bank branch is a new long term net lease, located on the ground and second floors of The Alexander Condominium at 915 Second Avenue (aka 250 East 49th Street) on the southwest corner of East 49th Street and Second Avenue. The lease has a 20 year term with options at a current monthly rent of $62,367, which equates to $748,400/year or approximately $200 per square foot.

This offering presents a unique opportunity for an investor to purchase a stable cash-flowing asset, occupied by a top-credit tenant in the heart of one of Manhattan’s busiest neighborhoods, Midtown East.

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

Four story commercial loft building with a bar on the ground floor and 3 full floor commercial spaces above. There is a full basement that is usable space as well. All of the leases are short term and expire within the next year. The bar lease is set to expire April 31, 2010. There is a full liquor license, and the possibility exists for the seller to negotiate with the tenant and deliver the license intact. Projected gross rents total $359,000 per year and projected NOI is $290,000. The bar occupies less than half the space on the ground floor, and there is an office space behind it.

The property could be vacated within a short period since all of the tenants have short term leases.

It is located on the same block as Bondi Road, Sushi Uo, San Marzano Brick Oven Pizzeria, and Falai Bakery. The building is perfect for a user, can be kept in its present commercial use, or can be converted to a Mixed-Use property.

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Neighborhoods: Lower East Side/ Agents: Michael DeCheser

As we have discussed in several previous StreetWise columns, the distressed asset pipeline, which has been clogged for nearly two years, is beginning to loosen up. Lenders and special servicers are faced with thousands of distressed assets on their balance sheets and in their portfolios, yet until recently, only a small number of these assets have made their way to the market.

Everything that has happened from a regulatory perspective has provided these entities with the ability to avoid having to make decisions relative to these distressed assets. These regulatory changes have included changes in the FASB market-to-market accounting rules, modifications to REMIC guidelines and bank regulators letting banks hold notes on their books at par even though they know the collateral is worth substantially less.

The Federal Reserve’s highly accommodative monetary policy is allowing for the recapitalization of the banking industry which is relieving pressure on lenders to deal with distressed assets quickly.

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Agents: Robert Knakal

A beautiful six-story 20,494 SF newly renovated elevatored condo building with 28 Units located 1 block from Rockaway Beach. The property is currently “The Ocean Villa” condo building, with all newly renovated apartments, located on the southeast corner of Beach 124th Street and Rockaway Beach Blvd. with 100’ of frontage on Rockaway Beach Blvd. The property consist of 28 apartments, one (1) Studio, twenty one (21) 1 Bedrooms, and six (6) 2 Bedrooms.

This a great rental investment or condo sellout opportunity on Rockaway Beach Blvd. on the border of prestigious Belle Harbor. The entire property will be delivered vacant at closing, posing a prime opportunity for an investor, user group or a condo developer.

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Neighborhoods: The Rockaways

Massey Knakal seeks a self motivated team player who has the ability to interact with and serve the needs of our top corporate / high net worth clients. Ideal candidate will come with prior knowledge of New Jersey and possess the desire to be successful in the Real Estate brokerage business. 

The position is based out of our Manhattan office and the person will work alongside Managing Director of our NJ Division, Landon McGaw.

As an Associate, individuals will be hands on in day-to-day brokerage activities including, but not limited to: dealing with clientele, performing analyses, studying market trends, creating neighborhood reports, speaking to / showing properties to potential investors, attending high level presentations, etc. He/she will learn the intricacies of the market, the industry, and how to effectively sell investment properties.

For more information, or to apply, click here.

A renovated multifamily building at 283 West 11th Street located between Bleecker and West 4th Streets in Manhattan’s West Village was sold in an all cash transaction valued at $7,500,000.

Designed in 1901 by Charles Rentz, the property is a five-story, 11,260 square foot apartment building which currently contains 10 apartments plus one commercial space. In addition, there exists the possibility to create a garden unit. Of the 10 units, all but one are free market. The property has been renovated throughout including individual heating units, new common areas, renovated kitchens with carrera marble, and tiled bathrooms with glass encased shower stalls, moldings, and recessed lighting.

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Neighborhoods: Greenwich Village/ Agents: James Nelson

The subject property is a six-story plus lower level elevator apartment building totaling 87 units, located on the West side of Bowne Street between Northern Boulevard and 37th Avenue 1 block East of Union Street in the heart of Flushing, Queens. The building consists of nineteen (19) studios, fifty (50) one-bedroom units, seventeen (17) two-bedroom units and one (1) three-bedroom unit.

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Neighborhoods: Flushing/ Agents: Stephen Preuss

Massey Knakal Realty Services, NYC’s number one building sales firm, is now offering video tours and text messaging to promote select listings in Manhattan.

According to Kyle Mast, Managing Director of Manhattan, Massey Knakal recently created a YouTube channel for one of its partners, James Nelson, where property videos can be viewed.  While nothing replaces an actual site visit; it is proving to be helpful for a buyer to be able to preview a property or review it afterwards.

Given the strong demand from international investors, Massey Knakal is now able to show their product to clients around the globe. Massey Knakal’s website had visitors from 132 countries last year.

Separately, buyers can now text for property information from several of Massey Knakal’s “For Sale” signs. With a simple text, they will now receive pertinent information on the property directly to their cell phone.

“We are now exploring all avenues to provide even more exposure for our listings.  In a tech savvy world, we need to use every outlet to reach out to buyers from around the world,” added Mast.

Nelson’s team recently posted a virtual tour of 198 West 10th Street, a four-story Greek revival brownstone located in the heart of the West Village, which has already received a great response from the buying community. According to Nelson, “There have been over 80 views in just one week.”

For new video postings follow Massey Knakal on Twitter

Agents: James Nelson

425 East 53rd Street (located between First Avenue and Sutton Place) is a 34,000+ square foot commercial or residential loft/warehouse property boasting of a large open floor plate and tall ceilings. At 75’ x 91’, each of its five floors is approximately 6,825 square feet of open showroom space and is serviced by a passenger elevator and a large freight elevator accessible via the street and internally.

It is currently completely occupied by Newel Art Galleries, and will be delivered completely vacant. The property is residentially zoned, but has a commercial certificate of occupancy, allowing for residential and office conversions. Based on the cusp of Sutton Place and United Nations, this property is an ideal opportunity for developers, schools, hospitals and UN agencies alike. There are very few opportunities such as this, where a user can purchase large, open floor plates which can be delivered vacant.

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Neighborhoods: Midtown East/ Agents: Clint Olsen

Welcome back old friend! Yes, we have seen a re-emergence of the blessed 1031 tax-deferred exchange in recent weeks, and what a welcome sight it is.

The opportunity to protect hard earned equity in the sale of an investment has been available to investors since 1921. However, this part of the tax code was so complex that only a small segment of the investment community took advantage of this mechanism.

In 1990, the Omnibus Budget Act provided more widespread access to a broader set of investors as this option was clarified and simplified. Section 1031 exchanges are often mischaracterized as “tax free” when they are actually “tax deferred”.

Click her for full article.

Agents: Robert Knakal

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