The Reel

Follow us:

A blog for breaking sales and neighborhood real estate news.

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.

Click here for listing details.

Neighborhoods: Williamsburg/ Agents: Mark Lively

Massey Knakal Realty Services is pleased to offer the sale of a Fee Acquisition Loan and a Development Rights Acquisition Loan collateralized by a development site at 953-961 First Avenue and its included development rights. Located between East 52nd and East 53rd Streets, the collateral site would be suitable for a luxury mixed-use development. This offers a buyer an exceptional opportunity, as the notes can be acquired for considerably less than recent comparable development site sales which have ranged from $299/BSF to $495/BSF. 2009 and 2010 Midtown East condominium sales have held up well, averaging $1,172 per square foot. In addition, the market is on an upswing as recent contracts and asking prices are up above those sales. Meanwhile, asking rents in the area are now averaging over $70/SF, almost a 30% increase from previously achieved rents.

Click here for listing details.

Neighborhoods: Yorkville/ Agents: Clint Olsen, Robert Knakal

An office building at 5 Broadway located at the northeast corner of Broadway and North Main Street in Freeport, New York was sold in an all cash transaction valued at $1,150,000.

The property, which sits on a 149’ x 142’ lot, consists of a three-story elevatored office building with approximately 20,484, square feet. It features approximately 23,500 square feet of open air parking. It is ideally located just one block from the Long Island Rail Road Freeport station and just two blocks north of Sunrise Highway.

Click here for press release

Neighborhoods: Nassau County/ Agents: Thomas Donovan

This property consists of three attached industrial buildings. Two face Dean Street with a total frontage of 285’ and one faces Bergen Street with an internal entrance from the Dean Street building.

Click here for listing details.

Neighborhoods: Crown Heights

The subject property is a block-through residential development site located on the north side of West 37th street between Ninth Avenue and Tenth Avenue. The site comes with a foundation in place and approved plans for an approximate 100,000 square foot luxury residential building. Current plans call for approximately 7,500 square feet of retail space on the ground floor and 98 residential units above. The building is ready to go vertical as approximately $4,000,000 in hard costs and approximately $5,500,000 in soft costs have already been spent constructing the foundation and lower levels. Additionally, the property comes with 421-A certificates in place. The prospective purchaser will be able to recognize the full benefit since the foundation was in place prior to June 2008.

Click here for listing details.

Neighborhoods: Hudson Yards/ Agents: Robert Knakal

A mixed-use building at 278 Albany Avenue located on the corner of St. John’s Place and Albany Avenue in Brooklyn’s Crown Heights neighborhood was sold in an all cash transaction valued at $780,000.

The four-story corner property is approximately 9,460 square feet and sits on a 30’ x 100.6’ lot. It consists of six rent stabilized apartments and three retail units. The sale price equates to $82 a square foot.

Click here for press release

Neighborhoods: Crown Heights

This one story industrial building will be partitioned off an existing warehouse. The new tax lot will conform to all zoning regulations. It will have 67' of frontage and run about 120' deep. M1-2 zoning allows an additional 8,040sf to be built on the lot (please verify all estimated figures independently) and allows a wide variety of uses.

Click here for listing details.

Neighborhoods: Williamsburg/ Agents: Mark Lively

A vacant mixed-use building at 254 East 33rd Street located between Second and Third Avenues on the cusp of Manhattan’s Murray Hill/Kips Bay neighborhoods was sold in an all cash transaction valued at $2,200,000.

 The five-story building is 16.67’ wide and approximately 3,584 square feet.  The building was delivered vacant in partially renovated condition. The building currently consists of a commercial unit on the ground floor, five studio apartments, and a one-bedroom duplex apartment. The commercial unit benefits from a private entrance, a full bathroom, and access to an elevated rear patio which creates an ideal layout for a professional tenant. Each unit is separately metered for both gas and electric. The sale price represented $613.83 per square foot.

Click here for press release

Neighborhoods: Murray Hill/ Agents: John Ciraulo, Thomas Donovan

Fort Lee Plaza is located in the center of the Fort Lee retail district on Lemoine Avenue in Fort Lee, New Jersey. The subject property is an enclosed mall located 2 miles west of New York City and 1/4 mile from the George Washington Bridge. The building features 141 feet of frontage on Lemoine Avenue and 152 feet of frontage on Palisades Avenue. The property is currently configured as 21 units with 49 covered garage parking spaces. The entire building was remodeled in 2004. Given the stable, diverse economy, high barriers to entry and upside in the vacant stores Fort Lee Plaza stands out as one of New Jersey's premier retail investment properties.

Click here for listing details.

Neighborhoods: Bergen County/ Agents: Hall Oster

A multifamily building at 459 40th Street located between 4th and 5th Avenues in Brooklyn’s Sunset Park was sold in an all cash transaction valued at $997,500.

This four-story building is approximately 6,022 square feet and sits on a 32’ x 68’ lot. There are eight units; six of which are rent stabilized. The building is located half a block from Sunset Park and a short walk to the N, R, and M trains. 

Click here for press release

Neighborhoods: Sunset Park

Chase branch at a prime corner location in Chinatown (Canal & Mott St.). Excellent and steady income (Chase lease until 2025). Air rights available.

Click here for listing details.

Neighborhoods: Chinatown/ Agents: Michael DeCheser

A vacant warehouse at 71-01 – 71-15 51st Avenue located between 71st and 72nd Streets in Woodside, Queens was sold in an all cash transaction valued at $3,995,999.

The one-story warehouse sits on a 92’ x 206’ lot. There is approximately 13,972 square feet of storage and 6,428 square feet of loading docks with five interior truck bays, totaling approximately 20,400 square feet. There is an additional mezzanine level office which is 3,932 square feet. The office space is in outstanding move-in condition consisting of two private executive offices, boardroom, kitchen, employee locker room and bathrooms. The warehouse can be used for refrigeration. The refrigeration for the loading area is cooled by two 5hp Copeland compressors. Main storage is cooled by ten 15hp Copeland compressors. The sale price represented $196 per square foot.

Click here for press release

Neighborhoods: Woodside

A walk-up apartment building at 36-52 35th Street located on the west side of 35th Street between 36th and 37th Avenues in Long Island City, Queens was sold in an all cash transaction valued at $3,300,000.

The five-story building is approximately 20,700 square feet and sits on a 60’ x 100’ lot. There are 29 units; 14 one-bedroom units, 14 two-bedroom units, one three-bedroom unit, and a Super’s unit in the basement. All but one of the units are rent stabilized and there is only one vacancy. The purchase price equates to a capitalization rate of 6.0%, a gross rent multiple of 9.2, and $113,793 per unit. The buyer received 53% financing.

Click here for press release

Neighborhoods: Long Island City

Massey Knakal recently completed the sale of a mixed-use building at 248-250 Prospect Park West, located in Brooklyn’s Park Slope neighborhood, in an all cash transaction valued at $1,750,000.

The two buildings, formerly operated as MJ Smith funeral home, were sold by Service Corporation International, a publicly traded company and the largest funeral home operator in the United States.  The properties offer 40’ of frontage on a prime Park Slope retail corridor located within three blocks of Prospect Park.  The sale price equates to $220 per square foot.

Click here for press release

Neighborhoods: Park Slope/ Corporates: Paul Massey Jr.

A four-family building at 417 3rd Street located between 5th and 6th Avenues in Park Slope, Brooklyn was sold in a transaction valued at $2,250,000.

The four-story building is approximately 5,208 square feet and sits on a 21’ x 95’ lot. The sale price equates to $432 per square foot or $562,500 per unit.

Click here for press release

Neighborhoods: Park Slope

530 and 534 East 88th Street are two adjacent five story plus basement elevatored apartment buildings featuring 150’ of combined frontage on the south side of East 88th Street between York Avenue and East End Avenue. In total, the properties contain approximately 57,000 gross square feet and feature a total of seventy-three (73) residential units.

Additionally, six of the vacant units on the ground floor are currently constructed as the former sales office for the adjacent 170 East End Avenue condominium. The rent stabilized and rent controlled units are renting at an approximate average of only $14.68 and $9.85 per net square foot respectively with the total blended rent per square foot for all the units at only $28.57 approximately. These rent levels clearly are representative of the tremendous upside potential in these under market units.

Click here for listing details.

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

A four story row-house with gorgeous facade and stoop, built in 1892. The property is currently laid out as five units with an owner's duplex on the ground and parlor floors, free-market studio units in the front and rear of the 3rd and 4th floors. There is a one story extension and a south-facing, landscaped garden in the rear. There are air rights which can be utilized for additional space as the property does not lie within the historic district. Perfect for live-plus-income.

Click here for listing details.

Neighborhoods: Upper West Side/ Agents: Paul Smadbeck

The investment sales market has been steadily improving over the last few quarters, as fundamentals begin to improve and economic recovery, while sluggish, is upon us. With regard to fundamentals, we have seen rent concessions evaporating and occupancy rates improving. The economy is moving in a generally positive direction but is having difficulty finding momentum as employment growth is well below expectation and last week it was reported that consumer spending experienced a decline of 1.2% in May, the first drop since September of 2009. While the investment sales sector appears healthy, the future of the market, however, is uncertain as market indicators are presently difficult to interpret. These conditions beg the question: Are we in another bubble at the bottom of a cycle?

Today, nothing is impacting the investment sales market more than the supply / demand relationship. Real estate markets are always dependant upon the supply  / demand dynamic, however; it appears to be impacting the market more acutely now than we have seen in the past. Presently, there is excessive demand met by a relatively weak supply of available properties for sale.

Click  here for full article.

Agents: Robert Knakal

A mixed-use building at 415 East 78th Street located between First and York Avenues on Manhattan’s Upper East Side was sold in an all cash transaction valued at $2,310,000.

This four-story walk-up building is approximately 6,216 square feet and sits on a 25’ x 102.17’ lot. It contains sixteen studio units, all of which are Rent Stabilized. There was also one owner occupied unit, in addition to 4,000 square feet of air rights. The sale price corresponded to $371.62 per square foot, a 6.3% cap rate, and $144,375 per unit.

Click here for press release

Neighborhoods: Upper East Side/ Agents: Thomas Gammino Jr.

225 East 59th Street is a three story commercial building located in the heart of Midtown East’s “Decoration and Design District,” on the north side of East 59th Street directly across from the Decoration and Design Building. This property benefits from an impressive 15-foot ceiling on the first floor, providing ideal space for a showroom or gallery. It is currently net leased to Michaelian & Kohlberg, an antique rug gallery, which utilizes the first floor as their showroom and uses the top two floors for storage and day-to-day operations. At present, the current lease is set to expire March 31, 2014.

Given the prime location as well as the net lease currently in place, this property would be ideal for an investor pursuing strong cash-flowing properties in high profile neighborhoods. Additionally, this presents an unique opportunity for a potential user looking for a property to carry itself before becoming vacant for the purchaser’s use.

Click here for listing details.

Neighborhoods: Midtown East/ Agents: Clint Olsen

Prev      Next