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Massey Knakal Realty Services has been retained on an exclusive basis to sell a mixed-use building at 228 East 58th Street. The property is located between Second and Third Avenues in Manhattan’s Midtown East neighborhood. The asking price is $11,250,000.

The five-story gut renovated building contains approximately 7,200 square feet and sits on a 20’ x 100.42’ lot.  It is configured with a retail showroom on the ground and second levels, featuring approximately 20 feet of glass frontage, double height storefront, a 1,000 square foot terrace in rear, and a full basement with bathroom.  The third, fourth, and fifth floors are configured with six residential apartments, of which three are one-bedroom and three are alcove-studios.  Property highlights include updated HVAC, gas heat, updated wiring, video intercom, and heated sidewalks.

This property is located on Designers Way, directly across from the Decoration & Design Building and Architects & Designers Building.

For more information on this listing, contact Thomas D. Gammino, Jr. or Clint Olsen at 212.696.2500.

Click here for listing details

Neighborhoods: Midtown East/ Agents: Clint Olsen, Thomas Gammino Jr.

A development site at 452 East 29th Street, located between Foster and Newkirk Avenues in Brooklyn’s Flatbush neighborhood, was sold in an all-cash transaction valued at $750,000.

The approximately 8,000 square foot lot contains 80 feet of frontage on East 29th Street.  It sits in an R6 zone, allowing for approximately 19,440 buildable square feet.  The sale price equates to approximately $39 per buildable square foot.

“We received a great deal of interest from active local developers. The competition for the parcel produced a transaction that exceeded expectations,” said Nick Mahedy, who exclusively handled this transaction with Stephen Palmese.  “This sited is located one block from the Newkirk 2 and 5 subway station and offers 80 feet of frontage attracting a handful of residential developers interested in the opportunity to build in the Flatbush neighborhood,” said Mr. Palmese.

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Neighborhoods: Flatbush/ Agents: Stephen Palmese

Massey Knakal Retail Leasing Services has secured a new retail lease for a space at 519 Broome Street; the new tenant will be a new branch of the Anyway Café. The space is located between Thompson Street and Sixth Avenue in Manhattan’s SoHo neighborhood.
 
The space contains approximately 900 square feet on the ground floor with wraparound frontage onto Broome, Thompson, and Watts Streets.  Additionally, this space features significant signage and outdoor seating opportunities on the Thompson Street side of the building that the new tenant intends to utilize.  Neighboring tenants include the Thompson Hotel, Pera, Cipriani, and Mooncake Foods.

“This project had a number of moving parts, not the least of which was a six-month-long process to obtain a new Certificate of Occupancy.  Fortunately, we were able to deliver multiple offers above the asking rent during this process, which minimized the cost of the landlord’s downtime,” said Brendan Gotch, Director of Retail Leasing, who exclusively represented the landlord in this transaction with Michael Hefferon, Associate.

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Neighborhoods: SoHo/ Agents: Brendan Gotch

Massey Knakal Realty Services is pleased to announce the seventh installment of a new initiative called the Knakal News Network (KNN). In this episode, Mr. Knakal will discuss the characteristics of top brokers. This episode is hosted by Jonathan Hageman, Sales Team Manager at Massey Knakal. In subsequent episodes, there will be a rotating selection of guest hosts each of whom will host a block of episodes.  To access KNN, go to: http://www.masseyknakal.com/people/knn.aspx

Agents: Robert Knakal

Massey Knakal Capital Services is pleased to announce the closing of a $24.0 million loan collateralized by a 227-unit multifamily property in Rockland County, New York.  The loan featured a fixed interest rate and a seven-year term.
 
“This refinancing was brought to Massey Knakal Capital Services after the sponsor had received a quote from his relationship lender that was unsatisfactory.” said Director Preston Flammang, who exclusively handled this transaction. “We brought in another lender who was much more comfortable with the transaction, and was attracted to developing a relationship with this multi-generational real estate owner. The lender secured by Massey Knakal provided an additional $3.0MM in proceeds compared to the original lender, at a fixed-rate that was 20bps lower.”

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Neighborhoods: Westchester County/ Agents: Preston Flammang

Massey Knakal Realty Services has been retained on an exclusive basis to sell the Brooklyn Law School Portfolio, which consists of six multifamily properties located in the historic Brooklyn Heights neighborhood of New York City. The asking price is $41,150,000.

The six properties, located at 89 Hicks Street, 18 Sidney Place, 144 Willow Street, 100 Pierrepont Street, 27 Monroe Place, and 38 Monroe Place, feature a combined 110 residential apartments and approximately 56,342 gross square feet.  The properties have been continuously acquired dating back to the 1980s and have been owner/occupied by Brooklyn Law School.

Brooklyn Law School has selected Massey Knakal's Stephen Palmese to sell a portfolio of multifamily properties in Brooklyn Heights “This decision was based on the Law School’s strategic plan to consolidate student housing and to consider new real estate opportunities,” said Brooklyn Law School President Joan G. Wexler.

The portfolio’s six properties are conveniently located within a half-mile radius of one another, providing an investor the rare opportunity to control a number of assets in one of the strongest residential markets in all of New York City.  

“In 2012, Brooklyn's transactional volume rate was 1.8%, which translates into an average holding period for real estate of approximately 50 years.  The opportunity to own 110 units, of which 90% are vacant, in Brooklyn's most desirable neighborhood, does not come around often,” said Stephen Palmese who is exclusively marketing this portfolio.

89 Hicks Street, located between Orange and Pineapple Streets, is a 6-story, 48-unit elevator building containing approximately 19,500 square feet on a 50’ x 100’ lot.  18 Sidney Place, located between Joralemon and State Streets, is a 7-story, 19-unit elevator building containing approximately 9,875 square feet on a 25’ x 100’ lot.  144 Willow Street, located between Pierrepont and Clarke Streets, is a 5-story, 10-unit walkup building containing approximately 7,500 square feet on a 25’ x 101’ lot.  The three buildings will be delivered mostly vacant.

100 Pierrepont Street, located between Henry Street and Monroe Place, is a 5-story, 10-unit walkup building containing approximately 6,000 square feet on a 20’ x 100’ lot.  27 Monroe Place, located between Clarke and Pierrepont Streets, is a 5-story, 13-unit walkup building containing approximately 7,300 square feet on a 25’ x 100’ lot.  38 Monroe Place, located between Clarke and Pierrepont Streets, is a 5-story, 10-unit walkup building containing approximately 6,167 square feet on a 22’ x 100’ lot.  The three buildings will be delivered entirely vacant.

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Neighborhoods: Brooklyn Heights/ Agents: Stephen Palmese

Massey Knakal Retail Leasing Services has secured a new lease for a space at 1592 First Avenue, located on the corner of First Avenue and East 83rd Street on Manhattan’s Upper East Side.
 
The space contains approximately 1,000 square feet on the ground floor and 758 square feet of basement space.  It is fully vented and features approximately 25 feet of frontage on First Avenue and 25 feet on East 83rd Street.  The site will be occupied by Le Pain Quotidien.  

“Our powerful marketing strategy and selective screening resulted in leasing this corner space to Le Pain Quotidien,” said Jill Lovatt, who exclusively represented the landlord in this transaction. “Our client is thrilled with the quality of this tenant and what it means for his building as well as this block on First Avenue,” Ms. Lovatt added.

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Neighborhoods: Upper East Side/ Agents: Jill Lovatt

Massey Knakal has sold a mixed-use building located at 360-362 Broadway. The building resides on the southeast corner of Franklin Street and Broadway in the heart of TriBeca. The building was sold in a transaction valued at $23,000,000.

The property is a five-story mixed-use loft building and consists of eight residential units and two retail stores. The building is 56 feet wide and contains a total of 26,723 square feet. The ground floor retail space is 5,400 square feet and is currently subleased to two tenants. The eight residential units, two per floor, are all fair market units and are the large TriBeca loft-style apartments. All the leases are for one-year terms, therefore the building can be delivered vacant within the next year. The building is also potentially part of a larger development site. Based upon its land size of 6,440 square feet and the zoning designation of C6-4A, which carries a 10.0 floor area ration, the building leads to a total of 64,440 buildable square feet.

This property was part of the 28 building, $250 million, Century Portfolio which Mr. Knakal has been marketing over the past several months.

“This transaction was indicative of the current strength of the development market in Manhattan. Ultimately, the highest and best use of this property is as part of a larger site for development,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Director of Sales Nick Petkoff.


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Neighborhoods: TriBeCa/ Agents: Robert Knakal

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail condominium situated in The Downtown Club at 20 West Street. The property runs block through to Washington Street, and is between Morris Street and Battery Place in Manhattan’s Financial District.  The asking price is $6,995,000, which represents a 5% in place return.

The condominium unit contains approximately 4,293 square feet on the ground floor with 5,245 square feet on the lower level and 1,000 square feet of outdoor space.  It is occupied by The Learning Experience, a child care center with over 200 locations in the United States, providing an investor with steady income and great long-term rental potential.  The unit has a 421G tax benefit which started July 1, 2007 and runs for 14 years.

20 West Street, also known as The Downtown Club, is a historic high rise completed in 1930. One of Manhattan’s most distinctive art deco skyscrapers, it was designated as an official New York City landmark in 2009.

The property is centrally located near every major subway line and is only steps away from Battery Park and the Hudson Waterfront.  It benefits from its proximity to Battery Park City, South Street Seaport, the Staten Island Ferry and the World Financial Center.  It is only four blocks from World Financial Plaza/Brookfield Place, which will encompass more than eight million square feet of premier office space, a European-style marketplace, and world class shopping and dining.

For more information on this listing, contact Massey Knakal Partner James P. Nelson or Director of Sales Nick Petkoff at 212.696.2500.

Click here for listing details

Neighborhoods: Financial District/ Agents: James Nelson

A development site at 390-392 South 2nd Street, located between Hooper and Hewes Streets in Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $2,050,000.

The site currently consists of two commercial/industrial buildings on two adjoining residentially zoned lots.  The irregular lots measure approximately 50’ x 132’, combined. The site was delivered vacant, and is in an R6 zone with an FAR of 2.2. It holds approximately 13,860 buildable square feet, and the sale price equates to approximately $148 per buildable square foot.

“There was considerable interest in this property from users and developers, ultimately leading to competitive bids over the asking price,” said Mark L. Lively, who exclusively handled this transaction with Brendan Maddigan.

Click here for press release

Neighborhoods: Williamsburg/ Agents: Brendan Maddigan, Mark Lively

A commercial building and adjacent vacant lot at 1430-1432 Prospect Avenue, located on the southeast corner of Boston Road and Prospect Avenue in the Crotona neighborhood of the Bronx, were sold in an all-cash transaction valued at $550,000.

The properties consist of a two-story building of approximately 10,378 square feet and an adjacent 23’ wide lot. The combined lot dimensions are approximately 79.5’ x 116.5’.  Currently zoned C2-4 / R7-1, the sites combine for approximately 148 feet of corner frontage and approximately 33,160 buildable square feet.  The sale price equates to approximately $53 per square foot.

These properties are conveniently located just five blocks north of the Freeman Street #2 and 5 subway station and within direct proximity to multiple bus lines.

“The property required a significant amount of renovation but its corner location, great visibility, high traffic volume, and retail frontage represented an ideal scenario for the buyer. Once complete the property will likely feature new retail with parking and second story residential space,” said Nick Burns, who exclusively handled this transaction with Mark Lively and Brendan Maddigan.

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Agents: Mark Lively

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a triple net lease for 60 Central Avenue, located on the corner of Central Avenue and George Street in Brooklyn’s Williamsburg neighborhood.
 
The approximately 45,400 square foot lot offers approximately 200 feet of frontage on Central Avenue and 227 feet on George Street.  Situated in an M3-1 zone with an FAR of 2.0, it contains approximately 90,800 buildable square feet and is ideal for storage or warehouse development.

This site is located in a high density area with a mix of residential, commercial and civic use in the immediate vicinity.  The Myrtle Avenue J, M, and Z and the Morgan Avenue L train stations are just blocks away.

“Bushwick is a hot market that is clearly underserved for retail.  This large, corner site offers a prospective tenant an unusual amount of scale in a neighborhood where 95% of the inventory is smaller than 10,000 square feet,” said Director of Sales Michael Amirkhanian, who is exclusively marketing this space with Director of Retail Leasing Andrew Clemens.

For more information, please contact Andrew Clemens or Michael Amirkhanian at 718.238.8999.

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Neighborhoods: Williamsburg/ Agents: Michael Amirkhanian

Massey Knakal Capital Services is pleased to announce the closing of a $4.075 million refinance loan collateralized by a mixed-use building in Manhattan’s Greenwich Village neighborhood. The mixed-use building contains two retail units and two residential units.  The loan featured a five-year fixed term with interest-only financing and an interest rate of 4.00%. The creative structure of the loan also allowed for pre-payment at any time without penalty.
 
“This was a five-year transitional loan that allowed the borrower to reduce their debt-service and complete their plans to split the asset into four separate condominium units. The loan’s structure provided a fixed rate, interest-only financing and no pre-payment penalties for maximum flexibility. Our deep knowledge of the Greenwich Village market allowed us to substantiate a valuation much higher than the owner’s expectations, which made this loan lower leverage and provided the basis for the flexibility our client needed” said Director Morris Betesh, who exclusively handled this transaction.

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Neighborhoods: Greenwich Village

Massey Knakal Realty Services has been retained on an exclusive basis to sell a retail condominium situated in a brand new 21-story luxury condominium building at 280 Third Avenue.  The building is located on the corner of Third Avenue and East 22nd Street in Manhattan’s Gramercy Park neighborhood. The asking price is $8,500,000.

The ground floor condominium unit contains approximately 2,560 square feet with ceilings 18 feet high.  It benefits from approximately 100’ of wraparound frontage on Third Avenue and 22nd Street.  The retail condominium will be delivered for occupancy in the summer of 2014 and is ideal for mostly any dry-use end-user or an investor.

Toll Brothers is developing the luxury condominium, designed to complement and enhance the distinct neighborhood of Gramercy Park.  The building will be completed with 81 high-end condominium units and a corner retail space.  It is anticipated to achieve LEED Certification with high efficiency HVAC systems and locally sourced, sustainable building materials.  Toll Brothers expects a 421-a tax abatement on the property which reduces the real estate taxes and will be phased in over the first ten years of occupancy.

The property sits two blocks from the #6 subway line and just a short walk from Gramercy Park and the bustling areas of Union Square, Irving Place, Stuyvesant Square, and Madison Square Park.  This structure, with its Indiana limestone exterior and top-of-the-line interior finishes is set to be a modern twist on a timeless classic. 

For more information on this listing, contact Massey Knakal Vice Chairman and Partner John F. Ciraulo and Director of Sales Craig M. Waggner at 212.696.2500.

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Neighborhoods: Gramercy Park/ Agents: Craig Waggner, John Ciraulo

Massey Knakal Realty Services is pleased to announce the sixth installment of a new initiative called the Knakal News Network (KNN). In this episode, Mr. Knakal will discuss the rent regulation system in New York. This episode is hosted by Jonathan Hageman, Sales Team Manager at Massey Knakal. In subsequent episodes, there will be a rotating selection of guest hosts each of whom will host a block of episodes.  To access KNN, go to: http://www.masseyknakal.com/people/knn.aspx

Agents: Robert Knakal

An industrial building at 324-326 Ten Eyck Street, located between Waterbury and Bogart Streets in Brooklyn’s East Williamsburg neighborhood, was sold in an all-cash transaction valued at $1,850,000.

The one-story brick building contains approximately 6,379 square feet and sits on a 50’ x 133’ lot.  The seller recently completed renovations to the roof and mechanical systems as well as customized the interior of the building, including a fully built-out caretaker’s unit.  This building has a curb-cut, roll-up gate and loading dock for deliveries.  The sale price equates to approximately $290 per square foot.

The L train at Grand Street is located less than four blocks away, providing direct access to Manhattan.

“There was considerable interest in this building with competing offers leading to the full asking price,” said Mark Lively, who exclusively handled this transaction with Brendan Maddigan.  “This is indicative of the changes happening in industrial Williamsburg, and bodes well for the neighborhood,” said Mr. Maddigan.

Click here for press release

Neighborhoods: Williamsburg/ Agents: Brendan Maddigan, Mark Lively

The Gamelatron Bunga Kota (Flower of the City) draws upon Indonesia’s thousand-year-old Gamelan music tradition of bronze instrument ensembles and combines it with the emerging field of robotics to create a live magical, private performance. As a site-specific contemporary artwork, the project consists of kinetic sculptures that use specially tuned bronze instruments retrofitted with mechanical mallets on sculptural mounts to create an immersive sound installation.

Click here for more information

Neighborhoods: Midtown West/ Agents: Dylan Murphy

Massey Knakal has sold a mixed-use building located at 106 Greenwich Street. The building is situated on the west side of Greenwich Street, between Rector Street and Carlisle Street, in Manhattan’s Financial District. The building was sold in a transaction valued at $5,700.000.

The subject property is a beautiful five-story, 25 foot-wide building, located just a few blocks south of the new World Trade Center complex. The building consists of 16 residential units, with two retail stores on the ground floor. Each residential unit is approximately 425 square feet, while the two commercial units are split into approximately 1,100 square feet and 900 square feet respectively.

This property was part of the 28 building, $250 million, Century Portfolio which Mr. Knakal has been marketing over the past several months.

“We received dozens of offers for this asset which helped us to push up the prices of this wonderful asset,” said Massey Knakal Chairman Bob Knakal, who exclusively represented the seller along with Director of Sales Nick Petkoff. The buyer was represented by ­­­­­­­­Hakimian Properties.  

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Neighborhoods: Financial District/ Agents: Robert Knakal

Massey Knakal Retail Leasing Services has been retained on an exclusive basis to secure a retail lease for 49 Carmine Street, located on the corner of Carmine and Bedford Streets in Manhattan’s Greenwich Village neighborhood.
 
The space contains approximately 1,200 square feet with 11 foot high ceilings. It features over 40 feet of wraparound frontage in a high foot traffic area that benefits from both a large resident and tourist population.  All uses will be considered.

“Restaurateurs have already been all over this space.  This is going to be a fast transaction and we anticipate a huge amount of interest,” said Brendan Gotch, Director of Retail Leasing, who is exclusively marketing this space.

This beautiful space is ideally located just south of Bleecker Street and in close proximity to public transportation.  Neighboring tenants include Market Table, Blue Ribbon, Murray’s Cheese, Dos Toros Taqueria, American Apparel, Grom Gelateria, and NYU.

For more information, please contact Brendan Gotch at 212.696.2500.

Click here for listing details

Neighborhoods: Greenwich Village/ Agents: Brendan Gotch

Massey Knakal Realty Services is pleased to announce the fifth installment of a new initiative called the Knakal News Network (KNN). In this episode, Mr. Knakal will discuss the economy and commercial real estate. This episode is hosted by Jonathan Hageman, Sales Team Manager at Massey Knakal. In subsequent episodes, there will be a rotating selection of guest hosts each of whom will host a block of episodes. 

To access KNN, go to: http://www.masseyknakal.com/people/knn.aspx

Agents: Robert Knakal

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