Building Sales Journal - October 2010
Massey Knakal's Building Sales Journal, produced for 20 years, is now in electronic format and provides details about some of our notable transactions, general industry trends and other company related news.
Massey Knakal Realty Services
Featured Sales By Massey KnakalMassey Knakal Realty Services
530, 534 E 88th Street, New York, NY
237-239 East 53rd Street, New York, NY
559 West 23rd Street, New York, NY
331, 333, 335, 339 E 82nd St., New York, NY
198 West 10th Street, New York
430 Hudson Street, New York, NY
2105 Walton Avenue, The Bronx, NY
100 Highland Avenue, Yonkers, NY
184-198 Nostrand Ave., Brooklyn, NY
2854-2858 Stillwell Ave., Brooklyn, NY
158 Pioneer Street, Brooklyn, NY
113-1123 Brighton Beach, Brooklyn, NY
864 Nostrand Avenue, Brooklyn, NY
90-28/32 161st Street, Jamaica, NY
49-02 43rd Avenue, Flushing, NY
Massey Knakal Realty Services
29 East 61st Street, New York, NY
Neighborhood: Upper East Side

Type: Commercial Building

Sale Price: $21,000,000

Transfer Date: 9/20/2010

Located steps from Barney's and a block from Central Park, this 33' wide renovated doorman building houses high-end retail and office tenants. Massey Knakal maximized the exposure of this property. After a competitive bidding war, a foreign billionaire with a 1031 exchange stepped up to buy this property for the highest price. This buyer is one of many foreign buyers we have seen active in the NYC market lately.
Message from the CEO: Responsibility & Shimon Shkury, Partner
I can vividly remember a conversation I had with our Partner Shimon Shkury four years ago, in 2006. Shimon had quickly developed into a big success in our business. He had a wonderful wife Ruby. By all counts Shimon should have been perfectly happy. Shimon, however, developed a sense that an aspect of his life was lacking. In his characteristically blunt style he told me that, "I need to start giving some money away to see how that feels." I was sure that Shimon was about to develop another aspect of his life that would bring him great satisfaction. Shimon was about to embrace community responsibility. Read Article
Message from the Chairman: Forecasting for Investment Sales
The two main metrics we discuss when talking about the relative health of the investment sales market are the volume of sales and the level of values. These two indicators provide the best snapshot illustrating how the market is currently performing, particularly relative to past performance. The volume of investment sales in the New York City marketplace has clearly been improving steadily since early 2009 (although third-quarter 2010 performance looks like it may have suffered a setback). Additional activity in the distressed-asset market, from both banks and special servicers, has helped with volume increases. Read Article
Chasing The Market: Timing Vs. Pricing
In certain segments and locations, the commercial real estate market has shown great resiliency and recently we were able to achieve relatively high sale prices for properly priced assets. However, other market segments remain more difficult to close transactions; some properties were not sold due to vacancy, a less desirable location, a lack of upside potential, or the property's condition. Read Article
Massey Knakal Realty Services
NOW AVAILABLE 3rd Quarter 2010 Property Sales Reports
Press Releases
Knakal and Nelson to be at Distressed RE Summit 10.21.10
Massey Knakal Honored At La Fuente's Sixth Annual Bridge Builders Awards
Join Us - NYC RE Expo 11.5.10
James Nelson Honored By Varadi Ovarian Initiative For Cancer Education (VOICE)
WATCH VIDEO from September's Massey Knakal Multifamily Summit
Massey Knakal Realty Services
© 2010 Massey Knakal Realty Services
This information has been compiled for informational purposes only and Massey Knakal Realty Services shall not be liable for any reliance thereon.
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