Building Sales Journal - August 2013
Massey Knakal's Building Sales Journal, produced for over 20 years, provides information about some of our notable transactions, company related news and industry trends.
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Featured Sales By Massey KnakalMassey Knakal Realty
436-438 Albee Square, Brooklyn, NY
118, 120-22 East 4th Street, New York, NY
16-18 East 30th Street, New York, NY
265-267 South 2nd Street, Brooklyn, NY
172 West 79th Street, New York, NY
195, 199, 201, 203 East 4th Street, New York, NY
360-362 Broadway, New York, NY
401 State Street, Brooklyn, NY
78-02/10 Metropolitan Avenue, Queens, NY
44-46 Purves Street, Queens, NY
49 Bond Street, Brooklyn, NY
Featured Leases by Massey KnakalMassey Knakal Realty
519 Broome Street, New York, NY
717 Flatbush Avenue, Brooklyn, NY
1592 First Avenue, New York, NY
28-30 West 125th Street, New York, NY
110 West End Avenue, New York, NY
110 South Street, New York, NY
Featured Financings by Massey KnakalMassey Knakal Realty
$14.5M Ground-Up Construction Loan, New York, NY
$24.0M Loan, Rockland County, NY
$4.075M Refinance Loan, New York, NY
$3.4M Loan, New York, NY
$1.6M Refinance Loan, New York, New York
$1.75M Loan, New York, NY
Massey Knakal Realty
The Bowery Portfolio
Neighborhood: Houston and Canal

Type: Mixed-Use

Sale Price: $62,000,000

Transfer Date: 6/4/2013

The Bowery Portfolio, consisting of 11 mixed-use properties located between Houston and Canal Streets on the prime retail and residential streets of the Bowery, was sold in an all-cash transaction valued at $62,000,000, to an investor group led by Joseph Betesh of Milestone Equities.

The properties are located at 83, 85, 88, 103, 105, 219, 221, 262, 276, 280, and 284 Bowery. The buildings total approximately 143,230 above grade square feet with all air-rights intact. The properties are not contiguous, but nine of the 11 buildings are paired with an adjacent property, excellently located between Houston and Canal Streets. Included in the portfolio is the Pulino's bar and restaurant on the corner of East Houston Street and Bowery, across from the new Whole Foods development.

These properties have been family owned since the 1930s which presented a rare opportunity for Milestone Equities to acquire a portfolio with tremendous upside.

"This was truly a team effort and the clients were ecstatic to sell at a time when real estate values and upside potential are at their greatest," said John F. Ciraulo, who exclusively represented the seller, a family trust, in this transaction with Michael A. Azarian, Robert Burton and Michael DeCheser.

"When the New Museum decided to open at 235 Bowery in 2007, the transformation of the area became firmly established," said Robert Burton. "The Bowery properties arguably fall within the epicenter of three converging neighborhoods, with a common vein of tourism and strong retail," said Michael DeCheser.
Message from the Chairman
The recovery in the property sales market continues to outpace the recovery in the broader economy and is, in fact, performing better than the recovery in commercial real estate's underlying fundamentals would dictate. 2012 was a banner year, therefore, comparatively this year is lagging but activity is better than we had in 2011, a year in which we were all feeling very happy. Read Article
Message from the CEO
Recently, I attended a Brookfield Office Properties (NYSE) board meeting in London. Brookfield just wrapped up construction on their latest office building project and secured an impressive office building development site portfolio, and we were there to learn more about the local market. To provide board members with an overview, Brookfield executives orchestrated an excellent presentation by two Jones Lang LaSalle leasing and capital market specialists. During the presentation, they mentioned that 75% of all investment sales in London were purchased by foreign buyers. This came as a surprise to those of us from New York, where, in a year of high foreign investment, roughly 12-15% of all investment purchases are made by foreign individuals or companies. Read Article
The Future of Times Square West: Eighth Avenue as World Class Hospitality Destination
For decades the retail corridor along Times Square's Eighth Avenue has been transforming away from its seedy "Red Light District" past. This year, two of the buildings that house two of the last handful of adult video stores in the district have come on the market and two major development sites have been slated for luxury hotel development. This, along with the rebirth of Icon, the massive Nomura lease at Worldwide Plaza and Microsoft's landmark lease at 11 Times Square has firmly secured the corridor's future as a premier global destination for dining and hospitality. Read Article
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Press Releases
David Simon Joins Massey Knakal's New Jersey Division As Executive Managing Director
Michael Lederman Joins Massey Knakal Realty Services
The Massey Knakal Charitable Foundation Update
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