Building Sales Journal - July 2014
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.
Featured Sales By Massey Knakal
102 Norfolk Street, New York, NY
560 7th Avenue, New York, NY
435 10th Avenue, New York, NY
235 South Lexington Avenue, White Plains, NY
730 West 183rd Street, New York, NY
135 West Kingsbridge Road, Bronx, NY
251 Rock Road, Glen Rock, NJ
537-545 Greenwich Street, New York, NY
Brooklyn Law School Portfolio, Brooklyn, NY
2835-2875 Ocean Avenue, Brooklyn, NY
221-225 West 17th Street, New York, NY
Featured Leases by Massey Knakal
1688 York Avenue, New York, NY
1407 3rd Avenue, New York, NY
1765 1st Avenue, New York, NY
785 8th Avenue, New York, NY
Featured Financings by Massey Knakal
$7.5M Park Slope Refinancing, Brooklyn, NY
$26.6M Midtown/Upper East Side Construction Loan, New York, NY
$8M Upper East Side Construction Loan, New York, NY
$10.5M Midtown West Refinancing, New York, NY
$25M Financial District Non-Recourse Land Loan, New York, NY
$10.25M Tuckahoe Construction Loan, Tuckahoe, NY
$9.8M Brooklyn Portfolio Loan, Brooklyn, NY
The Hudson Spire Site Sold For $238 Million
Neighborhood: Hudson Yards
Type: Development Site
Sale Price: $238M
Transfer Date:

Massey Knakal has sold the Hudson Spire development site in an all-cash transaction valued at $238,000,000. The Hudson Boulevard facing site at 435 Tenth Avenue runs block-through from 501-507 West 34th Street to 510-528 West 35th Street.

Rarely does an opportunity become available to build a city's tallest tower, especially in New York City, which is known for its iconic buildings. The Hudson Spire site could one day be home to the tallest building in the US, surpassing One World Trade Center, thus making it the world's third-tallest building after the Burj Khalifa in Dubai and the Makkah Royal Clock Tower in Mecca, Saudi Arabia. This development will take place in New York's next great neighborhood, Hudson Yards, the epicenter of Manhattan's new west side which will include 26 million square feet of office space and 20,000 new residences.

"In the years ahead the Hudson Yards District is sure to be the most dynamic neighborhood in the city. This is already reflected in land prices here which have tripled within the past two and a half years," stated Robert Knakal, Massey Knakal's Chairman, who exclusively represented the seller and was the sole broker in this transaction, with Partner James P. Nelson. "This was an opportunity of a lifetime to help be part of something that will transform the city's landscape," added James Nelson.

The purchaser of the site was Tishman Speyer which simultaneously purchased adjacent sites from Sherwood Equities for $200 million which give Tishman control of the entire block bound by 34th Street, 35th Street, Tenth Avenue and the Hudson Boulevard. On the combined site, a building of approximately 2.3 million square feet could be constructed.

The High Line's third and final phase is expected to open late this year. It will loop around Hudson Yards as it turns to the Hudson River at West 30th Street, culminating at Twelfth Avenue and West 34th Street. The section of the High Line extending over Tenth Avenue at West 30th Street will have a bowl-shaped structure covered in greenery called, the Spur. Furthermore, Hudson Yards will be the most accessible neighborhood with unparalleled connections to commuter rail, subway, traffic, and ferry system along the Hudson River. The entrance to the newly extended 7 train will be only one block away from this site.

Hudson Yards is New York City's newest neighborhood that will reshape Manhattan's west side and the infamous New York City skyline. The neighborhood will be an exciting hub of connectivity, community, culture and creativity; and is expected to have over 24 million visitors every year. This offering is a once-in-a-lifetime opportunity to transform the City's landscape.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

Third Quarter 2014 - Message from the CEO
The other day I was interviewing a candidate who was hoping to head up the Retail Leasing Division at our firm. I asked her if she had discussed her job search with her current boss. She said, Absolutely not and then added that if she told him (or he found out) he would fire her and have security escort her from the building. Sadly, this is an all too common reaction. Imagine how productive it would be, for all concerned, if each time an employee were at a significant career inflection point, they could go to their direct supervisor or a high level manager at their own firm to get advice. After all, who would have better perspective or could be a better advocate? Read Article
Third Quarter 2014 - A Message From The Chairman
The Land Rush Continues in 2014 The market for land revolves around what is probably the most perplexing product type in New York City today. While underlying fundamentals in the commercial real estate market have improved, on average, by 15 percent to 20 percent, land values have, in some cases, doubled, tripled and in some rare cases quadrupled. Read Article
Press Releases
Massey Knakal's Top Agents Receive CoStar Powerbroker Award
Massey Knakal Ranked NYC's #1 Building Sales Firm For The 13th Consecutive Year
Karl Brumback Named Realtor Associate Of The Year By Bronx-Manhattan North Association Of Realtors
Larry A. Silverstein Honored with Massey Knakal Lifetime Achievement Award at Massey Knakal Commercial Real Estate Investment Summit
Massey Knakal Charitable Foundation