Building Sales Journal - November 2011
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.
Massey Knakal Realty Services
Massey Knakal Realty Services
Featured Sales By Massey KnakalMassey Knakal Realty Services
449 Washington Street, New York, NY
450-452 Amsterdam Avenue, New York, NY
113 East 61st Street, New York, NY
1356 First Avenue, New York, NY
64-68 West 125th Street, New York, NY
184-190 West 237th Street, The Bronx, NY
2503 Hughes Avenue, The Bronx, NY
11-26 46th Road, Long Island City, NY
37-45 75th Street, Jackson Heights, NY
278-284 South 2nd Street, Brooklyn, NY
10 Box Street, Brooklyn, NY
69 Columbia Street, Brooklyn, NY
219 Jay Street, Brooklyn, NY
2439-45 86th Street, Brooklyn, NY
155 Garth Road, Scarsdale, NY
Massey Knakal Realty Services
Sold: 1205-1225 Broadway, New York, NY
Neighborhood: NoMad

Type: Development

Sale Price: $71,900,000

Transfer Date: 8/24/11

A development property at 1205-1225 Broadway, located on the northwest corner of Broadway and West 29th Street in the heart of Herald Square, was sold by Massey Knakal in an all cash transaction valued at $71,900,000, or approximately $290 per buildable square foot.

1205-1213 Broadway is a three-story commercial office building is approximately 33,189 gross square feet with 78,561 square feet of unused air rights. The total developable footage of this property is approximately 111,750 square feet.

1215-1225 Broadway is a nine-story commercial office building with approximately 91,936 gross square feet and 46,314 square feet of unused air rights. The total developable footage of this property is approximately 138,250 square feet.

Given the approximately 25,000 square foot combined footprint, 10.0 FAR, and approximately 250,000 total buildable square footage, the properties have tremendous potential as a re-development opportunity to hotel with retail. The buildings were approximately 25% occupied at the time of sale; however all of the remaining leases are expiring within the next two years allowing a developer a timely project.
Message from the CEO: Helping Investors Get the Job Done
Investors (or buyers) are an essential element to every commercial real estate transaction, and Massey Knakal is keenly aware of this. As such, we provide much benefit to buyers/investors as well as our clients. Massey Knakal believes in two fundamental procedures that benefit our relationships with buyers, stemming from one of our key company values: integrity. Read Article
Message from the Chairman: Third Quarter 2011 Market Update
The investment sales market in New York City continues to trend positively as third quarter 2011 (3Q11) statistics show. This may not seem so apparent when looking at the data in isolation, but drilling down into the numbers reveals a more telling message.In 3Q11, there was $6.5 billion in investments sales activity citywide which was down from the $8.7 billion which occurred in 2Q11. On face value, it might appear that this slow down in activity is a negative signal for the market. But, when we look at the numbers more carefully, we see that the medium-term trend is positive. Notwithstanding the $2.2 billion reduction in dollar volume in the third quarter, with the exception of 2Q11 results, the $6.5 billion in sales in 3Q11 was the highest quarterly total the market has experienced going all the way back to 3Q08. Read Article
Go West, Young Man/Woman, Go West
Replace “from sea to shining sea” with the less glorious “from river to picturesque river” and much like 19th century Manifest Destiny sentiment, New York's promised future lies West. Take a stroll from 14th Street to 20th Street on the original High Line (Section 1) and soak in the cultural experience that is New York's Meatpacking District. Then journey into the unknown from 20th Street to 30th Street on the new High Line extension (Section 2) to revel in what was and what will be. Read Article
Massey Knakal Realty Services
NOW AVAILABLE 3rd Quarter 2011 Property Sales Reports
Press Releases
James Nelson Recognized As Top Deal Maker In New York By LoopNet
Massey Knakal Announces The Second Annual Multifamily Summit
Ellaina Dreifach Promoted To First Vice President of Retail Leasing For Financial District and TriBeCa
Andrew Clemens Joins Massey Knakal Retail Leasing Services
Sozon Lyras Joins Massey Knakal Retail Leasing Services
Nick Mahedy Joins Massey Knakal's Brooklyn Division
Brendan Gotch Rejoins Massey Knakal in Retail Leasing Services
ACCEPTING APPLICATIONS The Massey Knakal Charitable Foundation
Massey Knakal Realty Services
© 2011 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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