Building Sales Journal - February 2012
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
Featured Sales By Massey KnakalMassey Knakal Realty Services
156 Prince Street, New York, NY
131 East 38th Street, New York, NY
3 East 44th Street, New York, NY
315 West 53rd Street, New York, NY
838 Riverside Drive, New York, NY
1012 and 1018 Lexington Ave, New York, NY
666 West 162nd Street, New York, NY
712 West 176th Street, New York, NY
1800 Westchester Ave, The Bronx, NY
149-34 35th Ave, Flushing, NY
26-60 Borough Place, Woodside, NY
505 St. Marks Ave, Brooklyn, NY
274 Court Street, Brooklyn, NY
138 Union Street, Brooklyn, NY
228 Main Street, Staten Island, NY
Massey Knakal Realty Services
SOLD: 290 Mulberry Street, New York, NY
Neighborhood: NoLIta

Type: Development Site

Sale Price: $25,000,000

Transfer Date: 11/30/11

Massey Knakal Realty Services has sold this newly developed, 12-story building located at 290 Mulberry Street. The 90% complete building is directly across the street from the world famous Puck Building in the heart of NoLIta, one of Manhattan's hottest neighborhoods. The site sold for $25,000,000.

The site has 20,000 net sellable square feet with ground floor retail and nine lavish full-floor apartments with 2,600 square feet of terraces. Designed by award winning SHOP Architects, the building contains a dramatic 2,613 square foot penthouse triplex with 1,650 square feet of private terraces.

Massey Knakal orchestrated a highly complex team effort between buyer, seller, brokers, contractors and dozens of attorneys. The marketing efforts by Massey Knakal produced over 70 confidentiality agreements and offers. The ultimate buyer was driven by 290 Mulberry's location, architecture, and build quality. The buyers plan on keeping the entire management team, architects and construction team on board to finish the project.
Message from the CEO: Integrity - Applying Our PIER Values to Company Titles
We've noticed a proliferation over recent years of rather lofty titles and colorful team names bestowed by real estate brokerage firms (both commercial and residential) on their top agents. While we believe recognizing talent and achievement is essential, our firm has stuck to a very strict titling and brand name preservation policy that we believe has had some very positive results for our agents and for our company as a whole. Read Article
Message from the Chairman: 2011 Market Recap
The New York City property sales market's recovery is, generally, trending positive but remains uneven. In 2011, there were $25.6 billion of investment sales transactions city-wide. This figure is up 80% over 2010's $14.25 billion. It is also over 4 times the $6.1 billion that occurred in 2009. These increases, while substantial, remain 58% below the 2007 peak of a whopping $62.2 billion. Read Article
2011 Year-End Market Update: North Queens
Flushing went through another transitional year in 2011. Many residential development sites have either begun construction or are in the process of completion after two years of sitting as empty lots from stalled projects. As there is more accessibility to construction financing this past year, commercial development sites have also began to rise from the ashes. For most of Flushing, retail and office rental prices have stabilized in $60 and $30 per SF range, respectively while Main Street continues to be the aberration with rents as high as $100 per SF. For the most part, the vacancies of 2010 have been filled, Industrial properties have also seemed to catch their footing but still carry an approximate 10% vacancy rate. Multifamily apartment buildings have remained the most desirable investment for investors and lenders alike with little to no vacancy and extraordinary overall property value. Read Article
Massey Knakal Realty Services
NOW AVAILABLE Year End 2011 Property Sales Reports
Press Releases
Massey Knakal's James P. Nelson Honored As Salesperson of the Year
Robert Knakal Profiled in New Book - Brokers Who Dominate
Massey Knakal Capital Services Closes A $12 Million Loan
Josh Lipton Joins Massey Knakal's Northern Manhattan Division
Lasha Gegechkori Joins Massey Knakal Retail Leasing Services
Justin Boruchov Joins Massey Knakal Capital Services
ACCEPTING APPLICATIONS The Massey Knakal Charitable Foundation
Massey Knakal Realty Services