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Market Activity Report for SoHo - Third Quarter 2016
10.21.2016 / Robert Burton
The third quarter of 2016 remained consistent with the second half of 2015 and the first two quarters of 2016. Transaction volume has remained flat while pricing has also held steady... View Article

2015 Year in Review: Northern Queens
1.14.2016 / Stephen Preuss
2015 proved to be a very busy year in the Northern Queens Commercial Real Estate market. Throughout the first three quarters of the year Northern Queens experienced heavy activity focused in mixed use and retail properties, while across the whole Queens Market retail buildings and development sites saw the largest dollar volume growth. Compared to 2014, the dollar volume of sales increased by 44% over the first three quarters of 2015, however the number of sales decreased about 19%. View Article

First Quarter 2015- A Message from the President
2.19.2015 / Paul Massey Jr.
Until recently, as a smaller regional firm (Massey Knakal), we would only rarely travel for business…most of our clients were in New York (or would regularly come to New York themselves). However, for years we would coach our salespeople to travel to clients (or prospective clients), who were outside New York, any chance they could get. Fortunately, our salespeople are a coachable/competitive bunch. View Article

Third Quarter 2014 - Message from the CEO
7.16.2014 / Paul Massey Jr.
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? View Article

Real Estate Trends In Brooklyn and Queens
5.7.2014 / Betty Castro
Low inventory and increased demand continue to play a key role in the growth of the Brooklyn and Queens markets. Foreign investors are gravitating to the boroughs at an unprecedented rate. It is becoming an attractive alternative or supplement to Manhattan real estate investments. View Article

Manhattan or Brooklyn?
4.9.2014 / Betty Castro
After raising my kids in the suburbs of Long Island, I was ready for the next chapter in my life. My husband and I are empty nesters and still quite young by today’s standards. Whenever we were in Manhattan, whether for a show, dinner or just passing through, we would get the itch for city life again. We missed the excitement, energy and nightlife. So when I decided to join Massey Knakal Realty Services, it was just the impetus we needed to start looking for an apartment in New York City. I needed to be close to Manhattan, Brooklyn and Queens, so there was flexibility in terms of location. We kept hearing about the expansion to the outer boroughs and that popular line… “Brooklyn is the new Manhattan.” View Article

With Hell’s Kitchen Getting So Hot… Can Ninth Avenue Keep Its Cool???
4.1.2014 / Dylan Murphy
“Hell’s Kitchen” brings to mind Irish gangsters, underground speakeasies and a general film noir mystique that has foiled every intention to rename the area “Clinton” or “Midtown West.” The neighborhood’s residents and business owners alike take a definite pride in the district’s extremely colorful past. Taking a stroll down Ninth Avenue, the neighborhood’s primary retail center, it seems that nearly every business on the strip has either “Hell’s Kitchen” or “HK” in its name or branding. However, while they are still projecting a certain “edgy” sensibility, the Ninth Avenue corridor in the West 40s and 50s has become home to some of the finest dining and nightlife establishments in the city. Even though the neighborhood has been slowly developing for the last 15 – 20 years, the Ninth Avenue retail corridor has exploded. Patrons are flocking from all over the city to partake in the neighborhood’s seemingly never ending variety of eating and drinking experiences. This incredible influx View Article

Northern Queens Year-End Market Review and What to Expect in 2014
3.26.2014 / Stephen Preuss
The second half of 2013 proved to be the stronger of the two. The Queens market saw a surge in properties sold getting the ball rolling quickly for 2014. Per Massey Knakal’s Year-End Property Sales Report, the number of properties sold in 2013 increased 17% from 2012, with Queens being the only market besides Northern Manhattan to have either matched or exceeded its 2012 numbers. The dollar volume remained remotely the same around $2.3 billion; however the number of properties sold increased from about 600 properties to just fewer than 800, with the second half of 2013 seeing 482 property sales alone. View Article

Manhattan’s Upper East Side Leads New York City Retail Boom
3.5.2014 / Jill Lovatt

This past year has been a very strong year for New York City retail. In terms of retailer demand and growth in rents, New York City has outperformed the rest of the country, and Manhattan’s Upper East Side has been leading the way.

A driving force for retail rents has been the improving economy due to the recovery of employment and disposable income. Even more impactful has been thriving levels of tourism in New York City. Last year, there were over 54 million tourists exploring New York City, which is an all-time high and impressively 18 million more tourists than what New York City welcomed in 2000. The economic impact of tourism is expected to be nearly $59 billion with $39 billion in direct spending. While the overall number of visitors has increased by 50% since 2000, the number of international visitors was up more than 100%, making international tourism the main driver of growth.

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Message from the CEO
2.12.2014 / Paul Massey Jr.
When I got started in the real estate business, I had this skewed perception that life was a zero-sum game. Therefore, I thought that in order to land a sales assignment I had to beat out or take from a competitor. My outlook was influenced by ignorance. Growing up, everything I knew about business came from watching movies; picture me watching Michael Douglas in “Wall Street” and you’ll get the idea. I thought everything was kill or be killed. View Article

Message from the CEO
8.27.2013 / Paul Massey Jr.
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. View Article

The Future of Times Square West: Eighth Avenue as World Class Hospitality Destination
5.30.2013 / Dylan Murphy
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. View Article

Message From The CEO - Fourth Quarter 2012
2.13.2013 / Paul Massey Jr.
At Massey Knakal, we’ve worked hard to foster and maintain a “People” culture. We believe this is one of our competitive advantages. As part of their on boarding process, I personally meet with every new hire to get to know them and to cover some ground rules regarding our company values and culture. View Article

2012 Year In Review: Northern Queens
2.13.2013 / Stephen Preuss
The year of 2012 was an overall positive environment for the commercial sales marketplace. Activity, pricing, sales volume, lending and just about any other relevant metric increased from the year before and greatly increased from the previous several years. The driving forces of the overall demand was the steady lack of available product throughout the year and the impending capital gains increase which pushed the sales activity to a sprint in the last few months of the year. In Northern Queens, which includes Flushing, College Point, Whitestone, Bayside, Little Neck, Douglaston, Jackson Heights, Corona and East Elmhurst, saw a total of 123 commercial and investment property sales for a total dollar value of $288,000,000. These figures represent an approximate 25% increase from 2011 in both categories. The sales figures and marketplace activity in each of these geographic territories are summarized below. View Article

Message from the CEO: The Job Hunt Part I “The Informational Interview”
12.13.2012 / Paul Massey Jr.
In my last letter, I wrote about what defines a good career candidate. We are frequently asked by clients and friends for advice the early stages of a career search. I’ve had some recent experience in coaching a promising young candidate. View Article

Message from the CEO: Integrity - Applying Our PIER Values to Company Titles
2.7.2012 / Paul Massey Jr.
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. View Article

2011 Year-End Market Update: North Queens
12.13.2011 / Stephen Preuss
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. View Article

Message from the CEO: Helping Investors Get the Job Done
11.7.2011 / Paul Massey Jr.
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. View Article

Message from the CEO: New Focus
7.14.2011 / Paul Massey Jr.
In our most recent issue of the Massey Knakal Building Sales Journal, we outlined the firm's expansion plans, especially into our new disciplines: financing and retail leasing. We're pleased to report that since the first of the year, we've added ten top performers to our roster. View Article

Tourism Is Key To NYC Retail
5.12.2011 / Benjamin Fox
In general terms there is no question that retail rents in Manhattan have moderated somewhat over the last couple of years in response to the economic downturn. On the other hand, rents in certain high traffic retail corridors have not decreased all that much and in some cases have even risen during this period. Why is this happening? Why are all these stores flourishing? Have New Yorkers all of a sudden found spare cash in their pockets while the rest of the country is still struggling? Three questions, one answer: tourism. View Article

Message from the CEO: Help Wanted!
4.14.2011 / Paul Massey Jr.
Massey Knakal’s vision for the next few years is to double the size of the firm not only by expanding our geographic Investment Sales territory footprint but also to staff our Massey Knakal Capital Services and Massey Knakal Retail Leasing Services divisions. View Article

Northern Manhattan: Manhattan's Final Frontier
1.31.2011 / Robert Shapiro
The robust year over year expansion in both dollar and transactional volume clearly signaled a recovery in Northern Manhattan. We believe this is only the beginning of a sustained upward trend as numerous factors will continue to stimulate and encourage growth. The tremendous deployment of capital into Harlem, Washington Heights and Inwood over the past real estate cycle has replenished the formally famished neighborhoods. Large scale institutional investments from hedge funds, international hotel chains, and Columbia University, have also played a significant role helping revitalizing the landscape uptown. View Article

Message from CEO: Dominant in Bank Foreclosure Work
6.30.2010 / Paul Massey Jr.
The Massey Knakal team of 50 New York Metro Area agents utilizes our Territory System to make ours the company of choice for financial institutions looking to sell special assets. View Article

Northern Manhattan - Leading The Way Towards Recovery
6.2.2010 / Robert Shapiro
A sense of optimism has begun to return to the New York City real estate investment property market as transactional activity has been steadily rising quarter by quarter. Although this overall trend is being felt in neighborhoods all over the city, nowhere is this more prevalent than in Northern Manhattan (East & West Harlem, Washington Heights and Inwood). With over $116,000,000 in sales consisting of 35 transactions in the first quarter of 2010, it is clear that Northern Manhattan is experiencing one of the sharpest rebounds in activity. View Article

Message from the CEO
3.31.2010 / Paul Massey Jr.
Having recently undertaken a company-wide strategic planning exercise, we reaffirmed that Massey Knakal’s single competitive advantage is our Territory System™. Our territory platform is the cornerstone of our ability to provide 1)excellence in client service and 2)a workplace environment that is wonderfully unique. View Article

North Queens Market
3.31.2010 / Stephen Preuss
Flushing Area Arguably Queens’ most desirable real estate marketplace, Flushing, went through an eyeopening year in 2009. Dozens of residential development sites remain as vacant lots, construction sites have stalled, and those sites who were able to reach completion are sitting with many empty units or the constant churning of broken contracts. View Article

Clear Skies Ahead For Washington Heights And Inwood
2.1.2010 / Robert Shapiro
As with the rest of the New York City investment property market place, Manhattan’s two most northern neighborhoods experienced a very trying year. However due to an abundance of medium sized, multifamily properties, they fared better than most. By thoroughly studying and dissecting real market data, neighborhood trends, and actively brokering properties everyday we are forecasting significantly clearer skies ahead in 2010. Readily available and attractive financing for this preferred asset class has also helped fuel a spike in activity in the Q4 2009 contract signings. The overall improved quality of life, decrease in crime, and geographical advantages, has also contributed to this sunnier outlook. View Article

Positive Signs In The New Investment Sales Market
7.8.2009 / Robert Shapiro
Overall, the beginning of the 2009 investment property market was nothing to write home about. However, as we bring the second quarter to a close and head into the second half of the year, we have begun to see some positive signs within the marketplace. A modest pick up in velocity at the end of Q2 has provided hard comparable sales data for today’s “new market”. With this new information we can now begin to draw some significant conclusions. Many people in the real estate community believed that there would be a flood of foreclosure properties coming to the market place. This has not happened thus far and in-turn has had a stabilizing effect on market values. Multifamily property owners also received some positive news from the shake up of the New York State Senate. A change in power in the State Senate has dealt a significant blow to supporters of the Bill State Legislation to reform housing. View Article

Does LES Equal More? Much More.
12.16.2008 / Michael DeCheser
Statistically the most diverse neighborhood in Manhattan , it’s no wonder the Lower East Side in Manhattan attracts everyone from struggling musicians to wealthy celebrities. The age old destination for many newly arrived immigrants has evolved to become the destination of choice for those looking for culture, art, music, fine dining and nightlife. The influx of development has struck fear into longtime residents that the neighborhood character will be lost, but that is most certainly not the case. LES staples such as Katz’s Deli, Russ & Daughters, Guss’ Pickles and other establishments continue to thrive. View Article

Downtown Looks Up
12.8.2008 / Robert Burton
As the national spotlight targets the banking and real estate industries, analysts are divided over the future of NYC real estate, especially in regards to the last six months. In spite of what news sources have said about the current state of the market, we have found that although activity has been slow through late spring and the summer, prices have not decreased. However, there remains a static gap between what a seller expects their property to fetch and what a buyer can afford to pay given the lending situation. Larger property sales (over $50 million) have come to a virtual standstill, especially since banks have tightened their lending standards, expecting a higher return with some type of recourse in the event of a default. View Article