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991 Third Avenue is located on the northeast corner of 59th Street and Third Avenue, directly across from Bloomingdale's the famous Department Store. In 2006, the property was triple net leased to Capital One Bank until 2031. Capital One Bank demolished the existing structure and constructed a three-level glass and steel building which became their Manhattan flagship branch. The current monthly rent is $70,667 through March 2012 which equates to approximately $186.00 per square foot. Rent escalations occur every three years at 6% increases. The tenant has a one time 10-year renewal option at the greater of $116,882 per month or Fair Market Value. Fair Market Value is to be negotiated based on comparable buildings or retail space within the area. The property currently has a $12,000,000 mortgage with Morgan Stanley Mortgage Capital that is assumable for a 1% assumption fee provided that the purchaser meets certain lender requirements. The interest rate is fixed at 5.64% (interest only) and matures on 1/1/2017.

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Neighborhoods: Midtown East/ Agents: Clint Olsen

Massey Knakal Realty Services is proud to present two (2) commercial condominiums at 220 Saint Nicholas Avenue. The subject property is located on the northeast corner of West 121st Street and the intersection of Frederick Douglass Boulevard and Saint Nicholas Avenue, in the newly designed 220 Saint Nicholas luxury condominium building. The offering consists of two retail spaces consisting of approximately 666 and 636 sq. ft. respectively. Additionally, each space has approximately 130 sq. ft. of storage space in the cellar. Given the offering’s ideal location and size, the retail condos at 220 Saint Nicholas Avenue present themselves as excellent opportunities for both users and investors alike.

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Neighborhoods: Harlem

4-story building with 8 apartments. 6 units are rent stabilized. 2 basement apartments are free market. Building is located half a block from Sunset Park and subways to Manhattan (N, R and M trains)are conveniently located on 4th Avenue at 45th Street and 35th Street.

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Neighborhoods: Sunset Park

Q & A with Bob Knakal

12/17/2009 10:58:35 AM/ Massey Knakal/ Chairman Commentary

By Noah Rosenblatt of UrbanDigs.com

A: I had the pleasure of meeting Mr. Bob Knakal a few weeks ago for an after-work chat to discuss everything markets. It was time very well spent. Mr. Knakal is chairman and founding partner of Massey Knakal Realty Services and publisher of the relatively new StreetWise blog where he discusses thoughts on the macro economy & New York City Investment Markets. I find his content to be unbiased, real time, educational and easy to read. I asked him to delve into some questions that UrbanDigs readers might be interested in, and he quickly agreed. Enjoy!

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Massey Knakal co-founder and chairman Robert Knakal will be available this week via The Commercial Observer online to answer your questions about New York's under-$100 million investment sales market. He's qualified: In his career, Mr. Knakal has brokered the sale of over 1,000 properties in the city. Plus, he's The Commercial Observer's Concrete Thoughts columnist.

Email your questions to tacitelli@observer.com.

Mr. Knakal's answers will appear here on Thursday and Friday.

246 West 137th Street is a 18’ x 65’, four (4) story townhouse, containing six (6) residential units. The subject property is located on the south side of West 137th Street between Frederick Douglass and Adam Clayton Powell Boulevards. The building falls in a R7-2 zoning district with an FAR of 3.44 and has approximately 4,213 gross sq. ft. and 2,036 sq. ft. in air rights remaining.

246 West 137th Street’s prime location and existing character offer an interesting conversion opportunity or live-in with income situation. With the two bottom floors being delivered vacant, 246 West 137th presents an ideal live plus income situation.

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Neighborhoods: Harlem

A medical office building at 370 Bay Ridge Parkway and a vacant lot at 364 Bay Ridge Parkway were sold in an all cash transaction valued at $2,600,000.  The properties are located on the south side of Bay Ridge Parkway between 3rd and 4th Avenues in Bay Ridge, Brooklyn,

The one-story medical office building is composed of eight medical offices and measures approximately 7,440 square feet. There is also approximately 2,400 square feet of additional development rights. The building is fit with individual heat and hot water systems in each medical office, which defers all utility expenses to the tenants. The vacant lot is approximately 4,650 square feet. It is adjacent to 370 Bay Ridge Parkway and will be used as a 20+ parking lot.

Neighborhoods: Bay Ridge/ Agents: Stephen Palmese

156-158 Flushing is a 3 & 4 story, loft warehouse, remaining on a 65’x 133.5’ (approx) lot. The ground floor is built full & the upper floors are set back to 70 feet (approx), totaling 14,975 SF (approx), w/ ceiling heights from 12’ to 40’.  For a school or other community facility use, the opportunity to build an additional 26,677 SF exists.

Located across from the Navy Yard & Steiner Studios, the site provides for immediate access to the BQE, Brooklyn Battery Tunnel, Verrazano, Brooklyn, Manhattan & Williamsburg Bridges.

The property will be delivered vacant. Seller financing possible.

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Neighborhoods: Fort Greene/ Agents: Stephen Palmese

This building will be delivered completely vacant. The building offers 40’ of retail frontage in the heart of 5th Avenue, Sunset Park’s prime retail corridor. The retail space has 4,000SF of open space, high ceilings and is in move-in condition. The retail space is available for lease for $13,500 a month. There are several national tenants nearby including Radio Shack, Footlocker, Rite Aid, Dunkin Donuts, EB Games and T-Mobile.

The second and third floors are vacant and can be converted into 4 apartments (gut renovation required). The second floor can also be utilized as commercial space. With new Sunset Park rezoning passed 9/30/09, building now has approximately 3,700SF air rights. The property is located 2 blocks from the N and R Trains at 59th Street and 4th Avenue. The owner is willing to provide a purchase money mortgage.

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Neighborhoods: Sunset Park

The property is a five-story walkup building located on the north side of East 85th Street between First and Second Avenue. It contains 15 residential units and 1 commercial unit. Of the residential units, 4 studios, 5 two-bedrooms and 6 one-bedrooms. There are 3 Rent Stabilized units and 12 Free Market units. There are approximately 841 square feet of air rights remaining.

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Neighborhoods: Upper East Side/ Agents: Thomas Gammino Jr.

A retail condominium with 160’ of frontage located on the northwest corner of Watts Street and Canal Street. Unit 1B has approximately 2,906 square feet on the ground floor with 17’ ceiling heights. The space is suitable for a variety of dry or food uses as long as cooking is not done on premise, no restaurant or bar use is allowed by the condominium. A business could benefit from tremendous exposure along the highly trafficked Canal Street on route to the Holland Tunnel entrance; during construction of this condo building, a billboard space on the scaffolding was leased for $15,000/month..

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Neighborhoods: TriBeCa

A commercial loft building at 112 Stanton Street, located between Essex and Ludlow Streets on Manhattan’s Lower East Side, was sold in an all cash transaction valued at $2,400,000.

This six-story loft building is approximately 10,000 square feet and sits on a 24’ x 80’ lot. There are very few loft buildings on the LES and this was the last remaining building subject to the New York Loft Board.

There is a store on the ground floor and six units above. Four of the units are floor-thru while the other two are half-floors. There are three IMD (Interim Multiple Dwelling) tenants remaining in the building and three vacant commercial spaces. The ground floor retail space is also vacant and has great 14’ ceiling heights. Additionally, the basement use is solely for the ground floor tenant.

Neighborhoods: Lower East Side/ Agents: Michael DeCheser

A four (4) story plus basement, mixed-use apartment building containing 2 stores and 12 rent regulated apartments of which 3 are currently vacant. There are two boilers; one for the residential units and a second for the laundromat. The building contains two sets of gas and electric meters; one for the apartments and another for the commercial units. In recent years the windows and roof were replaced and the facade was renovated. The property possesses approximately 9,675 SF of air rights which could possibly be utilized in the long term to add to the existing building or sold to a neighboring property.

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Neighborhoods: Upper West Side/ Agents: Hall Oster

This twenty seven(27) foot-wide six (6) story property is equipped with an elevator and situated on the north side of East 72nd Street between Park and Madison Avenues. The property boasts over 14,000 square feet (approx.), and is situated just steps from Madison Avenue. It is ideal for an owner-user or an investor.

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Neighborhoods: Upper East Side/ Agents: Guthrie Garvin

A four-story mixed-use building at 414 Myrtle Avenue, located between Clinton and Vanderbilt Avenues, in Fort Greene, Brooklyn, was sold in an all cash transaction valued at $1,325,000.

Located between Chase Bank and Emigrant Savings Bank, this stretch of Myrtle Avenue is one of the busiest intersections in the neighborhood.  The building measures approximately 4,300 square feet and sits on a 20’x 94’ lot.  With a renovated store front, which includes twenty-four new steel support beams on the floors, exposed brick walls, high ceilings and a newly finished basement, the approximately 1,300 square feet – vacancy - was highly sought after by potential owner/occupants.  The remaining three upper floors contain residential floor-through apartments, each with independent heating units, and all in modern condition.  Market rent for these units is approximately $2,300 per apartment.

Neighborhoods: Fort Greene/ Agents: Stephen Palmese

A four story townhouse with an owner’s duplex and four studios above. It is located on the south side of East 50th Street between Third and Second Avenue. It can be delivered completely vacant and would make a prime single-family conversion or live plus investment opportunity.

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Neighborhoods: Midtown East/ Agents: Clint Olsen

NYREJ's Women in Real Estate Spotlight

12/3/2009 5:35:14 PM/ Massey Knakal/ News

Elysa Berlin and Chaundra Hugel have been honored in New York Real Estate Journal’s 2009 Women in Real Estate Spotlight. Congratulations!


A five-story walk-up building at 504 East 84th Street, located on the south side of East 84th Street between York and East End Avenues on Manhattan’s Upper East Side, was sold in an all cash transaction valued at $2,670,000.

The building is approximately 8,080 square feet and sits on a 25’ x 102.17’ lot. There are eight residential units including a 2,900 square foot owner duplex and garden. There are three Rent Stabilized units and five Free Market units. There is also an antenna on the roof which is rented to Sprint for $20,000 a year and approximately 2,100 square feet of air rights. The sale price corresponded to $330.45 per square foot.

Neighborhoods: Upper East Side/ Agents: Thomas Gammino Jr.

343 E 173rd Street is a five-story, 20 unit walk-up apartment building located on the north side of East 173rd Street between Clay and Topping Avenues.

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Neighborhoods: Tremont

A gas station, complemented by a retail convenience store, at 40-10 Broadway was sold in an all cash transaction valued at $650,000. The property, formally branded as Sunoco, is strategically located on the corner of Broadway and Blue Hill Avenue at the intersection of Route 4 and Route 208 in the municipality of Fair Lawn in Bergen County, New Jersey.

The seller, Zero Twenty Four Gas Station Inc., purchased the property for $390,000 in 1995 and has been operating it as a Sunoco Station since time of acquisition. After 14 years of operation, the owners decided to retain Massey Knakal to ensure they get the maximum value in today’s market which would enable them to redeploy the maximum amount of capital into other business they own and operate.  The buyer, Armo Fuel LLC, a local operator, purchased the station to reposition and operate it under their owner branding.  

Through Massey Knakal’s comprehensive marketing program, we were able to generate multiple offers which enabled us to ultimately procure an all cash buyer. The sales price equates to 5.13x GRM, $36 per square foot, and more notably, a 7.14% capitalization rate.  The sellers were able to satisfy their contractual obligation prior to closing and deliver the station unbranded.   

Neighborhoods: Bergen County/ Agents: John Ciraulo

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