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Massey Knakal has been exclusively retained to arrange for the sale of 39 (out of 54) unsold cooperative units in 3260 Netherland Avenue in the Riverdale neighborhood of the Bronx. These 39 units are located within a 54-unit, six (6) story, South Riverdale elevator building constructed in 1950. The package consists of 24 one-bedroom units, 11 two-bedrooms units, and 4 studios, of which 25 are Free Market, and 14 are Rent-Stabilized. Six (6) of the Free Market units are currently vacant.

Click here for listing detail.

Neighborhoods: Riverdale/ Agents: Karl Brumback, Paul Smadbeck

This brand new elevatored luxury construction rental building in Williamsburg, Brooklyn has a total of 32 units of which 13 are 2 BRs, 13 are 1BRs, and 6 are 2 BRs plus a home office. There are also 16 parking spaces on the premises which are rented separately. The apartments are currently 100% leased. The property features such amenities as a gym, storage, and  laundry. The property also has received a 25 year 421a tax abatement.

Click here for listing details.

Neighborhoods: Williamsburg/ Agents: Mark Lively

A six-story elevator apartment building at 126 Franklin Avenue located in New Rochelle, NY sold in an all cash transaction valued at $4,750,000.

The 41,676 square foot building contains 44 units, of which 25 are one-bedroom units, 18 are two-bedroom units and there is one studio unit. There are 41 (combined) indoor/outdoor parking spaces as well as laundry facilities on the ground floor. The seller, 126 Franklin Avenue Partners, sold the property to Echo Bay Properties LLC, an experienced owner manager in Westchester County and Connecticut. The sale occurred at a capitalization rate of 6.3% and 8.5 times the gross rent.

Neighborhoods: Westchester County

An 18' wide, 4-story, approximately 3,240 square foot, 3 family townhouse situated on an irregular shaped lot on the south side of East 30th Street between Second and Third Avenues.

The subject property lies in a R7B zoning district and has approximately 1,638 square feet of air rights. The building could be delivered vacant.

Click here for listing details.

Neighborhoods: Murray Hill/ Agents: John Ciraulo

The subject property is a six story walk up building located on the north side of East 77th Street between Second and Third Avenue. It contains 24 residential units and 2 commercial units. 21 of the units are Rent Stabilized and 3 are free market. All of the units are junior one bedroom apartments. 

Click here for listing details.

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

14 Highland Avenue is a very well maintained five (5) story brick walkup apartment building with twenty - two (22) units. There are (9) Studio units, (9) 1-bedroom units, (1) 3-bedroom unit and (3) 4-bedroom units. The building is located just off S Broadway, offering tenants easy access to public transportation and retail shopping. The building has been well maintained by longtime ownership and all units and common areas are in excellent condition.

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Neighborhoods: Westchester County

This Anglo-Italianate brownstone was built in 1853 by Reuben R. Wood. It has five stories including the garden level. The building is configured with five apartments (1 floor through), all of which are fair market. The ceilings reach as high as 12' with oversized windows which provide great light and air. The property also benefits from a south facing garden with potential for a roof top deck. The apartments are all currently occupied and can be vacated with 90 days notice. The brownstone still maintains many of its original detailing throughout.

Click here for listing details.

Neighborhoods: Greenwich Village

Two (2) contiguous two-story office buildings located on the south side of Northern Blvd. between Hereford and Merrivale Roads in Great Neck, NY. 300 Northern Blvd. sits on a 18,150 SF lot and has approx. 10,920 square feet. 310 Northern Blvd. sits on a 12,100 SF lot with approx. 6,200 square feet. 300 Northern Blvd. has (approx.) 31 parking spaces. 310 Northern Blvd. has (approx.) 23 parking spaces. The two lots have a total frontage of (approx.) 250 SF on Northern Blvd. 

These buildings may be sold seperately or as a package.  This is an excellent opportunity to purchase two exceptional office buildings on Northern Blvd. in Great Neck.

Click here for listing details.

Neighborhoods: Nassau County

A five-story walk-up apartment building at 59 Morton Street located in the historic district of Greenwich Village sold in an all cash transaction valued at $3,700,000.

Located on the North side of Morton Street between Hudson Street and Seventh Avenue, this 25’ wide apartment building contains approximately 6,680 square feet. It is comprised of two rent stabilized tenants; one rent controlled tenant and a vacant parlor and third floor. Built in 1828 for Cornelius Oakley, this house was selected in the 1930s by the Federal Arts project of the Index of American Design as the most outstanding example of late Federal style in New York City.

Neighborhoods: Greenwich Village/ Agents: John Ciraulo

Massey Knakal, In The News

4/17/2009 2:42:06 PM/ Massey Knakal/ News

Massey Knakal was featured in 36 articles in the last 2 weeks.

Of note –

  • Tom Gammino and Paul Massey’s sale at 526-46 East 82nd Street was picked up by crefeed.com, GlobeSt, and BisNow
  • Nick Petkoff’s sale at 108-21 72nd Avenue in Forest Hills was featured in BisNow, RE Business Online and crefeed.com
  • James Nelson and John Ciraulo’s sale at 59 Morton Street was picked up by BisNow and GlobeSt
  • Michael Amirkhanian’s listing of the famous Salve Theater in Bed-Stuy was featured in The Daily News
  • Stephen Palmese, Matt Giordano and Bob Knakal’s listing at 130 Montague Street was picked up by crefeed.com and Brooklyn Daily Eagle
All articles can be found at Massey Knakal News.

Neighborhoods: Greenwich Village, Upper East Side, Forest Hills, Bedford Stuyvesant, Brooklyn Heights/ Agents/Corporates: John Ciraulo, Michael Amirkhanian, Paul Massey Jr., Stephen Palmese, Thomas Gammino Jr., Thomas Donovan

Four six-story walk-up apartment buildings at 526-46 East 82nd Street, located on the south side of East 82nd Street between York and East End Avenues, sold in an all cash transaction valued at $15,500,000.

The subject properties, which traded for the first time in 70 years, contain 106 residential units and one commercial unit. The 59,000 square foot (approx.) property contains 74 free market units, 22 rent stabilized units, and 10 rent controlled units with average rents of approximately $33/sq.ft. There are 88 two-bedroom units, 17 one-bedroom units and one studio. The sales price of this post Lehman transaction corresponds to $263 per square foot, a 6.8% cap and 9.5 GRM.

Neighborhoods: Upper East Side/ Corporates/Agents: Paul Massey Jr., Thomas Gammino Jr.

This Anglo-Italianate brownstone was built in 1853 by Reuben R. Wood. It has five stories including the garden level. The building is configured with five apartments (1 floor through), all of which are fair market. The ceilings reach ashigh as 12' with oversized windows which provide great light and air. The property also benefits from a south facing garden with potential for a roof top deck. The apartments are all currently occupied and can be vacated with 90 days notice. The brownstone still maintains many of its original detailing throughout.

Click here for listing details.

Neighborhoods: Greenwich Village

The subject property is ideally situated in the heart of “The Hub,” one of the most up-and-coming neighborhoods in the tri-state area. “The Hub” is the premier shopping district of the South Bronx and includes a unique mix of national, regional and local retailers.

Click here for listing details.

Neighborhoods: The Hub

This is a six story mixed-use loft building with a store on the ground floor and 6 apartments above. 4 of the apartments are floor-thru while the other 2 are half-floors.

There are 3 IMD (Interim Multiple Dwelling) tenants remaining in the building and 3 vacant apartments. The ground floor space is also vacant and has a great 14' ceiling height. Additionally the basement use is solely for the ground floor tenant.

This is a perfect opportunity for an investor to acquire a loft building for less than $300/SF. Owner financing is available with 40% down and for a 3 year term.

Click here for listing details.

Neighborhoods: Lower East Side/ Agents: Michael DeCheser

Known as the Black Lady Theater, this property has a rich local history. The building has over 53’ of frontage on a main retail corridor in the busy Crown Heights neighborhood of Brooklyn. The first floor and basement is the theater while the second and third floors are used as meeting areas and offices.

Due to the internal layout, this property is wonderful opportunity for a church or it can be converted into retail. The top floors can be used as classes, meeting rooms or converted into three bedroom apartments. The utility room, which his located in the basement, is about 500’. While in good structural condition, the building needs some renovations.

Public transportation is in abundance and the 3 train is a few short blocks away on Eastern Parkway.

The property can be purchased together with its sister property located on 1215-17 Fulton Street better know as the Slave 1 Theater.

Click here for listing details.

Neighborhoods: Crown Heights

A three story, 75' wide building with garage space on the ground floor, unfinished space on the second floor and beautifully renovated office space on the third floor. The property has heavy floor-loads and a brand new passenger elevator. Views from the roof of Midtown and New Jersey are breathtaking. Air Rights of approximately 15,725 sq. ft. exist and allow for significant expansion possibilities.

The area is home to Kenneth Cole, Prada and Ogilvy & Mather. The property represents an interesting candidate for conversion to a similar such office, retail, showroom, and/or production facility.

Click here for listing details.

Neighborhoods: Midtown West/ Agents: Christoffer Brodhead

Yes, I know that I am a commerical investment property sales broker, so why do I track the national housing market so closely? The answer is that this market has the most profound impact on our financial system, which effects our capital availability, which in turn effects our commercial real estate markets. Let’s look into this dynamic.

The most recent housing bubble that we experienced has upended our financial system. History helps us to understand where we are today. Since 1070, there have been two other major housing bubbles, with peaks in 1979 and 1989.

Click here for full article.

We recently sat down for our quarterly conversation with Massey Knakal Chairman, Robert Knakal to discuss his views on the economy and the implications for our local NYC building sales market. We hope you find this interview informative and timely:


Q: What has happened to the building sales volume in the first quarter of the year?

A: Sales volume was extraordinarily low. In 2008, volume in the under $100 million market was down 40% from 2007 levels. The over $100 million market was affected much more adversely. We do not have the final figures for the first quarter yet but are anticipating that if extrapolated in annual terms, the volume of sales was probably running at about 1.2%. If you recall, our projection for turnover this year was “1.6% or lower,” representing the percentage of the 125,000 multi-family apartment buildings, mixed-use, commercial and retail properties that exist in the five boroughs in our niche. Since 1988, the average turnover has been 2.5% and we have only dropped to 1.6% in two other years, 1992 and 2003, both at the end of recessions. The very low turnover in the first quarter is the result of the uncertainty in the marketplace in the fourth quarter of 2008 after Lehman Brothers failed. People were shell shocked and there were not a lot of contract signings in the fourth quarter. Those that were signed resulted in closings in the first quarter. We anticipate the level of activity to pick up in the second quarter as first quarter contract signings showed a reasonable increase.  

 

Q: How were prices affected in the first quarter?

A: Well, that depends on the segment of the market that you are referring to. Clearly, the over $100 million market saw very significant reductions in value but there have been so few transactions it is very difficult to quantify what that reduction was. 1540 Broadway is the transaction everyone points to which occurred at about 70% less than it had at the height of the market. I don’t think you can draw a conclusion about the entire market based upon one transaction. With regard to the under $100 million market, we have seen pricing differ based upon product type. The multi-family sector has been holding up the best, where capitalization rates have increased only 50-75 basis points from their peak. Retail properties and office buildings have been much more greatly impacted by the economy as the increase in unemployment has affected demand for office space and rents have been tumbling. Capitalization rates on office buildings are up in the neighborhood of 150-200 basis points from their peak. With regard to the retail property market, consumer spending, although up slightly in March, is still at extraordinarily low levels which is putting tremendous stress on retailers. For these reasons cap rates in this sector are also up by about 150 -200 basis points.

 

Q: You indicated the multi-family sector was doing best, have you seen any tangible effects of the bills passed by the assembly in January?

A: Everyone in the marketplace is concerned about the status of these bills. If the bills are passed by the Senate in June there are two things that are certain....read more.

Download the entire 2nd Quarter 2009 - Conversation with the Chairman.

This property is a 6-story mixed-use walk-up apartment building featuring two (2) commercial tenants and seven (7) residential apartments. The first floor is occupied by a deli while the second floor is currently rented to a spa. Out of the seven (7) free market apartments, five (5) are vacant, one (1) is month to month and one (1) is leased to a tenant with a life estate. All the apartments have recently been completely gut renovated featuring hardwood floors, stainless steel appliances and marble counter tops. The property is located in Midtown on one of the best retail corridors in Manhattan.

Click here for listing details.

Neighborhoods: Midtown West

A two-story commercial building at 2168 86th Street located in Brooklyn’s Bensonhurst neighborhood was sold in an all cash transaction valued at $1,680,000.

The 19’ x 100’ building, which is located on one of the busiest retail streets in Southern Brooklyn, contains approximately 2,945 square feet and is currently net leased to NYC OTB. Nearby retail tenants include TD Bank, Citibank, Capital One Bank, Burger King, CVS, The Gap, Verizon, T-Mobile, and others. The property also benefits from its close proximity to public transportation with bus stops and stairs to the elevated subway located close by. The sales price represented $570 per square foot.

Neighborhoods: Bensonhurst/ Agents: Jeffrey Shalom

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