By The Editors 5/13 7:00am

opinion

New Columnists, More Opinions, Now!

If you hadn’t already noticed, The Commercial Observer late last night added seven new columnists to its already formidable roster of real estate thought leaders.

Indeed, along with veteran prognosticators Robert Knakal, Sam Chandan, Richard Persichetti and Robert Sammons (back from a short hiatus), we’re now happy to welcome David Greene, Christopher Havens, Barry LePatner, Kenneth McCarthy, J.D. Parker, Joshua Siegelman and Scott Spector. Find web-exclusive columns along the right rail of our website every week. Read More

By Al Barbarino 5/09 7:45am

Sales Beat

195 and 199-203 East 4th Street

Massey Knakal Sells $49 M. East Village Portfolio

Massey Knakal has arranged the $49 million sale of seven-property portfolio spread along a single street in the East Village, The Commercial Observer has learned.

The five and six-story buildings at 118, 120-22, 195, 199, 201 and 203 East 4th Street make up a combined 53,770 square feet across 115 units, with 175 feet of frontage and one retail space (at 195 East 4th).

“Demand to own multifamily properties in the East Village is extremely high as rents continue to surge and vacancy in the neighborhood is below 1 percent,” said Massey Knakal’s John Ciraulo, who exclusively represented the seller with Craig Waggner, James Nelson, Michael DeCheser and Bob Knakal, adding that the “purchaser continued their recent buying spree” in the neighborhood. Read More

By Al Barbarino 3/20 7:45am

Sales Beat

Yeshiva

Ashkenazy Investments Pays $6 M. for Yeshiva Retail Property

Yeshiva University has sold off the final lot of a building portfolio that it received as a gift then aggressively marketed, pulling in $2 million more than the original asking price and demonstrating the heavy demand for retail in the Lower East Side.

The Commercial Observer has learned that Ben Ashkenazy of Ashkenazy Investments paid $6 million for the corner retail building at 156-164 Delancey Street, on the northwest corner of Delancey Street and Clinton Street, which was originally on the market by for $3.95 million.

The building currently consists of six commercial units, five of which are occupied with leases that expire between 2016 and 2021, and it was marketed based on its redevelopment potential.

“Retail properties like this are in extraordinarily high demand today,” said Massey Knakal Chairman Bob Knakal, who exclusively handled the transaction with Michael DeCheser. Read More

By Al Barbarino 3/12 5:00am

Cover Story

2012-12-07 V001 sm

Long Island City’s Renaissance

Miami native Rick Rosa stuffed a few bags with his belongings in 1999 and headed for New York City.

Though not the postcard image he envisioned, he stumbled upon the industrial waterfront neighborhood of Long Island City, where he found an affordable pad, close to Manhattan, with a yard for his dog, Benny.

“The neighborhood Read More

By Al Barbarino 2/26 7:45am

Sales Beat

Entryway at 920 Broadway

Massey Knakal Arranges $87.5 M. Sale On Behalf of Yeshiva University

Massey Knakal has sold a portfolio of three office buildings on behalf of Yeshiva University for $87.5 million, The Commercial Observer has learned.

The 16-story, pre-war office building at 920 Broadway – in Midtown South’s Flatiron District – has roughly 110,000 rentable square feet and accounted for $58.5 million of the transaction.  It features 96 feet of footage on Broadway and 74 feet along East 21st Street and the corner building is zoned for office and residential development.

The 12-story block-through office building at 9 East 38th Street in the heart of Midtown has about 94,000 rentable square feet, with 47.5 feet of frontage along East 38th Street and 50 feet of frontage on East 39th Street.  A three story, 25-foot-wide adjunct building provides half of the frontage along 39th Street, with the two buildings netting the remaining $29 million of the transaction. Read More

By Al Barbarino 1/03 12:00pm

Sales Beat

1511 Third Avenue

TIAA-CREF Pays $60M for 1511 Third Avenue

TIAA-CREF has purchased 1511 Third Avenue on the Upper East Side from Related Companies for $60 million, sources tell The Commercial Observer.

The 60,000-square-foot property is a four-story landmarked building, one block south of East 86th Street, the main retail artery in the neighborhood. Read More

By Al Barbarino 12/04/12 7:45am

Sales Beat

250 Bedford Avenue

SL Green, Chinese Government, Follow Hipsters to Williamsburg

First it was the hipsters.  Then it was China.  And now the city’s largest office landlord, SL Green Realty Corp., is finally seeing promise in the residential development of Williamsburg, Brooklyn.

The real estate investment trust and commercial real estate giant announced this morning that it has agreed to purchase a newly completed, vacant residential building in the hip-turned-posh Brooklyn neighborhood — the company’s first foray into Brooklyn’s residential market.

Information in a prepared statement sent by the company suggests that the address is 250 Bedford Avenue, though it was not specified. Read More

By Daniel Geiger 9/28/12 3:52pm

Sales Beat

Bob Knakal

421 Kent Avenue Sells for $40 Million

421 Kent Avenue, in Williamsburg, Brooklyn, has sold for around $40 million, sources have revealed to The Commercial Observer.

It wasn’t clear immediately who the identity of the buyer was, though speculation has swirled whether it is a member of that area’s Hasidic community. The site can accommodate about 400,000 square feet of residential space, but has a restriction penciled into its deed that disallows more than 216 apartments to built on the site, a relatively sparse number of units considering the size of a potential project – the parcel is about two acres in size. Read More

By Daniel Geiger 9/27/12 1:32pm

Sales Beat

119 Madison Avenue

Leasehold for 119 Madison Avenue and 27-29 East 30th Street Sold for $18.45 million

Investor David Magier has acquired the leasehold to 119 Madison Avenue and 27-29 East 30th Street for $18.45 million sources have revealed to The Commercial Observer.

Mr. Magier already owns the land under the two adjacent residential buildings and exercised a right of first refusal to match an offer by another prospective buyer the source said. An entity called One Liberty Properties owned the leasehold and is the seller in the deal. Read More

By Daniel Geiger 9/10/12 3:13pm

Sales Beat

1511 Third Avenue

Related Puts $150 Million-Plus Retail Portfolio on the Market

The Related Companies is selling a portfolio of three retail buildings that could trade for more than $150 million.

Bob Knakal, chairman of the brokerage company Massey Knakal, is leading a team from his company in marketing the properties, 1110 Third Avenue, a roughly 35,000-square-foot retail condo, 1511 Third Avenue, a stand alone retail building about 60,000 square feet in size and 1429 Second Avenue, another retail condo that is about 50,000 square feet. Read More

By Daniel Geiger 8/27/12 1:55pm

Sales Beat

Eddy Gindi, an executive at Century 21

Manny Malekan Makes Manhattan Return Buying Five Buildings

Real estate investor Manny Malekan is in contract to purchase five buildings being sold by the Gindi family, owners of the popular Century 21 department store chain, who are in the process of selling off a portfolio of New York City real estate assets.

Mr. Malekan will acquire 20 John Street, 8-10 Liberty Street, 20 Beaver Street, and both 53 and 122 Nassau Street for an undisclosed sum. All of the properties are located in Lower Manhattan and have ground-floor retail space and rental apartments above. Read More

By Daniel Geiger 8/27/12 12:30pm

Sales Beat

385 Gerard Avenue

Public Storage Buys Bronx Building for $30 Million

Public Storage is buying a warehouse building in the Bronx for around $30 million sources have revealed to The Commercial Observer.

The company, known for its bright orange signage, will open a facility in the roughly 410,000-square-foot property, which is located at 385 Gerard Avenue in the Mott Haven section of the South Bronx. Read More

By Daniel Geiger 7/23/12 2:03pm

Sales Beat

Williams Club

Former Williams Club Back On The Market Weeks After Being Sold

Only a few weeks after the former Williams Club was sold to investor Shlomo Bakhash, the 30,000-square-foot property is back on the market for sale.

Mr. Bakhash bought the building, located at 24 East 39th Street, for a little over $9 million in June and announced plans to convert it into an extended stay hotel that would cater to business travelers and executives seeking housing in the city for more than just a few nights. Read More