On the Market

Star Cinema Building Hits Sales Market for Redevelopment

217-219 West 21st Street.

A partially vacant building in Chelsea is on the sales market for redevelopment or repurposing, Commercial Observer has learned.

Dubbed the “Star Cinema Building,” 217-219 West 21st Street is being shopped around, although an asking price isn’t available at this time. The 13,040-square-foot building is zoned so that it can increase in size by roughly one-third to 19,700 square feet. Read More

Market Reports

Report: Investment Sales on Pace to Break Record

Sales totals

Almost 1,100 investment sales in the third quarter of the year netted a collective $11.3 billion in New York City, adding up to a total of $39.1 billion for the year so far as 2014’s sales totals eclipse those of 2013 with one quarter still remaining, according to a quarterly report released today by Massey Knakal Realty Services.

Even though this quarter’s volume and sales figures represent smaller sums than the last quarter’s, the breakneck pace would equal a robust $63 billion for the year if the sales keep up through the fourth quarter, said Massey Knakal Chairman Bob Knakal. Read More

concrete thoughts

Threats to the Investment Sales Market

Almost two years ago in this column, I discussed what were, at the time, perceived threats to the health of the investment sales market in New York City. The market was moving forward but was somewhat “uneven” as sales in some sectors, and in some submarkets, were doing much better than others. Here’s how I Read More

Sales Beat

CRE Partnership Closes on Future Dream Hotel

560 Seventh Avenue

Developer Soho Properties, MHP Real Estate Services and international hotelier Hampshire Hotels have officially acquired 560 Seventh Avenue, formerly occupied by the Parsons School of Design and home to the Bravo reality series Project Runway.

The development project, valued in excess of $300 million, will make way for the creation of a new hotel and retail property at the corner of 40nd Street and Seventh Avenue, featuring a Dream Hotel and 20,000 square feet of destination retail. Read More

Brooklyn Issue

South Brooklyn’s Time to Shine

The sun sets over the Coney Island Boardwalk. (Credit: New York Habitat)

South Brooklyn’s waterfront neighborhoods have long fostered considerable charm and affluence despite being overshadowed by the explosion of “brownstone Brooklyn,” Williamsburg and Bushwick.

A few isolated incidents—take the 2011 Brighton Beach boardwalk shooting—and Superstorm Sandy didn’t help with image improvement, but recent developments point to South Brooklyn’s waterfront communities as the next Kings County neighborhoods to catch fire.

Read More

Sales Beat

Massey Knakal Arranges $78 M. South Brooklyn Sale

An aerial view of Brooklyn's Riegalmann Boardwalk

Massey Knakal has arranged the sale of a portfolio of eight buildings within a three-mile stretch of the Brighton Beach, Sheepshead Bay, and Gravesend neighborhoods in Brooklyn for $78 million.

The portfolio includes Manhattan Beach Estates, a beach front-property at the end of Riegelmann Boardwalk on the eastern edge of Brighton Beach.  

Read More

concrete thoughts

2013 Investment Sales Results

As anticipated, after a slow start in 2013, investment sales activity in New York City continued to strengthen over the course of the year. As the economy and property fundamentals improved, a second-half investment rally pushed 2013’s dollar volume close to last year’s result. Additionally, we saw double-digit increases in values across the board last Read More

Standing Tall

The City’s Tallest Building, at Hudson Yards?

Hudson Spire - 435 10th

The real estate industry sat wide-eyed in anticipation of the ruling by the Council on Tall Buildings and Urban Habitat in November that officially named 1 World Trade Center the tallest building in the Western Hemisphere, beating out Chicago’s Willis Tower

But in the not too distant future the gleaming new tower could have competition in its own backyard – Hudson Yards, that is – as Massey Knakal is exclusively marketing the sale of a development site that it believes could spawn what the firm has dubbed “The Hudson Spire,” an 1,800-foot-tall super-skyscraper.  

Read More

concrete thoughts

Why Investment Sales Will Set Records in 2014

After my column in which I forecasted a record year in New York’s investment sales market appeared in these pages last week, the emails came flooding in primarily asking me if I had lost my mind. Nearly everything written or discussed by market analysts, or participants, has predicted “flat”, “moderating”, “normalizing” or “more of the Read More

Sales Beat

Manganaro’s on its Way Out Following $16 M. Deal

Hero

The storied The seller of the five-story, mixed-use buildings at 484 Ninth Avenue and 492-494 Ninth Avenue, which owns the Manganaro’s, will vacate that retail space, and the new owner, described only as an “opportunistic buyer,” will likely redevelop the century-old properties, sources said.

The Manganaro’s sub shop remained in place after a reported family spat led to the closing Read More

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

Sales Beat

Massey Knakal Sells $49 M. East Village Portfolio

195 and 199-203 East 4th Street

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