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.
With ICSC here, it’s time to think about what’s happening in the retail property sales sector in the Manhattan submarket. For the purposes of this analysis, we will define the Manhattan submarket as the island of Manhattan south of 96th Street on the east side and south of 110th Street on the west side.
So Read More
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
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.
It’s April, spring is (almost) in the air, and with it comes thoughts of the ICSC convention in Las Vegas in May. So I have been thinking a lot about retail real estate these last few days and thought I would take a look at how the sector has been doing recently.
When we look Read More
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.
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.
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
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.
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
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
Imagine a time in the near future when the city’s rent control/stabilization laws are lifted. Many have rallied, especially those in the business of real estate, for this change.
Many consider it a “win-win-lose” situation, according to an article by Adam Davidson, co-founder of NPR’s “Planet Money,” which appeared in The New York Read More
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.
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.
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.