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

Sales Beat

Home to The Backroom Bar Sells for $11M

102 Norfolk Street.

Massey Knakal has arranged the sale of a mixed-use building and home to The Backroom Bar and Saro Bistro on the Lower East Side at 102 Norfolk Street for $11 million, Commercial Observer has learned.

The six-story building, located between Delancey and Rivington Streets, contains approximately 16,000 square feet, with 25 apartments on the upper floors atop the bar/restaurants, Read More

Sales Beat

Chelsea Development Site Sells for $22.5M

455

Massey Knakal has arranged the sale of a development site at 455 West 19th Street, located between Ninth and 10th Avenues in Manhattan’s Chelsea neighborhood, for $22.5 million, Commercial Observer has learned.

The site consists of an approximately 4,600-square-foot lot that measures 50 by 92 feet and currently holds a single-story warehouse, offering 27,692 buildable square feet. The sale price equates to approximately $813 per buildable square foot. Read More

Sales Beat

Massey Knakal Sale Spurs Another Luxury Residential Development in Greenwich Village

Kent

Massey Knakal has arranged the record sale of a commercial loft building at 37 East 12th Street in Greenwich Village for $26.6 million, paving the way for another luxury condo building in the area.

With a sale price of $1,028-per-square-foot, the eight-story building with approximately 25,878 square feet, formerly occupied by antique showroom Kentshire Galleries, set a pricing record in the area for a conversion property, according to the firm. 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.

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Brooklyn Issue

City Point of No Return

CityPoint

Though controversy has surrounded the City Point development in Brooklyn since its inception, the development’s first residential tower is rising under the radar as the tussles subside, at least temporarily, and the commercial real estate industry readies for a major boost for the Downtown Brooklyn area. 

The residential portion of the project’s second phase has risen 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.  

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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.  

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Sales Beat

Massey Knakal Arranges $47 M. Elmhurst, Queens Sale

Knakal

Massey Knakal has arranged the $47 million sale of the former St. John’s Hospital building at 90-02 Queens Boulevard and a parking garage at 87-28 58th Avenue in Elmhurst, Queens.

The buildings are located right next to the most active retail corridor in Queens and across the street from Queens Place Mall and Queens Center. Read More