Massey Knakal has arranged the sale of two Chinatown office buildings that the firm said broke the previous price per square record for an office building on Canal Street.
Isaac and Joseph Oved of The Oved Group purchased the adjacent office buildings, at 40-42 Elizabeth Street and 159-165 Canal Street, at the corner of Elizabeth Read More
In the midst of the Savings and Loans Crisis of the early 1990s, Massey Knakal, a three-year-old commercial sales brokerage, was facing the prospect of going out of business for the second time in a matter of months.
By late 1990, the commercial sales market had all but dried up. Rather than pounding the pavement closing deals, Paul Massey and Robert Knakal were instead sitting in the office cold calling and playing solitaire—not on a computer but with a real deck of cards. Things got so bad that the firms’ partners had to fill out applications for numerous credit cards—$60,000 worth—to make ends meet.
The future of commercial real estate debt and equity is safe with this, the second class of Mortgage Observer’s rising stars. This year, we opened the nominations up to include professionals from coast to coast, and the results represent just that, with some new California and New Jersey faces joining some more familiar to the Read More
A coalition of downtown historical groups has successfully rallied the Landmarks Preservation Commission to review the status of an East 14th Street synagogue recently put on the market for $13.95 million and a conversion to residential or commercial use.
The LPC was going to consider the Tifereth Israel Town and Village Synagogue at 334 East 14th Street for possible landmarking today, but EV Grieve reports that the hearing has been postponed until next month.
Midtown East Rezoning
Hundreds of opponents and supporters of Mayor Michael Bloomberg‘s controversial plan to rezone a 73-block area in Midtown East descended on the City Council Tuesday for a public hearing leading up to a final vote on the proposal scheduled for next month.
The rezoning, brought before the packed house for a final hearing before the vote, could Read More
The Nominees Are...
The November issue of Mortgage Observer will feature the 20 most promising commercial mortgage brokers under 35 throughout the tristate area and the country. We’ve gotten a good crop so far but we still need your help determining the best and brightest.
On the Market
The 11,302-square-foot home of the Tifereth Israel Town and Village Synagogue at 334 East 14th Street is on the market for conversion to residential or commercial use.
Massey Knakal is exclusively marketing the $13.95 million property, which was built in 1866 as the First German Baptist Church. The listing notes 24,780 square feet of buildable space.
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
Trevi Retail has closed on its $17 million acquisition of 859 Ninth Avenue, a six-story mixed-use building featuring 41 apartments and a retail unit currently occupied by Italian restaurant Puttenesca.
“It is a very desirable neighborhood right now and the property has substantial upside in both the retail component and residential component,” Paul Smadbeck of Massey Knakal, who brokered the sale alongside Chirstoffer Broadhead, told The Commercial Observer. “[Trevi] recognized the upside of the building and the desirability of the location.”
Massey Knakal’s Robert Shapiro is both a counterpuncher and a straight shooter. An amateur boxer, he describes himself as quick and aggressive. But the adjectives apply across the board, especially when it comes to his real estate prowess, with his transactions involving some 166 buildings having an aggregate value reaching $892 million.
The heavy 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
Three months after reports that rental-focused Glenwood Management Corporation would foray into the condo market, the firm has filed plans with the city and state to erect a 19-story, 15-unit condo tower on the Upper East Side.
The Mortgage Observer reported back in April that Glenwood had purchased two adjacent properties at 58 and 60 Read More
Skyway Development Group continues to expand its Flatiron portfolio with the addition of 30 West 21st Street. Perhaps better known as the host of Danceteria in the 1980s, the building includes 60,000 square feet of office and retail space between Fifth and Sixth Avenues.
Massey Knakal‘s James Nelson was instrumental in brokering the $38.5 million dollar transaction between Skyway and Kimco Realty Corporation.
A family trust sold 11 mixed-use buildings on a newly fashionable strip of the Bowery between Houston and Canal Streets. An investment group led by hip-hop clothier Joseph Betesh bought the portfolio–including the home of Keith McNally‘s Pulino’s–for $62 million in what could be the latest whisper of trouble in Mr. McNally’s restaurant empire.
On the Market
Toll Brothers has appointed Massey Knakal to exclusively market a retail condominium at its 21-story luxury condo development at 160 East 22nd Street in Gramercy, The Commercial Observer has learned.
The asking price for the 2,560-square-foot ground floor corner condo unit is $8.5 million and will be delivered for occupancy in the summer of 2014.
“Toll Brothers has Read More