In 2009 and 2010 “you could have rolled a bowling ball down the aisle” at the International Council of Shopping Centers’ RECon conference “and it wouldn’t have hit anybody,” Massey Knakal executive vice president of retail leasing Benjamin Fox told The Commercial Observer.
But when an estimated 33,000 real estate professionals converged upon one million Read More
Retail Lease Beat
Commercial real estate firm KLOSED is in the process of acquiring a 3,950-square-foot retail condominium at 302 Broome Street, the former site of an “erotic” massage parlor and home to the Happy Ending Lounge, The Commercial Observer has learned.
The $1,726,000 all cash transaction required a 10 percent “hard deposit,” an email sent by KLOSED stated.
In Read More
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.
Investment Sales firm Marcus & Millichap has arranged the $1.75 million sale of a four-story residential property at 21 Broadway Terrace in the Inwood section of Manhattan, The Commercial Observer has learned.
The 17-unit building is 9,728 square feet and in addition to significant upside potential for the units includes an additional 2,310 square feet Read More
Just a few years ago, the NoMad district was more like a no-man’s land, made up of a less-than-pretty arrangement of gritty wholesalers, hair salons and counterfeiters.
Some of that persists, but the before-and-after contrast with the new wave of retailers and clientele in the neighborhood couldn’t be starker, as its boundaries with the similarly much-improved Flatiron District begin to blur.
“They’re starting to blend into each other,” said Michael Azarian, director of retail leasing at Massey Knakal. “The neighborhood has seen a flood of new boutique office tenants, [and] new residential and hotel developments that have been catalysts for change.”
Massey Knakal has arranged the $4.7 million sale of a mixed-use loft building at 57 Grand Street, home to the popular SoHo watering hole Toad Hall, The Commercial Observer has learned.
Located between West Broadway and Wooster Street in Manhattan’s SoHo Cast Iron Historic District, the 4,422-square-foot, four-story building has been home to Toad Hall for over 20 years.
“Competition was fierce for this charming SoHo building,” said Massey Knakal’s Robert Burton, who exclusively handled the transaction. “I was honored to receive the call from the owner, who had owned the building with her family for more than 30 years. It was a smooth transaction from start to finish.”
Living in a Material World
A four-story townhouse that sits on the borderline with the mansion of the Upper East Side’s most famous material girl is on the market for $9.5 million.
The 4,160-square-foot building at 158 East 81st Street sits adjacent to Madonna’s Upper East Side abode, offering the right buyer an opportunity to double its square footage and sneak an occasional glance at the Queen of Pop.
“I see that as far from being a bad thing,” said Massey Knakal’s Guthrie Garvin, who is marketing the property with Thomas Gammino, Jr.
“It not only has a well-known neighbor, but it has a very nice feel to it,” he said, noting the quaint 1,000-square-foot backyard and the site’s development potential.
On the Market
A development site that grazes the High Line at 239 Tenth Avenue in West Chelsea is on the market for $19 million, standing like a mirage in a part of town where such opportunities are sparse, if not non-existent.
The great success of the High Line has created an influx of galleries and residential development to keep pace, but the problem today is a lack of space, brokers marketing the site said.
“It’s one of the last sites in West Chelsea that’s available,” said James Nelson, a partner at Massey Knakal who is exclusively handling the sale with Brock Emmetsberger. “There’s virtually no condo product left in the area.”
The title of this piece is somewhat true when it comes to the foreign capital that is being poured into our local real estate investment market. If Paul Revere had been a real estate broker, today he would be saying, “The Chinese are coming … The Chinese are coming.”
Investors from China and many other countries have been scouring the city looking for investment and development properties that meet their criteria.
Massey Knakal has arranged the $5.5 million sale of an apartment building at 104 Suffolk Street on the Lower East Side to a foreign investor, demonstrating the city’s continued status as one of the world’s few safe havens, The Commercial Observer has learned.
The 10,000-square-feet five-story walk-up consists of 20 residential units, 14 free market and six rent stabilized, with 18 one-bedroom apartments and two duplexes. Recent renovations include the entrance, common areas, roof and a dual fuel burner was recently installed.
“104 Suffolk Street was purchased by an overseas investor, which is a testament to the growing interest among the international community,” said Massey Knakal’s Michael DeCheser, who exclusively represented the seller in the transaction with CEO Paul Massey, Jr. and Guthrie Garvin.
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.
A 4,000-square-foot Bank of America branch location under construction at 6601 18th Avenue in Bensonhurst, Brooklyn has changed hands for $8.45 million, city records show.
The property sits on the corner of 66th Street and 18th Avenue, which is also known as Cristoforo Colombo Boulevard and is one of the neighborhood’s most heavily-trafficked thoroughfares.
Massey Knakal marketed the property, originally for $9.75 million, as offering “a high yield, management free investment opportunity in the heart of one of Brooklyn’s fastest growing middle-class neighborhoods.”
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
On the Market
130 years after the historic Chelsea Hotel was marketed for $300,000, Massey Knakal is marketing a nearby hotel/commercial real estate development site at 113-117 West 24th Street for $79 million.
A lot has changed since 1883, the same year the Brooklyn Bridge was completed.
It was well before New York City eclipsed London as the most populous urban area in the world. Modern soda pop was being developed in a lab somewhere, and Coca-Cola wouldn’t hit shelves – with its two key ingredients, cocaine and caffeine – until 1886. It would take a man named Bloomberg — Mayor Michael Bloomberg – 127 years to restrict abundant consumption of the potent elixir and similar tonics.
A partnership between San Francisco-based DivcoWest and Brickman Associates has purchased a group of office buildings in Midtown South at 24-28 West 25th Street and 40 West 25th Street, it was announced today. The closing price on the portfolio was approximately $115 million.
DivcoWest is entering the New York market for the first time, James Murphy, executive managing director at Colliers, who represented the seller, Yeshiva University, told The Commercial Observer. The firm focuses on assets and markets with a high concentration of technology tenants.
“With the growth of the tech industry, it is the right time to enter the market,” Mr. Murphy said.