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.
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
Massey Knakal has arranged the $7.25 million sale of a mixed-use building at 238 West 14th Street.
S3 Realty LLC has acquired the building from Upper Waverly, Inc., according to public records. The transaction, a 1031 exchange, went to contract in December and closed earlier this month.
Massey Knakal is marketing a 2.3-acre East Williamsburg development site at 191-231 Moore Street for $35 million.
This site allows for nearly 170,000 buildable square feet of retail and commercial development, with 1,100 feet of frontage on Moore, Seigel, and White Streets.
Hedge fund manager Mark Sonnino has reportedly purchased an office building at 555 West 25th Street in West Chelsea from Sharone Ben-Harosh of FlatRate Moving for $27 million just months after selling his home for $43 million.
The 40,856-square-foot building, between 10th and 11th Avenues, is occupied by creative tenants, including the Dillon Gallery, a Read More
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.
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.
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
Jordan Vogel and Aaron Feldman, principals of Benchmark Real Estate Group, have purchased a 58-unit, 12-story elevator apartment building at 200 East 11th Street in Manhattan’s East Village for $57 million. Read More
Massey Knakal has arranged the $8.9 million sale of a 10,400-square-foot mixed-use building at 357-365 Flatbush Avenue, located between Sterling and Park Places in Brooklyn’s Prospect Heights neighborhood.
The new owner purchased the property as a retail play, with hopes of bringing in a major retailer in the vein of a CVS or Duane Reade—if not a fashion boutique Read More
Emily Thompson Flowers, a high-end floral arrangements designer, has signed a five-year, 850-square-foot retail lease at 211 Front Street, located on the corner of Beekman and Front Streets in Manhattan’s South Street Seaport District, The Commercial Observer has learned.
The space features 12-foot ceilings, with roughly 60 feet of exterior wraparound frontage and floor-to-ceiling windows, brokers Read More
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.