Mortgage Observer

Brokers and Lenders on the Rise

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What is an industry without a promising crop of rising stars? While commercial real estate lending is often cast as a rigid establishment of older gentlemen, a number of dynamic young brokers are making their name across the East Coast—and giving their more senior counterparts a run for their money. Read More

Market Reports

Report: Investment Sales on Pace to Break Record

Sales totals

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. Read More

Brooklyn

Officials: Beefed-Up Transit Essential for Booming Brooklyn

Real Estate Summit

With Brooklyn’s stature in the city’s real estate industry no longer just an emerging trend, top policy makers and power brokers drew attention to transportation issues as critical to continuing real estate development in the world’s hottest borough today at the annual Massey Knakal Realty Services Brooklyn summit at the Brooklyn Museum.

Although many of the borough’s bustling areas already enjoy bus and subway connections, speakers who led off the day-long program referenced new approaches to the city’s parking requirements, potential novel ways to transport commuters between the boroughs and Manhattan and the need to ease congestion on the busy Lexington Avenue subway train. Mayor Bill de Blasio‘s administration checked in at the conference with pledges to beef up transit capacity between the neighborhoods of Brooklyn. Read More

Sales Beat

SL Green to Sell Three Manhattan Assets

180 Broadway. (PropertyShark)

SL Green Realty Corp. has agreed to sell three of its Manhattan assets, the real estate investment trust announced today. The deals, for 2 Herald Square, 180 Broadway and 985-987 Third Avenue, will generate net cash proceeds of $240 million, according to a press release.

The REIT will sell the leased fee interest in 2 Herald Square for $365 million. SL Green acquired the interest in joint partnership in 2007 before consolidating its position in 2010, the landlord said. Read More

Lease Beat

Massey Knakal Expands at 275 Madison Avenue

275 Madison Avenue. (PropertyShark)

Massey Knakal has signed a 15-year, 40,738-square-foot expansion at its 275 Madison Avenue headquarters. The real estate services firm will occupy the second, third and fourth floors of the RFR Realty-owned building.

The firm is consolidating its current presence on the third, ninth, 10th and 14th floors of the building, according to The New York Post. The lease also includes expansion options, the Post reported. Read More

Sales Beat

Big Brothers Big Sisters Sells Murray Hill Headquarters to Local Church

221-223 East 30th. (PropertyShark)

Big Brothers Big Sisters of New York City, a mentoring-focused nonprofit, has sold its 10,364-square-foot headquarters at 221-223 East 30th Street to Remnant Presbyterian Church for $6.75 million, or approximately $651 per square foot.

The all-cash transaction closed at $1 million under the original $7.75 million ask price for the Murray Hill townhouse, according to a recent statement. Read More

Power Broker

Tom Donovan: Massey Knakal’s King of Queens

Tom Donovan. (Photo: Arman Dzidzovic)

To say Massey Knakal’s Tom Donovan knows Queens like the back of his hand might be an understatement–so much so that his colleagues call him “MapQuest” when it comes to the borough.

He derived his GPS-like abilities from delivering pizzas across Queens as a youth, and later as an NYPD cop patrolling the borough’s streets. Read More

Cover Story

Home Field Advantage: The Impact of Yankee Stadium and Citi Field

Yankee Stadium.

Baseball has long been considered a rite of spring. The sound of bat on ball has for decades been associated with those fledgling days of warm weather when New Yorkers in the Bronx and Queens embrace the early games of baseball season with a sense of renewed hope that this may just be the year.

It may also be a time of renewed hope for the neighborhoods the Yankees and Mets call home. Five years removed from the openings of the new Yankee Stadium and Citi Field, the areas around both young stadiums are set for rebirths. Read More

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