I sit here writing my Concrete Thoughts column for the first time as a member of Cushman & Wakefield. My new title is chairman of New York investment sales for C&W following the sale of Massey Knakal on New Year’s Eve (I cannot say more about the sale at the present time). My friend Peter Grant at The Wall Street Journal described the transaction as “a fairy-tale ending” for the firm which Paul Massey and I started quite a while ago. I disagree. This transaction more acutely represents not an ending but a wonderful new beginning.
During the past couple of months, knowing that this transaction was likely to happen, thoughts about my life at Massey Knakal have been running through my mind with vivid clarity—particularly the early days. Massey Knakal was started on Nov. 15, 1988, and the sale closed 26 years and 46 days later. So how did we get here? Read More
Gary Barnett‘s Extell Development has signed a contract to sell off a four-building site for in excess of the $80 million asking price, Commercial Observer has learned.
A Chinese developer is buying the four contiguous buildings at 131-141 East 47th Street between Third and Lexington Avenues, a source with intimate knowledge of the deal said. Read More
Financial services company TIAA-CREF has purchased the 16-story, 378,547-square-foot 21 Penn Plaza building from Savanna and the Feil Organization, Commercial Observer has learned.
While representatives for both sides of the deal declined to state the purchase price of the renovated Class B building that sits one block west of Penn Station, the owners placed the property on the market this summer with an asking price of about $250 million, Crain’s New York Business reported. Savanna and Feil inked 225,000 square feet of leases and implemented $5 million in building upgrades to deliver the property to TIAA-CREF with 98 percent occupancy, said Robert Knakal of Massey Knakal Realty Services. Read More
One of the commonly asked questions I get today is: “How is the commercial sales market performing?” People are having a tough time understanding how market conditions can be so good that values just continue to spiral upward. Properties that were just sold two or three years ago are now selling for 50 percent, 100 Read More
In the commercial real estate brokerage business, the results we produce determine the rewards we receive, and the results we produce are often based on how well we use our time.
It’s important to note that we all have the same 24 hours to utilize each day. We each use our time differently, and often Read More
The investment sales market citywide is about as good as it could be. Values are soaring, and the volume of sales is approaching, or ahead of, 2007 peak levels, both in dollar volume and the number of properties sold. The dollar volume of sales in the first quarter of 2014 (1Q14) hit $13.3 billion. This Read More
The investment sales market in the Manhattan submarket (defined as below 96th Street on the East Side and below 110th Street on the West Side) is off to a flying start.
In 1Q14, there was $9.6 billion of investment sales activity, which, if annualized, would lead to about $38.5 billion for the year. This figure Read More
The investment sales market is about as good as it could be. Values are soaring and the volume of sales is approaching 2007 peak levels, both in dollar volume and the number of properties sold.
The dollar volume of sales in the first quarter 2014 hit $13.3 billion. This figure represents the best first quarter Read More
One of the questions I am most frequently asked these days is whether the commercial real estate sales market is experiencing bubble conditions. In answering this question, I usually say that current market conditions present excellent arguments both for and against a bubble. It is a question that would make a great topic for a Read More
I have been quoted several times as saying that I believe reading is a key ingredient in the life of a real estate professional. Given my position as the chairman of Massey Knakal, I am frequently asked by young people I meet, who are either new to the business or are considering getting into it, Read More
Savanna Properties has sold off a development site at 415 Eighth Avenue for $65 million, and the new owner is slated to turn it into a residential building with a “significant retail component,” said Robert Knakal of Massey Knakal Realty Services, the lone broker in the deal.
The sale closed on March 24 and was filed with the city today. Read More
For those of you who are familiar with Massey Knakal’s operating platform, you know that I spend 95 percent of my time brokering property sales and my partner, Paul Massey, spends the majority of his time running our company.
The other day, I approached Paul with a new idea to help the overall performance Read More
On Monday, ETRE Financial filed with the U.S. Securities and Exchange Commission for an initial public offering of ETRE REIT (proposed ticker is ECAV) on the NASDAQ exchange. Operating as a limited liability corporation, ETRE REIT would allow public investment in individual commercial real estate properties with the properties held as separate real estate investment trusts. Read More
Mayor Bill de Blasio met with a group of real estate professionals last week to discuss his agenda for New York City. He touched on many of the topics that he addressed during the campaign and in his many news conferences since being elected. Among these, the highlights were public safety, affordable housing and our Read More