Brooklyn Issue

City Point of No Return

CityPoint

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

Sales Beat

Massey Knakal Arranges $8.9M Retail Sale Along Flatbush Avenue

357-365 Flatbush Avenue

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

Sales Beat

Huge Retail Development in Vinegar Hill, Brooklyn to Complement Major Residential Expansion

39-53 Jay Street

An expansive development site at 39-53 Jay Street in Brooklyn has sold for $25 million and could bring in the big name retailers needed to anchor Vinegar Hill as the neighborhood undergoes a residential transformation.

The existing three-story manufacturing property, formerly used as a metal stamping and engraving facility, measures roughly 80,000 square feet, in addition to a partial basement and an annex building.

“This site has the largest footprint in Vinegar Hill, and possibly in all of the greater Downtown Brooklyn market,” said Massey Knakal Director of Sales Stephen Palmese, who exclusively handled the transaction.  “The ability to offer big box retail could really change the landscape.” Read More

Sales Beat

Massey Knakal Arranges $4.25 Million Sale of DUMBO Development Site

55 Pearl Street

A development site at 55-57 Pearl Street, located on the corner of Water Street in Brooklyn’s DUMBO neighborhood, was sold in an all-cash transaction for $4.25 million, sources told The Commercial Observer.

The development site sits on a 50′ x 90′ lot and contains approximately 24,300 buildable square feet, plus about 3,500 square feet of air rights from an adjacent property.

The total 27,800 buildable square feet equates to approximately $150 per square feet. Read More

Power Broker

The Eight Percenter: In 2012, Massey Knakal’s Stephen Palmese Closed 8% Of All Brooklyn Sales Deals. How?

The sale of 204 Huntington Street, a 62,404-square-foot asset in south Brooklyn, was 10 years coming.

The investment sales firm Massey Knakal Realty Services had first sold the property, a warehouse-turned-multifamily development, in 2003-2004. Later, Area Property Partners owned and managed it between 2009 and 2010, before its principals decided to place the asset on the market.

To market such a property, Massey Knakal tapped a Bay Ridge-born broker whose tenacity in the investment sales sector had already earned him a reputation as one of the borough’s most active up-and-coming agents. Read More

Power Broker

The Eight Percenter: In 1H12, Massey Knakal’s Stephen Palmese Closed 8% Of All Brooklyn Sales Deals. How?

Stephen Palmese. (Photo courtesy Will O'Hare)

The sale of 204 Huntington Street, a 62,404-square-foot asset in south Brooklyn, was 10 years coming.

The investment sales firm Massey Knakal Realty Services had first noticed the property, a warehouse-turned-multifamily development, in 2003-2004. Later, Area Property Partners owned and managed it between 2009 and 2010, before its principals decided to place the asset on the market.

To market such a property, Massey Knakal tapped a Bay Ridge-born broker whose tenacity in the investment sales sector had already earned him a reputation as one of the borough’s most active up-and-coming agents. Read More