Tag Archives: Massey Knakal

Queens Village shopping mall selling for nearly $11M  


| lguerre@queenscourier.com

Photo courtesy of Massey Knakal 

The Village Plaza Shopping Center is selling for $10.9 million, according to Massey Knakal Realty Services, which is marketing the sale.

The center, located at 218-24 Hempstead Ave. in Queens Village not far from Belmont Park, was built in 2006 and is owned by Village Plaza LLC, according to city records.

It has nearly 39,000 square feet in six attached two-story buildings. The plaza also has 26 retail and office units and is currently 75 percent filled with tenants such as a 99-cents store and a Little Caesars pizza chain shop.

There are 25 parking spaces directly in front of the shopping center as well.

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1,270-unit Kew Gardens Hills apartment complex sells for $216 million


| lguerre@queenscourier.com

Photo courtesy of PropertyShark/Scott Bintner

Real estate investment firm Hudson Realty Capital sold a massive 12-lot portfolio of apartment buildings in Kew Gardens Hills for $216 million, according to city records filed Wednesday.

The site comprises 1,268 apartments in 53 buildings on 24.6 acres scattered throughout 72nd Road, 150th Street, 73rd Avenue, 75th Avenue, Kissena Boulevard and 153rd Street.

The buyer is an affiliate of A&E Real Estate, The Real Deal reported.

Massey Knakal was the broker in the transaction, which an agent from the firm said in February would be the single largest residential complex sold in Queens since the sale of 3,000 units in Fresh Meadows in 1997.

However, a representative from the firm declined to comment on the sale.

Complex

Photo courtesy of Massey Knakal

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Astoria retail building sells for $32M


| lguerre@queenscourier.com

Photo courtesy of Massey Knakal 

A corner retail building near the heart of Astoria’s Steinway Street commercial strip has been sold for $32 million.

Realty service Massey Knakal, which handled the transaction, announced the sale Friday of 2856-2860 Steinway St., which occupies the entire block front of 30th Avenue between Steinway and 38th streets in the burgeoning neighborhood.

The building houses a trio of long-term leases for New York Sports Club, JP Morgan Chase Bank and Duane Reade in more than 37,000 square feet. The sale breaks down to $627 per square foot.

The transaction indicates that investors are coming over from Manhattan and looking for new opportunities elsewhere, according to Massey Knakal chair Bob Knakal.

“With the value of retail properties in Manhattan increasing at a record breaking pace, it is not surprising to see demand spill over into the outer boroughs,” he said. “This transaction is a clear example of that dynamic, as there were many parties bidding who have been primarily Manhattan investors who are now broadening their property searches geographically.”

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Woodhaven apartment building sold above asking price


| ejankiewicz@queenscourier.com

THE COURIER/Photo by Eric Jankiewicz

A Woodhaven apartment building recently sold for $5 million, according to the realty service that sold the apartment Massey Knakal.

Located on 87th Street, just a block away from the J train, the realty company said that the building sold for more then it expected to get because most of the neighborhood is made up of single-family homes.

The building is a 35-unit, four-story walk-up building and it contains approximately 28,100 square feet and sits on a 100’ x 100’ lot.

There are two studios, 29 one -bedroom apartments, three two-bedroom apartments and one three-bedroom apartment.

 

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$24M asking price for Elmhurst lot near Queens Center


| aaltamirano@queenscourier.com

An Elmhurst lot, located across the street from the Queens Place mall, has been put up for sale for $24 million, according to real estate company Massey Knakal.

The 47,365-square-foot lot, located at 88-18 Justice Ave., is one block off of Queens Boulevard and adjacent to the Georgia Diner.

According to the listing provided by Massey Knakal, there is a Restrictive Declaration on the property allowing it to be developed “per existing approved plans,” though these could not be confirmed. The lot can also be used for residential and/or community facility development, but would require termination of the Restrictive Declaration. The property has 227,352-square-feet of development rights.

The lot is located close to Queens Center mall and a block from the M and R train lines at Grand Avenue. It is also near all the major highways.

 

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Former St. John’s Hospital, adjacent parking garage sell for $47 million


| aaltamirano@queenscourier.com

Photo Courtesy Massey Knakal

The former home to St. John’s Hospital will soon be transformed into a mixed-use building.

Real-estate company Massey Knakal announced it handled the $47 million sale of the 90-02 Queens Blvd building in Elmhurst, together with a five-story parking garage located at 87-28 58th Ave.

“For the first time, Queens is beginning to see a trickle-down effect of rising rents from primary neighborhoods, like Long Island City,” said Stephen Palmese, senior executive vice president of sales for Massey Knakal, who handled the sale together with company partner Thomas A. Donovan. “This is similar to Williamsburg’s effect on Bushwick. As a result, secondary markets, like Elmhurst, which also have great transportation, are experience strong increases in residential rent.”

St. John’s Hospital closed its doors in 2009 after Caritas Health Care, which ran the hospital, filed bankruptcy. Brooklyn-based developer called 89-52 Queens LLC then purchased the property and was the most recent owner up until the sale.

Approved plans from the city’s Board of Standards and Appeals show the new owner plans to convert the about 266,322-square-foot former hospital building into a mixed-use building with ground floor and lower level retail, medical facilities on the second floor and residential units on the remaining floors, according to Massey Knakal.

The about 86,400-square-foot parking garage, located behind the building, holds a capacity of 290 parking spots.

“This property is located across the street from the Queens Center mall, which is one of the top grossing malls in the U.S.,” said Donovan.

The property is located across the street from Queens Center and Queens Place Mall and near four major expressways.

 

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