Tag Archives: Massey Knakal

Massive Flushing development site to go on sale


| lguerre@queenscourier.com

THE COURIER/Photo courtesy of Scott Bintner

UPDATED: 1/23 1:38 p.m.

Flushing is poised for the sale of large development site.

The property across from the Sky View Parc complex will be going on sale, New York YIMBY reported. The seller, ABS Flushing Development, bought the property in 2006 for $26 million.

The land at 131-35 Roosevelt Ave. had Buildings Department approved plans in 2008 for a major development, which included four mixed-use buildings at 16 stories. Originally designed by Ismael Leyva Architects and called River Park Place, the project would have had 457 apartments.

Renderings of the project are still posted on the architect’s website.

River Park Place will not be the only major development site in Flushing to see time on the market.

Last year, the second phase development rights of Flushing’s Sky View Parc luxury condo project, which included approved plans for a three-building residential complex, was listed for sale by Massey Knakal. The property was reported to have asking prices of more than $100 million.

However, Onex Real Estate Partners, the team that designed phase 1 of the Sky View Parc condominiums, retained the site and will go ahead and develop the second phase of the project, which includes more than 800 luxury condos in nearly 750,000 square feet.

“We are eager to bring the next chapter of this thriving community to fruition,” a representative of Onex said.

UPDATE: Previously not mentioned, Onex Real Estate Partners will develop the second phase of the Sky View Parc condos project. 

pic-1-624x311

Photo courtesy of Massey Knakal

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Developing Queens: How the Massey Knakal sale will affect the borough


| lguerre@queenscourier.com

Photos courtesy of PropertyShark/Scott Bintner and Stephen Preuss

New York City-based Massey Knakal Realty Services was sold to international real estate firm Cushman & Wakefield on Dec. 31 for $100 million. Stephen Preuss, a former vice president at Massey Knakal in Queens, talked with real estate editor Liam La Guerre about how the sale to the international firm will impact the Queens division and its clients.

La Guerre: Congratulations on now being with a larger firm. Will there be any changes to the Queens division now that Massey is with Cushman & Wakefield?

Preuss: We have a very successful strategy with a territory system, and we have seasoned agents here that have a high market share and are very successful at doing what we have been doing, which is selling properties in Queens. Nothing is going to change here; it’s just going to improve with the CW name and resources.

La Guerre: Massey Knakal was on some large sales in Queens for the year. Some highlights include a garage and commercial strip in Jamaica for $22 million, the 1,270-unit apartment complex in Kew Gardens for $216 million and the Astoria commercial building for $32 million. Any idea of how much in sales Massey did in Queens in 2014?

Preuss: We’re still tallying up, because we did do a lot of transactions toward the end of the year. For Massey Knakal as a whole, we are going to be right around the $5 billion mark. In Queens, again we are still counting, but it will be in the several hundred million dollar range.

La Guerre: How does this sale help your clients now that you are with a bigger firm?

Preuss: [Cushman & Wakefield is] a full-service, global commercial firm that does all types of real estate advisory services. Now we can deliver a higher level of service and get better results for our clients and our buyer pool, which was mostly Tri-State investors, is going to increase now that we have offices all over the world.

La Guerre: That exposure to the international network will be helpful to your Queens clients since the borough’s real estate market is exploding.

Preuss: I agree. I think it’ll not only help the mid-level pricing assets that we work with, but it’ll also help us achieve, attain and excel at some of the higher-price assets that we really didn’t handle before. All across the board this is a very positive move for people at Massey Knakal and the Cushman Wakefield brand.

La Guerre: Queens is still an emerging market when compared to the city, and there are some areas that people just don’t know about. Did Cushman see value in Queens when it was acquiring Massey?

Preuss: Yes, actually. Cushman & Wakefield executives made it very clear that the boroughs are going to be a big focus and is a big reason why they acquired Massey Knakal, and Queens in particular is going to be big for them. They are going to put a lot of resources behind us to really continue on with Queens as an emerging market.

La Guerre: How does 2015 look for real estate in Queens?

Preuss: Queens will continue to be an area where not only Queens-based investors look, but Brooklyn and Manhattan investors are going to continue to trend toward Queens because of the value here. I believe 2015 will even surpass 2014.

Stephen Preuss

Stephen Preuss

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Another Astoria waterfront warehouse for sale, likely to become condos


| lguerre@queenscourier.com

Photo courtesy of Massey Knakal

The owner of another Astoria waterfront site with potential for a large development could sell the property for four times its last selling price as the neighborhood continues its hot streak.

The property at 30-55 Vernon Blvd., which Eastone 26 Ave LLC bought for $8.2 million last year, is now up for sale again and there have been offers of around $35 million, said Stephen Preuss of real estate firm Massey Knakal, which is marketing the site.

At that price, the property would trade for nearly $230 per buildable square foot, which would rank among the top land prices in Astoria. This would mean that prospective owners would most likely focus on a residential development to cover the purchase price and maximize profits, Preuss said.

Currently, a warehouse and parking lot occupy the 37,116-square-foot site, enough to erect a structure with 140,665 buildable square feet.

If air rights from the adjacent residential properties were purchased or a rezoning occurred, the property could have up to 220,000 buildable square feet, Preuss said.

Photo courtesy of Scott Bintner/PropertyShark

30-55 Vernon Blvd. Photo courtesy of Scott Bintner/PropertyShark

Preuss imagined the best use for the site would be a mixed-use development with ground-floor retail, an office or event space on the second floor, and condos on the remaining floors.

“This area is quickly emerging, and the site holds immediate value with its waterfront location along with the benefit of several local mega-projects underway,” Preuss said.

The Astoria waterfront has been scorching hot recently with planned projects like the enormous Astoria Cove, which received the green light from the City Council last month, and the Durst Organization’s Hallets Point project.

Rendering courtesy of 2030 Astoria Developers

Astoria Cove. Rendering courtesy of 2030 Astoria Developers

In addition to those projects, construction is planned next year for a glassy 77-condo building by developer New York Lions Group not far from the waterfront.

Also, in October, developer Shibber Khan paid $57 million for a waterfront site at 11-12 30th Dr., which has 460,000 buildable square feet. It is located just a block south of the Eastone 26 Ave LLC property.

Rendering courtesy of New York Lions Group

Rendering courtesy of New York Lions Group

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Partially developed controversial Dutch Kills hotel for sale


| lguerre@queenscourier.com

Rendering courtesy of Massey Knakal

The owner of a controversial, partially constructed hotel in Dutch Kills is selling the structure.

Residents protested and even sued to stop construction of the nine-story boutique hotel on 39-35 27th St. in the Long Island City neighborhood in 2010, according to published reports.

But now, with more than 20 new hotels opened over the last five years, the area has become a hot hotel market, and owner Steven Baharestani of Dutch Kills Partners LLC is hoping to sell the yet-to-be completed hotel to the highest bidder.

“The offering presents a unique opportunity to acquire a full or partial interest in a hotel in the construction phase, in one of the most rapidly developing hotel markets in the New York metro area,” said Andrew Posil, director of sales at Massey Knakalwhich is marketing the building.

Construction on the hotel is one-third complete, according to the real estate firm. It will be 38,000 square feet and have 79 rooms when finished.

Baharestani is looking for the best possible offer for the hotel, and there isn’t an asking price for the building, a Massey Knakal representative said.

The Buildings Department originally approved plans for the hotel back in 2007.

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Retail and office buildings on Bell Boulevard sell for $7.6 million


| lguerre@queenscourier.com

Photos courtesy of Massey Knakal

Two sections of the Bell Boulevard commercial corridor in Bayside are under new management.

A retail strip with some office space on Bell Boulevard in Bayside traded hands for about $5.6 million, according to Massey Knakal Realty Services, which handled the transaction.

LCDM Investors LLC sold the property, which stretches from 43-19 to 43-23 Bell Blvd. The buildings have nearly 13,000 square feet of space, but 22,000 square feet of buildable space, the realty firm said.

Additionally, a two-story building a few blocks away at 39-26 Bell Blvd. was sold for $2 million. The building is fully leased with tenants, including longtime pizza restaurant Pete’s.

39-26 Bell Blvd.

39-26 Bell Blvd.

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Fresh Meadows building housing Assemblywoman Nily Rozic’s office selling for $14.6M


| lguerre@queenscourier.com

Photo courtesy of Massey Knakal Realty Services 

The mixed-use office building in Fresh Meadows housing Assemblywoman Nily Rozic’s district office is selling for $14.6 million.

The building, located at 159-16 Union Turnpike, was built in 2008 and features a modern glass façade. It has a combination of retail and office tenants, including the local politician, who wasn’t initially aware the building was listed, but confirmed to The Courier that her office has no intention on moving.

Benton Management, LLC, which partially owns the building according to city records, purchased the land for $2.5 million in 2007, before the building’s construction.

The three-story building has 37,814 square feet of space, and is fully-leased with six retail units and 11 office spaces, according to Massey Knakal Realty Services, which is listing the property.

Current tenants may see rent increases from potential buyers.

“There is a tremendous opportunity to add significant value by increasing the rents which are currently on average at 50 percent market value,” said Stephen Preuss of Massey Knakal. “Additionally, the asset is being offered well below replacement cost.”

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Flushing’s Sky View Parc development up for sale


| lguerre@queenscourier.com

Photo courtesy of Massey Knakal Realty Services

The development rights for the second phase of the Sky View Parc luxury condos are for sale, and offers have been extending past $100 million, according to a published report.

Massey Knakal Realty Services is marketing the site at 40-28 College Point Blvd. in Flushing, New York YIMBY reported.

Plans have already been approved and the foundation is in place to develop three residential towers on the site.

The new buildings will total 746,357 square feet, and plans are calling for 806 luxury condos, according to Massey Knakal, which hopes to reach a deal soon.

Phase One of the project is already complete with 448 luxury condominiums and 785,000 square feet of retail and amenities, such as a rooftop garden, basketball court, tennis courts and putting green.

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Massive downtown Jamaica development site sells for $22 million


| lguerre@queenscourier.com

Photo courtesy of Christopher Bride/ PropertyShark 

Downtown Jamaica’s development boom is expected by many sometime in the future, but one recent sale suggests developers may be springing into action already.

The nearly 90,000-square-foot building and parking garage site at 163-05 and 163-25 Archer Ave. in the heart of the downtown area traded hands for $22 million, according to property records filed Tuesday.

Gertz Plaza sold the site to Jamaica Tower, which has yet to file any building or demolition plans on the site, but it has tons of development potential, according to Massey Knakal Realty Services.

“This sale signifies the return of the residential development market in downtown Jamaica,” said Massey Knakal’s Brian Sarath, who handled the transaction. “It is the largest site to trade since the downturn and will be a catalyst for the Jamaica development market moving forward.”

The site currently has a one-story building with an accompanying seven-story parking garage. The building, which has 10 units, currently only uses 32,471 square feet of the site and some units are vacant, while the garage is 280,000 square feet.

It is a developer’s dream with 719,736 square feet of buildable space near a gigantic transportation hub of subways, LIRR, the AirTrain and dozens of buses.

“We received numerous bids in a short period of time from developers that were priced out of other areas in the city and see tremendous value in the downtown Jamaica market,” Sarath said.

Photo courtesy Massey Knakal

Photo courtesy of Massey Knakal

Advocates and public officials have been trying to lure developers and business to Jamaica in recent years with incentives such as a 368-block rezoning of the downtown area and using York College as a tax-free haven for moving companies and start-ups.

York College, which is located across from the site, also hopes to help usher in development and new businesses as a START-UP NY site, and is offering new businesses about 3.5 acres of land on-campus.

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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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