Robert Knakal has long had a simple philosophy about selling real estate.
The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time. Read More
It is very obvious that we are approaching election season in New York, as the fundraisers and calls from local politicians are starting to come with greater frequency.
Given the budget deficits that New York is facing, both at the city and state level, one of the questions I always ask politicians looking for donations is what three specific line items in the city budget do they believe could withstand cutbacks. I have never received a straightforward answer to this question and most of the time the default position from the politician is, “We must work hard to eliminate waste, fraud and abuse.” Read More
Zara Realty has acquired a five-building portfolio of apartment buildings in Queens for $39 million from the large residential real estate owner Urban American.
Ken Subraj, an executive and principal at Zara, confirmed the deal and said that his company was drawn to the buildings because they are both similar and closely located to the company’s existing holdings. Read More
As we have seen, year after year, in the New York City investment sales market, multi-family apartment buildings is the asset class that is always in the highest demand. The inherent upside potential within these properties, based on artificially low rents created by rent regulation, keeps investors flocking to this product type and makes regulated apartment buildings the easiest property type to finance. Read More
Joe Chetrit is leading a partnership of investors in the acquisition of 77 Commercial Street, a development parcel in Greenpoint, Brooklyn that can accommodate about 270,000 square feet of residential development.
It’s not clear what Mr. Chetrit has negotiated to pay in the deal, but the property was being marketed by a Massey Knakal team led by the company’s chairman, Robert Knakal, that sources said was aiming to net a purchase price in the high $20 millions. Read More
640 Broadway has sold for $32.5 million.
According to Bob Knakal, chairman of the brokerage company Massey Knakal who handled the sale with colleague James Nelson, the roughly 63,000 square foot Soho building was purchased by a first time Manhattan buyer in partnership with an institutional investor. Mr. Knakal, a prolific broker of commercial and multifamily buildings in the city, said he could not disclose the identity of the joint venture because they were his clients and asked him to remain anonymous. Read More
Perhaps the market segment most difficult to understand, particularly if we examine recent market data, is the development land market in Manhattan. Read More
As Manhattan always sets the pace for New York City, this week we will take a look at how its leading submarket performed last year.
In 2011, the dollar volume of sales in the Manhattan submarket (defined as south of 96th Street on the East Side and south on 110th Street on the West Side) showed dramatic improvement over 2010 levels. There was $21.7 billion in investment sale transactions last year, up from the $11.6 billion that occurred in 2010, an 87 percent increase. Read More
Generally speaking, the New York City property sales market has been trending positive. But despite the upward metrics, the road to recovery remains bumpy. Read More
Massey Knakal executives predict that the sales market for office buildings and apartment properties will pick up considerably in 2012, due in large part to a combination of record low interest rates and widespread expectations that the capital gains tax rate will rise next year.
“We’re going to see a natural regression in 2012 back to the norms,” said Robert Knakal, Massey Knakal’s chairman, noting that the volume of properties sold in the city has been below the historical average since the recession and is likely to bounce back. “The potential increase in capital gains that could take place in 2013 [is a big driver]. We saw a significant spike in sales volume in 2010 for the very same reason.” Read More
