News: Brokerage

Massey Knakal Realty Services recently handles $131.14 million in 14 sales

Massey Knakal's (MK) Northern Manhattan sales team has closed on four transactions consisting of 17 buildings valued at more than $24.125 million, according to Shimon Shkury, managing partner. The properties sold include: The Central Harlem portfolio, comprised of 12 walk-up residential and mixed-use buildings. The portfolio sold for $15 million; 166-68 East 104th St., which sold for $2.925 million; 2266-68 Frederick Douglass Blvd.,which sold for $3 million; 2033 Second Ave., which sold for $3.2 million; and according to Shkury, the firm also closed one of the largest East Harlem development sites to trade this year: 2269-75 First Ave., which sold for $11.5 million. The firm has also recently completed the following transactions: A residential development site with plans for a 72,000 s/f condominium at 948-952 Second Ave. in Midtown East was sold in a deal valued at $30 million. MK broker Clint Olsen exclusively represented the seller with broker Michael Harari. 312 Bowery in NoHo was sold by in a deal valued at $22.1 million. The elevatored property is comprised of 22,749 s/f. MK vice chairman John Ciraulo exclusively represented the seller with managing director James Nelson and broker James Kinsey. A residential development site at 20 Henry St. in the Brooklyn Heights section of Brooklyn sold in an all-cash deal valued at $19.6 million. MK managing director/partner Brian Leary exclusively represented the seller with MK chairman Robert Knakal. MK has sold two lots at 178-180 East 93rd St. on the Upper East Side in a deal valued at $8.745 million. MK broker Cory Rosenthal exclusively represented the seller with broker Guthrie Garvin. Richard Steinberg of Warburg Realty assisted. 161 West 132nd St. in Central Harlem was sold in an all-cash deal valued at $5 million. MK broker Patrick O'Malley exclusively represented the seller. MK has sold a two-story, mixed-use property at 108-15/17 72nd Ave. in the Forest Hills section of Queens in a deal valued at $3.995 million. MK broker Nikolay Diankov exclusively represented the seller and Eric Borukhov of Dakota Realty of Forest Hills assisted in representing the seller. The buyer represented himself. MK has sold two adjacent pre-war buildings at 528-530 50th St. in Brooklyn's Sunset Park in a deal valued at $2.15 million. The four-story properties combined contain over 14,280 s/f. MK broker Adam Hess exclusively represented the seller. A four-story, walk-up apartment building at 511 East 86th St. on the Upper East Side was sold in an all-cash deal valued at $2.75 million. The property contains 6,400 s/f. MK partner Marco Lala represented the seller with Rosenthal. MK has sold a vacant lot near Fordham University at 351 East 194th St. in the Riverdale, Bronx in an all-cash deal valued at $1.175 million. It contains 27,079 buildable s/f MK broker Karl Brumback exclusively represented the seller.
MORE FROM Brokerage

NYSCAR June 2026 president’s message - by Mercedes Brien

As I write this letter, we are preparing to be at the Annual Conference being held at the Rivers Casino, Schenectady, New York. I look forward to reporting on the conference in my next letter. We have some great courses coming up via Zoom. Please be sure to keep watch on upcoming courses by visiting nyscar.org/resources and tools/professional development.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,