Schubert and Brumback of MK complete separate deals: $3.31m total

Massey Knakal Realty Services (MK) has recently completed two deals: The firm sold a 27-ft. wide, mixed-use building with residential and retail components at 433 DeKalb Ave. in the Bedford-Stuyvesant neighborhood in an all-cash transaction valued at $1.45 million.The four-story property is located on the north side of DeKalb Ave. between Classon Ave. and Taaffe Pl.. It contains two retail components - a restaurant and a vacant laundromat - and six two-bedroom apartments, all of which are vacant and in need of major renovations. The property contains 7,020 s/f. The property sold for $206.55 per s/f to a N.J. developer. MK broker Peter Schubert, exclusively represented the seller. MK was the sole broker in this transaction. In the second transaction, MK sold 2701 Kingsbridge Terr.-three contiguous lots that create a triangular development site with plans to house homeless and low-income veterans in the Bronx. The sale price was $1.86 million. 2701 Kingsbridge Terr. is located in an R6 zone at the corner of West Kingsbridge and Kingsbridge Terr. The property contains 14,100 s/f, 34,000 buildable s/f of residential space or as much as 67,680 buildable s/f for a community facility. Existing plans for the site call for a 77-unit housing complex backed by the Jericho Project, a NYC-based organization that provides permanent housing and supportive counseling for the city's veterans. The group has already proposed a six-story residence which is expected to service about six dozen homeless and low-income veterans. The complex is expected to open in 2011. MK broker Karl Brumback is the exclusive agent. MK was the sole broker in this transaction.