Knakal and Nelson of Massey Knakal Realty Services broker $5.5 million retail condo sale

Massey Knakal Realty Services has sold a 7,158 s/f retail condominium at 16 West 48th St. The property is located at the base of The Centria, a condominium building located adjacent to Rockefeller Center. The condominium was sold in an all-cash transaction valued at $5.5 million. Massey Knakal chairman Bob Knakal exclusively handled this transaction with partner James Nelson. The white box retail condo offers a wide variety of retail tenants the flexibility to design their own space in one the most highly trafficked retail and tourist corridors in the U.S. It is suited for restaurant space, with a pre-installed kitchen flue and smog hog, a double-wide staircase to the cellar and private elevator. "The proximity to Rock Center made this a highly attractive property as tremendous foot traffic enhances its appeal," said Knakal. Additionally, Massey Knakal Retail Leasing Services has secured two leases totaling 3,900 s/f. Dunkin' Donuts has signed a retail lease for the 1,000 s/f retail space on the ground floor of 484 Ninth Ave. in Hell's Kitchen. The unit has an additional 1,000 s/f of basement space and 25 ft. of frontage on Ninth Ave. and 37 ft. of frontage on West 37th St. Ryan Horvath, director of retail leasing at Massey Knakal, represented the landlord in the signing of this long-term lease. "When we began marketing the space, we sat down with the owner and asked him to list his top five tenants. Dunkin' Donuts was his number one choice and we were very proud to deliver," said Horvath. A retail lease for the 1,000 s/f restaurant space on the ground floor of 415 Myrtle Ave. The building is located between Vanderbilt and Clinton Aves. in Brooklyn's Clinton Hill neighborhood. The unit has an additional 900 s/f of basement space, and is equipped for a restaurant or bar. The building has 20 ft. of frontage on Myrtle Ave. Andrew Clemens, director of retail leasing at Massey Knakal, represented the landlord in the signing of this long-term lease. "Our aggressive marketing efforts produced several offers from very well qualified bar/restaurant operators looking to open an additional location along this busy corridor in Clinton Hill," said Clemens. Massey Knakal Retail Leasing Services (MKRLS) is a focused retail leasing division whose goal is to ensure that every client obtains creditable tenants at the highest overall rental income. To accomplish this objective, the MKRLS team quickly and efficiently implements well-orchestrated marketing and leasing campaigns geared toward targeted groups of retail candidates. Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.