News: Brokerage

Knakal and Simone of Massey Knakal close $31 million note sale

Massey Knakal Realty Services has closed on the sale of a senior note collateralized by two large apartment buildings located at 530-540 East 169th St. at the corner of 169th St. and Third Ave., and 480 East 188th St. at the corner of 188th St. and Washington Ave. The note was sold in a transaction valued at $31 million. 530-540 East 169th St., also known as the Robert Fulton Terrace, is a 17-story building which has over 400 ft. of frontage on Third Ave. and 266 ft. of frontage on East 169th St. 480 East 188th St., also known as the Fordham Towers, is a 15-story, block-through corner property with 248 ft. of frontage on East 188th St. and 194 ft. frontage on Washington Ave. These buildings contain a total of 434,000 gross s/f. Both buildings are elevatored and have a combined total of 490 residential units, one commercial unit, and 258 parking units. "This was a complicated transaction given the dynamics of the assets and how long the note was in default but, ultimately, the buyer was able to work their way through this quagmire to structure a smart acquisition," said Massey Knakal chairman, Bob Knakal, who handled this transaction exclusively with first vice president of sales, David Simone. 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.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
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
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their