News: Brokerage

Palmese, Krivit, Lively and Kean of MK complete three separate sales: $3.245m total

Massey Knakal Realty Services (MK) has recently completed the following deals: A mixed-use property at 8612 3rd Ave. in the Bay Ridge area was sold in an all-cash transaction valued at $1.275 million. It contains 3,700 s/f and was sold for $350 per s/f to a Brooklyn investor. MK broker Stephen Palmese exclusively represented the seller. The firm has also sold a three-family apartment building at 590 Sterling Pl. in the Prospect Heights area in a transaction valued at $1.095 million. The property sold for $260.71 per s/f to a Manhattan user. MK broker Ira Krivit exclusively represented the seller. Alex Maroni of Heights Berkeley Realty Inc. assisted. MK sold a 2,500 s/f, one-story restaurant building with 3,000 s/f of additional air rights at 218 Richardson St. in the Williamsburg area in an all-cash transaction valued at $875,000. It was delivered vacant and sold for $350 per s/f. MK broker Mark Lively exclusively represented the seller with broker Philip Kean. Ari Freundlich assisted in this transaction. The firm has also been hired to market an entire Fifth Ave. block front in Harlem-1428 Fifth Ave. The property presents an investment and development opportunity along Fifth Ave. and West 116th St. Shimon Shkury, Thomas Donovan and Michael Tortorici of MK are the exclusive agents.
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
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.
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
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,

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