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Massey Knakal closes three sales totaling $9.95 million

New York, NY - 2013-11-26

Massey Knakal Realty Services has closed three sales totaling $9.95 million. The deals include:

* Two contiguous newly constructed multifamily buildings at 93-97 Waverly Ave., located between Park and Myrtle Aves. in Brooklyn's Clinton Hill neighborhood, were sold in an all-cash transaction valued at $6.5 million. The five-story walk-up buildings combine for 11,974 s/f on a 40' x 110' lot. They total 17 residential units, with five two-bedroom, seven one-bedroom, and four studio units. All of the units have double height ceilings, and many feature both mezzanine space and outdoor terrace space. The sale price equates to approximately $543 per s/f. The building is located in the heart of Clinton Hill just around the corner from the commercial strip of Myrtle Ave. "The demand for Brooklyn multifamily properties only continues to grow. With the supply imbalance and increase in rental rates, the result is usually very favorable for sellers," said Massey Knakal's Stephen Palmese, who exclusively handled this transaction. "Achieving $543 per net s/f in this part of Clinton Hill will definitely raise the bar for pricing in this market."

* A mixed-use building at 134 East 28th St., located between Lexington and Third Aves. on the border of Manhattan's Kips Bay and Murray Hill neighborhoods, was sold in an all-cash transaction valued at $2.6 million. The four-story walk-up building contains 3,440 s/f and sits on a 20' x 74' lot. It consists of a duplex office space on the ground floor and basement, with access to the manicured garden. The parlor floor is a loft-like space, equipped with a kitchen and an outdoor patio. Floors three and four are partitioned into six bedrooms and two full bathrooms. The boiler has been recently upgraded and the first two floors are outfitted with wall mounted mini-split cooling systems. The property's most recent use was a convent. The sale price equates to $756 per s/f. Located on the cusp of the popular Kips Bay and Murray Hill neighborhoods, public transportation is easily accessible with the 6 train entrance only one block away at Park Ave. South. All other amenities are readily available in the immediate vicinity. "This sale created a prime opportunity for an investor/developer to purchase and reposition the property. The commercial zoning and composition of the surrounding neighborhood created opportunities for single-family, multifamily and mixed-use developments. In the end, a local developer purchased the property and has begun to plan his renovations," said Massey Knakal's John Ciraulo, who exclusively handled this transaction.

* A brownstone at 49 East 126th St., located between Madison and Park Aves. in Manhattan's Central Harlem neighborhood, was sold in an all-cash transaction valued at $850,000. The three-story walk-up building contains 3,029 s/f and sits on a 20' x 100' lot. It was delivered vacant and ready for immediate renovation. The sale price equates to $281 per s/f. The property is located one block from the historic 125th St. corridor, the heart and soul of culture and retail in Harlem, and Marcus Garvey Park, which features a recreation center, amphitheater, swimming pool, baseball field, and two playgrounds. The neighborhood includes top-rated restaurants and venues such as Red Rooster, The Lenox Lounge, and Sylvia's. The 2, 3, 4, 5, and 6 subway lines are three blocks away, providing access to Manhattan as well as the outer-boroughs. The Harlem-125th St. Metro-North station is two blocks away, offering accessibility throughout the Northeast region. "The buyer plans to perform a gut renovation on this property," said Massey Knakal's Lev Kimyagarov, who exclusively handed this transaction. "It seems every block in the area currently has two or three properties undergoing renovation. This speaks to the continuing growth of Central Harlem."




Stephen Palmese, Massey Knakal

John Ciraulo, Massey Knakal

Lev Kimyagarov, Massey Knakal

93-97 Waverly Avenue, Clinton Hill - Brooklyn, NY

134 East 28th Street - Manhattan, NY

49 East 126th Street, Central Harlem - Manhattan, NY