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Posts Tagged ‘paul massey’

  • Massey Knakal turns 25 this month

    November 05, 2013 11:26AM
    From left: Paul Massey and Bob Knakal

    From left: Paul Massey and Bob Knakal

    Massey Knakal Realty Services, one of the city’s top brokerages for small and mid-sized properties, will mark its 25th anniversary this month. The firm currently has $17 billion in total sales with 175 employees, a far cry from the time when the firm only had $15,000 in the bank. Indeed in late 1990, the commercial market was so slow that Knakal and his partner Paul Massey were making cold calls and playing solitaire in the office. [more]

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  • Massey-Lucey1

    Paul Massey and Petula Lucey

    One of the city’s largest commercial service firms, Massey Knakal Realty Services, tapped a former Tishman Speyer executive to be its first chief marketing officer, the company said in a statement. Massey Knakal hired Petula Lucey, a former senior director at Tishman Speyer, who led the firm’s global corporate marketing division. She started September 3.

    The move is part of an expansion Massey Knakal started about two years ago, when it stepped into new markets, including retail leasing and mortgage brokerage in January 2011. [more]

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  • Ruben pays $210M for 600 Madison Ave.

    August 19, 2013 07:01PM
    Richard Ruben and 600 Madison Avenue

    Richard Ruben and 600 Madison Avenue

    Updated, 9:12 a.m., Aug. 20: Investors affiliated with Ruben Companies, a New York City-based real estate investment and development firm, have paid $210 million for an office building at 600 Madison Avenue, city records show. Ruben has held the long-term leasehold on the building since the 1970s, a source familiar with the transaction told The Real Deal. [more]

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  • From left: Paul Massey and Gary Malin

    From left: Paul Massey and Gary Malin

    New York City real estate firms are opening up their wallets and hiring in greater numbers, the Wall Street Journal reported.

    The number of real estate jobs in the city jumped to 122,000 in July, a year-over-year increase of 2.9 percent, according to New York State Department of Labor data seen by the newspaper. [more]

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  • Brooklyn-based Steiner Studios closed last week on the acquisition of a four-property package with a contract price of $30 million, including 350 Livingston Street in Downtown Brooklyn.

    Steiner Studios bought the four properties: a 120,000-square-foot office building at 350 Livingston Street; a vacant lot at 325 Schermerhorn Street; a medical building at 345 Schermerhorn Street and a 20,000-square-foot parking lot at 62-64 Flatbush Avenue, last Wednesday, Ray McKaba, president of the Brooklyn-based seller Nevins Realty, said. He would not comment on the sale price. … [more]

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  • Real estate developers, brokers and attorneys are gathered for the third annual Massey Knakal Multi-family Summit for the tri-state area at the McGraw-Hill Conference Center on Sixth Avenue. The focus of this year’s summit is the acquisition, disposition, financing and management of multi-family properties in the greater New York City area, with a special emphasis on the political environment, trends in rents and operations, as well as a discussion of cap rates, financing and interest rates.

    Bruce Beal, executive vice president of the Related Companies, talked about about the rental market and Related’s current projects.

    “We’ve been doing everything from looking at distressed opportunities — projects that failed, retail projects that weren’t leased, half built condominium buildings — mostly in our core markets like New York, Boston, California,” he said. — Katherine Clarke[more]

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  • Manhattan investment sales by quarter (source: Massey Knakal)

    New York City investment sales fell a sharp 25 percent in the third quarter from the prior three-month period, but commercial property trades are still expected to top 2010 activity and reach $24 billion by the end of the year, executives at brokerage firm Massey Knakal Realty Services said.

    Total third-quarter sales in the city hit $6.5 billion, down from $8.7 billion in the second quarter of the year, according to figures the company released at its quarterly media briefing in Midtown this morning. For the first nine months of the year, commercial property sales including multi-family, office, retail and development, reached $19.2 billion citywide, the firm reported.

    But Robert Knakal, the company’s chairman, did not see the quarterly falloff as a permanent pullback. … [more]

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  • Massey Knakal Realty Services paid a $4,000 penalty to resolve a complaint brought by the New York State Department of State that alleges that the influential commercial brokerage firm violated the state’s real estate licensing laws.

    In the agreement finalized last Thursday, Massey Knakal CEO Paul Massey and chairman Robert Knakal each agreed to pay $2,000 in fines after admitting that Kenneth Krasnow, former managing director of the Brooklyn office, was not licensed while managing real estate agents, and that three other company officers were licensed as salespersons, not brokers, as required by the law.

    The agreement, known as a consent order, says, in part: “By allowing respondent Krasnow to act as a broker in a supervisory role without insuring that he was property licensed, [Massey and Knakal] failed to properly supervise respondent Krasnow, and [has] violated [state law].” The fines have been paid, the document says. … [more]

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  • The New York State agency tasked with overseeing real estate licenses, the
    Department of State, served commercial real estate firm Massey Knakal Realty
    Services this week with a complaint alleging violations including failure to
    supervise a former managing director of the Brooklyn office and for failing to
    properly license three corporate officers as real estate brokers, according to the
    complaint provided by the agency (see complaint below).

    The complaint seeks penalties including the revocation or suspension of the
    company’s licenses held by
    Paul Massey, the CEO, and Robert Knakal, the chairman, as well as fines, although
    an amount was not stated. Insiders noted that despite the complaint stating a
    demand for a revocation or suspension of licenses, the actual penalties often
    wind up being far less severe.

    Massey Knakal, founded in 1988 by Massey and Knakal, has one of the largest
    investment sales forces in the city with 76 brokers, agents and associates and
    earlier this year branched into retail leasing and commercial mortgage brokerage, with additional personnel.

    The complaint follows an investigation opened after a February 2011
    article in The Real Deal
    reported that Kenneth Krasnow, then the company’s
    managing director of the Brooklyn office, did not hold a real estate license in New
    York.

    The complaint, dated May 9, 2011, but served Aug. 1 alleges that Krasnow was
    managing director of the Brooklyn and Queens offices despite not holding a
    license between Oct. 6, 2008 and Feb. 14, 2011. An individual who supervises
    agents in brokerage matters is required to have a real estate license, according
    to the DOS.

    In addition, the state’s inquiry discovered that three individuals — Daniel Hagan,
    vice president of special assets; Cory Rosenthal, vice president of executive
    operations; and Michael Wlody, CFO — held corporate offices at Massey Knakal
    with salesperson’s licenses, not brokers’ licenses, as required. Hagan, Rosenthal and Wlody weren’t immediately available for comment.

    “By allowing respondent Krasnow to act as a broker in a supervisory role without
    being properly licensed, respondent Knakal and respondent Massey have…
    demonstrated untrustworthiness and/or incompetency,” the agency complaint
    said, following standard language used in such documents.

    The next step in the process is a hearing, but a spokesperson for the state did
    not immediately know if a date had been set.

    Knakal referred questions to Massey, who declined to comment. Krasnow did not
    immediately respond to a request for comment.

    In June 2010, the DOS fined the Corcoran Group $70,000 for allowing 79 brokers and agents to work despite licensing irregularities. Since
    2009, the state has fined firms more than $200,000.

    In May, CB Richard Ellis announced that Krasnow was tapped to lead its offices
    in Palm Beach and Fort Lauderdale
    . CBRE did not immediately
    respond to a request for comment.

    Massey Knakal DOS complaint[more]

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  • [Updated 4:40 p.m.] Massey Knakal Realty Services has filed a lawsuit against Nevins Realty
    and its president, alleging he directly negotiated a $30 million sale of
    four downtown Brooklyn parcels to Steiner Studios, costing the commercial
    real estate brokerage $900,000 in lost commissions.

    Massey Knakal, in the suit, filed June 22 in Manhattan Supreme Court,
    alleges fraud and breach of contract against Nevins and asked the court for
    an injunction to prevent the transfer of the $900,000 commission fee at the
    closing, which is scheduled for tomorrow….
    [more]

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  • Although developers Larry Silverstein and Harry Macklowe headlined the impressive list of speakers at Massey Knakal’s Commercial Real Estate Investment today, it was developer Sharif El-Gamal who jazzed up the audience at the second-floor auditorium in the McGraw-Hill Building in Midtown.

    Speaking as part of a panel that included Brookfield Properties CEO Richard Clark, George Comfort & Sons CEO Peter Duncan and Himmel + Meringoff Properties’ managing partner Stephen Meningoff, El-Gamal talked about his company’s competitive advantages…. [more]

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  • alternate text
    From left: Ken Krasnow of Massey Knakal Realty Services; Eastern Consolidated’s Ety Lee; Eastern Consolidated’s Jerome Benayoum; and Lon Rubackin, a managing director at GFI Capital

    Commercial brokerage firm Massey Knakal Realty Services has temporarily replaced Kenneth Krasnow, the managing director of the firm’s Brooklyn office, because he is not licensed as required by the New York State Department of State, company CEO Paul Massey told The Real Deal this morning.

    Krasnow had been the head of the Brooklyn office since 2008. He will be replaced by Cory Rosenthal, corporate vice president, until Krasnow obtains his license, Massey said.

    “[In the] interim, Cory Rosenthal, corporate vice president, will take over day to day management of Queens and Brooklyn until Ken resolves the license issue,” Massey said.
    [more]

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  • While New York City’s real estate world is always moving forward, one Manhattan townhouse has remained virtually unchanged for nearly 150 years. The Tenement Museum at 97 Orchard Street is a living monument to immigrant life on the Lower East Side during the mid-1800s through the 1930s, and in this video The Real Deal looks at the museum’s new visitor center and explore how apartment life has changed over the years. We talk with Morris Vogel, president of the Tenement Museum, and Paul Massey, CEO of Massey Knakal Realty Services and the newly appointed chairman of the board at the museum…. [more]

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  • alternate text
    From left: Garret Thelander and Paul Massey

    Massey Knakal Realty Services has tapped Anglo Irish Bank executive Garrett Thelander, who helped open the New York office of the troubled lender and grow its staff to 35, to lead its new mortgage division, it was expected to be announced today.

    Thelander, 55, is once again charged with starting a new office, this time as a managing director for Massey Knakal, to hire brokers and develop the new arm, Paul Massey, company CEO, told The Real Deal.

    The hiring of the bank executive comes two weeks after Massey Knakal launched a retail brokerage division, bringing in long-time retail agent Benjamin Fox for that job. At the same time, the firm has had significant defections, including a top producer for the firm, Shimon Shkury, who left with his team to open the new firm Ariel Property Advisors. … [more]

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  • From left: Ben Fox, Paul Massey, Chris Havens and Gabriel Bullaro

    The announcement earlier this month from Massey Knakal Realty Services that it was entering
    the retail leasing business brought not only a major new competitor
    to New York City store rentals, but also introduced a novel
    brokerage model to the notoriously fractured industry. The 22-year-old firm has grown to be one of the largest investment sales companies in the city
    relying on a system that divides the New York metro area into nearly 50 geographic territories
    and assigns a broker to each one. It is believed to be the only firm to use a territory system for
    retail brokerage…. [more]

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  • From left: 205 Montague Avenue, Joseph Cayre, Paul Massey and David Schechtman

    Joseph Cayre’s Midtown Equities has put the Downtown Brooklyn building that is home to brokerage Massey Knakal Realty Services on the market for $49 million, only six months after Cayre bought the building for $33 million. Brooklyn has seen a 21 percent increase in total investment sales in 2010, rising to $962.5 million, compared to a year earlier when it was $796.8 million, figures from Massey Knakal show. However, those figures are still far below the market’s peak in 2007 when $3.8 billion in properties traded hands in the borough…. [more]

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  • alternate text
    From left: Landon McGaw and Kobi Leifer

    And then there was one.

    The New Jersey office for investment sales firm Massey Knakal Realty Services is down to one salesperson from a peak of five following today’s resignation of the region’s managing director.

    The news comes a day before Massey Knakal is set to announce that for the first time it has hired a retail leasing broker, and one week after one of the firm’s top producers, Shimon Shkury, departed with his entire team to form Ariel Property Advisors. In related news, two sources said Massey Knakal has hired a new retail leasing broker focusing on Manhattan. Company CEO Paul Massey would not comment on the new hire or identify the individual…. [more]

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  • Massey to head LES tenement museum board

    December 17, 2010 09:20AM

    Paul Massey, CEO of Massey Knakal Realty Services, has been named chairman of the board of directors at the Lower East Side Tenement Museum, the Wall Street Journal reported. The museum, located in a landmarked tenement building at 108 Orchard Street, focuses on immigrants who settled in the city in the late 1800s and early 1900s and is currently planning a new education and visitor center across the street from its current home. Massey, who succeeds real estate investor Bruce Menin, will now take the reins in overseeing that project, which is scheduled to open in the spring of 2011. [WSJ]

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  • 205 Montague Street and Paul Massey

    Commercial
    real estate brokerage Massey Knakal Realty Services is looking to
    sublet a portion of its Brooklyn headquarters at 205 Montague Street in
    Brooklyn Heights. “We are 100 percent committed to having a growing
    presence in the Brooklyn
    market,” company CEO Paul Massey said in a statement. “Some interested
    parties have made proposals to sublet a portion of our space and we are
    exploring those possibilities.” The firm would not provide additional
    details, and a Massey spokesperson said she did “not know which parties
    have expressed interest” in the space. The brokerage also refused to
    confirm or deny a Brownstoner report which claimed that Massey was
    leaving the Brooklyn location entirely, since they were not using it to
    its full capacity. “Massey Knakal has the best commercial agents in
    Brooklyn and we are enjoying our significant market share,” Massey said
    in his statement. In 2006, Massey signed a 10-year lease on the
    18,750-square-foot Brooklyn space, the entire
    third floor of the five-story Class A office property, which is owned
    and managed by the Treeline Companies, according to allbusiness.com. TRD

    [more]

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  • Paul Massey

    Investments sales in Manhattan for the first half of the year more than doubled in 2010
    compared to the same period a year earlier, but still remained far
    below the market’s peak in 2007, bro… [more]

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