Paul Massey is the New York president of investment sales for Cushman & Wakefield. In August 2016, he announced he'd be running for mayor of New York City in 2017.
Massey was born in Boston, Massachusetts where he attended Roxbury Latin School. He graduated from Colgate University with a Bachelor of Arts degree in economics in 1983.
After graduation, Mr. Massey began his career at Coldwell Banker Commercial Real Estate Services in Midtown Manhattan as head of the market research department, then as an investment sales broker.
Together with Partner Robert A. Knakal, whom he met at Coldwell, he founded Massey Knakal Realty Services. With over 225 employees serving more than 200,000 property owners, Massey Knakal Realty Services was ranked New York’s #1 investment sales firm in volume for the 14th consecutive year by CoStar Group, a national independent tracking agency. With more than $2 billion in annual sales, Massey Knakal was also ranked as one of the nation’s largest privately owned real estate brokerage firms. As CEO of Massey Knakal, Mr. Massey oversaw the direction and growth of the company. He led the development of the firm’s strategic initiatives including geographic expansion as well as the growth of the firm’s service lines. Mr. Massey was also Chair of the firm’s Executive Committee. Additionally, in 2014 alone, Mr. Massey completed numerous transactions with an aggregate value of over $690 million. On December 31, 2014, Cushman & Wakefield acquired Massey Knakal and Mr. Massey was appointed President, New York Investment Sales.
The contiguous properties sold for $15.5 million, or $263 per square foot. The sales price represents a capitalization rate of 6.8 percent and a gross rent multiple of 9.5. The building has approximately 59,000 square feet, including 74 free-market units, 22 rent-stabilized units and 10 rent-controlled units.
The elevator building sold for $1.2 million, or $61 per square foot. The price represents a capitalization rate of 15.49 percent and a gross rent multiple of 3.5. The property contains two floors of medical office space, 14 parking spaces and two floors of residential space, which comprise 14 apartments that rent for below-market rates.
The retail and residential property sold for $8.1 million, which represents a capitalization rate of 5.1, a gross rent multiple of 13.6 and a per square foot price or $648. The property has one retail space and 21 residential units, of which 20 are rent stabilized and one is free market.
The walk-up properties sold for $2.8 million, which represents a capitalization rate of 5.5 percent, a gross rent multiple of 8.9 and a per square foot price of $237. The buildings contain a total of 47 units.
The elevatored properties, which total 48,916 square feet, sold for $18 million, which represents a capitalization rate of 4.1 percent, a per square foot price of $367.96, and a gross rent multiple of 14.5. The properties comprise 85 residential units, of which four are rent-controlled and 81 are rent-stabilized. Includes 211 East 25th Street and 290-294 West 12th Street.
The elevatored townhouse sold for $12.2 million, or $1,182 per square foot. The three-unit property was gutted with the intention of converting it into a single-family townhouse, but the seller changed plans and sold the shell.