Todd Korren Joins EVO as Principal and COO

Todd Korren.

Todd Korren has joined EVO Real Estate Group as a principal and chief operating officer, Commercial Observer has learned.

Mr. Korren comes from Massey Knakal Realty Services (which has since been purchased by Cushman & Wakefield), where he served as executive managing director. In this capacity, Mr. Korren oversaw the day-to-day operations of the 57-person sales team and the tri-state area’s retail leasing division. Before working at Massey Knakal, he was a principal and director of leasing at Savanna. Read More

Mortgage Observer

C&W to Buy Massey Knakal For $100M: Source [Updated]

Cushman & Wakefield is rumored to be close to purchasing investment sales and mortgage brokerage Massey Knakal Realty Services in its entirety for $100 million. A source with knowledge of the deal said the purchase should close on New Year’s Eve.

New York-based Massey Knakal had hired financial services firm Perella Weinberg Partners to sell either a 49 percent stake in it or the entire firm last month, according to previous reports. Read More

The Lobby

REBNY Elects New Commercial Board Leaders

REBNY Commercial Board of Directors

The Real Estate Board of New York elected brokers from Massey Knakal Realty Services and Cushman & Wakefield to lead the influential professional and advocacy organization’s commercial brokerage board of directors, REBNY announced today.

Massey Knakal partner James Nelson will lead the board, which meets monthly and oversees the activities of the various commercial brokerage committees within the decision, while Joanne Podell, a vice chairman at C&W, will act as vice chairman. Mr. Nelson’s chairmanship follows that of William Montana of Savills Studley, who led the board for five years. Read More

Sales Beat

East Side Portfolio Changes Hands for $126.3M

176 East 3rd Street

A portfolio of five properties on Manhattan’s East Side has been sold for an aggregate $126.3 million, according to brokerage firm Massey Knakal Realty Services.

The portfolio included 176 East 3rd Street located between Avenues A and B, 420 East 66th Street located between First and York Avenues, 336 East 81st Street located between First and Second Avenues, 344 East 85th Street located between First and Second Avenues and 404 East 88th Street located between York and First Avenues. Altogether, the properties included 264 residential units, two commercial units and one professional unit over 144,000 square feet. Read More

The Lobby

TerraCRG Expands Commercial Leasing Division with New Hire

Peter Schubert

TerraCRG has tapped former Transwestern and Moinian Group broker Peter Schubert to expand its leasing presence throughout Brooklyn, Commercial Observer has learned.

The commercial brokerage and advisory firm that focuses solely on Brooklyn brought Mr. Schubert on as a partner and managing director of the company’s commercial leasing division, company officials said. Though TerraCRG has made a name for itself as an investment sales brokerage, Mr. Schubert will beef up the retail leasing staff at the six-year-old firm. Read More

Market Reports

Southwest Brooklyn Booming, Too: Massey Knakal

Southwest Brooklyn

Investment sales in the southwest Brooklyn submarket are on pace to grow by 57 percent in terms of the number of buildings sold and 119 percent in dollar volume this year, according to a new monthly report set to be released this week by Massey Knakal Realty Services.

While neighborhoods like Sunset Park, Bensonhurst, Bay Ridge and eight other areas within southwest Brooklyn don’t receive the same hype as other areas such as Williamsburg or Downtown Brooklyn, the southwestern portion of the borough have accounted for 25 percent of the total buildings sold and 18 percent of the total sales figures for the borough, figures from the report say. Read More

Mortgage Observer

Brokers and Lenders on the Rise

25 Photos

25 under 35 MO26

What is an industry without a promising crop of rising stars? While commercial real estate lending is often cast as a rigid establishment of older gentlemen, a number of dynamic young brokers are making their name across the East Coast—and giving their more senior counterparts a run for their money. Read More

Market Reports

Report: Investment Sales on Pace to Break Record

Sales totals

Almost 1,100 investment sales in the third quarter of the year netted a collective $11.3 billion in New York City, adding up to a total of $39.1 billion for the year so far as 2014’s sales totals eclipse those of 2013 with one quarter still remaining, according to a quarterly report released today by Massey Knakal Realty Services.

Even though this quarter’s volume and sales figures represent smaller sums than the last quarter’s, the breakneck pace would equal a robust $63 billion for the year if the sales keep up through the fourth quarter, said Massey Knakal Chairman Bob Knakal. Read More


Officials: Beefed-Up Transit Essential for Booming Brooklyn

Real Estate Summit

With Brooklyn’s stature in the city’s real estate industry no longer just an emerging trend, top policy makers and power brokers drew attention to transportation issues as critical to continuing real estate development in the world’s hottest borough today at the annual Massey Knakal Realty Services Brooklyn summit at the Brooklyn Museum.

Although many of the borough’s bustling areas already enjoy bus and subway connections, speakers who led off the day-long program referenced new approaches to the city’s parking requirements, potential novel ways to transport commuters between the boroughs and Manhattan and the need to ease congestion on the busy Lexington Avenue subway train. Mayor Bill de Blasio‘s administration checked in at the conference with pledges to beef up transit capacity between the neighborhoods of Brooklyn. Read More

Sales Beat

SL Green to Sell Three Manhattan Assets

180 Broadway. (PropertyShark)

SL Green Realty Corp. has agreed to sell three of its Manhattan assets, the real estate investment trust announced today. The deals, for 2 Herald Square, 180 Broadway and 985-987 Third Avenue, will generate net cash proceeds of $240 million, according to a press release.

The REIT will sell the leased fee interest in 2 Herald Square for $365 million. SL Green acquired the interest in joint partnership in 2007 before consolidating its position in 2010, the landlord said. Read More

Lease Beat

Massey Knakal Expands at 275 Madison Avenue

275 Madison Avenue. (PropertyShark)

Massey Knakal has signed a 15-year, 40,738-square-foot expansion at its 275 Madison Avenue headquarters. The real estate services firm will occupy the second, third and fourth floors of the RFR Realty-owned building.

The firm is consolidating its current presence on the third, ninth, 10th and 14th floors of the building, according to The New York Post. The lease also includes expansion options, the Post reported. Read More

Sales Beat

Big Brothers Big Sisters Sells Murray Hill Headquarters to Local Church

221-223 East 30th. (PropertyShark)

Big Brothers Big Sisters of New York City, a mentoring-focused nonprofit, has sold its 10,364-square-foot headquarters at 221-223 East 30th Street to Remnant Presbyterian Church for $6.75 million, or approximately $651 per square foot.

The all-cash transaction closed at $1 million under the original $7.75 million ask price for the Murray Hill townhouse, according to a recent statement. Read More

Power Broker

Tom Donovan: Massey Knakal’s King of Queens

Tom Donovan. (Photo: Arman Dzidzovic)

To say Massey Knakal’s Tom Donovan knows Queens like the back of his hand might be an understatement–so much so that his colleagues call him “MapQuest” when it comes to the borough.

He derived his GPS-like abilities from delivering pizzas across Queens as a youth, and later as an NYPD cop patrolling the borough’s streets. Read More

Cover Story, Feature

Home Field Advantage: The Impact of Yankee Stadium and Citi Field

Yankee Stadium.

Baseball has long been considered a rite of spring. The sound of bat on ball has for decades been associated with those fledgling days of warm weather when New Yorkers in the Bronx and Queens embrace the early games of baseball season with a sense of renewed hope that this may just be the year.

It may also be a time of renewed hope for the neighborhoods the Yankees and Mets call home. Five years removed from the openings of the new Yankee Stadium and Citi Field, the areas around both young stadiums are set for rebirths. Read More