Massey Knakal Multifamily Summit

Gary Barnett joins Massey Knakal Multifamily Summit

ryanslack — Mon, 26 Jul 2010 08:00:58 +0000

We are pleased to announce that Gary Barnett, President of Extell Development, has agreed to hold a special keynote address at the Massey Knakal Multifamily Summit on September 21. Gary oversees a portfolio of over 10 million square feet, including significant multifamily holdings, and recently announced that he’ll be building the City’s tallest residential building, a $1.3 billion skyscraper on 57th Street. He seldom speaks in public, so this is a rare and valuable opportunity that you won’t want to miss.

Officials “concerned” over rise in delinquent multi-family mortgages

ryanslack — Mon, 19 Jul 2010 08:00:07 +0000

Around 442 residential buildings across the city are in serious default on property taxes, according to the New York Times, as a result of recession-related fiscal challenges, including unemployed tenants unable to make rent payments. The rise of delinquent mortgages among multi-family properties underscores the simultaneous climb of blighted buildings in the city, experts say, with necessary maintenance often falling by the wayside when financial times get tough. Douglas Apple, first deputy commissioner of the Department of Housing Preservation and Development, said that the rise of delinquent mortgages, largely localized to the South Bronx, Harlem and central Brooklyn, is alarming. “More and more of these properties, especially the not-for-profits, are not making their mortgages, not paying taxes, water,” Apple said. “It’s gotten to the point where we are very concerned.”

Four new properties make NYC distressed list

ryanslack — Fri, 09 Jul 2010 08:00:26 +0000

Four New York City addresses made their debuts on Trepp’s list of distressed properties in June, and one made a re-entry, according to data compiled for The Real Deal (see chart below). New to the 48-item New York City list is Argus Realty’s 32,049-square-foot office property at 246 Fifth Avenue, which is 60 days delinquent with a $14.5 million loan balance, and two Bronx multi-family portfolios in foreclosure, with loan balances of $36.5 million and $35 million. Another newcomer is 405 East 77th Street, a 15-unit apartment building that’s 60 days delinquent with a $3 million loan balance.

Hopes Dimming for Tenant-Backed Bills as Albany Session Ends

ryanslack — Tue, 29 Jun 2010 18:59:00 +0000

By Eliot Brown of The Commercial Observer

When Democrats won control of the State Senate from Republicans in November 2008, the common sentiment was that New York City landlords were going to be in trouble. With Democrats controlling both houses of the Legislature and the governor’s mansion, tenant activists expected to be able to pass a raft of new legislation that would add new protections for renters and restrict revenue for landlords.

But now, as the second legislative session under a Democratic Senate draws to a close in the next few days, no major tenant-backed bill has passed, and lobbyists involved with talks–particularly those who represent landlords—do not expect passage of a tenant-friendly legislative package…

The Investment Sales Mini-Bubble

ryanslack — Thu, 24 Jun 2010 19:00:43 +0000

By Robert Knakal for The Commercial Observer

When it comes to today’s investment sales market, the biggest question on everyone’s mind is the sustainability of the market’s present momentum. Can the currently elevated price levels continue on their current trajectory, or are we in a mini-bubble at a low point in this cycle? In order to answer this question, we shall look at present conditions and what they might say about where the market is headed…

Perhaps the dynamic having the most significant impact on the investment sales market today is good old-fashioned supply and demand. The marketplace is always highly dependant upon the supply-demand relationship, whether discussing retail space, office space or investment sales. Today, more than at any time I can remember in the 26 years I have been brokering investment properties in New York, the market is being influenced by what is an extraordinarily acute imbalance between supply and demand.

Now What? Fannie and Freddie Delisting

ryanslack — Thu, 24 Jun 2010 12:01:48 +0000

By Sam Chandan for The Commercial Observer

Fannie Mae and Freddie Mac returned to the spotlight last week when the Federal Housing Finance Administration announced on Wednesday that it had directed the government-sponsored enterprises to delist their common and preferred shares from the New York Stock Exchange. The GSEs will likely trade on the over-the-counter market and will maintain their registrations with the Securities and Exchange Commission. They will both continue to file quarterly S.E.C. statements.

The F.H.F.A.’s move followed a notification from the exchange that Fannie Mae had fallen out of compliance with its minimum trading price guidelines. The GSEs’ stocks have continued to trade since they were seized by the federal government following a plunge in their share prices two years ago. In the time that has followed, Fannie Mae and Freddie Mac have received $145 billion in public support in the form of Treasury investments in senior preferred shares.

Massey Knakal and GreenPearl Events Announce Multifamily Summit

admin — Sun, 09 May 2010 19:34:08 +0000

Massey Knakal Realty Services, NYC’s number one building sales firm, and GreenPearl Events, the rapidly growing real estate conference company, are pleased to announce that Massey Knakal will be the title sponsor for this year’s Multifamily Investment Summit – now entitled the “Massey Knakal Multifamily Summit” – the nation’s new and innovative conference for multifamily investors, owners, developers, brokers, lenders, property managers, real estate executives and service providers.

In 2009, over 375 attended the inaugural Multifamily Investment Summit. This September, GreenPearl Events is bringing it back even bigger and better than last year with leadership from Massey Knakal, which is lending both its brand power and access to large numbers of multifamily investors and owners.

Robert Knakal, Chairman and Founding Partner of Massey Knakal, will chair this year’s event. Mr. Knakal has brokered the sale of over 1,050 properties in his career having an aggregate market value in excess of $6.2 billion.

“GreenPearl Events organizes many of the best conferences I have ever attended,” said Knakal. “I was a speaker at a GreenPearl event and met some people which resulted in my being retained to assist with the sale of a 25 building portfolio. It is a pleasure for us to combine forces to create the top multifamily conference of 2010.”

The multifamily real estate industry will gather in New York City on September 21, 2010 at the McGraw Hill Conference Center at 1221 Avenue of the Americas. It is a full day event with 40+ highly respected speakers, including the area’s top multifamily investors, owners and developers.

“Massey Knakal is synonymous with NYC multifamily buildings sales,” stated Ryan Slack, CEO, GreenPearl Events. “We couldn’t think of a better firm to work with on this conference. Working with Massey Knakal validates our vision for GreenPearl Events, which is to produce the highest quality events where new relationships are forged and deals get done.”

The timing couldn’t be better, as the multifamily sector heats up and more transactions are getting done. Investors, owners, and managers are eager to reignite relationships, make new contacts, and learn about the latest trends in multifamily investing, finance, sales, and management.

For more information on this event please visit http://greenpearlevents.com/mkms

About Massey Knakal

Massey Knakal is the New York metropolitan area’s premier full service sales company, specializing in the sale of investment and user properties. With over 100 employees, four offices and thorough coverage of the five boroughs of New York City, Westchester County, Long Island and New Jersey, Massey Knakal Realty Services dominates the New York metropolitan area’s building sales marketplace. For more information, visit: http://masseyknakal.com

About GreenPearl Events

GreenPearl Events is the newest and most innovative real estate conference company to emerge in recent years, bringing together the best and brightest minds for networking and learning. GreenPearl Events produces the highly acclaimed Distressed Real Estate Summit series, as well as the Medical Office Real Estate Symposium, the Real Estate Marketing & Technology Academy, and the Brooklyn Real Estate Summit. For more information, visit: http://greenpearlevents.com.