10/4/2007

Massey Knakal handles sale of Manhattan condo site

by

Olsen

Harari

Rendering of 948-952 Second Avenue

Massey Knakal Realty Services in New York handled the $30 million sale of a residential development site at 948-952 Second Avenue in the Midtown East neighborhood of Manhattan to local developer Michael Kornblum.

Massey Knakal's Clint Olsen and Michael Harari exclusively represented the seller, the Angel Group, who bought the property in 2005 for $17.5 million.

The site at 948-952 Second Avenue is the future home of a 72,000 square foot luxury condominium development.

The 60 by 70 foot property is on the east side on Second Avenue between East 50th and 51st streets. Included in the deal were 24,757 square feet of air rights from neighboring buildings bringing the total buildable square footage to 71,832.

Olsen, Massey Knakal's Midtown East specialist, was an equities trader before embarking on a career in real estate.

Harari is the senior director of sales in the company's Brooklyn office. His specialization is the Coney Island/Brighton Beach neighborhoods. He's negotiated many noteworthy deals including the Trump development site at 1607 Surf Avenue.

Address: 948-952 Second Avenue, New York, N.Y.

Size: 72,000 buildable square feet

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Filed Under: Multi-Family

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