News

Massey Knakal Realty Services is pleased to announce the release of their exclusive Third Quarter 2012 Property Sales Reports. These unique, industry-leading, reports provides a comprehensive study of the investment sales market by product type in the entire New York City area (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens).

“New York City’s property sales market continues to follow a generally positive trend since 2009. Different metrics are performing differently, however. Dollar volume is on pace for about $29 billion this year which would be up only about 6 percent from 2011 levels. The quarterly dollar volume of sales had moderated since the middle of 2011 when volume was running at about $8 billion per quarter. We haven’t exceeded $7.3 billion since. This trend follows the broader economy,” stated Bob Knakal, Massey Knakal Chairman.

“The number of properties sold is on pace for a 40% increase over 2011 levels as we have already seen 2,336 properties trade hands, more than the 2,222 sold in all of last year. In fact, in 3Q12, there were 948 properties sold which is the highest quarterly total seen since 1Q08 and is approaching the 1,000 property threshold seen in 11 out of 12 quarters in the 2005-2007 peak period,” added Knakal.

During the first 3 quarters of 2012 (1Q-3Q12), there were $21.7B in NYC sales, a 7% increase from 1-3Q11. Thus far, there have been 2,336 properties sold, an increase of45% from the same period last year. The 2,336 sales represent an annualized turnover of 1.89%. In 3Q12, there was $7.3B citywide, up 2% from 2Q12, but down 8% from 3Q11.

The investment sales market continues see marked improvement in fundamentals across property classes, with the number of submarkets already surpassing 2011’s annual totals. Once again, office properties dominate dollar volume, accounting for 34% of citywide volume. Walk-Ups lead the way with 25% of property sales volume. Within the different markets Massey Knakal tracks, Northern Manhattan has seen a resurgence already surpassing 2011’s total dollar and property sales volume. Brooklyn is on pace to double 2011’s dollar volume.

Click here for highlights from each report

Agents: Robert Knakal

Massey Knakal Realty Services, NYC’s #1 building sales firm, is pleased to announce the release of their exclusive First Half 2012 Property Sales Reports. These unique, industry-leading, reports provides a comprehensive study of the investment sales market by product type in the entire New York City area (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens).

“In the first half of 2012, the property sales market in New York City continued to perform at essentially the same moderate levels seen last year. If we annualize the $14.2 billion of sales volume in the first half, our annualized projection will be slightly above the $27.4 billion in all of 2011,” stated Bob Knakal, Massey Knakal Chairman. “The dollar volume of sales in the second quarter actually dropped from the first quarter and, at $6.9 billion, was the first time quarterly activity was less than $7 billion in 5 quarters. The number of properties sold fared much better we are on pace for about a 20% increase in the number of trades over 2011 totals. In fact, the 728 properties sold citywide in 2Q12 was the highest quarterly total going back to 2Q08,” added Knakal.

During the first half of 2012 (1Q-2Q12), there were $14.2B in NYC sales, a 14% increase from 1H11. Thus far, there have been 1,310 properties sold, an increase of 29% from the same period last year, and 9% from 2H11. The 1,310 sales represent an annualized turnover of 1.57%. In 2Q12, there was $6.9B citywide, down 5% from 1Q12 and 15% from 2Q11.

The investment sales market has continued to see marked improvement in fundamentals across property classes, with the number of property sales on pace to eclipse 2011 by 18%. Once again, office properties dominate dollar volume, accounting for 35% of citywide volume. Walk-Ups lead the way with 23% of property sales volume. Within the different markets Massey Knakal tracks, Northern Manhattan has seen a resurgence already surpassing 2011’s total dollar and property sales volume. Brooklyn is on pace to double 2011’s dollar volume.

Click here for the highlights from each report.

Agents: Robert Knakal

Massey Knakal is proud to report that Michael Amirkhanian, Director of Sales for Bedford Stuyvesant, was a top finisher at the recent 27^th Annual Bed-Stuy 10k Run. 

Contact Michael below for more information.

Neighborhoods: Bedford Stuyvesant/ Agents: Michael Amirkhanian