February 24, 2016 | Commercial Observer | Bob Knakal
At the beginning of 2016, our forecast for the investment sales market in New York City was rather bearish. Coming off two years with all-time records, we felt that both sales volumes and values had to correct given how values had gotten so far ahead of fundamentals. We projected that the dollar volume of sales this year would fall by 10 percent to 20 percent, and the number of properties sold could be down as much as 30 percent to 40 percent from last year’s totals. In addition, we believed that property values would also decline this year relative to last year’s all-time record levels.
We are currently a bit more than halfway through the first quarter of the year, and it appears our forecast is on track...
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Agents: Robert Knakal