News
UP WE GO
July 14, 2011
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| During the first half of ’11, there were $12.6B in NYC property sales, a 52% increase from the second half of ’10—and the highest dollar output since the first half of ’08 (if only our trip to Atlantic City were so profitable). But larger asset sales are skewing total volume higher while the number of properties sold is lagging, we learned from Massey Knakal at its quarterly review. “While marketwide trends are clearly moving positively, the investment sales market in NYC is somewhat uneven,” says chairman Bob Knakal (third from left with CEO Paul Massey, Guthrie Garvin, Rob Shapiro, Tom Donovan,Adrian Mercado, Stephen Palmese, James Nelson, Mike Gembecki, and Nick Burns). Values in Manhattan are generally trending upwards, while the properties in the outer boroughs are still trying to find their footing. Despite this, Brooklyn outpaced all markets with 336 cha-chings (35% of properties sold), while Manhattan led in dollar volume with $11B of sales. |
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| Manhattan saw 277 properties sold, a 14% increase over the second half of ’10. This included the $10.2M purchase of 1032-1034 Lexington Ave, above, a 12k SF, three-story commercial building that Massey Knakal brokered. Brooklyn saw aggregate sales of $700M (up 54%) with 336 properties sold (up 14%); Queens, $452M(up 52%) with 164 properties sold (up 21%); Northern Manhattan, $167M (down 4%) with 69 properties sold (up 13%); and the Bronx, $283M (down 3%) with 114 properties sold (up 18%). |
