News

Cushman & Wakefield is pleased to announce the release of its exclusive fourth quarter 2015 Property Sales Reports. These unique, industry-leading reports provide a comprehensive study of the investment sales market by product type in the New York City area (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens).

After a record-breaking year in 2014, which saw an all-time high for properties sold, the New York City investment sales market hit yet another benchmark in 2015. In the past year, the aggregate sales consideration totaled $74.5 billion, exceeding 2007’s previous record of $62.0 billion. The year’s unprecedented dollar volume was anchored by several mega-deals, including the sale of Stuyvesant Town for $5.4 billion and a $3.8 billion investment into the Brookfield development project near Hudson Yards. Four of the city’s top six quarterly dollar volume totals of all-time have now occurred in 2015, a trend supported in large part by an increased prevalence of larger transactions. The average price per property hit an all-time high of $14.7 million in 2015, exceeding 2011’s previous high by 17.6 percent.

“2014 and 2015 were probably the two best years ever for the sales brokerage industry. Supply was strong, demand was excessive and market indicators were moving in the right direction,” said Bob Knakal, Chairman, New York Investment Sales.

Click here for press release.

Cushman & Wakefield is pleased to announce the release of their exclusive third quarter 2015 Property Sales Reports. These unique, industry-leading reports provide a comprehensive study of the investment sales market by product type in the New York City area (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens).

Through three quarters this year, the New York City investment sales market has seen consistently heightened dollar volume levels, with an aggregate consideration of $17.9 billion in 3Q15. Three of the city’s top five quarterly dollar volume totals of all-time have now occurred in 2015, and the year-to-date total of $55.4 billion has nearly exceeded 2014’s annual volume of $57.9 billion and has surpassed 2007’s all-time high. The third quarter experienced a boost from the office sector, which totaled $7.5 billion in sales and achieved an all-time high for that property type. The average price per property has risen to $13.9 million this quarter, a 44% increase from 3Q14.

Bob Knakal, Chairman, New York Investment Sales, said “2014 was the best investment sales market I have seen in 32 years. Thus far, 2015 has been putting up a valiant challenge to that title. In some ways, it is not quite measuring up and, in others, it is well on the way to making history. If we look at the dollar volume of sales in the New York City market, 2015 will undoubtedly set a new all-time record."


Click here for press release.

Cushman & Wakefield has been retained on an exclusive basis to sell a residential development site at 100 Conklin Street in Beacon, Dutchess County.  The asking price is $1,500,000.

The approximately 8.6-acre lot holds a maximum building square footage of 224,770.  There are preliminary drawings and floor plans to construct a community building and two, four-story multifamily buildings that would each consist of 36 apartments.

The site is conveniently located within two miles of Interstate 84, the Hudson River, and the Beacon Metro-North train station, which is a 75-minute ride from New York City.  It is also within close proximity to Beacon High School, the Beacon Memorial Athletic fields, and the Dia:Becaon, a renowned contemporary arts museum that embodies this thriving art community.  This offering represents an excellent development opportunity in one of the Hudson Valley’s most picturesque towns.

This property is being marketed exclusively by Cushman & Wakefield’s James Nelson.

Click here for listing details

Massey Knakal Realty Services has been retained on an exclusive basis to sell the residential portion of a newly-constructed elevator building at 327 East 101st Street. The property is located between First and Second Avenues in Manhattan’s East Harlem. The asking price is $19,950,000.
 
The eight-story building is divided into two condominium units, a religious non-profit and residential portion. The community facility components are located on the ground and second floors and are not part of the sale. The residential component contains approximately 29,556 square feet and consists of the residential lobby on the ground floor and the units on the third to eighth floors. Constructed in 2009, the building is 99% occupied and benefits from a 421-a abatement.
 
“Newly constructed institutional quality assets of this caliber are scarce in today’s market.  This offers an investor the opportunity to own a stabilized asset with tremendous long-term upside,” said Massey Knakal’s James Nelson who is exclusively marketing this property with Lev Kimyagarov and Mitchell Levine. “Over the past year, we have seen substantial growth in rents and condominium sellout values in this part of Manhattan. This area, traditionally considered part of East Harlem, is seeing values approach those in the Upper East Side,” added Lev Kimyagarov.

Click here for listing details

Neighborhoods: Harlem

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

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.

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