Massey Knakal Realty Services is pleased to announce the release of their exclusive Year-End 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’s recovery is generally trending positive but remains uneven,” stated Robert Knakal, Massey Knakal Chairman. “On an annual basis, 2011 volume numbers were up significantly from 2010 numbers both on a dollar volume and number of properties sold basis. It is clear, however, that the activity in the second half of the year showed signs of a slow down and we would have been ready to call the beginning of a double-dip had it not been for the fact that values appreciated. This is clearly a sign of a supply constrained market as opposed to weakening conditions. We expect supply to pick up significantly as we progress through 2012,” added Knakal.
In 2011, the total volume of buildings sold in the New York City commercial real estate market place was $25.6 billion, an increase of 80% from the $14.2 billion in 2010. The $25.6 billion is down 59% from the peak of the market in 2007, and down 15% from the 7 year average of $30 billion.
There were 1,751 transactions consisting of 2,122 buildings, an increase of 25% from 2010. The turnover rate was 1.29% of the total stock of properties. The average price per property in New York City in 2011 was $12 million, slightly off the average of $12.3 million in 2007. Manhattan accounted for 85% of total dollar volume with $21.7 billion, while Brooklyn accounted for 35% of total building sales.
Massey Knakal’s Pricing Index, which tracks price per square foot change in New York City across all property types posted a 6% increase in PPSF with all markets up from 2010. Northern Manhattan led the way with a 16% increase in price per square foot.
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