Massey Knakal Realty Services is pleased to announce the release of their exclusive First 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).
“In the first quarter of 2012 the property sales market in New York City continued to perform at essentially the same modest levels seen in the fourth quarter of 2011,” stated Bob Knakal, Massey Knakal Chairman. “The results were disappointingly not better and simultaneously happily not worse. They were disappointing because we expected a natural gravitation toward long term trends which should have pulled all markets up from relatively low levels. However, we were happy that things weren’t worse because both the dollar volume of sales and the number of properties sold, had been trending lower in recent quarters. That trend apparently is apparently slowing,” added Knakal.
During the first quarter of 2012, there was $6.9 billion in New York City sales, a 62% increase from 1Q11 and on par with the $6.9 billion sold in 4Q11.
There were 397 transactions consisting of 547 buildings, an increase of 12% from this time last year. The turnover rate was 1.33% of the total stock of properties. The average price per property in New York City in 2011 was $12.6 million, slightly exceeding the average of $12.3 million in 2007. Manhattan accounted for 83% of total dollar volume with $5.7 billion, while Brooklyn accounted for the second largest portion with 10% of total building sales.
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