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A blog for breaking sales and neighborhood real estate news.

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).

“As expected, the threat of capital gains tax increases had a tangible impact on the investment sales market in 2012, stated Bob Knakal, Massey Knakal Chairman. “The dollar volume of sales rose by 43% to $39.14 billion while the number of properties sold climbed to 3,699, a 66% increase over 2011. Most notably, the number of properties sold in the Manhattan submarket hit an all-time high of 1,148, surpassing the cyclical peak in 2007 by 15%,” added Knakal.

In 2012, the total volume of buildings sold in the New York City commercial real estate market place was $39.1 billion, a large increase from the $27.3 billion in 2011. The $17.5 billion in the 4th quarter was increase of 136% from 3Q12 and represented 45% of the total sales volume in 2012. This quarterly total was the second highest ever, only falling short of the $20.1 billion in 1Q07.

There were 2,960 transactions consisting of 3,699 buildings, an increase of 66% from 2011. The turnover rate was 2.24% of the total stock of properties citywide. The average price per property in New York City in 2012 was $10.6 million, down from $12.3 million in 2011. Manhattan accounted for 77% of total dollar volume with $30.3 billion, while Brooklyn accounted for 34% 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 blended, year-over-year increase of 13% on a price per square foot within all property types.

Click here for highlights from each report

Agents: Paul Massey Jr.