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.