Massey Knakal has completed its third quarter 2014 extensive analysis of the New York City real estate market. This study includes an in-depth look at the retail, capital markets, and hospitality landscapes as well as the New York City investment sales market overall and its submarkets.
The New York City investment sales market continues on pace to set an all-time record for the number of properties sold in a given year. The city is expected to see more than 5,100 properties sold, breaking the previous high set in 2007. The on-going rise in transactional volume can be attributed to the resurgence of the outer markets (Brooklyn, Queens, Northern Manhattan, the Bronx) where 83% of all activity has taken place. This is due in large part to the “Manhattanization” of the outer markets, where increased investor interest and confidence has begun to blur the lines in institutional investor consciousness between Manhattan and certain submarkets within the outer markets.
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