Massey Knakal Realty Services, NYC’s #1 building sales firm, is pleased to announce the release of their exclusive Mid-Year 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).
“Investment activity has increased dramatically from this time last year and based on the last six (6) quarters of data, we can now point to the bottom of the market from an activity perspective,” said Massey Knakal Chairman and Founding Partner Robert A. Knakal. “It is now clear that the summer of 2009 will be known as the bottom of sales activity, however, pricing varies from property type and borough,” added Knakal.
The total number of properties sold citywide through mid-year was 818, up an impressive 24% from the 774 properties sold in the first half of 2009. The 2Q10 number of 449 properties sold was up 22 % from the 369 total properties sold in the first quarter of 2010. Mid-year activity also remained 70% below the 2,738 sales occurring in the first half of 2007, which was the peak of market activity.
Within the different market segments Massey Knakal tracks, Manhattan continues to be the best performing thus far in 2010. The 230 properties sold (occurring south of 96th Street on the east side and south of 110th Street on the west side) represent an 87% increase from the comparable period in 2009, but a 61% decrease from the first half of 2007, the most active half year. The borough with the least activity was the Bronx in which there were only 92 properties sold in the first half of 2010, down 15% from mid-year 2009 and down 76% from the most active half year in 2007.
For dollar volume, the best performing area was Northern Manhattan which saw a 180% increase in activity from mid-year 2009 and a 51% increase from 1Q10. The Bronx was the weakest performer with $192,487,204 million of sales in mid-year 2010, down 4% from mid-year 2009 but still up 78% in 1Q10.
For highlights from each report, click here