Massey Knakal Realty Services, NYC’s #1 building sales firm, is pleased to announce the release of their exclusive third quarter (3Q10) 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).
"While we have had several consecutive quarters of increased sales volume, 3Q10 volume was surprisingly disappointing as dollar volume and number of sales dropped from 2Q10,” said Massey Knakal Chairman and Founding Partner Robert A. Knakal. “Volume has now joined value as each bounce around, trying to find their footing,” added Knakal.
The total number of properties sold citywide through the third quarter was 1,248 up an impressive 17% from the 1038 properties sold in the first three quarters of 2009. The 3Q10 number of 388 properties sold was down 21% from the 493 total properties sold in 2Q10. Through the third quarter (1Q-3Q10) activity also remained 68% below the 3,980 sales occurring in the first three quarters of 2007, which was the peak of market activity.
Within the different market segments Massey Knakal tracks, Northern Manhattan was the best performing thus far in 2010. The 108 properties sold (occurring north of 96th Street on the east side and north of 110th Street on the west side) represent a 77% increase from the comparable period in 2009, and up 9% from 2Q10. The borough with the least activity was the Bronx in which there were 135 properties sold in 1Q-3Q10, down 16% from 1Q-3Q09 and down 21% from 2Q10.
For dollar volume, the best performing area was Manhattan which saw a 130% increase in activity through 3Q10 and a 43% increase compared to 3Q09. Queens was the weakest performer with $87 million of sales through 3Q10, down 2% from mid-year 2009 and down 38% compared to 3Q09.
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