Massey Knakal Realty Services, NYC’s #1 building sales firm, is pleased to announce the release of their exclusive First Quarter 2011 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).
“After remarkable sales volume in the fourth quarter of 2010 caused by lenders wanting to clean up balance sheets by year end and discretionary sellers rushing to beat what they thought would be an increase in capital gains taxes, we fully expected volume to plunge in the first quarter of this year. While it was lower than 4Q10, the $3.9 billion in sales in the first quarter was a very pleasant surprise. It is also indicative of a very strong market due to low interest rates and substantial demand,” said Massey Knakal Chairman and Founding Partner Robert A. Knakal.
During the first quarter of 2011, there was $3.9B in NYC property sales, a 45% increase from 1Q10 but 30% off the two year high of $5.6B set in 4Q10. Thus far, there have been 433 properties sold, representing an annualized turnover of 1.06%.
Brooklyn has outpaced all markets with 146 property sales through 1Q11, or 34% of total properties sold. Manhattan leads all markets in terms of dollar volume with $3.1B of sales or 79% of the $3.9B sold citywide.
The highlights from each report can be found here