Massey Knakal Realty Services Releases Third-Quarter Property Sales Report

Massey Knakal Realty Services, New York City’s number one building sales firm has just released their third quarter 2011 Property Sales Reports, giving a comprehensive study of the investment sales market throughout the entire New York City area.

The report shows that during the first three quarters of this year there were $19.1 billion in New York City property sales, an increase of 111% on the same period last year. This equates to an 80% increase over 2010 on an annualized basis. At the moment 1,548 properties have been sold representing an annualized turnover of 1.25%. The Brooklyn market has outperformed other markets in terms of property sales, accounting for 34% of all properties sold, but Manhattan is still the best performer in terms of dollar volume with $16.7 billion of sales which is 87% of all sales citywide.

Manhattan (south of 96th Street on East side and south of 110th Street on the West side), saw 414 transactions during the first three quarters of this year, a 29% increase compared to the same period last year and a 27% increase on an annualized basis. There were 473 properties sold during the first three quarters of 2011, which is an increase of 30% compared to last year and 29% on an annualized basis. The aggregate sales consideration was $16.7 billion, which is an increase of 135% compared to the same period last year, and which equates to an increase of 93% over 2010 on an annualized basis.

In Brooklyn there were 447 transactions which was a 22% increase over the first three quarters in 2010, and this represented an increase of 18% from 2010 on an annualized basis. There were 529 properties sold which is an increase of 25% on the first three quarters of 2010, and is an increase of 22% from 2010 on an annualized basis.

Queens saw 247 transactions which is an increase of 22% compared to last year, up 20% from 2010 on an annualized basis. A total of 269 properties were sold which is an increase of 20% compared to last year, and up 19% on an annualized basis.
In North Manhattan (north of 96th Street East of Central Park and north of 110th Street West Central Park), 68 transactions occurred, down 11% compared to last year, and down 11% on an annualized basis from 2010. There were 101 properties sold, down 7% from last year.

The report concluded saying conditions in the New York City's investment sales market continue to steadily improve.