Massey Knakal Realty Services Releases First Half 2012 Property Sales Reports
Massey Knakal Realty Services, NYC’s #1 building sales firm, is pleased to announce the release of their exclusive First Half 2012 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).
“In the first half of 2012, the property sales market in New York City continued to perform at essentially the same moderate levels seen last year. If we annualize the $14.2 billion of sales volume in the first half, our annualized projection will be slightly above the $27.4 billion in all of 2011,”stated Bob Knakal, Massey Knakal Chairman. “The dollar volume of sales in the second quarter actually dropped from the first quarter and, at $6.9 billion, was the first time quarterly activity was less than $7 billion in 5 quarters. The number of properties sold fared much better we are on pace for about a 20% increase in the number of trades over 2011 totals. In fact, the 728 properties sold citywide in 2Q12 was the highest quarterly total going back to 2Q08,” added Knakal.
During the first half of 2012 (1Q-2Q12), there were $14.2B in NYC sales, a 14% increase from 1H11. Thus far, there have been 1,310 properties sold, an increase of 29% from the same period last year, and 9% from 2H11. The 1,310 sales represent an annualized turnover of 1.57%. In 2Q12, there was $6.9B citywide, down 5% from 1Q12 and 15% from 2Q11.
The investment sales market has continued to see marked improvement in fundamentals across property classes, with the number of property sales on pace to eclipse 2011 by 18%. Once again, office properties dominate dollar volume, accounting for 35% of citywide volume. Walk-Ups lead the way with 23% of property sales volume. Within the different markets Massey Knakal tracks, Northern Manhattan has seen a resurgence already surpassing 2011’s total dollar and property sales volume. Brooklyn is on pace to double 2011’s dollar volume.