Massey Knakal Realty Services Releases First Quarter 2013 Property Sales Reports
Massey Knakal Realty Services is pleased to announce the release of their exclusive First Quarter 2013 Property Sales Reports. These unique, industry-leading, reports provide a comprehensive study of the investment sales market by product type in the New York City marketplace (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens).
“As we anticipated at the end of 2012, the spike in sales activity caused by capital gains tax policy last year has led to a slowdown in activity thus far in 2013.” stated Bob Knakal, Massey Knakal Chairman. “The good news, however, is that the dollar volume of sales and number of buildings sold were ahead of expectations. We view this as a positive sign for the marketing the balance of 2013,” added Knakal.
During the first quarter of 2013, there was $6.5 billion in New York City sales, a 36% decrease from 2012 and down 7% from 2011.
The New York City investment sales market saw 559 properties sold in 1Q13. Indeed, the hyper-activity from 4Q12 stole activity from this quarter with 4Q12 setting an all-time record in number of properties sold and second best quarter in dollar output. NYC dollar volumes exceed $6.5B for the quarter with 1Q13 marking the return of the “billion dollar deal.”
The purchase of 30 Rockefeller Plaza and 550 Madison Avenue were the first billion dollar sales since the Google purchase in 2010, and the first time since the downturn multiple properties exceeding $1B sold in the same year. These two sales accounted for 44% of total dollar volume in Manhattan.
Within the different market segments Massey Knakal tracts, Northern Manhattan outpaced the Bronx for the first time in properties sold due to several multi-property transactions taking place.
Brooklyn led all markets with 214 buildings sold in 1Q13, while Queens had the lowest annualized turnover with 0.93% of the total stock of property
The highlights from each report include the following:
Manhattan (south of 96th Street on the east side and south of 110th Street on the west side)
- 130 properties sold in 1Q13,the lowest since 4Q10
- 94 transactions occurred, down 42% since 1Q12, and 63% on an annualized basis
- The aggregate sales consideration in 1Q13 was $5.5 billion, down 30% from 2012 and 12% from the annual average since 2005
- 214 properties sold in 1Q13, a 1.4% decrease from 1Q12
- 165 transactions occurred, down 4% from 1Q12, and 44% from 2012 on an annualized basis
- The aggregate sales consideration in 1Q13 was $471 million, down 35% from 1Q12 and 27% from the LTA (Long-term average)
- 102 properties sold in 1Q13, a 26% increase from 1Q12, but 44% below the LTA of 181
- 92 transactions occurred, an increase of 33% from 1Q12, but down 31% from 2012 on an annualized basis
- The aggregate sales consideration in 1Q13 was $225 million, up 2.5% from 1Q12 but significantly below the LTA and the two preceding quarters
Northern Manhattan (north of 96th St. east of Central Park and north of 110th St. west of Central Park)
- 64 properties sold in 1Q13, a 16% increase from 1Q12, and exceeding the LTA for a fifth consecutive quarter
- 30 transactions occurred, an increase of 15% from 1Q12, but down 45% from 2012 on an annualized basis
- The aggregate sales consideration in 1Q13 was $241 million, up 5.8% from 1Q12 and 7.2% above the LTA
- 49 properties sold in 1Q13, the lowest output since Autumn 2010
- 40 transactions occurred, down 2% from1Q12, and 47% from 2012 on an annualized basis
- The aggregate sales consideration in 1Q13 was $105 million, down 17% from 1Q12 and 63% below the quarterly average since 2005
For more information on these reports, contact Shannon Krause, Public Relations Manager, at email@example.com