New York, NY (PRWEB) April 30, 2014
“The investment sales market in New York City is about as good as it could be. Values are soaring and the volume of sales is approaching 2007 peak levels both in terms of dollar volume and number of properties sold,” stated Bob Knakal, Massey Knakal Chairman.
During the first quarter of 2014, 1,255 properties sold, which represents the strongest first quarter since 2007 and is an increase of 108% from 1Q13. NYC is expected to sell 5,020 properties by years end, putting it on pace to exceed its all-time high of 5,018 properties set in 2007. With an aggregate total of $13.3 billion, the city-wide dollar volume in 1Q14 was up 98% from the same quarter a year ago and also represents the strongest first quarter since 2007. Annualizing the first quarter, NYC’s dollar volume is on track to reach $53.1 billion in 2014, an increase of 39% from 2013.
The outer markets (Northern Manhattan, Brooklyn, Queens and the Bronx) had a good start to the year with the number of properties sold as well as dollar volume on track to reach new all-time highs in 2014.
Massey Knakal’s Pricing Index, which tracks price per square foot changes in New York City across the core property types finished the quarter at $444 per square foot. This represents an increase of 4% quarter-over-quarter and 14% when compared to 2013’s annual average.
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)
Northern Manhattan (north of 96th St. on the east side and north of 110th St. on the west side)
For more information on these reports, contact Shannon Krause, Public Relations Manager, at email@example.com
About Massey Knakal:
Massey Knakal is a diversified real estate company, exclusively representing owners in the sale, retail lease and financing of their properties. With over 175 employees, four offices and thorough coverage of the five boroughs of New York City, Westchester County, Long Island and New Jersey, Massey Knakal dominates the New York metropolitan area's property transaction marketplace. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion. http://www.masseyknakal.com