New York, NY (PRWEB) August 25, 2014
Massey Knakal Realty Services is pleased to announce the release of their exclusive First Half 2014 Property Sales Reports. These unique, industry-leading, reports provide 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).
“Market conditions in the sales market are about as good as they could be today. Values continue to rise which is causing more product to come to market. Demand is so excessive that this extra supply is getting easily absorbed. Consequently, we expect record volume levels this year both in terms of dollar volume and number of properties sold,” stated Bob Knakal, Massey Knakal Chairman.
During the first half of 2014, 2,643 properties sold, which represents the strongest first half since 2007 and is an increase of 83% from 1H13. NYC is expected to sell almost 5,300 properties by year’s end, putting it on pace to exceed the all-time high of 5,018 properties set in 2007. With an aggregate total of $27.4 billion, the city-wide dollar volume in 1H14 was up 88% from the same period a year ago and also represents the strongest first half since 2007. On an annualized basis NYC’s dollar volume is projected to reach nearly $55 billion in 2014, an increase of 42% 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.
Massey Knakal’s Pricing Index, which tracks price per square foot changes in New York City across the core property types , averaged $423 per square foot through the first six months of the year, resulting in an increase of 9% from 2013.
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)
To obtain a copy of these reports, please contact Massey Knakal Research at ResearchInfo(at)masseyknakal(dot)com
For press inquiries, contact Shannon Krause, Public Relations Manager, at skrause(at)masseyknakal(dot)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 200 employees, four offices and thorough coverage of New York City’s five boroughs, Westchester County, Long Island and New Jersey, Massey Knakal has dominated the New York metropolitan area for the last two decades by providing premier real estate brokerage and advisory services. Leveraging our proprietary Territory System™, our agents have partnered with owners throughout our markets to close over 4,700 transactions, with an aggregate value in excess of $19 billion since 1988.