New York, NY (PRWEB) May 05, 2013
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)