Commercial
Real Estate News
New York City's 2011 Annualized Commercial Sales Up 80% Over Last Year

New York City's 2011 Annualized Commercial Sales Up 80% Over Last Year


Based on a Manhattan-based Massey Knakal Realty Services' Third Quarter 2011 Property Sales Report for the entire New York City area (Manhattan, Northern Manhattan/Bronx, Brooklyn, and Queens), during the first three quarters of 2011 (1-3Q11) there was $19.1B in NYC property sales, a 111% increase from 1-3Q10.

This represents an 80% increase over 2010 on an annualized basis. Thus far, there have been 1,548 properties sold, representing an annualized turnover of 1.25%.

The Brooklyn market has outpaced all markets with 529 property sales through 1-3Q11, or 34% of total properties sold. Manhattan leads all markets in terms of dollar volume with $16.7B of sales or 87% of the $19.1B sold citywide.

Massey Knakal report highlights include:

Manhattan (south of 96th Street on the east side and south of 110th Street on the west side)

  • 414 transactions occurred in 1-3Q11, a 29% increase over 1-3Q10 and an increase of 27% over 2010 on an annualized basis
  • 473 properties sold, an increase of 30% from 1-3Q10 and 29% from 2010 on an annualized basis
  • The aggregate sales consideration was $16.7B, an increase of 135% over 1-3Q10, and an increase of 93% over 2010 on an annualized basis.  The $5.7B from 3Q11, was the 2nd highest quarterly volume since 2Q08

Brooklyn

  • 447 transactions occurred, a 22% increase over 1-3Q10 and an increase of 18% from 2010 on an annualized basis
  • 529 properties sold, an increase of 25% from 1-3Q10 and an increase of 22% from 2010 on an annualized basis
  • The aggregate sales consideration was $1BM, an increase of 27% over 1-3Q10, with a 33% increase on an annualized basis from the $1.053B in 2010

Queens

  • 247 transactions occurred, an increase of 22% from 1-3Q10 and up 20% from 2010 on an annualized basis
  • 269 properties sold, an increase of 20% from 1-3Q10, and up 19% on an annualized basis from 2010's properties sold
  • The aggregate sales consideration was $695M, an increase of 106% over 1-3Q10, and a 70% increase on an annualized basis from 2010

Northern Manhattan (north of 96th St. east of Central Park and north of 110th St. west of Central Park)

  • 68 transactions occurred, down 11% from 1-3Q10 and down 11% on an annualized basis from 2010
  • 101 properties sold, down 7% from 1-3Q10
  • The aggregate sales consideration was $262M, down 43% from 1-3Q10, and down 34% on an annualized basis from 2010

The Bronx

  • 137 transactions occurred, an increase of 27% from 1-3Q10 and up 19% on an annualized basis from 2010
  • 176 properties sold through 1-3Q11, an increase of 40% from 1-3Q10, and a 25% increase on an annualized basis from 2010
  • The aggregate sales consideration was $423M, an increase of 31% from 1-3Q10, and an increase of 14% on an annualized basis from 2010

"Conditions in New York City's investment sales market continue to steadily improve. While the 3rd quarter dollar volume of $6.5 billion dipped below 2nd quarter figures, it was still the best quarter, with the exception of the 2nd quarter, since 2008," said Massey Knakal Chairman and Founding Partner Robert A. Knakal. "The number of properties sold increased to 548, the best quarterly total since 4th quarter 2008. We expect the number of properties sold to continue to increase as, notwithstanding recent activity, we still remain well below the long-term trend," added Knakal.


3Q11---NYC---Dollar-Volume-&-Properties-Sold.png
3Q11---NYC---Pie-Charts.png

Sponsored by

Comment with Facebook


Copyright 2010 - 2019 WORLD PROPERTY JOURNAL, INC. All Rights Reserved.

Join 34,000+ real estate professionals worldwide who receive our free weekly newsletter

GO
Advertisement
News Search
Go


Luxury Property Spotlight

Reader Poll

Advertisement
Global Listings Showcase
×
WORLD PROPERTY JOURNAL
 
Free News Alerts
 

Sign up now to receive the latest local & global real estate news in your inbox.

GO