Just behind Northern Manhattan is Brooklyn, where demand for investment properties has rivaled some neighborhoods in Manhattan. Between the first and third quarters, the dollar volume of sales in Brooklyn was $2.26 billion—well above the $1.7 billion in all of last year. If annualized, this means Brooklyn would see about $3 billion in sales volume in 2012, a 78 percent increase. In terms of number of properties sold, there have already been 859 properties sold in 2012. This market is on pace for 1,145 property trades, up 47 percent from the 780 sold in all of last year.
In Queens, the first three quarters of this year have produce $1.3 billion in sales volume, just shy of the $1.35 billion of volume in all of 2011. Annualizing this year’s activity leads to an expected $1.74 billion in sales volume, which would be an increase of 29 percent over last year’s total. Thus far in 2012, 350 properties have sold, on target for 467 this year. If this pace holds up, the number of properties sold in Queens this year will rise 25 percent over last year’s total.
Lastly, activity in the Bronx is also on pace for healthy gains over 2011 levels. The dollar volume thus far has been $688 million, which, if annualized, will lead to about $918 million, reflecting a 21 percent increase over the $757 million seen last year. In terms of the number of properties sold, in the first three quarters of this year 265 properties have traded hands, eclipsing the 242 sold in all of last year. At this pace, the year will finish with 353 properties sold, a 46 percent increase.
It’s great to see healthy activity levels in these submarkets. With the expectations of a busy fourth quarter, the numbers should finish even higher.
rknakal@masseyknakal.com
Robert Knakal is the chairman and founding partner of Massey Knakal
Realty Services; he has brokered the sale of more than 1,250 properties in
his career, with a market value in excess of $8.5 billion.
