The good folks at Commercial Observer are nice enough to give me a writing break each August. Therefore, this will be my last column until after Labor Day. The first half of the year has been extremely eventful and the balance of the year is poised to round out what is likely to be a Read More
By Robert Knakal 7/23 5:39pm
The second quarter of 2014 picked up right where the first quarter ended for New York City’s investment sales market. The pace of sales, with regard to the number of properties sold, remains on pace to eclipse 2012’s record of 5,018 properties sold. The dollar volume of sales is not quite on record pace. But Read More
By Robert Knakal 7/15 1:39pm
The market for land revolves around what is probably the most perplexing product type in New York City today. While underlying fundamentals in the commercial real estate market have improved, on average, by 15 percent to 20 percent, land values have, in some cases, doubled, tripled and in rare instances quadrupled.
The disconnect between underlying Read More
By Robert Knakal 7/08 2:10pm
Recently, the Rent Guidelines Board adopted rent-regulated rent increases at historically low levels of 1 percent for one-year leases and 2.75 percent for two-year leases. Property owners and tenants both lamented the result, with owners complaining that rents were not rising to the same extent as expenses. Tenants are complaining that rents should be rolled Read More
By Robert Knakal 6/27 11:12am
An acute supply-and-demand imbalance in New York’s building sales market is creating dynamics that are perplexing to many of us who are active in the building sales sector as properties are currently selling for more than they probably should be. I write this sentence with trepidation as I wrote the same exact thing in March Read More
By Robert Knakal 6/17 3:00pm
If you are a frequent reader of Concrete Thoughts, you know that I have said that the relationship between politics, economics and real estate has never been more closely intertwined. Beginning in late 2007 with the impending credit crisis and the unprecedented level of government intervention, it became clear that policy makers would have a Read More
By Robert Knakal 6/10 2:45pm
Thus far in 2014, I have said and written numerous times that the commercial real estate sales market in New York City simply could not be any better. Sales volumes are soaring, both in terms of the dollar volume of sales and the number of properties sold, and we anticipate setting new volume records this Read More
By Robert Knakal 6/03 1:00pm
For those of you in my generation or older, the title of this column may bring back memories of the 1960 classic western starring Yul Brynner, Steve McQueen and Charles Bronson in which a group of seven gunfighters are assembled to defend a Mexican peasant village.
However, today we are not talking about movies. Read More
By Robert Knakal 5/27 6:00am
In the commercial real estate brokerage business, the results we produce determine the rewards we receive, and the results we produce are often based on how well we use our time.
It’s important to note that we all have the same 24 hours to utilize each day. We each use our time differently, and often Read More
By Robert Knakal 5/20 1:00pm
With ICSC here, it’s time to think about what’s happening in the retail property sales sector in the Manhattan submarket. For the purposes of this analysis, we will define the Manhattan submarket as the island of Manhattan south of 96th Street on the east side and south of 110th Street on the west side.
So Read More
By Robert Knakal 5/13 2:00pm
The investment sales market citywide is about as good as it could be. Values are soaring, and the volume of sales is approaching, or ahead of, 2007 peak levels, both in dollar volume and the number of properties sold. The dollar volume of sales in the first quarter of 2014 (1Q14) hit $13.3 billion. This Read More
By Robert Knakal 5/06 6:00am
The investment sales market in the Manhattan submarket (defined as below 96th Street on the East Side and below 110th Street on the West Side) is off to a flying start.
In 1Q14, there was $9.6 billion of investment sales activity, which, if annualized, would lead to about $38.5 billion for the year. This figure Read More
By Robert Knakal 4/29 7:00am
The investment sales market is about as good as it could be. Values are soaring and the volume of sales is approaching 2007 peak levels, both in dollar volume and the number of properties sold.
The dollar volume of sales in the first quarter 2014 hit $13.3 billion. This figure represents the best first quarter Read More
By Robert Knakal 4/22 6:00am
Almost two years ago in this column, I discussed what were, at the time, perceived threats to the health of the investment sales market in New York City. The market was moving forward but was somewhat “uneven” as sales in some sectors, and in some submarkets, were doing much better than others. Here’s how I Read More
By Robert Knakal 4/15 6:00am
One of the questions I am most frequently asked these days is whether the commercial real estate sales market is experiencing bubble conditions. In answering this question, I usually say that current market conditions present excellent arguments both for and against a bubble. It is a question that would make a great topic for a Read More