I have been quoted several times as saying that I believe reading is a key ingredient in the life of a real estate professional. Given my position as the chairman of Massey Knakal, I am frequently asked by young people I meet, who are either new to the business or are considering getting into it, Read More
By Robert Knakal 4/01 6:00am
It’s April, spring is (almost) in the air, and with it comes thoughts of the ICSC convention in Las Vegas in May. So I have been thinking a lot about retail real estate these last few days and thought I would take a look at how the sector has been doing recently.
When we look Read More
By Robert Knakal 3/25 6:00am
Are you familiar with Ernest Robinson and Rosa Rodriguez? If not, you should be. They, while much lesser known, may turn out to be more powerful than many commercial real estate billionaires who have been trying to do something that Mr. Robinson and Ms. Rodriguez may be on the verge of doing—or causing to be Read More
By Robert Knakal 3/18 6:00am
For those of you who are familiar with Massey Knakal’s operating platform, you know that I spend 95 percent of my time brokering property sales and my partner, Paul Massey, spends the majority of his time running our company.
The other day, I approached Paul with a new idea to help the overall performance Read More
By Robert Knakal 3/11 6:00am
When market participants talk about the office market, it is interesting to hear all of the divergent views on where the market is headed. These conversations often revert to topics like job growth, space utilization trends and the increasing number of folks who are working from home.
In the broader investment sales market in Read More
By Robert Knakal 3/04 6:00am
Several years ago in these pages, I wrote a column outlining the qualities and skills that I see in the most successful brokers in our industry. Almost every week, a young person or new entrant into our business asks me about these traits. So I thought I would provide a recap, which has been updated Read More
By Robert Knakal 2/25 6:00am
Mayor Bill de Blasio met with a group of real estate professionals last week to discuss his agenda for New York City. He touched on many of the topics that he addressed during the campaign and in his many news conferences since being elected. Among these, the highlights were public safety, affordable housing and our Read More
By Robert Knakal 2/18 6:00am
Was it a good year in 2013 relative to 2012 in the multifamily sector? The answer really depends on which metrics you look at. All value metrics showed strong gains last year, but volume metrics were mixed. Overall, the number of buildings sold was up, but the dollar volume was down. It was also a Read More
By Robert Knakal 2/11 6:00am
Once upon a time in America, hard work was lauded. Having the opportunity to work hard and achieve was a formula for happiness, a builder of self-confidence, a booster shot for self-esteem. providing a comforting reminder that if one worked hard, you would have a great chance for success. Hairstylist Vidal Sassoon is credited with Read More
By Robert Knakal 2/04 12:53pm
Two weeks ago in this column, I wrote about the overall New York City investment sales market’s performance in 2013. Last week, we took an in-depth look at the Manhattan submarket, and this week we will review the performance of each of New York’s submarkets outside of Manhattan. For the purposes of this analysis, we Read More
By Robert Knakal 1/28 6:00am
Last week, I reported on the state of New York’s investment property sales market on a citywide basis. The numbers showed that, while volume was good, it could not quite get back to the totals seen in 2012. The dollar volume totaled $37.6 billion, down 9 percent from 2012’s $41.2 billion, and the number of Read More
By Robert Knakal 1/21 7:00am
As anticipated, after a slow start in 2013, investment sales activity in New York City continued to strengthen over the course of the year. As the economy and property fundamentals improved, a second-half investment rally pushed 2013’s dollar volume close to last year’s result. Additionally, we saw double-digit increases in values across the board last Read More
By Robert Knakal 1/14 6:00am
After my column in which I forecasted a record year in New York’s investment sales market appeared in these pages last week, the emails came flooding in primarily asking me if I had lost my mind. Nearly everything written or discussed by market analysts, or participants, has predicted “flat”, “moderating”, “normalizing” or “more of the Read More
By Robert Knakal 1/07 7:00am
The New York City investment sales market last year was, indeed, a memorable one. While the final statistics won’t be available for another couple of weeks, there are some things that are very clear about the results.
Large transactions made a strong comeback as their numbers rose to levels that were several times larger than we saw in 2012. The dollar volume of sales will end up with a positive surprise, and the number of properties sold will be almost exactly what we projected it would be last January. As soon as those numbers are finalized, I will report them in this column. Read More
By Robert Knakal 12/17/13 6:00am
The land market in New York City is presently on fire, and we are seeing land prices increasing on, seemingly, a monthly basis. This has been going on all year, and as a result, we have seen many sellers of development sites selling for far less than their properties are worth, leaving tens of millions Read More