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
By Robert Knakal 12/10/13 6:00am
I am often asked about important traits that we see in top brokers at Massey Knakal as well as in the broader commercial real estate industry. While there are many traits that are present in top producers, the ability to be a positive thinker is among the most important.
The real estate brokerage business is Read More
By Robert Knakal 12/03/13 6:00am
Through the first three quarters of 2013, the activity level in New York City’s building sales market has been lagging behind levels seen in 2012. The multifamily apartment building market has been following suit as volume is also well behind 2012 levels.
For some perspective, we will look at the broader sales market and then Read More
By Robert Knakal 11/26/13 6:00am
As we head into a new mayoral administration next year, there has been plenty of talk about potential changes to the housing market in New York City. Clearly, one of Mayor-elect Bill de Blasio’s initiatives on the housing front is to create more affordable housing, which is an objective applauded by all members of our industry. The city is in dire need of more affordable housing for the folks who make our city run.
While this objective is a worthy one, there are concerns about the impact the new mayor will have on our market. These concerns are centralized around three issues: real estate tax policy, rent regulation guidelines and DHCR changes. Read More
By Robert Knakal 11/19/13 6:00am
There are two aspects of the New York City multifamily market that are creating tremendous stresses on the system and that could spiral out of control given the positions that the new mayoral administration has floated.
Real estate taxes and rent regulation laws both threaten the health of our housing market.
Before articulating the problems Read More
By Robert Knakal 11/12/13 6:00am
There has been a lot of talk about the recent proposal to change the zoning in Midtown East, and there are three reasons why this initiative would be great for New York City.
The first is the jobs the new development would create. The second is the new tax revenue that this new wave of Read More