Robert Knakal

concrete thoughts

Rent Regulation Outlook

The investment sales market for multifamily properties in New York City is at a historically strong point. There are more buyers of apartment buildings than any other type of building. More lenders are willing to make loans on these properties than any other type. Until now, New York’s rent regulation system, which dictates what rents Read More

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Checking in Before the Dog Days

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

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The Land Rush Continues in 2014

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

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The Rent Guidelines Board’s Recent Debacle

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

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Politics and Commercial Real Estate

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

concrete thoughts

Is the U.S. in Another Recession?

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

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The Magnificent Seven

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

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The Outer Boroughs are White Hot

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

concrete thoughts

Threats to the Investment Sales Market

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