The Real Deal New York

Investment sales to hit record $63B in 2014: Bob Knakal

January 14, 2014 05:49PM

Sales volume for all New York City properties will reach a record $63 billion this year, soaring 68 percent from last year, Massey Knakal Realty Services chairman Robert Knakal reportedly predicted today.

A variety of factors that the firm tracks indicate a surge this year, Knakal claimed, noting that dollar volume of New York City investment property trades is up 35 percent since 2011 (last year’s figures, Knakal said, were skewed by the flurry of trades in the face of the fiscal cliff).

“People talk to me about what 2014 is going to be like, they’re saying it’s going to be more of the same, same as 2013, or it will moderate a little bit,” Knakal said at a press event this morning, according to Crain’s. “We completely disagree.”

Another indicator, he said, was investors’ heightened interest in riskier assets, such as development sites.

Investors have also been moving away from Manhattan and toward Brooklyn, as evidenced by sales and dollar volume there nearly doubling between 2011 and 2013. [Crain’s]Mark Maurer

  • RealEstateLover2000


    • Intheknow

      Everything is worth double the current sustainable market price according to Bobby boy. It’s like asking the car salesman what he thinks car prices will be worth next week. I wouldn’t trust him to properly forecast the city’s current weather, let alone multi-billion dollar real estate markets.

      • PickAName

        If you knew Bob, you would know that he’s a straight shooter and extremely intelligent. His policy has always been to just tell the truth. And it has worked for him and his company.

        • RealEstateLover2000

          Please define “truth” in this context

          • PickAName

            Sure. He’s an honest guy who plays by the rules. You’ll be hard-pressed to find someone who wasn’t treated fairly by Bob.

          • Intheknow

            Except the people who buy his junk.

          • PickAName

            Anyone who has bought his “junk” in the last 20 years has made money. Heck, if you bought in 2009, you’ve already made a great return!!

          • Intheknow

            At the prices he tries to sell at, if you bought a property in 2010, you would have just broken even with the current valuation of buying almost anyone else’s stuff on the market today… 3 years after buying. While if I bought a JLL or any other broker’s offerings, I’d have been even with market valuation a few months after purchase, worst case.

  • One

    Who writes this stuff? 63M??

    • GueldaTRD

      I like BigBoysBlast’s comment the most. Yes, we apologize for the old million vs. billion typo. We’ve fixed it. Thanks.

  • RE Maven

    Ummm wow $63 million..Were screwed!

  • BigBoysBlast

    $63m? Is this New York or is it Somalia?