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

New York /
Jan.January 14, 2014 05:49 PM

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


Related Articles

arrow_forward_ios
Carmel Partners picks up UES dev site
Carmel Partners picks up UES dev site
Carmel Partners picks up UES dev site
The New School’s Eugene Lang College at 118 West 13th Street and Martin Nussbaum and David Schwartz of Slate Property Group (TNS, Slate)
Slate snaps up New School dorm in Greenwich Village for $23M
Slate snaps up New School dorm in Greenwich Village for $23M
Vornado's Steve Roth and a rendering of 93-30 93rd Street (Getty, JLL)
Vornado looks to sell Rego Park development site for $85M
Vornado looks to sell Rego Park development site for $85M
150 East 45th Street and Children’s Aid president Phoebe Boyer (Credit: Google Maps)
Children’s Aid Society sells Midtown HQ
Children’s Aid Society sells Midtown HQ
Rockrose Development Justin Elghanayan and 98 DeKalb Avenue in Brooklyn (Credit: Google Maps)
Rockrose closes $81M all-cash Brooklyn buy
Rockrose closes $81M all-cash Brooklyn buy
David Schechtman, Bob Knakal, Peter Von der Ahe
Top I-sales brokers on what to do when there are no deals
Top I-sales brokers on what to do when there are no deals
The development site at 98 Dekalb Avenue and Rockrose Development's Justin and Henry Elghanayan (Credit: Google Maps)
Rockrose is moving into Brooklyn
Rockrose is moving into Brooklyn
Residential dev site in a LIC Opportunity Zone hits the market
Residential dev site in a LIC Opportunity Zone hits the market
Residential dev site in a LIC Opportunity Zone hits the market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...