A Drop In Q3
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|Despite several consecutive quarters of increased sales volume, Q3 was surprisingly disappointing as dollar value and number of sales dropped from Q2, said Massey Knakal chairman Bob Knakal during the firm’s quarterly overview breakfast Tuesday in its Madison Ave offices. The total number of properties sold citywide through Q3 was 1,248, up 17% year-over-year, but the 288 properties sold in Q3 was down 21% from the 493 in Q2. Overall, the first three quarters of activity is still 68% below the 3,980 sales we saw in the first three quarters of ’07, the peak of market activity. The best-performing market so far is Northern Manhattan, with the Bronx seeing the least. Somehow WFAN-caller Jerome from Manhattan found a way to blame Joe Girardi.|
|Massey Knakal’s largest transaction for Q3 was the $21M sale of the five-story 29 E. 61st. St., pictured, which had been owned by Hidrock Realty for over 25 years. Guthrie Garvin, who handled the transaction with Jeffrey Shalom, says that it was marketed for five months and multiple buyers were ID'd—the final investor paid $1,250/SF at a 3.8% cap rate. Overall, Manhattan performed best in dollar volume at $7.2B, seeing a 130% increase in activity through Q3, and 43% year-over-year. Queens was the weakest performer, with $87M of sales through Q3, down 2% from mid-year ’09.|