| Speaking of investment, Massey Knakal released its Q1 property sales numbers yesterday. The verdict? Flat from '09 levels, although sales activity varied from borough to borough, says chairman Bob Knakal, center, with Ken Krasnow, Stephen Palmese, Rob Shapiro, Paul Massey, Kyle Mast, and Shimon Shkury (not pictured: Swain Weiner). But building sales data is a lagging indicator, and the trend towards improving conditions since early '09 continues, he says. The total number of properties sold citywide in Q1 was 373, up 2.8% year-over-year, but 72% below peak 1Q07. Manhattan was the best performing with a 98% increase year-over-year, but 12% down from Q4. Brooklyn saw the least activity in both trades and dollar volume, while Northern Manhattan saw a 197% jump in dollar sales activity from 1Q09. While sales volume has been relatively flat, the firm expects volume to rise the next few quarters as pent-up demand outpaces supply. |
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