Posted by Jonathan J. Miller -Thursday, May 17, 2007, 7:04 PM
Our commercial advisory firm just released its New York City Income Property Market Report for the second half 2006. My commercial valuation partner John Cicero put the report together. Its the only one of its kind available.
Here’s an excerpt:
The second half of 2006 saw a sharp drop in the number of income property sales, down 22% from the first half of the year. The greatest decline was in Manhattan (south of 96th Street), where the number of sales declined 44%. Northern Manhattan, Brooklyn, Queens and the Bronx each saw the number of sales decline from 17% to 21%. Though the drop in the number of sales was significant, the sales activity for all of 2006 was nonetheless 34% higher than in 2005, with 4,234 sales versus 3,148 sales, respectively. The market- wide turnover rate was 1.5% in the second half of 2006 (down from 1.9% the prior half) a total turnover rate of 3.4% for the year. This is in contrast to the second half 2005 turnover rate of 1.3%, and a total 2005 turnover of 2.5%…
Massey Knakal will distribute over 300,000 hard copies of the report over the next few months.