During the first half of 2011 (1H11), the dollar volume of investment sales transactions in the New York City market was $12.6 billion. On an annualized basis, activity is on pace to increase by 73 percent over the 2010 total of $14.6 billion.
At face value, this number leads to an extremely optimistic perspective regarding the market’s performance. However, Read More
While the recent extension of New York’s rent-regulation system came as no surprise to the vast majority of participants in our multifamily market, the results were still disappointing and have left many owners concerned that if this is the result obtained with a Republican-controlled Senate, what would occur with Democrats in power? Yes, the renewal terms could have been much worse, but that doesn’t diminish the negative implications this has on our housing market.
Let’s take a look at the terms of Chapter 97 of the Laws of 2011 and their potential impact. Read More
The past two weeks, this column has recapped a speech I gave to the local chapter of the CCIM in late April. The speech was an overview of the lessons that I have learned over my 27-year brokerage career, which includes growing Massey Knakal Realty Services. (Part I here and Part II here)
This week will conclude the 30 lessons delivered at that speech. Read More
Last week, I began reviewing notes from a speech I made before the members of the local chapter of CCIM here in New York City in late April.
The subject of the talk was the lessons I have learned over the years building a brokerage company and selling properties in the most competitive market in the United States.
This week we continue the recap of those lessons. Read More
A couple of months ago, Al Holloman, a broker in our Queens office and a member of the local chapter of CCIM, asked me if I would speak at the upcoming CCIM luncheon in late April. I accepted, but was surprised by the topic the folks at CCIM wanted me to address. Most of the Read More
Two weeks ago, this column addressed the state of the New York City multifamily market, and most of the statistics discussed pertained to the entire city-wide market. I received many e-mails and a few calls asking for the data to be broken down on a submarket-by-submarket basis, so here it is.
It is particularly Read More
As has been the case for more than a century, the Manhattan submarket is once again leading the city out of a real estate downturn. When markets recover, typically the best properties, in the best locations, show positive trends well before secondary and tertiary properties and locations do. And by almost any metric, the Manhattan Read More
In the fourth quarter of 2010, the investment-sales market experienced a whopping $5.6 billion in sales activity. This was the highest quarterly total going back to the third quarter of 2008. Going into the fourth quarter of 2010 (4Q10), we were expecting sales volume to be very high given the motivation of banks and special Read More
In all of my economics classes at the Wharton School, regardless of the level of the class, illustrative examples were used to demonstrate economic principles and frequently included a mythical product called a widget. Widget manufacturers had various fixed and variable costs, various operating and profit margins, overhead, cost of goods sold and Read More
Last Friday’s jobs report from the Labor Department initiated a wave of articles and blog entries depicting a robust economy and blue skies ahead. Democrats have taken the position that the administration’s policies are starting to work, and Republicans are directing most of the credit toward the extension of the Bush-era tax rates. For a Read More
