office. As in the rest of the industry, the bid-ask gap is a major
factor here, too. —Paul Bubny and Sule Aygoren Carranza
the state of the local market. To see the full GlobeSt. TV interview,
please use the URL in the box at left.
VIDEO: Smaller Deals Are Getting Done
There are still deals out there under $50 million, but it’s tough to
find transactions much higher than that. “The over $100-million
market has basically evaporated,” Robert Knakal, chairman of
Massey Knakal Realty Services, tells GlobeSt. TV.
Knakal spoke to Real Estate New York editor Paul Bubny about
To view video click:
Building Sales Crater But Recovery is Seen
Judging by first-quarter results, Manhattan investment property
sales for 2009 will achieve only a fraction of the volume seen in
prior years, says a new report from Massey Knakal Realty Services.
However, the report, prepared with advisory firm Miller Cicero,
also predicts that velocity will pick up as the year progresses.
“The first quarter annualized sales figure suggests that ’09 will
see an additional 59% decline in total dollar sales volume and a
68% decline in the number of sales,” writes John Cicero, managing
principal of Miller Cicero, in an introduction to the report. “But we
believe this figure to be deceptive because we anticipate activity to
accelerate as the year progresses to compensate for fourth quarter
2008’s extraordinarily abysmal number of contract executions.”
Of the 47 building sales analyzed in the report—including
the multifamily, office, mixed-use, retail, hotel and development
sectors—only seven entailed prices of $25 million or more, and
only four properties sold for $100 million or more. These included
the $355-million sale of 1540 Broadway to CBRE Investors, the
$225-million sale-leaseback of a commercial condo in the New
York Times Building at 620 Eighth Ave., Sotheby’s $370-million
buyback of its headquarters at 1334 York Ave. and Brack Capital’s
$121.2-million sale of the Hilton Garden Inn at 63-67 W. 35th St.
to RLJ Development.
Real Estate
EDITORIAL ADVISORY BOARD
RICHARD T. ANDERSON
New York Building
Congress
DAVID ARENA
STEVE B. BLEIWEISS
WILLIAM G. COHEN
Newmark Knight
Frank
JEFFREY R. DUNNE
CBRE New York TriState
DAN FASULO
ROBERT FREEDMAN
Grubb & Ellis
Mancini Duffy
Real Capital Analytics
Williams Real Estate
ROBERT K. FUTTERMAN
Robert K. Futterman &
Associates
ALLEN GOLDMAN
JOSEPH R. HARBERT
SJP Residential
Cushman & Wakefield
SUZANNE
HEIDELBERGER
Skadden, Arps, Slate,
Meagher & Flom LLP
ANDREW L. HERZ
Patterson, Belknap,
Webb, & Tyler LLP
LENORE JANIS
Professional Women in
Construction
EDWARD JORDAN
Marcus & Millichap
Real Estate Investment
Services
ROBERT KNAKAL
Massey Knakal Realty
Services
JEFFREY NEWMAN
CRAIG PANZIRER
CARL F. SCHWARTZ
W & M Properties
Monday Properties
Herrick, Feinstein LLP
NORMAN STURNER
Murray Hill Properties
LLC
KENT SWIG
Terra Holdings LLC
FRANKLIN S.
ZUCKERBROT
Sholom & Zuckerbrot
Realty
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