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Posts Tagged ‘Massey Knakal’

[Commercial Grade] Massey Knakal NYC Income Property Market Report Second Half 2007 prepared by Miller Cicero released

May 15, 2008 | 11:58 am | Reports |

Commercial Grade is a post by John Cicero, MAI who provides commentary on issues affecting real estate appraisers, with specific focus on commercial valuation. John is a partner of mine in our commercial real estate valuation concern Miller Cicero, LLC and he is, depending on what day of the week it is, one of the smartest guys I know. …Jonathan Miller


The latest New York City Income Property Report covering the second half of 2007 has been released. I prepare this report semi-annually on behalf of Massey Knakal and it’s the only one of its kind. The report tracks the sales activity of walk-up apartment buildings, elevator apartment buildings and mixed-use buildings in five New York City markets: Manhattan (generally south of 96th Street), Northern Manhattan, Brooklyn, Queens and the Bronx.

The total number of sales dropped 16% from the first half of 2007, but a more moderate 7% compared with the second half of 2006. Though the number of sales has declined prices remained stable and even increased in some instances. The following table reflects a peak in the number of sales in early 2006, while pricing has continued to rise.

Though this is clearly not as big as when Bob Knakal got his hair cut, for those interested the entire report is available for download at www.millercicero.com.


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[Miller Cicero] New York City Income Property Market Report Second Half 2007 Is Available For Download

May 15, 2008 | 11:49 am | Reports |

Our commercial advisory firm just released its New York City Income Property Market Report for the second half of 2007 for Massey Knakal. My commercial valuation partner John Cicero prepares the report. It’s the only report of its kind in the New York City commercial market.

Here’s an excerpt:

In the second half of 2007 credit tightened considerably as the losses in sub-prime mortgages worked their way through the financial markets. While indicators are somewhat mixed, in general during this period prices for income property remained stable throughout the city, though the number of sales dropped, in some instances quite dramatically. This reflects the “wait and see” attitude that characterized the period, with fewer buyers bidding and sellers reluctant to lower prices. The fundamentals of the market remained strong, however, with high apartment rents and very low vacancy. The prospect of turning over below market rent-regulated units to higher market levels continues to attract investors, and credit, though tighter, was still available albeit from different sources. Cap rates and gross income multipliers remained stable.

The number of sales dropped 16% from the first half of 2007 to the second half, though the decline was only 7% from the second half of 2006 to the second half of 2007. On a calendar year basis, there were overall 10.5% fewer sales in 2007 than 2006. Though the number of walk-up apartment buildings in Manhattan showed a sharp decline from the first half of the year, calendar year 2007 sales actually show a 16% increase over calendar year 2006…

Massey Knakal will distribute over 300,000 hard copies of the report over the next few months.

Massey Knakal New York City Income Property Market Report [2H07]

Report Methodology [Miller Cicero]


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[Commercial Grade] Massey Knakal NYC Income Property Market Report prepared by Miller Cicero released

December 2, 2007 | 6:05 pm |

Commercial Grade is a post by John Cicero, MAI who provides commentary on issues affecting real estate appraisers, with specific focus on commercial valuation. John is a partner of mine in our commercial real estate valuation concern Miller Cicero, LLC and he is, depending on what day of the week it is, one of the smartest guys I know. …Jonathan Miller


The bi-annual NYC Income Property Market Report, that I prepare on behalf of Massey Knakal Realty Services, was just released for the first half of 2007. The report was launched in the first half of 2006 and is the only one of its kind, tracking cap rates, gross income multipliers (GIMs), median price per square foot and number of sales in five submarkets: Manhattan, Northern Manhattan, Bronx, Queens and Brooklyn.

The data shows that the multi-family market throughout the City remained strong through the first half of this year, with the median price of a Manhattan walk-up apartment building exceeding $500 per square foot for the first time. The median price of a Northern Manhattan walk-up crossed the $300 per square foot threshold for the first time. The number of sales that transacted was way up in the first half of this year relative to the prior six month period. For the most part, cap rates and GIM’s remained stable.

As the study includes only sales closed through June 30, 2007 the impact of the so-called “credit crunch” on pricing and sales activity for such property is not yet evident.


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Miller Cicero’s New York City Income Property Market Report First Half 2007 Is Released

November 28, 2007 | 10:28 pm |

Our commercial advisory firm just released its New York City Income Property Market Report for the first half of 2007. My commercial valuation partner John Cicero put the report together. Its the only one of its kind available.

Here’s an excerpt:

The number of closed sales was up 11.3% in the first half of 2007 compared to the prior six month period, driven by the sales activity in Manhattan, including Northern Manhattan. Manhattan saw twice as many walk ups sold in the first six months of 2007 compared to the second half of 2006. Along with the increase in the number of sales, the median price of a Manhattan apartment building showed a sharp increase as well, breaking $500 per square foot for the first time. The median price of a walk-up apartment building in Northern Manhattan also set a record, exceeding $300 per square foot. The outer boroughs were mixed, however, as the price of walk-up apartment buildings in Brooklyn and Queens remained relatively flat, while Bronx saw a decline in price to $100 per square foot. The cap rates for walk-up apartment buildings, which comprise the greatest sample size, illustrated further compression in Manhattan, including Northern Manhattan, and generally remained flat in the Bronx, Brooklyn and Queens. Though the number of sales is up sharply from the second half of 2006, with 2,063 closed sales compared to 1,852, there were nonetheless 13% fewer sales than the first half of 2006, one year ago, which was the most active period of the past four years…

Massey Knakal will distribute over 300,000 hard copies of the report over the next few months.

Massey Knakal New York City Income Property Market Report [pdf]

Report Methodology [Miller Cicero]


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New York City Income Property Market Report Released

May 18, 2007 | 9:27 am |

The Massey Knakal New York City Income Property Market Report [pdf] was just released for the second half of 2006. This report, which we prepare on behalf of the brokerage firm Massey Knakal, examines cap rates, gross income multipliers, median price per square foot and number of sales for multi-family and mixed-use buildings in five New York City submarkets: Manhattan, Northern Manhattan, the Bronx, Queens and Brooklyn.

Overall, values and rates held steady throughout the City, though the number of sales dropped sharply.

Massey Knakal New York City Income Property Market Report 2H 06 [pdf]

Report Methodology [Miller Cicero]


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Miller Cicero’s New York City Income Property Market Report Second Half 2006 Is Released

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.

Massey Knakal New York City Income Property Market Report [pdf]

Report Methodology [Miller Cicero]


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Real Deal Totals Lincoln Center

March 26, 2007 | 12:05 am | | Public |

90. entire panel laughing

Well, Real Deal magazine sold out their “Science of Real Estate” New Development Forum at Lincoln Center last week. It was an event! Over 3,000 tickets were sold.

Some thoughts…

  • It was the first real estate event in the history of Lincoln Center.
  • It was the first sellout event in 2007 for Avery Fisher Hall at Lincoln Center.
  • Amir and Stuart proved once again, that they are truly unable to think small.
  • Additional confirmation that the backstage green room, is never green.
  • Amazed that Fritz was able to crash the green room.
  • Glad that Cathy H picked Real Deal red.
  • The constant and very loud church bells that ring behind the black curtain.
  • The spotlights were so bright, I now know how a deer feels.
  • Steve Cuozzo was our fearless conductor.
  • Admiring developers Kent Swig and Steven Ross’ incredible knowlege and the lion’s share of questions.
  • New understanding for the looming 421a tax abatement expiration.
  • Memories of bursting with answers and comments, but couldn’t figure out how to get a word in.
  • Appreciated Amanda Burden’s stance in not apologizing for critics accusations of micromanagement.
  • Wished Professor Shiller would not be so apologetic for his contrarian views on housing. He’s a smart man and has a lifetime of work to show for it.
  • Kudos to Pam Liebman of Corcoran and Bob Knakal of Massey Knakal for asking the first questions of the panel, achieving a strong pr play without being on stage.
  • Relieved that so many other people aside from myself have real estate centric existences.
  • Glad to get that free chocolate bar in the Real Deal goodie bag.
  • Sure that The Real Deal has been around longer than 4 years.

86. Miller Cuozzo 5. Shiller and Burden 68. Pre-event over shot room filled


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Massey Knakal New York City Income Property Market Report is released

November 6, 2006 | 12:01 am |

My commercial appraisal partner John Cicero of Miller Cicero has been busy lately. He just completed a new market report on New York City income properties. We are really excited about the results. Here’s what he has to say about it:

This week the first Massey Knakal New York City Income Property Market Report [pdf] was released. This is a first of its kind study that I researched and authored on behalf of Massey Knakal, one of the most active investment sales brokerage firms in New York.

Massey Knakal is excited about it too. They are distributing about 300,000 copies of it over the next several months.

Massey Knakal New York City Income Property Market Report [pdf]

Report Methodology [Miller Cicero]


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[Commercial Grade] Massey Knakal Income Property Market Report, prepared by Miller Cicero, LLC, released

November 6, 2006 | 12:01 am | Public |

Commercial Grade is a post by John Cicero, MAI who provides commentary on issues affecting real estate appraisers, with specific focus on commercial valuation. John just created and completed a new study analyzing the income property investment market in New York City in a way thats never been done before. Its a very exciting new tool for investors.

Disclosure: John is a partner of mine in our commercial real estate valuation concern Miller Cicero, LLC and he is, on Mondays, one of the smartest guys I know. …Jonathan Miller


This week the first Massey Knakal New York City Income Property Market Report [pdf] was released. This is a first of its kind study that I researched and authored on behalf of Massey Knakal, one of the most active investment sales brokerage firms in New York.

Appraisers are, by nature, data hounds, and this study culls data from a variety of sources: Massey Knakal’s sales transactions, Miller Cicero’s own database, and all publicly recorded transactions as reported by Property Shark. And while there were no real surprises in the results (values continued to increase in the first half of 2006 across property types and in all of the submarkets tracked), the trend lines are truly fascinating (or at least I think so).

This will be an ongoing study, to be released every six months. My hope is that it will be another tool for all to better understand the nuances of New York’s complex income property investment market.

Massey Knakal New York City Income Property Market Report [pdf]
Report Methodology [Miller Cicero]


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