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Sales Rally in Manhattan; Boroughs, Less So

NEW YORK CITY-While Q1 dollar volume was virtually unchanged year over year, it's expected to increase 'significantly' throughout 2010, says Massey Knakal's chairman.

By Paul Bubny | Updated on April 13, 2010

NEW YORK CITY-”In the first quarter, probably the most interesting thing is that not much changed from last year,” Robert Knakal said Tuesday at a press briefing discussing the Q1 property sales market. Despite expectations that the quarter would see larger numbers than were generated during the same period in 2009, the $2-billion tally citywide was virtually the same on a year-over-year basis.

However, that total does represent a 23% gain over the fourth quarter of ’09, said Knakal, chairman of Massey Knakal Realty Services. And while the quarterly increases and decreases across the boroughs bear out Ken Krasnow’s use of the word “rollercoaster,” the general trend has been a steady improvement since the investment sales market for properties of $500,000 or more virtually shut down at the midpoint of last year.

The Q1 tally also masks what’s been happening in Manhattan compared to the outer boroughs: a 51% gain in dollar volume since Q4, compared to a quarter-over-quarter dropoff of as much as 41% elsewhere in the city. Year over year, though, Manhattan’s growth was virtually flat: a total of $1.536 billion in Q1 ’09, compared to $1.539 billion in Q1 2010.

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