NEW YORK CITY-The city’s investment sales market is experiencing a big year-end push thanks to property owners trying to beat the anticipated capital gains tax increase before the start of 2013, according to Robert Knakal, chairman at Massey Knakal Realty Services, who said during the firm's third quarter media briefing on Tuesday morning that both property and dollar volume have seen “significant” increases this year.

“We are expect a very, very active fourth quarter,” he said, noting that citywide, total dollar volume in Q3 2012 was $7.3 billion, and year-to-date, the brokerage reported $22 billion in dollar volume, which, when annualized, will be around $29 billion, up 6% from the $27.5 billion last year.

“New York City’s sales market is continuing to follow a generally positive trend since 2009,” he said. “The second quarter of 2011 was a high point, and while things have moderated somewhat since then, there are several bright spots. We fully expect 2012 to finish on an extremely high note.”