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Capital Gains Tax Changes Drive NYC Sellers To Market

NEW YORK CITY-Property sales are up throughout the five boroughs this year, putting the market on-pace to hit $30 to $32 billion in dollar volume by the end of the year, officials from Massey Knakal said during its Q3 press briefing this morning.

By Jacqueline Hlavenka | Updated on October 16, 2012

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.

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