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Massey Knakal: Outer Boroughs Carried Q3

NEW YORK CITY-High prices in Manhattan, coupled with development in Brooklyn, Queens and the Bronx spurred investors to go across bridges.

By Rayna Katz | Updated on October 15, 2013

NEW YORK CITY-A surge in pricing across Manhattan drove investors in the third quarter to focus on riskier investments, which—in many cases—meant buying property in the outer boroughs, according to Massey Knakal. The real estate services firm provided a briefing Tuesday in its Midtown East offices on the New York City CRE market’s performance in Q3.

“The recovery in New York City’s property sales market accelerated in the third quarter of 2013 but its dynamics have changed,” said Robert Knakal, chairman and founding partner. “As pricing for existing Manhattan properties has exploded, investors are stepping up the risk ladder chasing yield and increasingly buying development and value-added properties as well as properties outside of Manhattan.”

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