NEW YORK CITY—In the latest installment of the Knakal News Network, Massey Knakal Realty Services Chairman Robert Knakal reviews the New York City multifamily market for 2013.
In spite of multifamily being the most in-demand asset type, 2013 saw mixed results, says Knakal. While the number of properties sold was up overall, the dollar amount saw a drop off from 2012 levels. Adding to the mixed results, price per square foot, price per unit and gross rent multiple all saw increases from the previous year. Knakal notes that part of the reason for this difference was that the majority of the buildings sold was tilted towards smaller properties: walk-up properties sold more than elevator properties. Knakal examines why this happened, and explains which type of unit is the most profitable for the owner.
To see the full episode, "Multifamily Market Recap 2013," click here. For other episodes of the Knakal News Network, click here.
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Geoffery Metz
Geoffery Metz is the content manager for ALM's GlobeSt.com, Credit Union Times and Treasury & Risk. Before joining ALM, he spent several years overseeing the newsroom at the financial wire service Business Wire, with special focus on multimedia presentation for the web.
