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7.2009
N o r t h e r n M a n h at ta n S a l e s R e p o r t
comprehensive analysis of the first quarter of ‘09
Market overview
M a s s e y K n a k a l R e a l t y S e r v i c e s - N o r t h e r n M a n h a t t a n S a l e s a n d R e s e a r c h Te a m
2 7 5 M a d i s o n A v e n u e , 3 r d F l o o r N e w Yo r k N Y, 1 0 0 1 6 p . - ( 2 1 2 ) 6 6 0 - 7 7 2 9 f . ( 2 1 2 ) 6 9 6 - 0 3 3 3
w w w. m a s s e y k n a k a l . c o m
Investment Sales Investment Research
in t r o d u c t o r y l e t t e r
M a r k e t s i n Tr a n s i t i o n
In the midst of an unprecedented global economic and financial transition, the most striking
measure of today’s investment property sales market is the low number of transactions. Look-
ing at Q1 2009, Northern Manhattan saw a total of 26 transactions representing $81,385,839
in aggregate consideration. Compared to Q1 2008, both trading and dollar volume declined
by approximately 70%.
F r o m a b r o a d e r N e w Yo r k C i t y p e r s p e c t i v e , a n n u a l i z i n g s a l e s v o l u m e f o r t h e f i r s t q u a r t e r s u g -
gests that only .7% of buildings will trade this year – clearly the lowest sales volume seen
since the savings and loan crisis of the 1980s, when sales volume was an abysmal 1.6% of
t h e b u i l d i n g s t o c k . W h i l e w e b e l i e v e t h i s a c t i v i t y w i l l p i c k u p f r o m t h e Q 1 l o w, i t i s v e r y l i k e l y
that fewer buildings will trade this year than at any time during the last three decades.
Bidding activity on properties we’re currently marketing suggests that this slow down is more
attributed to a lack of supply than demand, especially for cash flowing multifamily assets.
H o w e v e r, m a n y o w n e r s a r e r e l u c t a n t t o p u t t h e i r a s s e t s o n t h e m a r k e t u n l e s s t h e y h a v e a
specific reason to sell (management issues, partnership disputes, or if they are under some
level of financial pressure).
After the next page’s brief commentary on the three different types of investment properties
available uptown, this report provides you with all of the sales that took place in Q1 2009. As
data is still coming in for Q2, this information will be available in our next report.
We look forward to our continued efforts in providing the Northern Manhattan community
with the most informative and insightful market knowledge available. For further information
regarding any of the enclosed properties, or to discuss local real estate trends in general,
please feel free to contact us at any time.
Wa r m e s t R e g a r d s ,
Shimon Shkury
I n v e s t m e n t S a l e s : Investment Research:
M i c h a e l A . To r t o r i c i Ivan Petrovic
V i c t o r S o z i o Brent Rance
Christopher L. Lefferts
2 M a s s e y K n a k a l R e a l t y S e r v i c e s - N o r t h e r n M a n h a t t a n S a l e s a n d R e s e a r c h Te a m
comprehensive analysis of the first quarter of ‘09
M a r k e t o b s e r vat i o ns b y p r o d u c t t y p e
Multifamily:
11 m u l t i f a m i l y a s s e t s t r a d e d i n 2 0 0 9 f o r a n a g g r e g a t e c o n s i d e r a t i o n o f $ 5 5 , 3 6 5 , 5 0 0 . C o m -
pared to 2008, these figures represent a 63% decline in turnover and 76% decline in dollar
volume. Despite these declines, multifamily prices are holding better than other real estate
assets, especially if the subject building has upside in the rents.
Q1 2009 sales activity shows an average cap rate at 6.57%, which is 14% higher than 2008
levels and 18% higher than 2007 levels. Investors would apply less of a discount to 2007
numbers when dealing with properties which are well located and/or present significant up-
s i d e . Tw o b u i l d i n g s s o l d i n t h e l o w e r p a r t o f E a s t H a r l e m s u g g e s t e x a c t l y t h a t ( s e e F e a t u r e d
Tr a n s a c t i o n s ) . W h i l e t h e a s s e t s s o l d f o r l e s s t h a n 6 % c a p r a t e , t h e a m o u n t o f u p s i d e a n d t h e
price per square foot suggest that this price is only 20% below 2007 levels.
H o w e v e r, s i n c e U p p e r M a n h a t t a n h a s a l a r g e s t o c k o f s t a b i l i z e d a p a r t m e n t s , p r i c e s f o r
buildings uptown should hold firmer than prices for buildings located in neighborhoods with
more free market tenants.
That being said, there are several clouds on the horizon that will continue to put downward
pressure on prices. These include an increase in alternative investments (real estate or oth-
erwise), an uncertain regulatory environment and the belief that the number of buildings for
sale will increase significantly as the market copes with mortgage resets that are scheduled
to take place in the next few years.
S e v e r a l w e l l l o c a t e d , t r i p l e n e t l e a s e c o m m e r c i a l b u i l d i n g s s o l d d u r i n g t h e f i r s t q u a r t e r. B e -
c a u s e t h e y r e q u i r e l i t t l e m a n a g e m e n t b y t h e o w n e r, p a y g o o d y i e l d s , a n d b e c a u s e M a n h a t t a n
retail held in high regard by investors, these assets rarely sell. We believe these assets are
now selling because owners are either looking to reposition their portfolios or have decided
not to move ahead on development opportunities these one-story buildings sometimes pres-
ent. Recent prices reflect values north of a 6-7% return, a marked increase from capitaliza-
tion rates below 6% that were more common until 2007.
Development Sites:
It is very difficult to factually comment on development site prices because few develop-
ment sites have sold in Q4 2008 or Q1 2009. Those sites that did trade were typically either
conversions or purchased by users. One can make some inferences by looking at bidding/
contract activity with development sites our team currently has on the market. For example,
230 East 97th Street and 2304-06 Second Avenue are priced at $ 148 and $66 per buildable
square foot. Looking at their locations, these asking prices represent an decline of 31% and
45% from their peak values. Generally speaking, assets with a user component, convert-
ible existing structure, or low absolute price point are holding their value better than large
parcels of raw land. Whereas the development market was previously dominated by condo-
minium developers, today’s buyers tend to be users, affordable housing developers, or buy-
and-hold investors looking to land bank today with an eye on a future sale or development.
To w n h o u s e s :
While average prices per square foot have seen a decline of approximately 15% in com-
parison to the first quarter of 08’, the largest indicator of a softening in this market can be
seen in the lower volume of sales. Disregarding transactions which were affected by state
or other auctioning agencies, the number of townhouse transactions in the 1st quarter of
0 9 ’ t o t a l s 7 t r a n s a c t i o n s . T h i s i s d o w n a p p r o x i m a t e l y 7 0 % ( 2 3 ) f r o m t h e s a m e t i m e l a s t y e a r.
Lack of financing options, a smaller buyer pool and the deterioration of residential markets
in the greater metropolitan area has led to some of the lowest offering prices for uptown
townhouses in years.
M a s s e y K n a k a l R e a l t y S e r v i c e s - N o r t h e r n M a n h a t t a n S a l e s a n d R e s e a r c h Te a m 3
Investment Sales Investment Research
Shimon Shkury Shimon Shkury, is Managing Director and Partner for Northern Manhattan, the Bronx, and
Partner Westchester for Massey Knakal Realty Services. Since joining Massey Knakal in 2002, Mr.
(212) 660-7729 Shkury’s individual broker transactions have included: 215 transactions (275 in investment
sshkury@masseyknakal.com sales), consisting of 2 million in total square feet, and totaling over $700 million in investment
property sales. The largest single asset transaction, a 250,000 square foot residential property
on the Upper East Side, was sold for $80 million. The largest portfolio of three buildings--
residential properties at 15 and 19 West 55th Street and 779 Riverside Drive, and an office
building at 330 West 38th Street--totaled $120 million. Since 2004, his division has sold more
than 500 properties, consisting of 4 million square feet and totaling in excess of $1 billion.
Joining the Northern Manhattan team in 2004, Mr. Mr. Petrovic was born and raised in Belgrade,
Tortorici has been involved in the sale of over 180 Serbia. He came to the United States in 2000 to
properties totaling $660,000,000 in aggregate con- attend Baruch College and he graduated with a
sideration. Though his primary focus is Northern B.S. in business administration and in interna-
Manhattan, he has broad experience in marketing a variety investment tional finance. Mr. Petrovic joined the Northern
property types throughout the New York Tri-State area. He has been Manhattan team in 2003 to develop comprehensive sales support sys-
a source for numerous publications including The New York Sun, The tems that focus on retaining data and managing all industry contacts.
Real Deal and Real Estate Weekly, among others. Mr. Tortorici gradu- Through his efforts, the sales team streamlined all marketing efforts
ated with honors from New York University’s Stern School of Business, while also gaining the ability to provide clients and customers with peri-
where he earned his Bachelor’s degree in Economics and Manage- odic, detailed market reports for investment properties uptown.
ment.
Victor Sozio joined the Northern Manhattan team Mr. Rance joined the Northern Manhattan team
as an Associate in 2006 and has since been re- in summer of 2008 working alongside Ivan. He
sponsible for overseeing all marketing operations serves as a direct link between investment sales
for Central Harlem properties. Mr. Sozio has been and investment research team. Amongst other
involved in over 90 transactions totaling above things, Brent has been involved in production of
$550,000,000 in aggregate consideration. Mr. Sozio graduated Man- various neighborhood and market reports that are being used as one
hattan College with a B.S. in marketing and is a veteran of the United of the main sources of information for owners and investors in North-
States Marine Corps. His extensive knowledge of neighborhood trans- ern Manhattan. He is an honor student at Fordham University’s Col-
actions and relationships with local buyers has allowed him to quickly lege of Business Administration and expects to graduate in 2010.
provide Harlem owners with valuable market feedback.
Christopher L. Lefferts
Senior Sales Associate
(212) 660-7726
clefferts@masseyknakal.com
Mr. Lefferts graduated from the University of Kentucky in 2005 with a B.S. in marketing. He joined Massey Knakal as an assistant to
Founding Partner Paul Massey in 2005 and joined the Northern Manhattan team as an Associate in 2006. Since then, Mr. Lefferts
has been involved in the sale of 90 properties totaling $550,000,000 in aggregate consideration. As he is responsible for overseeing
the production of all of the team’s Opinion of Values, Mr. Lefferts has produced and distributed over 500 valuations for hundreds of
New York City landlords.
4 M a s s e y K n a k a l R e a l t y S e r v i c e s - N o r t h e r n M a n h a t t a n S a l e s a n d R e s e a r c h Te a m
comprehensive analysis of the first quarter of ‘09
f e at u r e d t r a ns a c t i o ns
N TRACT
are under the Section 8 program of HUD and corresponding rent/income
regulations apply to tenancy. Seven of the portfolio’s nine (9) buildings are
elevatored and together they contain 237 apartments. The portfolio received CO
a tremendous amount of interest from both local and national affordable
housing operators. After 3 months of marketing and negotiations, our sales DER
team put the portfolio in contract with an affordable housing investor who UN
plans on continuing to operate the buildings under the Section 8 program.
The transaction is expected to close in the Fall of 2009.
The property consisted of four (4) adjacent 6-story walk-up with 120 apart- Sale Date: 2.2009
ments. Though the collapse of Lehman Brothers and its aftermath was fresh Sale Price: $12,500,000
in everyone’s mind, our team managed to receive over 10 offers for the as-
CAP Rate: 6.27%
set. Within an 8 week marketing period, the property was in contract with
a Manhattan investor. The asset closed in March for $12.5 million, which GRM: 9.07
represents a 6.27% capitalization rate and $183 per square foot. $ / Unit: $104,166
$ / Sq. Ft.: $183.12
2481 Adam Claytown Powell Boulevard is a 50’ wide one (1) story com-
mercial building located on the northeast corner of West 144th Street and Sale Date: 3.2009
Adam Clayton Powell Boulevard. Citibank currently occupies the building Sale Price: $2,530,000
and has a NNN that expires in July 2012 with options to stay in the space
CAP Rate: 7.11%
until 2027. The property sold to a private investor in mid-March for $2.53
million, which represents a 7.11% cap rate and about $300 per square $ / Sq. Ft.: $337.69
foot.
37.5’ wide, 5 story walk-up building on the south side of 147th Street, between Sale Date: 3.2009
Broadway and Amsterdam Avenues. The building contains 15 apartments, Sale Price: $1,750,000
which consists of 3 two-bedroom, 7 three-bedroom and 5 four-bedroom
CAP Rate: 6.84%
units. The building was delivered with 5 vacancies. We sold the property for
$1.75 million, which represents $112 per sq. ft. and about $116,667 per unit. GRM: 8.45
The sale represents a trend in the multi-family sector, where in-place financ- $ / Unit: $116,667
ing offered the purchaser an opportunity to acquire the asset with a minimal
$ / Sq. Ft.: $112.36
cash outlay and allowed the seller to clear the debt on a distressed asset.
M a s s e y K n a k a l R e a l t y S e r v i c e s - N o r t h e r n M a n h a t t a n S a l e s a n d R e s e a r c h Te a m 5
Investment Sales Investment Research
N o r t h e r n m a n h at ta n 1 s t Q u a r t e r
r 2 0 0 7 - 2 0 0 9 c o m pa r is o n s u mm a r y
M a p O f A l l 1 s t Q u a r t e r Tr a n s a c t i o n s
Development Sites Owner - User
21
Count Tr a n s a c t i o n Va l u e
1 107-45 West 135th Street $26,500,000
2 East 101st Street $12,500,000
3 2305-7 12th Avenue $4,875,708
4 1969-71 Amsterdam Avenue $4,500,000
5 357 West 121 Street $2,575,000
6 153-59 W 144th Street $2,530,000
7 4 0 3 E . 11 8 t h S t & 2 3 0 6 1 s t A v e . $2,500,000
4
3 8 606 West 137th Street $2,465,500
26
9 225 East 125 Street $1,947,500
10 104-08 East 128 Street $1,875,750
11 542 West 147 Street $1,750,000
18
12 161 West 133 Street $1,700,000
11
13 457 West 143 Street $1,700,000
13 14 148 West 141 Street $1,570,000
8 6
3
1 16 14 15 1 6 7 E a s t 11 6 S t r e e t $1,500,000
16 220 West 139th Street $1,446,425
24 12
17
17 239 West 132 Street $1,350,000
25 19
18 450 West 150th Street $1,100,000
19 31 West 131st Street $1,100,000
e r n M a n h a t t a n S a l e s a n d R e s e a r c h Te a m 7
Investment Sales Investment Research
f i r s t q u a r t e r ‘ 0 9 t r a ns a c t i o n l i b r a r y
M u l t i f a m i l y Tr a n s a c t i o n s
111-45 West 135th Street, 10030 1969-71 Amsterdam Avenue, 10032
606 West 137th Street, 10031 161 West 133rd Street, 10030
148 West 141st Street, 10030 167 East 116th Street, 10029
Price: $825,000
8 M a s s e y K n a k a l R e a l t y S e r v i c e s - N o r t h e r n M a n h a t t a n S a l e s a n d R e s e a r c h Te a m
comprehensive analysis of the first quarter of ‘09
in h i g h l i g h t: m u lt i fa mi ly p r o d u c t o v e r v i e w
T h o s e w h o n e e d t o s e l l d u e t o p e r s o n a l r e a s o n s s u c h a s r e t i r e m e n t , d i v o r c e , a d e a t h i n t h e f a m i l y, o r
to raise extra cash, are selling their buildings for about 10% to 15% less than at the peak of the real
e s t a t e b o o m . T h e g o o d n e w s i s t h a t e v e n t h o u g h p r i c e s h a v e d r o p p e d s l i g h t l y, t h e c a p r a t e s f o r t h e s e
buildings have increased only slightly because of declining oil prices and low interest rates.
In addition, while the real estate industry is concerned about refinancing billions of dollars in com-
mercial real estate loans in the next few years, we see this as an opportunity for buyers interested in
picking up properties.
Also, for buildings with excellent management and good financials, refinancing shouldn’t be a prob-
l e m . Tw o s i x s t o r y a p a r t m e n t b u i l d i n g s o n E a s t 1 0 8 t h S t . , i l l u s t r a t e t h i s p o i n t . S i n c e t h e o w n e r b o u g h t
the asset in 2004, income from the properties has increased from $769,000 to $1.2 million, which rep-
r e s e n t s a 1 2 . 5 % i n c r e a s e i n r e n t r o l l e a c h y e a r. A s a r e s u l t , t h e b u i l d i n g s w i l l b e a t t r a c t i v e t o a l e n d e r
when it’s time to refinance.
Upper Manhattan features a large supply of rent stabilized buildings that guarantee cash flow from steady
rents, high occupancy rates, and the potential for higher rents as apartments become vacant. In Upper
Manhattan, rent stabilized apartments are $18.67 per s/f versus free market apartments at $27.62 per s/f.
S o m e c o n c e r n s f a c i n g t h e r e n t s t a b i l i z e d m a r k e t t h r o u g h o u t N e w Yo r k C i t y, h o w e v e r, i n c l u d e p r o p o s e d
N e w Yo r k S t a t e l a w s t h a t w o u l d l i m i t M a j o r C a p i t a l I m p r o v e m e n t s ( M C I ) a n d i n d i v i d u a l a p a r t m e n t i m -
provement recaptures, restrict rent increases that owners can charge when apartments become va-
cant, and change the rent threshold for categorizing a unit as free market.
Concerns facing free market buildings include an oversupply of units, which is resulting in some con-
d o s g o i n g r e n t a l , a n d h i g h e r u n e m p l o y m e n t a n d p a y c u t s . T h e u p s i d e f o r q u a l i f i e d b u y e r s , h o w e v e r, i s
they can buy condos at a discount compared to two or three years ago.
Upper Manhattan has increased in popularity in recent years as indicated by a jump in population of
more than 20,000 between 2000 and 2007, and the addition of more than 6,500 residential units with
more than 80% built for ownership.
Newcomers have been attracted by the area’s proximity to Midtown, new condominium developments,
lower rents and condominium prices, and new and planned services, retail shops, and hotel develop-
ments, all of which are making the area a desirable place to live. Overall, the neighborhoods in Upper
Manhattan are predominantly residential with balanced residential and retail development concen-
trated around the main commercial corridors, and are well connected to subway lines, bridges, and
bus lines.
E a c h a r e a o f U p p e r M a n h a t t a n h a s a u n i q u e p e r s o n a l i t y, w i t h M o r n i n g s i d e H e i g h t s a n d H a m i l t o n H e i g h t s
influenced by Columbia University and its expansion; Central Harlem gradually becoming an extension
of the Upper West Side; East Harlem featuring the characteristics of the East Village and Lower East
S i d e ; a n d I n w o o d a n d Wa s h i n g t o n H e i g h t s d i s t i n g u i s h e d b y t h e i r r e m a r k a b l e a r c h i t e c t u r e .
Overall, we believe both the stability of local multifamily assets and the potential for Upper Manhattan
real estate represent some of the best buying opportunities in these challenging times.
M a s s e y K n a k a l R e a l t y S e r v i c e s - N o r t h e r n M a n h a t t a n S a l e s a n d R e s e a r c h Te a m 9
Investment Sales Investment Research
f i r s t q u a r t e r ‘ 0 9 t r a ns a c t i o n l i b r a r y
C o m m e r c i a l Tr i p l e N e t L e a s e Tr a n s a c t i o n s
403 E 118th St & 2306 1st Ave., 10035
Price: $2,500,000
Va c a n t L a n d / Va c a n t B u i l d i n g Tr a n s a c t i o n s
2305-7 12th Avenue, 10027 225 East 125th Street, 10035
10 M a s s e y K n a k a l R e a l t y S e r v i c e s - N o r t h e r n M a n h a t t a n S a l e s a n d R e s e a r c h Te a m
comprehensive analysis of the first quarter of ‘09
f i r s t q u a r t e r ‘ 0 9 t r a ns a c t i o n l i b r a r y
To w n h o u s e Tr a n s a c t i o n s
357 West 121st Street, 10027 457 West 143rd Street, 10031
16' Wide Townhouse 18.50' Wide Townhouse
Building Size: 3,712 (Approx.) Building Size: 4,192 (Approx.)
220 West 139th Street, 10030 239 West 132nd Street, 10027
Price: $530,000
M a s s e y K n a k a l R e a l t y S e r v i c e s - N o r t h e r n M a n h a t t a n S a l e s a n d R e s e a r c h Te a m 11
To r e c e i v e a n y o f t h e r e p o r t s a b o v e , t o l e a r n m o r e a b o u t
current market conditions or if you would like a com-
p r e h e n s i v e e v a l u a t i o n o f y o u r p r o p e r t y, p l e a s e d o n o t
h e s i t a t e t o c o n t a c t u s a t t h e n u m b e r b e l o w. W e a r e h e r e
to answer your questions.
Shimon Shkury
I n v e s t m e n t S a l e s : Investment Research:
M i c h a e l A . To r t o r i c i Ivan Petrovic
V i c t o r S o z i o Brent Rance
Christopher L. Lefferts
p. 212.660.7729 - f. 212.696.0333
w w w. m a s s e y k n a k a l . c o m
The information contained herein has either been given to us by the owner of the
property or obtained from sources that we deem reliable. We have no reason to
doubt its accuracy but we do not guarantee it. All zoning, buildable footages and
u s e s m u s t b e i n d e p e n d e n t l y v e r i f y e d . Va c a n c y f a c t o r s u s e d h e r e i n a r e a n a r b i -
trary percentage used only as an example. It does not necessarily relate to actual
v a c a n c y, i f a n y. T h e v a l u e o f t h i s i n v e s t m e n t i s d e p e n d e n t u p o n t h e s e e s t i m a t e s
and assumptions made above, as well as the investment income, the tax bracket,
and other factors which your tax advisor and/or legal counsel should evaluate.
T H E P R O S P E C T I V E B U Y E R S H O U L D C A R E F U L LY V E R I F Y E A C H I T E M O F I N -
C O M E , A N D A L L O T H E R I N F O R M AT I O N H E R E I N .
PRSRTD STD
US Postage
Monsey NY
Permit 70
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C E I V I N G
RE r cor-
port and othe
ceiving this re
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on de nc e m aterial in e-m
resp mail us at
660-7757 or e-
call us at 212-
yknakal.com.
ipetro@masse
In striving to provide our clients and customers with the most comprehensive Northern Manhattan real estate data, our
team has produced a wide variety of market reports that are available upon request. Please contact us if you would
like to receive a complimentary copy of any of the following:
N O R T H E R N M A N H AT TA N
R E S I D E N T I A L R E N TA L R E P O R T 2 0 0 9
Northern Manhattan Residential Rental Report – Analyzing thousands of rental Shimon Shkury
Investment Sales:
Dear Friends,
T h i s r e p o r t p r o v i d e s a n o v e r v i e w o f t h e r e s i d e n t i a l r e n t a l m a r k e t i n N o r t h e r n M a n h a t t a n . A c c o r d i n g t o o u r s t u d y, f r e e
apartments throughout Harlem, this report highlights and discusses recent trends
Michael A. Tortorici market rents throughout Northern Manhattan average approximately $27 per square foot, which represents a 15% decline
Victor Sozio f r o m l a s t y e a r ’ s a v e r a g e o f $ 3 2 p e r s q u a r e f o o t . H o w e v e r, t h e m a j o r i t y o f u n i t s t h r o u g h o u t N o r t h e r n M a n h a t t a n c o n t i n u e t o
be rent stabilized. Our study found that, on average, uptown rent stabilized apartments operate at approximately $18.50
Christopher L. Lefferts per square foot. Assuming these average market rents hold around the $27 per square, these rents imply approximately
32.4% of ‘upside’ for stabilized buildings throughout Northern Manhattan.
Investment Research:
This implied ‘upside’ explains the current trend for building investors to accept lower returns compared to free market
Ivan Petrovic
In properties where such upside is not present, investors will pay prices that offer higher returns since they will not be
p. (212) 660-7729
a b l e t o i n c r e a s e r e n t s a s e a s i l y. D a t a o b t a i n e d f r o m c o m p a r a b l e s a l e s a n d b i d d i n g a c t i v i t y o n b u i l d i n g s w i t h s i g n i f i c a n t
f. (212) 696-0333 free market components currently confirms this trend, as pricing on such buildings demonstrates relatively higher cap
rates and prices per square foot than buildings operating below market.
Massey Knakal Realty
Please feel free to contact us with any questions regarding the enclosed information. We look forward to our continued
Services efforts in providing Harlem investors and owners with the latest market information available.
275 Madison Avenue
3rd Floor
New York NY, 10016
N O R T H E R N M A N H AT TA N C O N D O M I N I U M R E P O R T 2 0 0 8
hattan. The second part of the report highlights all Northern Manhattan condo-
square foot (numbers that are well below last years $800+ figures), residential buyers are slow to react to these higher price
points with so many other condominiums to choose from.
Investment Research:
With new construction restricting new supply for least the next few years, and with many suggesting there will be a boom
Ivan Petrovic
in demand once this economy turns around, one could argue that this is a rare buyers market in Manhattan that is hard to
Holly Daddario pass up.
Brent Rance
This extensive report contains condominium sell-out data and case studies for the Northern Manhattan residential market.
N O R T H E R N M A N H AT TA N O F F I C E / R E TA I L R E P O R T 2 0 0 9
Northern Manhattan Commercial Report – This report highlights available and Shimon Shkury
recently leased commercial space in the Northern Manhattan area. The second
Investment Sales:
Michael A. Tortorici
Victor Sozio
Christopher L. Lefferts
Investment Research:
half of the report discusses all commercial developments and latest information
Ivan Petrovic
Holly Daddario
Brent Rance
p. (212) 660-7729