_Commercial Grade is a post by John Cicero, MAI who provides commentary on issues affecting real estate appraisers, with specific focus on commercial valuation. John just created and completed a new study analyzing the income property investment market in New York City in a way thats never been done before. Its a very exciting new tool for investors._

_Disclosure: John is a partner of mine in our commercial real estate valuation concern [Miller Cicero, LLC](http://www.millercicero.com) and he is, on Mondays, one of the smartest guys I know._ …Jonathan Miller

This week the first [Massey Knakal New York City Income Property Market Report [pdf]](http://www.millercicero.com/pdf/MK1H06.pdf) was released. This is a _first of its kind study_ that I researched and authored on behalf of [Massey Knakal](http://www.masseyknakal.com), one of the most active investment sales brokerage firms in New York.

Appraisers are, by nature, data hounds, and this study culls data from a variety of sources: Massey Knakal’s sales transactions, Miller Cicero’s own database, and all publicly recorded transactions as reported by [Property Shark](http://www.propertyshark.com). And while there were no real surprises in the results (values continued to increase in the first half of 2006 across property types and in all of the submarkets tracked), the trend lines are truly fascinating (or at least I think so).

This will be an ongoing study, to be released every six months. My hope is that it will be another tool for all to better understand the nuances of New York’s complex income property investment market.

[Massey Knakal New York City Income Property Market Report [pdf]](http://www.millercicero.com/pdf/MK1H06.pdf)[Report Methodology [Miller Cicero]](http://www.millercicero.com/mkreports/methodology/index.shtml)