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[Commercial Grade] Massey Knakal NYC Income Property Market Report Second Half 2007 prepared by Miller Cicero released

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 is a partner of mine in our commercial real estate valuation concern Miller Cicero, LLC [1] and he is, depending on what day of the week it is, one of the smartest guys I know. …Jonathan Miller

The latest New York City Income Property Report covering the second half of 2007 [2] has been released. I prepare this report semi-annually on behalf of Massey Knakal [3] and it’s the only one of its kind. The report tracks the sales activity of walk-up apartment buildings, elevator apartment buildings and mixed-use buildings in five New York City markets: Manhattan (generally south of 96th Street), Northern Manhattan, Brooklyn, Queens and the Bronx.

The total number of sales dropped 16% from the first half of 2007, but a more moderate 7% compared with the second half of 2006. Though the number of sales has declined prices remained stable and even increased in some instances. The following table reflects a peak in the number of sales in early 2006, while pricing has continued to rise.

Though this is clearly not as big as when Bob Knakal got his hair cut [4], for those interested the entire report is available for download at www.millercicero.com [1].