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[Commercial Grade] The New York City Income Property Market Report – First Half 2008 – is available for download


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 semi-annual market report that I prepare on behalf of investment sales brokerage firm Massey Knakal Realty Services [2] is available for download. This report was particularly interesting in that it reflected the multi-family and mixed-use sales market in New York City post “credit crunch.” We found that the number of sales was down significantly, 31% overall from the same period last year, with the biggest declines in Northern Manhattan and the Bronx. The median price per square foot was $222/SF, down 5% from the prior period, while the median cap rates increased to 5.8% and the median GIM declined to 11.5.

Download full report [3]