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Massey Knakal creates sales index.

Massey Knakal Realty Services, a leader in Manhattan property sales, has recently completed a 20-year study of building sales for the purpose of gauging current real estate activity relative to past trends and determine the future direction of the real estate market.

The study is based on property sales in the Upper Eastside Historic District which has historically been a leading indicator of real estate activity in Manhattan and the tri-state area.

The historic district surveyed is East 66th Street to East 80th Street; Fifth Avenue to Lexington Avenue. This micro market commands the highest price per square foot for real estate in the United States. During 1992 the price per square foot for residentially zoned property in the subject area ranged from $182 for a vacant, 10-unit building at 59 East 73rd Street to a high of $919 for a 12,000-square-foot townhouse at 42 East 71st Street.

According to the survey, though volume of sales have been low, 1992 was an encouraging year with a record sale for a single-family townhouse at 4 East 79th Street for $11.5 million. Additionally, mixed-use (retail and apartments) and apartment building sales showed surprising results with only a slight decline from previous years. This fact indicates that quality income producing property continue to be perceived as a desirable long term investment.
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Title Annotation:Massey Knakal Realty Services conducts study of building sales in New York, New York
Publication:Real Estate Weekly
Date:Mar 24, 1993
Words:220
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