New York City commercial-property sales probably will reach a high this year as rising prices in Manhattan and growing interest in the outer boroughs pushes deals past 2007 levels, Massey Knakal Realty Services said.
Transactions may reach $63 billion, up from the $37.6 billion recorded in 2013, as more sellers are drawn into the market, helping to alleviate a shortage of available properties, Robert Knakal, chairman of the New York-based brokerage, said today at a press briefing on the firm’s year-end investment sales report.
