http://therealdeal.com/newyork/articles/manhattan-mixed-use-property-values-fall-by-half-massey-knakal-realty-services-robert-knakal
In other segments of the Manhattan market, the price of multi-family walk-up apartment sales fell 17 percent to $494 per square foot in 2009 from $599 per square foot in the same period in 2008, and elevator building prices fell to $468 per foot from $532 per square foot last year, the company reported.
In northern Manhattan and the outer boroughs, walk-up prices fell as much as 41 percent. In Northern Manhattan, which last year had the top price per square foot for multi-family walk up buildings, prices dropped 41 percent to $124 per square foot from $211 per foot.
Queens, which now has the most expensive walk-up prices in the outer boroughs, saw prices decline 13 percent, the smallest percentage drop in the city. The sale prices fell to $176 per square foot this year from $204 per square foot in the first half of 2008, the Massey Knakal figures show.
Prices for walk-up apartment buildings in Brooklyn fell 18 percent to $148 per square foot, while in the Bronx they dropped 23 percent to $76 per square foot.
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Response by tandare
over 16 years ago
Posts: 459
Member since: Jun 2008
Thanks for sharing - looked recently at some walkups both in uptown Manhattan and Queens-- this is obv a very small sample size but I thought the Qns prices reflected more accurately the walk-up 'penalty'. Of course that is comparing 3 apartments, hardly a large sample size...
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Response by NYCMatt
over 16 years ago
Posts: 7523
Member since: May 2009
Where they hell are they getting their figures? Or are they just pulling them out of their a$$es?
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Response by tandare
over 16 years ago
Posts: 459
Member since: Jun 2008
Ok, here's one. Looked at it in June. Nice location, nice building, nice apartment (strip down those dining room walls to the wood!), bathroom not to my taste. Great size for a family - the dining room they are using as a bedroom plus 2 normal bedrooms. Third floor walkup though. Price hasn't changed in a long while.
Incidentally also looked at another apt, smaller in same building on lower floor. At that open house it was in contract, not sure status now.
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Response by wonderboy
over 16 years ago
Posts: 398
Member since: Jun 2009
Ewwww walk-ups.
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Response by NYCMatt
over 16 years ago
Posts: 7523
Member since: May 2009
"Ewwww walk-ups."
Lazy? Or just too fat to walk?
I know a woman with just one foot (lost her right foot to diabetes) who lives in a five-floor walk-up and doesn't have a problem with it. And yes, she goes to work every day.
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Response by steveF
over 16 years ago
Posts: 2319
Member since: Mar 2008
pulling them out of their a$$es....
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Response by chuckl1233
over 16 years ago
Posts: 122
Member since: Jun 2007
I like walk-ups but I also prefer a smaller building. Lol to NYCMatt:)
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Response by nyc10022
over 16 years ago
Posts: 9868
Member since: Aug 2008
> pulling them out of their a$$es....
Yes, everyone else is pulling things out of their asses, but SteveF "prices are going up, there is a stampede of buyers" is the trusted source we need. (even though it was, well, proven 100% wrong)
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Response by notadmin
over 16 years ago
Posts: 3835
Member since: Jul 2008
these are not shiller like numbers (matching transactions), so the change in mix (in an environment of very few transactions) might bias those stats.
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Response by nyc10022
over 16 years ago
Posts: 9868
Member since: Aug 2008
which is mitigated by the psfs... and the fact that we're narrowing down the category.
Nothing's as good as shiller, but there is no Manhattan shiller.
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Response by divvie
over 16 years ago
Posts: 456
Member since: Mar 2007
Massey Knakal are well known commercial property brokers for the small to medium investor market.
They have been doing these market analyses for years. I have linked to their reports in the past.
People do realize, don't they, that these are the ppsf of mixed use multi unit properties which are priced very differently from single family units? It's all about the rent roll and cap rates. Of course Stevehjx will argue that even single family resi units should be priced the same way using imputed rent roll but you know he's wrong ;p
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Response by The_President
over 16 years ago
Posts: 2412
Member since: Jun 2009
I hate walkups, especially fifth floor ones. Hell, I know people with 3 story McCrapsions in NJ with their own private elevator!
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Response by nyc10022
over 16 years ago
Posts: 9868
Member since: Aug 2008
yes, but they have to live in New Jersey!
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Response by The_President
over 16 years ago
Posts: 2412
Member since: Jun 2009
I'd rather live in a NJ McCrapsion than a walk up. Hell, I'm willing to bet that my garage is bigger than most peoles' apts. in Manhattan.
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Response by 30yrs_RE_20_in_REO
over 16 years ago
Posts: 9877
Member since: Mar 2009
"Where they hell are they getting their figures? Or are they just pulling them out of their a$$es?"
That article it's worth the pixels it was printed on.
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Response by marco_m
over 16 years ago
Posts: 2481
Member since: Dec 2008
I actually looking for a nice walk up place in yorkville. I dont wanna have to walk by 5 people and give a fake hi everytime I walk in and out.
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Response by Viran
over 16 years ago
Posts: 28
Member since: May 2009
Walk ups are charming, reminds me of Europe. People in NY are slim, because they walk and lots of them live in walk up. I went to NJ, people are fat or totally lipo. Yuk. And who needs a big garage to park a big car, which consumes lot of petrol. Ge a life, mix with interesting people, go to museums, enjoy architecture. Your house shouldn't be a golden jail, but just a place to rest from all the fun you had in the day.
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Thanks for sharing - looked recently at some walkups both in uptown Manhattan and Queens-- this is obv a very small sample size but I thought the Qns prices reflected more accurately the walk-up 'penalty'. Of course that is comparing 3 apartments, hardly a large sample size...
Where they hell are they getting their figures? Or are they just pulling them out of their a$$es?
Ok, here's one. Looked at it in June. Nice location, nice building, nice apartment (strip down those dining room walls to the wood!), bathroom not to my taste. Great size for a family - the dining room they are using as a bedroom plus 2 normal bedrooms. Third floor walkup though. Price hasn't changed in a long while.
http://www.streeteasy.com/nyc/sale/393195-coop-117-seaman-ave-inwood-new-york
Thoughts?
Incidentally also looked at another apt, smaller in same building on lower floor. At that open house it was in contract, not sure status now.
Ewwww walk-ups.
"Ewwww walk-ups."
Lazy? Or just too fat to walk?
I know a woman with just one foot (lost her right foot to diabetes) who lives in a five-floor walk-up and doesn't have a problem with it. And yes, she goes to work every day.
pulling them out of their a$$es....
I like walk-ups but I also prefer a smaller building. Lol to NYCMatt:)
> pulling them out of their a$$es....
Yes, everyone else is pulling things out of their asses, but SteveF "prices are going up, there is a stampede of buyers" is the trusted source we need. (even though it was, well, proven 100% wrong)
these are not shiller like numbers (matching transactions), so the change in mix (in an environment of very few transactions) might bias those stats.
which is mitigated by the psfs... and the fact that we're narrowing down the category.
Nothing's as good as shiller, but there is no Manhattan shiller.
Massey Knakal are well known commercial property brokers for the small to medium investor market.
They have been doing these market analyses for years. I have linked to their reports in the past.
People do realize, don't they, that these are the ppsf of mixed use multi unit properties which are priced very differently from single family units? It's all about the rent roll and cap rates. Of course Stevehjx will argue that even single family resi units should be priced the same way using imputed rent roll but you know he's wrong ;p
I hate walkups, especially fifth floor ones. Hell, I know people with 3 story McCrapsions in NJ with their own private elevator!
yes, but they have to live in New Jersey!
I'd rather live in a NJ McCrapsion than a walk up. Hell, I'm willing to bet that my garage is bigger than most peoles' apts. in Manhattan.
"Where they hell are they getting their figures? Or are they just pulling them out of their a$$es?"
That article it's worth the pixels it was printed on.
I actually looking for a nice walk up place in yorkville. I dont wanna have to walk by 5 people and give a fake hi everytime I walk in and out.
Walk ups are charming, reminds me of Europe. People in NY are slim, because they walk and lots of them live in walk up. I went to NJ, people are fat or totally lipo. Yuk. And who needs a big garage to park a big car, which consumes lot of petrol. Ge a life, mix with interesting people, go to museums, enjoy architecture. Your house shouldn't be a golden jail, but just a place to rest from all the fun you had in the day.