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The Glass Half Full - Robert Knakal
1. ROBERT A. KNAKAL
Chairman & Founding Partner
Massey Knakal Realty Services
BACKGROUND:
• Wharton School of Business - 1984
• Began Career 1984 – CB Richard Ellis
• Massey Knakal Established 1988
BROKERAGE:
• Over 1,150 Properties Sold
• $7.4 Billion Aggregate Market Value
• Two-Time Winner – Most Ingenious Deal of the Year
• REBNY Lifetime Achievement Award
3. TABLE OF CONTENTS
1. NEW YORK CITY OVERVIEW
2. COMMERCIAL REAL ESTATE METRICS
• Volume
• Value
• Distressed Assets
• Sector Performance
3. OPTIMISM VS. PESSIMISM
4. MACRO CONSIDERATIONS
• Economic
• Political
4. NEW YORK CITY COMMERCIAL PROPERTY SALES
Top Brokerage Firms 2010
Based on # of Transactions (All Sales Over $500,000)
# T ransactions T otal $ Volume
2010 2010
Massey Knakal Realty Services 215 $ 1,010,466,998
Marcus & Millichap 65 $ 191,126,513
Besen & Associates Inc. 63 $ 355,324,408
GFI Capital Resources Group, Inc. 45 $ 142,516,600
Rosewood Realty Group 43 $ 392,327,912
Eastern Consolidated 33 $ 407,713,629
Prudential Douglas Elliman 27 $ 310,502,475
CB Richard Ellis 25 $ 5,013,457,500
The Corcoran Group 19 $ 95,238,237
Newmark Knight Frank 17 $ 375,817,659
Greiner-Maltz Company, Inc. 14 $ 54,790,100
Kalmon Dolgin Affiliates, Inc. 14 $ 51,742,000
Eastdil S ecured 12 $ 3,074,835,000
Itzhaki Properties 12 $ 85,195,000
Time Equities, Inc. 10 $ 30,207,899
S Equities, LLC
wig 9 $ 41,348,500
Angelo, Gordon & Co. 9 $ 8,851,775
Leslie J Garfield & Company
. 8 $ 40,980,473
Jones Lang LaS alle 6 $ 856,500,000
Friedman-Roth Realty Corp. 6 $ 18,995,000
The Halstead Property Company 6 $ 18,882,550
City One Real Estate & Financing 6 $ 18,755,000
Winoker Realty Company, Inc. 6 $ 17,215,019
Murray Hill Properties LLC 5 $ 171,350,000
Cushman & Wakefield 4 $ 499,800,000
T otal Dollar Volume - (Brokers on Chart) 679 $ 13,283,940,247
T otal Dollar Volume - (All transactions tracked by CoStar Comps in 2010) 1058 $ 16,776,912,620
5. NEW YORK CITY COMMERCIAL PROPERTY SALES
Top Brokerage Firms 2001-2010
Based on # of Transactions (All Sales)
# T ransactions
2001-2010
Massey Knakal Realty Services 2,229
Besen & Associates Inc. 599
Eastern Consolidated 514
Marcus & Millichap 433
GFI Realty S ervices 421
Capin & Associates 259
CB Richard Ellis 184
Prudential Douglas Elliman 167
Cushman & Wakefield 153
Corcoran Group 145
Newmark Knight Frank 142
Lee O'dell Real Estate Inc. 138
Itzhaki Properties 126
Greiner-Maltz Company of Long Island, Inc. 122
Kalmon Dolgin Affiliates Inc. 114
S holom & Zuckerbrot Realty Corp. 95
Eastdil Realty 93
S Equities, LLC.
wig 64
S olar Realty Management Corp 62
Extreme Realty 55
WRA Properties 46
Rosewood Realty Group 43
Grubb & Ellis 40
GVA Worldwide, LLC. 37
John Anthony Group, Inc. 35
NAI Global 27
Other Brokerage Firms - Combined 309
T otal T ransaction Volume (Brokers on Charts) 6,652
18. Why Are Values Rising?
1 Fundamentals Are Improving
2 Supply / Demand Imbalance
19. Why Are Values Rising?
1 Fundamentals Are Improving
2 Supply / Demand Imbalance
3 Interest Rates
20. Why Are Values Rising?
1 Fundamentals Are Improving
2 Supply / Demand Imbalance
3 Interest Rates
4 Financing is Available
21. 2011 vs. 2010
COMMERCIAL PROPERTY TYPES - MANHATTAN
Multi-Family
Elevator +18%
Walk-Up +13%
Mixed-Use - 32%
Retail +92%
Office + 5%
Office Condo +18%
Hotel +15%
Land - 15%
Specialty Use + 7%
22. As we progress into 2011,
there are many reasons for:
• Optimism
• Pessimism
Half Full or Half Empty?
23. 2011 and BEYOND
10 THINGS TO KEEP AN EYE ON:
1. Unemployment 6. Housing Market
2. Corporate Profits 7. Inflation
3. Banking 8. Fed Monetary Policy
4. Global Implications 9. Deleveraging
5. Supply vs. Demand 10. Deficits, Debt, Pensions
24. ROBERT A. KNAKAL
Chairman & Founding Partner
Massey Knakal Realty Services
Massey Knakal Realty Services
275 Madison Avenue
New York, NY 10016
rknakal@masseyknakal.com