Report Methodologies

New York City Income Property Market Report

Cap rates and Gross Income Multipliers are based on sales researched by Miller Cicero, LLC in addition to properties sold by Massey Knakal Realty Services, and represent a reasonable sampling of all sales. Median price per square foot and the number of sales were based on all closed sales in the public record over $500k for which a price was recorded, as reported by Property Shark.

Walk-up buildings are designated "C" class by the City of New York (excluding C0, three-families), elevator apartment buildings are designated "D" class, and mixed-use buildings consist of both "K" and "S" classes.

Northern Manhattan consists of zip codes: 10026, 10027, 10029, 10030, 10031, 10032, 10033, 10034, 10035, 10037, 10039, 10040. This reflects the area north of East 96th Street, Central Park, and West 114th Street.

Data prior to first half of 2004 based on data compiled by Massey Knakal Realty Services. The price per square foot prior to 2004 represents the average, whereas the price per square foot beginning in 2004 represents the median.

"Insufficient sample size" denotes those categories for which the rates are based on fewer than three sales.

• Cap rate: net operating income (NOI) divided by the sales price
• Gross Income Multiplier (GIM): sales price divided by potential gross income
• Median price per square foot: sales prices divided by gross building area above grade, as reported in the public record
• Number of sales: sales closed during the period
• Turnover rate: number of sales divided by total inventory

 

Massey Knakal Building Sales Study (Premium)

• All sales were analyzed based on the following New York city building classifications: C (walk-up apartment buildings, D (elevator apartment buildings, E/F (industrial and warehouse buildings), K/S (mixed-use buildings with ground floor commercial), and O (office buildings)
• Market sales data was provided by Property Shark
• Data includes only sales greater than $500,000. In 2005, 3,595 sales were provided in Manhattan, Bronx, Queens and Brooklyn, but excluding Staten Island.
• The median price per square foot was calculated based on the gross building as reported by Property Shark.
• Massey Knakal 2005 sales activity was similarly categorized by New York City building classification, and the median price per square foot was calculated based on the gross building area as reported by Property Shark. There were 212 Massey Knakal sales that formed the basis for this analysis.
• The median price per square foot of Massey Knakal’s 2005 sales was compared to the median price per square foot of all sales. The number of Massey Knakal sales represents about 6% of total sales.