NYC Market Update - Knakal
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Transcript of NYC Market Update - Knakal
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 1,175 Properties Sold
• $7.8 Billion Aggregate Market Value
• Two-Time Winner – Most Ingenious Deal of the Year
• REBNY Lifetime Achievement Award
NEW YORK CITY MULTI-FAMILY
SALES MARKET OVERVIEW
ROBERT A. KNAKAL
CITYWIDE DOLLAR VOLUME (AGGREGATE SALES PRICE)
2005 –2011, ALL SALES
*Annualized
Source: Massey Knakal Realty Services
$12.6
$25.2
Total
Market2005 2006 2007 2008 2009 2010 2011
Q1 $4,687,088,438 $9,011,375,517 $20,113,620,906 $6,225,691,306 $1,876,791,798 $2,868,750,994 $4,007,498,481
Q2 $9,559,877,112 $10,405,687,994 $15,740,867,793 $8,244,255,279 $1,028,217,272 $3,534,753,921 $8,681,260,927
Q3 $8,247,073,803 $8,273,171,091 $11,800,478,891 $8,142,997,826 $1,685,574,291 $2,691,203,147 $6,503,948,793
Q4 $10,109,336,284 $16,506,931,951 $14,537,251,297 $2,687,946,327 $1,500,606,697 $5,136,496,100
Total $32,603,375,638 $44,197,166,553 $62,192,218,888 $25,300,890,738 $6,091,190,058 $14,231,204,162 25,590,277,601*
CITYWIDE DOLLAR VOLUME (AGGREGATE SALES PRICE)
2005 –2011, ALL SALES (IN BILLIONS)
Source: Massey Knakal Realty Services
$32.6
$44.2
$62.2
$25.3
$6.1
$14.2
$0
$10
$20
$30
$40
$50
$60
$70
2005 2006 2007 2008 2009 2010 2011
$19.2
$25.6
NYC TOTAL SALE DOLLAR VOLUME
3rd QUARTER 2011
Source: Massey Knakal Realty Services
CITYWIDE TURNOVER (NUMBER OF PROPERTIES SOLD)
2005 –2011, ALL SALES
*Annualized
Source: Massey Knakal Realty Services
$25.2
Total Market 2005 2006 2007 2008 2009 2010 2011
Q1 964 1,320 1,353 951 289 443 495
Q2 1,154 1,284 1,385 938 413 428 505
Q3 1,259 1,149 1,242 680 353 377 548
Q4 1,066 1,122 1,038 575 355 442
Total 4,443 4,875 5,018 3,144 1,410 1,690 2,064*
NYC TOTAL BUILDINGS SOLD
Source: Massey Knakal Realty Services
4,443
4,875 5,018
3,144
1,4101,690
0
1,000
2,000
3,000
4,000
5,000
6,000
2005 2006 2007 2008 2009 2010 2011
1,548
2,064
% OF TOTAL STOCK SOLD
Source: Massey Knakal Realty Services
2.69%
2.96% 3.04%
1.91%
0.87%1.01%
1.16%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
2005 2006 2007 2008 2009 2010 2011
AVG. PRICE PER PROPERTY SOLD (IN MILLIONS)
Source: Massey Knakal Realty Services
$7.3
$9.1
$12.4
$8.0
$4.4
$7.2
$12.4
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
2005 2006 2007 2008 2009 2010 2011
APARTMENT BUILDINGS WALK-UP and ELEVATOR SALES
# Buildings # Units $ Volume
2009 467 10,504 $1.34 B
2010 546 15,849 $2.63 B
1Q-3Q11 460 13,139 $3.46 B
CHANGE* +12% +11% +75%
*Annualized
Source: Massey Knakal Realty Services
(COMBINED)
APARTMENT BUILDINGS WALK-UP SALES
2009
2010
# Buildings # Units $ Volume
Manhattan 76 1,088 252,563,208$
Northern Manhattan 42 1,039 94,100,552$
Bronx 57 1,635 112,611,847$
Brooklyn 132 1,317 165,440,737$
Queens 65 453 73,075,375$
TOTAL MARKET 372 5,532 697,791,719$
# Buildings # Units $ Volume
Manhattan 74 983 290,715,439$
Northern Manhattan 62 1,227 119,251,275$
Bronx 65 1,464 98,038,423$
Brooklyn 65 877 195,924,468$
Queens 149 1,551 123,110,671$
TOTAL MARKET 415 6,102 827,040,276$
# Buildings # Units $ Volume
Manhattan 66 823 296,229,000$
Northern Manhattan 49 818 101,762,684$
Bronx 42 1,008 75,839,539$
Brooklyn 150 1,995 259,310,780$
Queens 49 642 87,310,391$
TOTAL MARKET 356 5,286 819,452,394$
1Q-3Q 2011
CHANGE* +14% 16% +32%
*Annualized
Source: Massey Knakal
Realty Services +
APARTMENT BUILDINGS ELEVATOR SALES
2009
2010
1Q-3Q 2011
*Annualized
Source: Massey Knakal
Realty Services
# Buildings # Units $ Volume
Manhattan 12 650 239,675,000$
Northern Manhattan 22 615 77,908,000$
Bronx 34 2,009 148,660,790$
Brooklyn 22 1,192 121,201,400$
Queens 5 506 54,792,500$
TOTAL MARKET 95 4,972 642,237,690$
# Buildings # Units $ Volume
Manhattan 24 2,459 1,069,409,181$
Northern Manhattan 34 2,795 315,576,019$
Bronx 41 3,031 229,261,142$
Brooklyn 18 783 105,152,500$
Queens 14 679 85,342,000$
TOTAL MARKET 131 9,747 1,804,740,842$
# Buildings # Units $ Volume
Manhattan 26 3,418 2,066,883,641$
Northern Manhattan 10 235 42,975,000$
Bronx 30 1,888 150,144,370$
Brooklyn 26 1,380 196,848,936$
Queens 12 932 180,803,247$
TOTAL MARKET 104 7,853 2,637,655,194$
CHANGE* +13% +7% 95%+
MULTIFAMILY ANALYSIS CAP RATES
Source: Massey Knakal Realty Services
WALK-UP
ELEVATOR
2007 2009 2010 2011 Change from
2010
Change from
2007
Manhattan 4.40% 5.46% 5.78% 5.20% -58 +80
Northern Manhattan 5.43% 7.02% 7.52% 6.54% -98 +111
Bronx 7.45% 7.51% 8.08% 8.39% +31 +94
Brooklyn 5.91% 7.60% 7.17% 7.05% -12 +114
Queens 6.45% 6.72% 7.45% 6.80% -65 +35
2007 2009 2010 2011 Change from
2010
Change from
2007
Manhattan 3.18% 4.71% 4.80% 4.50% -30 +132
Northern Manhattan 5.11% 5.53% 6.27% 5.88% -39 +77
Bronx 5.85% 7.84% 7.53% 7.25% -28 +140
Brooklyn 5.27% 6.14% 6.79% 6.03% -76 +76
Queens 5.32% 6.04% 6.08% 5.58% -50 +26
MULTIFAMILY ANALYSIS GRM
Source: Massey Knakal Realty Services
WALK-UP
ELEVATOR
2007 2009 2010 2011 Change from
2010
Change from
2007
Manhattan 15.35 11.66 11.83 11.89 +0.06 -3.46
Northern Manhattan 11.45 8.25 7.51 7.80 +0.29 -3.65
Bronx 7.81 7.16 6.59 6.42 -0.17 -1.39
Brooklyn 10.12 9.42 10.11 8.79 -1.32 -1.33
Queens 11.21 9.93 9.28 9.52 +0.24 -1.69
2007 2009 2010 2011 Change from
2010
Change from
2007
Manhattan 16.75 13.30 12.78 14.62 +1.84 -2.13
Northern Manhattan 12.54 8.47 8.75 8.41 -0.34 -4.13
Bronx 8.45 6.94 7.25 6.99 -0.26 -1.46
Brooklyn 10.96 8.78 8.63 10.55 +1.92 -0.41
Queens 12.13 9.14 9.66 10.65 +0.99 -1.48
MULTIFAMILY ANALYSIS PRICE PER SQUARE FOOT
Source: Massey Knakal Realty Services
WALK-UP
ELEVATOR
2007 2009 2010 2011 Change from
2010
Change from
2007
Manhattan $556 $505 $541 $592 +9% +6%
Northern Manhattan $307 $161 $163 $211 +29% -31%
Bronx $108 $88 $87 $97 +11% -10%
Brooklyn $188 $160 $194 $163 -16% -13%
Queens $220 $190 $202 $192 -5% -13%
2007 2009 2010 2011 Change from
2010
Change from
2007
Manhattan $522 $434 $440 $628 +43% +20%
Northern Manhattan $170 $124 $179 $166 -7% -2%
Bronx $85 $69 $71 $84 +18% -1%
Brooklyn $110 $126 $171 $145 -15% +32%
Queens $117 $133 $176 $193 +10% +65%
MULTIFAMILY ANALYSIS PRICE PER UNIT
Source: Massey Knakal Realty Services
WALK-UP
ELEVATOR
2009 2010 2011 Change from
2010
Manhattan $347,630 $373,315 $412,355 +10%
Northern Manhattan $115,780 $104,627 $142,268 +37%
Bronx $73,522 $73,578 $82,213 +12%
Brooklyn $131,574 $132,876 $129,061 -3%
Queens $143,450 $140,938 $142,519 +1%
2009 2010 2011 Change from
2010
Manhattan $355,181 $326,325 $583,265 +79%
Northern Manhattan $92,733 $127,910 $182,811 +43%
Bronx $70,643 $73,227 $84,343 +15%
Brooklyn $129,672 $140,564 $176,425 +26%
Queens $108,383 $133,986 $182,438 +37%
9.24%
6.27%
5.50%
3.80%
3.05%
3.65%
4.84%
12.02%
11.23%
11.74%
8.49%
7.50%
7.05%
10.02%
11.54%
9.27%
8.37%8.52%
8.96%
10.31%
11.52%
10.15%9.54%
8.75%
7.42%
7.75%
7.45%
7.03%
7.55% 7.58%
6.31%
3.90%
4.52% 4.50%
9.74%
12.34%
10.83%10.67%
10.13%
9.09%
8.71%9.25%
8.92%
8.53%8.22%
7.92%
7.19%
7.22%
5.00%
4.75%4.50%4.60%
4.40%
5.05%
5.78%
5.20%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
CAP RATES
Source: Massey Knakal Realty Services, Miller Cicero (2003-2008)
MANHATTAN APARTMENT BUILDINGS (1984-2011)
Major Tax
Code Change 91-92
Recession
01-02
Recession
Current
Recession
P
R
O
J
E
C
T
E
D
WALK-UP
ELEVATOR
WALK-UP CAP RATES
COMPARED TO GRM
Source: Massey Knakal Realty Services, Miller Cicero (2003-2008)
MANHATTAN WALK-UP APARTMENT BUILDINGS (1984-2011)
6.02%
7.27%7.50%
6.89%
5.31%
4.73%
6.00%
9.58%
8.80%
10.15%
12.60%
13.80%
14.25%
15.35%
14.90%
13.04%
11.89%12.02%
11.23%
9.74%
10.83%
12.34%
11.74%
7.05%
5.05% 5.20%
9.32%
8.85%9.20%
6.95%
5.93%
4.52%
4.09%
3.57%
9.36%
11.87%
7.37%
8.71%
9.09%
10.67%
10.13% 9.25%
8.92%8.53%
8.22%
7.92%
5.00%4.75% 4.60% 4.40%
4.50%
7.50%
7.22%7.19%
8.49%
5.78%
2%
4%
6%
8%
10%
12%
14%
16%
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
Major Tax
Code Change 91-92
Recession
01-02
Recession
Current
Recession
P
R
O
J
E
C
T
E
D
GRM
CAP RATE
8.54%
10.52%
12.06%
10.77%
11.34%
10.45%
7.31%
5.60%5.25%
6.21%
7.92%
9.05%
12.06%
10.75%
12.05%
13.83%
16.00%16.40%
13.71%
12.74%
11.52%
9.24%
10.02%
11.54%
10.15%
9.54%
8.75%
7.55%
6.27%
7.58%
6.31%
5.50%
3.80%
3.05%
3.65%4.11%4.38%
4.75%
6.70%
11.55%
17.10%16.75%
14.62%
8.52%
9.27%
8.96%
8.37%
7.42%
7.75%
7.45%
7.03%
4.52%4.84%
4.50%
3.90%
10.31%
2%
4%
6%
8%
10%
12%
14%
16%
18%
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
ELEVATOR CAP RATES
COMPARED TO GRM
Source: Massey Knakal Realty Services, Miller Cicero (2003-2008)
Major Tax
Code Change
91-92
Recession
01-02
Recession
Current
Recession
P
R
O
J
E
C
T
E
D
GRM
CAP RATE
MANHATTAN ELEVATOR APARTMENT BUILDINGS (1984-2011)
9.24%
10.02%
6.27%
3.65%
11.23%
10.13%
11.74%
7.05%
3.90%3.80%
5.50%6.31%
7.58%7.55%
7.03%7.45%
7.75%
7.42%
8.75%
9.54%10.15%
11.54%
8.37%8.52%
9.27%8.96%
10.31%
11.52%
4.52% 4.50%
3.05%
5.05%
4.50%4.40%4.60%4.75%
5.00%
7.50%7.22%
7.19%
8.49%
7.92%8.22%
8.53%
8.92%
9.25%
12.34%
10.83%
9.74%
8.71%
9.09%
10.67%
12.02%
5.78%
5.20%
0%
2%
4%
6%
8%
10%
12%
14%
Mortgage Rate 13.5213.2110.93 9.27 10.5010.85 9.96 9.67 8.37 7.92 6.94 9.25 7.12 7.80 7.06 6.79 8.17 7.12 6.87 5.73 5.45 5.52 6.11 6.30 6.02 5.89 4.86 4.36
Elevator 11.5210.31 8.96 9.27 8.52 8.37 9.24 10.0211.5410.15 9.54 8.75 7.42 7.75 7.45 7.03 7.55 6.27 7.58 6.31 5.50 3.80 3.05 3.90 3.65 4.52 4.84 4.50
Walk-Up 12.0211.2310.1310.67 9.09 8.71 9.74 10.8312.3411.74 9.25 8.92 8.53 8.22 7.92 8.49 7.19 7.22 7.50 7.05 5.00 4.75 4.60 4.40 4.50 5.05 5.78 5.20
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
CAP RATES
COMPARED TO MORTGAGE RATES
Source: Massey Knakal Realty Services, Miller Cicero (2003-2008), Federal Reserve Bank
MANHATTAN APARTMENT BUILDINGS (1984-2011)
ELEVATOR
WALK-UP
P
R
O
J
E
C
T
E
D
LEVERAGE (CAP RATES MINUS MORTGAGE RATES)
Source: Massey Knakal Realty Services
2.60
%
0.24
%
0.71
%
1.40
%
1.16
%
3.97
%
3.82
%
1.41
%
0.42
%0.
86%
1.70
%
1.32
%
0.92
%
-2.0
0%
-2.9
0%
-1.9
7%
0.00
%
-1.9
8%
-2.4
8%
-0.7
2%
0.35
%
2.23
%
3.17
%
-0.6
2%
-0.8
5%
0.39
%
-0.0
5%
0.30
%
-0.5
0%
0.58
%
0.05
%
-0.0
2%
0.14
%
-1.3
7%
-2.4
0%
-2.3
7%
-1.7
2%
-3.0
6%
-1.5
0%
-1.9
8%
-0.8
0%
-1.4
1%
-2.1
4%
-0.2
2%
0.10
%
-0.9
8%
2.31
%
-0.3
3%
0.63
%
-0.4
5%
-0.8
4%
-1.9
0%-1
.51%
-0.7
7%
-1.5
2%
0.84
%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
MANHATTAN APARTMENT BUILDINGS (1984-2011)
2.60
%
0.24
%0.
71%
1.40
%
1.16
%
3.97
%
3.82
%
1.41
%
0.42
%0.
86%
1.70
%
1.32
%
0.92
%
-3.0
6%
-1.7
2%
-2.3
7%
-2.4
0%
-1.3
7%-0
.95%
-0.0
2%0.05
%0.
58%
-0.5
0%
0.30
%
-0.0
5%
0.39
%
-0.8
5%-0.6
2%
3.17
%
2.23
%
0.35
%
-0.7
2%
-2.4
8%-1
.98%
0.00
%
-1.9
7%
-2.9
0%
-2.0
0%
0.27
%
-1.5
2%
-0.7
7%
-1.5
1%
-1.9
0%
-0.8
4%-0.4
5%
0.63
%
-0.3
3%
2.31
%
-0.9
8%
0.10
%
-0.2
2%
-2.1
4%
-1.4
1%
-0.8
0%
-1.9
8%-1
.50%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
YEAR
Elevator -2.00 -2.90 -1.97 0.00 -1.98 -2.48 -0.72 0.35 3.17 2.23 2.60 -0.50 0.30 -0.05 0.39 0.24 -0.62 -0.85 0.71 0.58 0.05 -1.72 -3.06 -2.40 -2.37 -1.37 -0.02 -0.95
Walk-Up -1.50 -1.98 -0.80 1.40 -1.41 -2.14 -0.22 1.16 3.97 3.82 2.31 -0.33 1.41 0.42 0.86 1.70 -0.98 0.10 0.63 1.32 -0.45 -0.77 -1.51 -1.90 -1.52 -0.84 0.92 0.27
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
MANHATTAN - Leverage (Cap Rates minus Mortgage Rates)POSITIVE LEVERAGE
NEGATIVE LEVERAGE
ELEVATOR
WALK-UP
P
R
O
J
E
C
T
E
D
CAP RATES
COMPARED TO 10-YEAR T-BILL
Source: Massey Knakal Realty Services, Miller Cicero (2003-2008), US Treasury
MANHATTAN APARTMENT BUILDINGS (1984-2011)
ELEVATOR
WALK-UP
P
R
O
J
E
C
T
E
D
9.24%
10.02%
7.45%
11.52%
10.31%
8.96%
9.27%
8.52% 8.37%
11.54%
10.15%9.54%
8.75%
7.42%7.75%
7.03%
7.55%
6.27%
7.58%
6.31% 5.50%
3.80%
3.05%
3.90%3.65%
4.52% 4.50%
12.02%
11.23%
10.13%
10.67%
9.09%8.71%
9.74%
10.83%
12.34%
11.74%
9.25%
8.92%
8.53%8.22%
7.92%
8.49%
7.19%
7.22%
7.50%
7.05%
5.00%
4.75%4.60%4.40% 4.50%
5.05%
5.78%
5.20%
0%
2%
4%
6%
8%
10%
12%
14%
10-Year T-Bill 11.86 11.70 9.04 7.18 8.83 9.23 8.02 8.25 6.79 6.75 5.66 7.88 5.67 6.51 5.38 4.84 6.50 4.96 5.06 4.15 4.09 4.28 4.38 4.66 3.79 3.56 3.22 2.46
Elevator 11.52 10.31 8.96 9.27 8.52 8.37 9.24 10.0211.54 10.15 9.54 8.75 7.42 7.75 7.45 7.03 7.55 6.27 7.58 6.31 5.50 3.80 3.05 3.90 3.65 4.52 4.84 4.50
Walk-Up 12.02 11.2310.13 10.67 9.09 8.71 9.74 10.8312.34 11.74 9.25 8.92 8.53 8.22 7.92 8.49 7.19 7.22 7.50 7.05 5.00 4.75 4.60 4.40 4.50 5.05 5.78 5.20
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
1.75
% 2.07
%2.
19%
1.72
%
2.58
%
5.55
%
4.99
%
2.86
%
1.71
%
2.54
%
3.65
%
2.90
%
0.47
%
2.56
% 2.74
%
-0.1
4%
-0.7
6%
-1.3
3%
-0.4
8%
1.41
%
2.16
%2.
52%
1.31
%
1.05
%
0.96
%
1.62
%
2.04
%
1.24
%
0.87
%
3.88
%
3.40
%
4.75
%
1.77
%
1.22
%
-0.8
6%
-0.3
1%-0.0
8%
-1.3
9%
-0.3
4%
2.09
%
-0.2
6%
0.22
%
0.91
%
2.44
%
2.26
%
0.69
%
0.71
%
1.49
%
1.04
%
3.59
%
-0.5
2%
0.26
%
-0.4
7%
1.09
%
0.16
%
3.49
%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
RISK PREMIUM (CAP RATES MINUS 10-YEAR T-BILL)
Source: Massey Knakal Realty Services
MANHATTAN APARTMENT BUILDINGS (1984-2011)
2.60
%
0.24
%0.
71%
1.40
%
1.16
%
3.97
%
3.82
%
1.41
%
0.42
%0.
86%
1.70
%
1.32
%
0.92
%
-3.0
6%
-1.7
2%
-2.3
7%
-2.4
0%
-1.3
7%-0
.95%
-0.0
2%0.05
%0.
58%
-0.5
0%
0.30
%
-0.0
5%
0.39
%
-0.8
5%-0.6
2%
3.17
%
2.23
%
0.35
%
-0.7
2%
-2.4
8%-1
.98%
0.00
%
-1.9
7%
-2.9
0%
-2.0
0%
0.27
%
-1.5
2%
-0.7
7%
-1.5
1%
-1.9
0%
-0.8
4%-0.4
5%
0.63
%
-0.3
3%
2.31
%
-0.9
8%
0.10
%
-0.2
2%
-2.1
4%
-1.4
1%
-0.8
0%
-1.9
8%-1
.50%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
YEAR
Elevator -2.00 -2.90 -1.97 0.00 -1.98 -2.48 -0.72 0.35 3.17 2.23 2.60 -0.50 0.30 -0.05 0.39 0.24 -0.62 -0.85 0.71 0.58 0.05 -1.72 -3.06 -2.40 -2.37 -1.37 -0.02 -0.95
Walk-Up -1.50 -1.98 -0.80 1.40 -1.41 -2.14 -0.22 1.16 3.97 3.82 2.31 -0.33 1.41 0.42 0.86 1.70 -0.98 0.10 0.63 1.32 -0.45 -0.77 -1.51 -1.90 -1.52 -0.84 0.92 0.27
84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
MANHATTAN - Leverage (Cap Rates minus Mortgage Rates)
POSITIVE LEVERAGE
NEGATIVE LEVERAGE
ELEVATOR
WALK-UP
P
R
O
J
E
C
T
E
D
Why Are Values Rising?
Why Are Values Rising?
1 Fundamentals Are Improving
Why Are Values Rising?
1 Fundamentals Are Improving
2 Supply / Demand Imbalance
Why Are Values Rising?
1 Fundamentals Are Improving
2 Supply / Demand Imbalance
3 Interest Rates
Why Are Values Rising?
1 Fundamentals Are Improving
2 Supply / Demand Imbalance
3 Interest Rates
4 Financing is Available
10 THINGS TO KEEP AN EYE ON:
1. Unemployment
3. Banking
4. Global Implications
5. Supply vs. Demand
2012 and BEYOND
2. Corporate Profits
6. Housing Market
7. Inflation
8. Fed Monetary Policy
9. Deleveraging
10. Deficits, Debt, Pensions
ROBERT A. KNAKAL
Chairman & Founding Partner
Massey Knakal Realty Services
Massey Knakal Realty Services
275 Madison Avenue
New York, NY 10016