Market Overview

NYC Commercial Real Estate Reaches Highest Level Since 2007


New York City’s commercial real estate sector is having its strongest run since 2007 due to sharp price jumps, a report on New York Daily News said.  

Citing a report from the Massey Knakal Realty Services, the report said that New York City building sales have climbed to $52 billion this year compared with $40 billion last year.

It noted that the price hike was brought on by investor demand from overseas. New York real estate is seen by foreign investors as a “safe haven” for their wealth, the report added.

“New York City real estate is to investors what the Swiss bank account has been for years,” Massey Knakal Realty Services Bob Knakal told the paper. “Asset preservation is the No. 1 driver.”

The report said that the NYC commercial real estate prices have reached $1,629 per square foot this year, marking a 24 percent increase from last year’s figures even if sales have cooled down. Undeveloped plots sell for over $300 per square foot.

Meanwhile, in NYC’s housing market, activities heated up due to wealthy Chinese investors and Russian oligarchs who snapped up properties in a frenzy. According to a report on the International Business Times, restrictions imposed by the Chinese government on home purchases and in wealth transfers have forced Chinese investors to find a way to move their money out of the country and into NYC properties.

Russia’s super rich funneled their wealth into NYC properties during the peak of the Ukrainian crisis, according to a report from The New York Times.

The inflow of investments, especially into luxury apartments and properties, has propelled prices to new heights. The sale of an $88 million NYC penthouse paid by a trust linked to Russian fertilizer magnate Dmitry Rybolovlev prompted brokers and developers to push their portfolio prices up, The New York Times said.

New York real estate agents can seize the opportunity by turning to the newest real estate technologies to market their listings. Realbiz Media Group, Inc. (OTCQB: RBIZ) develops proprietary video marketing software that agents and their brokers can use to promote their virtual tour listings online. The company offers a Virtual Tour Program that allows real estate sellers to create virtual tours and presentations that are optimized for mobile viewing and could be syndicated through social media for only $29.95 a month.

The program is equipped with a video search engine optimization (VSEO) tool that automatically generate meta tags and descriptions for virtual tours and listings agents have uploaded to the platform so that they would be found easily by consumers online.

The program also has tools for creating QR codes, e-flyers, and seller reports as bonus features.

Realtors can make use of the company’s listing platform, which makes a great platform for hosting their virtual tour listings and personalized agent profiles, as they build their network. Moreover,’s agent and listing pages feature a contact form and social media buttons which allow agents to connect with consumers easily. is a consumer site based on Realbiz Media’s patented marketing technology Nestbuilder Agent.

Realbiz Media’s platforms, applications and web sites feature social integration, which allow agents to cross-publish their posts to social networks like Twitter, Facebook, and Pinterest.

To learn more about Realbiz Media and its products, contact or call 1.888.REAL.BIZ (888.732.5249).

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.


Related Articles (RBIZ)

View Comments and Join the Discussion!