Commercial Grade is a post by John Cicero, MAI who provides commentary on issues affecting real estate appraisers, with specific focus on commercial valuation. John is a partner of mine in our commercial real estate valuation concern Miller Cicero, LLC and he is, depending on what day of the week it is, one of the smartest guys I know. …Jonathan Miller

The latest New York City Income Property Report covering the second half of 2007 has been released. I prepare this report semi-annually on behalf of Massey Knakal and it’s the only one of its kind. The report tracks the sales activity of walk-up apartment buildings, elevator apartment buildings and mixed-use buildings in five New York City markets: Manhattan (generally south of 96th Street), Northern Manhattan, Brooklyn, Queens and the Bronx.

The total number of sales dropped 16% from the first half of 2007, but a more moderate 7% compared with the second half of 2006. Though the number of sales has declined prices remained stable and even increased in some instances. The following table reflects a peak in the number of sales in early 2006, while pricing has continued to rise.

Though this is clearly not as big as when Bob Knakal got his hair cut, for those interested the entire report is available for download at

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