NEW YORK CITY-Despite a slight slowdown in investment sales volume in the first quarter of 2012, low supply of available properties and high-demand from international buyers is driving up competition for prime assets—and pricing. Officials from Massey Knakal Realty Services said at a press briefing on Tuesday morning that while total sales clocked in at $6.9 billion in Q1, a massive amount of transactions are in contract to close in the second quarter, which is expected to far surpass the firm’s first quarter numbers.

“Demand is excessive,” said Robert Knakal, chairman at Massey Knakal, noting that product all across the spectrum—especially elevator apartment buildings—are achieving higher-than-asking prices and receiving multiple qualified bids, with Manhattan and Brooklyn standing out as the top performing boroughs for sales activity.

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