A look back at September: a $280 million contract pipeline, the firm's new Air Rights Intelligence platform, and the policy shifts that will shape NYC land values in October and beyond.
-- BK Real Estate Advisors (BKREA), the seller-only, exclusive-only New York City investment sales firm led by Bob Knakal, today closed out the month with its September 2026 review in the Development Site Monthly. As the firm heads into October, it has closed 10 transactions totaling more than $300 million since July 1, nearly one-third of its 2026 dollar volume in roughly two months.
Entering the fourth quarter, BKREA has closed 34 transactions year to date totaling $874.75 million and 2.825 million square feet. With 11 more deals under contract worth about $280 million, the firm's 2026 closed volume is on track to exceed $1.15 billion.
September in review: buyers are active and well-positioned properties are trading
September capped a busy summer that builds on a strong 2025, when BKREA closed 43 transactions totaling approximately $1.78 billion. The firm says the pace confirms that capital is available and buyers are bidding on well-positioned assets. BKREA currently holds 71 exclusive listings totaling more than $3 billion, including over $3 billion in land and air rights assignments.
A new intelligence layer for the air rights market
BKREA has launched NYC Air Rights Intelligence, a proprietary dashboard tracking hundreds of transferable development rights (TDR) transactions across New York City, giving property owners access to comps by neighborhood, TDR type, deal size and price per square foot. In addition to former inclusionary housing certificates (now known as UAP) and traditional neighboring TDRs, BKREA's Air Rights Marketplace is actively marketing landmark TDRs at 130 Bowery (±45,000 SF), 652 Avenue of the Americas (±105,000 SF), 15 West 38th Street (±22,876 SF) and others.
"Every air rights transaction carries its own mechanics, whether it's a landmark transfer, a ZLDA, inclusionary certificates, or a special district, and pricing has never really reflected that nuance," said Genessy Jaramillo, Managing Director at BKREA. "Air Rights Intelligence gives us hard data to underwrite each deal, instead of going in without the tools to back it up, and that is a big part of why BKREA is doing more air rights deals than anyone else in the market."
Policy changes to watch heading into October
Several regulatory shifts tracked through September will shape the city's land market this fall:
- Affordable Housing Fast Track: The ELURP rulemaking comment period closed September 9, and City Planning is due to name the 12 community districts with the lowest affordable housing production today, October 1. Qualifying projects there gain a 90-day review in place of the roughly seven-month ULURP process.
- Block by Block housing plan: The Mamdani administration's plan commits more than $22 billion over five years to build 200,000 affordable homes and preserve 200,000 more.
- COPA: The proposed Community Opportunity to Purchase Act would give qualified nonprofits a first-look window and a right to match offers on certain multifamily sales, changing disposition timelines for sellers.
- Small-lot reform: Proposed construction code changes could enable up to 35,000 homes on nearly 3,000 lots 15 to 27 feet wide, with no rezoning required.
- Pied-à-terre tax: Knakal argues the new tax will weigh on luxury condo sales near term but should not materially affect land bought today for projects delivering in 2029 or later.
The BKREA September Newsletter Summarizes development and property restoration news throughout NYC.
About the company: BKREA is a New York City commercial real estate brokerage founded by Bob Knakal, specializing in investment sales, development sites, and air rights. The firm combines property research, market knowledge, and decades of transaction experience to help owners evaluate opportunities, position assets, and execute sales throughout New York City neighborhoods.
Contact Info:
Name: Bob Knakal
Email: Send Email
Organization: BKREA
Address: 135 West 36th Street NY NY 10018
Phone: 212-888-8850
Website: https://bkrea.com
Release ID: 89205064
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