The Knakal News Network discusses the land market in New York City with Bob Knakal, chairman of Massey Knakal Realty Services. The land market has been appreciating at a rapid pace, with an increase of about 30% in the last three months alone. The development community's bullish outlook on market fundamentals in the future is reflected in the high land prices. The land market has been performing unusually since 2009, with land prices dropping and then increasing again in 2012. The average per buildable square foot from Manhattan land was $366 in 2012, and land values are expected to appreciate by up to 50% in 2013. The market is not limited to Manhattan, as the outer boroughs are also experiencing rising land values.

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