The Real Deal New York

The week in real estate market reports

A weekly feature bringing you the industry's latest intel

March 25, 2015 11:50AM
By Kyna Doles

Market Report

The latest batch of reports from around the industry found that New York City homeowners pay more for a down payment on a home, TAMI tenants continue to dominate the Manhattan office market, and Upper Manhattan has the tightest absorption rate.

Office
March 2015 Manhattan office: DTZ

More space returned to the Manhattan office market in February, but availability rates fell during the month, according to a report from DTZ. While 10 office buildings totaling 45,000 square feet were added to the market, overall availability was down 9.8 percent. Of the 10 newly-added buildings, eight were Class B properties. Prices still managed to climb, with the average asking rate rising to $69.87 per square foot. View the full report here.

February 2015 Manhattan office: Newmark Grubb Knight Frank

TAMI tenants continued to dominate the Manhattan office market, representing 58.7 percent of the total square footage leased in February, according to a report from Newmark Grubb Knight Frank. Asking rents in the area continued to rise, reaching $67.80 per square foot, an 8.8 percent increase over the year. Top leases for February include Publicis’ renewal and expansion of more than 506,000 square feet at 1675 Broadway and WeWork’s 240,000-square-foot new lease at 85 Broad Street. View the full report here.

Residential

NYC down payments: RealtyTrac

New York City residents are paying the most nationally for a down payment on a home, according to a report from RealtyTrac. The average downpayment in the area is 37 percent, compared to the national average of 14 percent. The median cost for a home in New York City is $935,000, costing homeowners $348,000 for a downpayment. View the full report here.

February 2015 Manhattan absorption: Brown Harris Stevens

The absorption rate for Manhattan apartments rose to 3.9 months in February, a 15 percent increase over the same time last year, according to a report from Brown Harris Stevens. Condos continued to have the borough’s highest absorption rate, with a supply of 4.7 months. Co-ops had an absorption rate of 3.3 months. Absorption was tightest in Upper Manhattan, where the supply is 2.5 months. View the full report here.

Manhattan luxury contracts March 9-15, 2015: Olshan Realty

Thirty-seven contracts were signed during the second week of March for apartments priced over $4 million, according to the Olshan Luxury Market Report. Combined with contracts signed during the first week of the month, there were a total of 69 contracts signed — a 44 percent increase over the same period last year. Asking price sales totaled $318.9 million for the week and the average asking price for an apartment was $8.6 million. View the full report here.

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