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A weekly feature bringing you the industry’s latest intel
The latest batch of reports from around the industry found that Lower Manhattan office leasing slowed in the first quarter of 2015 and development of moderate-income housing hit a 50-year high.
Residential
Manhattan Pipeline: Marketing Directors
Lower Manhattan will see nearly 22 new condominium buildings and 526 residential units hit the market in 2016. That accounts for nearly 30 percent of Manhattan’s overall new projects, according to a report from the Marketing Directors. View the full article here.
TriBoro pipeline: Nancy Packes Inc.
About 130,000 market-rate rental and condo units are in the pipeline for Manhattan, Brooklyn and Queens, according to a report from Nancy Packes Inc. The influx of new moderate-priced rental units have hit levels not seen since the 1960s. View the full article here.
Manhattan luxury contracts April 27- May 3: Olshan Realty
Thirty-four contracts were signed during the last week of April for Manhattan apartments priced $4 million and above, according to a luxury market report from Olshan Realty. The week’s priciest contract signed was $19 million for a townhouse at 39 West 10th Street. A unit at 62 Cooper Square and townhouse at 184 East 64th Street each had an asking price of $15 million, and tied for the second priciest homes that went into contract. View the full report here.
Office
April 2015 Midtown Manhattan office price index: Green Street Advisors
The Green Street Midtown Manhattan Price Index was steady in April, with office values exceeding 2007 peak levels. Property values increased 13 percent over the last 12 months and is up 10 percent since mid-2007.
Other
Q1 2015 Lower Manhattan market overview: Downtown Alliance
Office leasing in Lower Manhattan in the first quarter of 2015 slowed from the leasing frenzy of 2014, according to a report from Downtown Alliance. Leasing activity was down 32 percent from the previous quarter and 29 percent year-over-year. Retail sales totaled almost $64 million and averaged $1,273 per square foot. View the full report here.