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New York

The week in real estate market reports

A weekly feature bringing you the industry’s latest intel

(credit: New York Committee for Occupational Safety and Health, Douglas Elliman and Ariel Property Advisors)
(credit: New York Committee for Occupational Safety and Health, Douglas Elliman and Ariel Property Advisors)

The latest batch of reports from around the industry found that Manhattan’s median rent is up for the 14th consecutive month and the number of state inspections from the Occupational Safety and Health Administration is down.

Residential 

April 2015 Manhattan, Brooklyn and Queen rentals: Douglas Elliman

Median rental prices in Manhattan rose for the fourteenth consecutive month. The median rental price  was up 3.5 percent to $3,361 year-over-year. In Brooklyn, the median rent increased 5.6 precent to $2,961 compared to Aril 2014. It was the first increase after two consecutive months of decline. Read the full story here.

NYC multifamily construction: BuzzBuzzHome

New York City surpassed Toronto as the leader in multifamily construction in North America. A total of 38,815 multifamily units are under construction in NYC, which outpaced Toronto by 701 units. Read the full story here.

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Manhattan luxury contracts May 4-10: Olshan Realty

In the first full week of May, 32 contracts were signed for Manhattan apartments priced $4 million and above. The week’s priciest contract signed was for a penthouse at 50 United Nations Plaza, with an asking price of $23.3 million. A $14 million home at 10 Madison Square West was the second most expensive contract signed during the week. View the full report here.

March 2015 NYC multifamily sales: Ariel Property Advisors

Brooklyn was booming with multifamily sales in March, with dollar volume totaling $683.1 million for the month, more than all multifamily sales in New York City during February. Read the full story here.

Other

NYC construction fatalities: New York Committee for Occupational Safety and Health

The number of state inspections from the Occupational Safety and Health Administration is down, with the organization critically understaffed and overwhelmed. In April, there were 71 federal agency inspectors in New York, down from 82 in 2011. Nonunion employees are considered the least safe at construction sites and accounted for 79 percent of construction accidents in 2012. Read the full story here.