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New York

The week in real estate market reports

A weekly feature bringing you the industry’s latest intel

Douglas Elliman and Ariel Property Advisors
(credit: Douglas Elliman and Ariel Property Advisors)

The latest batch of reports found that the flight of tenants to FiDi is most pronounced among technology, advertising and media tenants.

Residential

August 2015 Manhattan, Brooklyn and Queens rentals: Douglas Elliman

Brooklyn’s median rent hit a record high of $3,000 in August. The borough’s median price is up 10.98 percent year-over-year and the average rental price rose 7.8 percent to a record $3,421. Read the full report here.

August 2015 Manhattan absorption: Brown Harris Stevens

Manhattan’s absorption rate was down to four months in August, but is up slightly year-over-year. Upper Manhattan continued to be the borough’s tightest market, with a re-sale rate of 2.9 months. Read the full report here.

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Manhattan luxury contracts Sept. 7-13: Olshan Realty

The September holidays brought sales of luxury apartments down during the second week of the month. Seventeen contracts were signed for Manhattan apartments priced $4 million and above, including an apartment at 1110 Park Avenue, which had an asking price of $19.2 million. Read the full report here.

Commercial

September 2015 NYC multifamily sales: Ariel Property Advisors

New York City’s multifamily sales neared $1.2 billion in July, and price increases in the outer boroughs pushed the city’s overall dollar volume up 27 percent from the previous month. Read the full report here.

Revitalization of FIDi: Ariel Property Advisors

TAMI tenants accounted for 47 percent of all relocations to the Financial District between Q1 2011 and Q1 2015, and are driving up demand for Class A office space. The transforming neighborhood has 16 new residential buildings and 2,446 new units in the pipeline, including 760 condos. Read the full report here.