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The week in real estate market reports
A weekly feature bringing you the the industry’s latest intel
The latest batch of reports found that luxury home sales reached an all-time high in Queens and that average Brooklyn rents dipped in October.
Residential
Impact of 421a on future housing construction: NYU Furman Center
Reforms to 421a legislation would likely lead to an increase in profits for developers, and letting the program expire would cause fewer developments. Read the full report here.
Queens luxury home sales: PropertyShark
Luxury home sales are skyrocketing in Queens. The borough saw a total of 287 homes trade for $1 million and above during the first 10 months of 2015, an all time high for the area. Read the full report here.
October 2015 NYC residential sales: Douglas Elliman
Manhattan rents continue to climb, with the median price up 4.5 percent to $3,391 in October. Rents in the area have been rising for 21 consecutive month. Read the full report here.
October 2015 Manhattan residential rentals: MNS
The average rent for Manhattan apartments was $3,896 in October, a 2.5 decrease from September. However, average rental prices were up 3.5 percent year-over year. Read the full report here.
October 2015 Brooklyn residential rentals: MNS
Average Brooklyn rents slipped 0.9 percent from September to $2,743 in October, but the average rent rose 0.9 percent over the same period last year. Read the full report here.
Manhattan luxury contracts Nov. 2-8: Olshan Realty
The Manhattan luxury market is starting to pick up pace after a sluggish past two months. In the first week of November, 37 contracts were signed for apartments priced $4 million and above. The priciest contract signed was for a townhouse at 14 East 95th Street, with an asking price of $13.9 million. Read the full report here.