As Midtown office leasing activity slows, vacancy is rising and rents are slipping, according to a recent report from JLL. Check out more from the monthly office recap, multifamily sales and new development insights in our roundup of the week’s real estate market reports.
January 2016 multifamily sales: Ariel Property Advisors
Multifamily sales from 765 buildings totaled nearly $1.4 billion in the first month of the year. Dollar volume leaped 68 percent year-over-year and and the month’s biggest deal was A&E Real Estate Holdings’ purchase of the Riverton housing complex in Central Harlem for $201 million. Read the full report here.
Hell’s Kitchen New Development: Halstead Property Development Marketing
The average price per square foot for new condo developments in Hell’s Kitchen is up 40.8 percent from 2011. Prices reached $1,639 per square foot in 2015, and for deals currently in contract, the average price is $1,700 her square foot. Read the full report here.
Most expensive North American housing markets: PropertyShark
Queens now makes the list of the 15 most expensive housing markets in North America. With a median sales price of $369,000, the borough is ranked 12th of the list, just behind Toronto. Manhattan and Brooklyn fall in second and fourth place, respectively. Read the full report here.
Manhattan luxury contracts: March 7-13: Olshan Realty
The Manhattan luxury market saw a boost in the number of contracts signed during the second week of March. With 26 contacts signed for homes priced $4 million and above, it was the best performing week this year. Read the full report here
March 2016 Manhattan office leasing: JLL
Manhattan Class A asking rents hit $75.89 per square foot in February, and nearly 280,000 million square feet was leased. With leasing activity slowing in Midtown, vacancy rose for the fifth consecutive month and landlords are reducing rents in the ares. Read the full report here.
Commercial real estate investments: Cushman & Wakefield
Available capital reached a record high of $443 million in 2014, with the U.S. bringing in the most, ahead of China, the United Kingdom, Japan and Germany. Read the full report here.