The Real Deal New York

The week in real estate market reports

A weekly feature bringing you the industry’s latest intel

May 04, 2016 03:55PM
By Kyna Doles

Market Reports

(credit: REBNY and Newmark Grubb Knight Frank)

Sales activity surged last quarter in the Bronx and Staten Island while it tapered off in Manhattan and Brooklyn compared to the same period last year, according to the latest report from the Real Estate Board of New York. Manhattan also saw an influx of office deals centered in Midtown and overall asking rents were up slightly in the first three months. Check out more in our roundup of the week’s real estate market reports.

Residential

Q1 2016 New York City residential sales: REBNY

The Bronx and Staten Island saw a 35 percent spike in sales activity during the first three months of the year compared to last year. With higher average prices in Manhattan and Brooklyn, sales dipped 2 and 4 percent respectively. Read the full report here.

Manhattan luxury contracts April 18-24: Olshan Realty

Twenty-one contracts were signed during the third week of April for Manhattan homes priced $4 million and above, compared to 41 contracts signed during the same period last year. Only one of those pads was a co-op. Read the full report here.

Commercial

Q1 2016 New York City office leasing: Savills Studley

Overall asking rents in Manhattan rose to $74.53 per square foot in the first quarter, leasing activity jumped to 7.5 million square feet and the availability rate for Midtown’s Class A buildings is up slightly to 11.9 percent. Read the full report here.

Q1 NYC multifamily sales: Ariel Property Advisors

The New York City multifamily market grossed nearly $4 billion in sales during the first quarter of the year, mostly unchanged year-over-year. Deals are growing pricier, even as building and transaction volume fell over last year. Read the full report here.

Brooklyn-Queens streetcar assessment: NYCEDC

The proposed Brooklyn-Queens streetcar could bring in as much as $3 billion in new property tax revenue over the next 40 years. A new public transit car could also boost development along the tracks by 5 percent. Read the full report here.

April 2016 Manhattan office leasing: Newmark Grubb Knight Frank

Most of the 3.5 million square feet leased in April was concentrated in Midtown and driven by financial, insurance and real estate tenants. Read the full report here.

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