Manhattan’s average sales price was unchanged in April and rental prices dipped, according to the latest residential reports from CityRealty and Zumper. On the commercial end, Cobble Hill saw a major spike in Rental Prices Along The Smith Street retail corridor and rising U.S. property values have come to a halt. Check out more in our roundup of the week’s real estate market reports.
Residential
New York City rent affordability: StreetEasy
More than half of all New York households were rent burden this year. A typical New York household will spend 65.2 percent of its income on rent this year, up from 59.7 percent in 2015. Read the full report here.
May 2016 Manhattan residential sales: CityRealty
The average sales price for Manhattan condominiums and co-ops was $2.3 million in April, largely unchanged from the previous month. Read the full report here.
Manhattan luxury contracts April 25-May 1: Olshan Realty
Twenty-eight contracts were signed in the last week of April for Manhattan apartments priced $4 million and above, down from 34 contracts signed during the same period last year. The week’s most expensive contract signed was for a duplex at 247 West 12th Street, which had an asking price of nearly $15 million. here.
May 2016 national rent: Zumper
Manhattan saw rents drop in April. The median price for a one-bedroom apartment fell to $3,290 and the price for two bedrooms dropped to $3,750. Rents in San Francisco in Boston also declined. here.
Commercial
Q1 2016 Brooklyn retail: REBNY
Average asking rent along Bedford Avenue in Williamsburg, Brooklyn’s most expensive retail corridor, reached $361 per square foot, a 4 percent increase over the previous quarter. The borough saw the the greatest quarter-over-quarter change on Smith Street in Cobble Hill, where asking rent jumped 15 percent to $139 per square foot. Read the full report here.
U.S. commercial property values: Green Street Advisors
U.S. commercial property values have come to a halt after years of steadily rising, according to the Commercial Property Price Index. here.