The Real Deal New York

The week in real estate market reports

A weekly feature bringing you the industry’s latest intel

May 18, 2016 06:18PM
By Kyna Doles

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(Click to enlarge) Lower Manhattan leasing velocity and NYC commercial rental rate charts (credit: Alliance for Downtown New York and NYC comptroller’s office)

In the latest batch of New York City real estate market reports, rental prices are down in Manhattan for the first time in two years and overall broker confidence is down. On the commercial end, Lower Manhattan saw a slowdown in office leasing in the first three months of the year. Check out more in our roundup of the week’s market reports.

Residential

April 2016 Manhattan rentals: Douglas Elliman

Manhattan’s median rental price declined in April for the first time in two years. Median rent in April fell 1.4 percent year-over-year to $3,415 per month. Read the full report here.

Manhattan luxury contracts May 2-8: Olshan Realty

Twenty-eight contracts were signed for Manhattan homes priced $4 million and above, including a condo at 443 Greenwich Street with an asking price of $54 million. The average asking price for the week was $8.5 million. Read the full report here.

Commercial

Q1 2016 Broker Confidence: REBNY

Broker confidence slipped again in the first quarter of the year. For the fifth consecutive quarter, confidence for both residential and commercial brokers was down. Read the full report here.

Manhattan commercial vacancies: New York City Comptroller

The vacancy rate for Manhattan commercial properties was down to 9 percent in the first three months of 2016. New commercial leases also declined, falling 6 percent to 6.5 million square feet. Read the full report here.

Mid-Q2 2016 Manhattan retail leasing and sales: ABS Partners Real Estate

Midtown’s new Turnstyle market brought 27,000 square feet of new retail space to the area. The opening of the Met Breuer on the Upper East Side is expected to revitalize retail activity nearby. And Tammany Hall will deliver 50,000 square feet of retail to Midtown South. Read the full report here.

Q1 2016 Lower Manhattan overview: Alliance for Downtown New York

Lower Manhattan’s office market was off to a slow start with just 1 million square feet leased in the first quarter. The retail market saw a 3 percent year-over-year increase in new retail, including the addition of Birch Coffee and fitness studio Physique 57. Read the full report here.

Bushwick neighborhood report: Ariel Property Advisors

Most of Bushwick’s housing is still dominated by rental apartments. The neighborhood has an 89 percent rental occupancy and the remainder is occupied by the owner. More than half of Bushwick’s residential buildings hold between five and nine units. Read the full report here.

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