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The week in real estate market reports
A weekly feature bringing you the industry’s latest intel
The latest batch of New York City market reports show the average New York City home price reached a record high in the second quarter, the South Bronx saw an 84 percent bump in real estate investment last year and rental rates were down for the third quarter in a row. Check out more in our roundup of the week’s real estate market reports.
Residential
Q2 2016 Manhattan residential sales: Compass [TRData]
Manhattan’s overall closed sale price reached a record high of $1.2 million in the second quarter. It was the second highest quarter on record for condos, with a closing price of $1.6 million. Read the full report here.
Q2 2016 New York City residential sales: REBNY
Average home prices in New York City hit an all-time high in the second quarter, breaking the $1 million threshold. Residential sales for the quarter totaled $11.2 billion, an 8 percent increase from the same period last year. Read the full report here.
Commercial
South Bronx report: GFI Realty Services
Investors and developers pumped more than $1 billion into South Bronx real estate last year, an 84 percent increase from 2014. The area saw the addition of more than 3.6 million square feet in new development and over 3,000 new homes. Read the full report here.
Q2 2016 Manhattan office leasing: Newmark Grubb Knight Frank
Manhattan saw 9.8 million square feet in leasing in the second quarter, above the 10-year average and up from the first quarter. Financial, insurance and real estate tenants took more than half of the total square footage leased. Read the full report here.
Q2 2016 Manhattan office leasing: ABS Partners
Rental rates were down for a third consecutive quarter, with asking rent for Class A and B office space averaging $59.46 per square foot. Downtown saw the largest price rent decreases in the second quarter, but showed the strongest quarter-over-quarter improvement in vacancy decline. Read the full report here.