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New York

The week in real estate market reports

A weekly feature bringing you the industry’s latest intel

Market Reports
Click to enlarge (credit: Compass and ABS Partners)

According to the latest batch of market reports, residential closings plummeted in the Financial District and Battery Park City in the third quarter, fewer Manhattan homes sold above listing price, and two of the top five office leases of the quarter account for more than 800,000 square feet.

Residential

Q3 2016 Manhattan residential sales: Compass [TRDataCustom]

The number of residential closings in the third quarter was down 25 percent year-over-year in the third quarter. Closings in the Financial District and Battery Park City, neighborhoods which took the biggest hit, were down almost 45 percent. Read the full report here.

Q3 2016 Manhattan residential sales: Douglas Elliman

Manhattan’s residential market saw fewer homes sold above the listing price in third quarter and more discounts were issued. Read the full report here.

August 2016 New York single-family home sales prices: CoreLogic

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Sale prices for single-family homes in the New York metro area rose 5.1 percent year-over-year in August, according to the Home Price Index. Nationwide, home prices were up 6.2 percent during this period. Read the full story here.

Q3 2016 Manhattan residential sales: Brown Harris Stevens

Average condo prices surpassed the $3 million threshold for the first time and and co-op prices ticked up $1.27 million. Read the full report here.

Commercial

Q3 2016 Manhattan office leasing: ABS Partners

Manhattan’s average office rental rate fell for the fourth consecutive quarter, with overall asking prices down to $59.10 in the third quarter. Read the full report here.

Q3 2016 Manhattan office leasing: Avison Young

Leasing activity in Midtown and Downtown surpass last year’s year-to-date volume and two of the top five office leases inked in the third quarter –New York Presbyterian and Visiting Nurse Service of New York — total more than 800,000 square feet. Read the full report here.

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Manhattan Office Market