The price gap between new development condos and resales is narrowing

According to this week’s market reports, rents are down by 2 percent in Manhattan, and TAMI tenants made up 27 percent of Downtown Manhattan office leases in 2017.

Residential

Condo and co-op sales | CityRealty
The price difference between condos and new-development condos narrowed for the fourth consecutive month, to $314 per square foot, and price per-square-foot in new developments dropped 18 percent year-over-year to $2,074. Read the full report here.

Rental report | RentCafe
Manhattan rents fell by 2 percent in August year-over-year, the fourth largest decrease in the nation. Brooklyn came in seventh, with a decrease of 1.3 percent. Read the full report here.

Townhouse report | Leslie J. Garfield
In the last two weeks, six townhouses went into contract in Brooklyn and Manhattan, two were sold, five saw price drops, and eight came onto the market. Read the full report here.

Luxury sales | Olshan Realty
Just 12 residential contracts were signed last week at $4 million and above, the lowest number this year and the total asking dollar volume was $80 million, also the lowest amount. Read the full report here.

Commercial

Lower Manhattan office | Downtown Alliance
Of the 3 million square feet leased in Downtown Manhattan in 2017, 27 percent of the space was occupied by TAMI tenants, followed government agencies, with a 24 percent slice, and FIRE tenants, with a 21 percent slice. Read the full report here.