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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 reports from around the industry found that New York led the way in retail investment sales in 2014 And The Average Asking Rent Along East 57th Street is up 60 percent from fall of last year.
Retail
Spring 2015 Manhattan retail: REBNY
The average asking rent for Manhattan’s most expensive retail corridor on Fifth Avenue between 49th and 59th streets rose 4 percent from $3,420 in fall 2014 to $3,683 this spring. While most price increases across the borough were subtle, asking rents for ground-floor Retail Space Along East 57th Street between Fifth and Park avenues were up 60 percent from fall 2014. Read the full report here.
Q1 2015 Manhattan retail: CBRE
Eight of Manhattan’s major retail corridors saw moderate rent growth from the previous quarter and five had double-digit increases year-over-year. Third Avenue had the largest quarter-over-quarter price increase, with the average asking price up 11.4 percent to $333 per square foot in the first quarter of 2015. Read the full report here.
2014 Retail investments: Cushman & Wakefield
Manhattan was the leader in retail investments last year, with a total volume of $6.5 billion. Los Angeles came in second with retail investments totaling $6.2 billion in 2014. Overall volume in the first quarter of 2015 was up 5 percent from last year to $24 billion. Read the full story here.
Residential
Manhattan luxury contracts May 11-17: Olshan Realty
Thirty-eight contracts were signed in the second week of May for Manhattan apartments priced $4 million and above. A total of 25 contracts were signed for condos, nine were signed for co-ops and four were signed for townhouses. The week’s priciest contract signed was for a co-op at 895 Park Avenue with an asking price of $18 million. Read the full report here.
Other
April 2015 building permits: U.S. Census Bureau
The number of building permits filed in April reached its highest level since 2007. There were 1,143,000 permits filed nationwide during the month, a 10 percent increase from March and 6.4 percent higher than April 2014. Read the full story here.