The Real Deal New York

Category: Q1 Market

  • Brownstones in Greenpoint

    Brooklyn and Queens are both suffering from a squeaky tight inventory of homes, although only Brooklyn is seeing the fallout – plummeting sales and skyrocketing prices, according to market reports released today by leading brokerages.

    The plummet in Brooklyn sales coincides with the largest year-over-year inventory decline on record, Douglas Elliman’s first-quarter sales report shows. Queens suffered its biggest supply drop since 2005. [more]

  • Manhattan rents in March (per Douglas Elliman)

    Aspiring fiction writers and artisanal mayonnaise purveyors beware: rents are rising appreciably faster in Brooklyn than in Manhattan, according to real estate maven Jonathan Miller, author of a monthly Manhattan and Brooklyn rental market report released today by Douglas Elliman. [more]

  • The CEOs of the major New York REITs- Clockwise from top: Marc Holliday, Michael Fascitelli, Owen Thomas, David Neithercut, Dennis Friedrich, Timothy Naughton

    The large New York-focused real estate investment trusts struggled in the first quarter of 2013, unlike their national counterparts, with only SL Green Realty outperforming both the MSCI US REIT Index and the Standard & Poor 500 Stock Index.  [more]

  • From left: Peter Kozel, Robert Freedman and Joseph Harbert

    Manhattan leasing activity in the first quarter of 2013 was on par with performance in the first and fourth quarters of 2012, but continued to hover below historical averages, said executives at Colliers International during a luncheon held to discuss the Manhattan office market. Net absorption — the difference between square footage that appeared on the market and square footage leased in the same period — was negative 777,831. [more]

  • Joseph Chetrit and 550 Madison Avenue

    Joseph Chetrit and 550 Madison Avenue (credit: PropertyShark)

    First-quarter Manhattan office deals were at their lowest levels since 2009, but the low numbers were caused by a rush of fourth-quarter deals last year to avoid the so-called fiscal cliff, according to Cushman & Wakefield data reported by Crain’s.

    Roughly $2.55 billion worth of deals got done during the quarter, as compared to about $14 billion in the fourth quarter of 2012, according to the data. The rush to close deals last quarter was driven by a desire to avoid tax increases that kicked in at the start of this year, Nat Rockett, a Cushman broker, told Crain’s.  [more]

  • Manhattan apartment contracts signed (Courtesy: the Corcoran Group)

    Manhattan apartment prices held steady in the first quarter of 2013, while inventory continued to plummet dramatically during the same period, according to a quarterly market report released today by Douglas Elliman. The average sales price in the quarter was $1.35 million, rising just 1 percent year-over-year, the report says. Overall, 2,457 units were sold in the first quarter of 2013, up 6.3 percent from the first quarter of 2012 when 2,311 units sold, according to the report. [more]