Average vacancy rate in January (Image courtesy: Citi Habitats)
Manhattan tenants found a welcome respite from ballooning rents in January, as more home hunters were pulled into the sales market, according to a monthly rental market report released today by Douglas Elliman. The average monthly rent for a Manhattan apartment was $3,794 in January, a 4.5 percent decrease over December, the report shows. [more]
New York City
Sales inventory in new development projects across Manhattan, Brooklyn and Queens was down year-over-year in October, Crain’s reported, citing a Streeteasy.com report. But the number of these listings in Manhattan is on the upswing — rising more than 10 percent in the pat six months — even as they continue to fall in Queens and Brooklyn.
The inventory declines have increased prices, however. Broken down by borough, Brooklyn saw a 52.7 percent year-over-year fall in inventory to 276 from 583 a year earlier. In Queens the number declined 52.6 percent year-over-year to 108 from 228. [more]
Obama and the Columbus Avenue space
An Upper West Side Democratic club has inked a deal for office space in which President Barack Obama’s supporters will work toward his reelection.
Community Free Democrats, whose members include Rep. Jerry Nadler, Borough President Scott Stringer and State Assembly Member Linda Rosenthal, has taken over a 1,200-square-foot, ground-floor retail space at 410 Columbus Avenue, near West 80th Street. [more]
From left: Paula Del Nunzio, Dolly Lenz, Noble Black, Sharon Baum
From the July issue: John Burger has had a good year. Not only did the Brown Harris Stevens broker earn the No. 1 spot on The Real Deal’s annual ranking of Manhattan’s top listing agents, he also more than doubled his dollar volume of listings from a year ago to $411.7 million.
That number sets a new bar for the ranking, which is based on dollar volume of active Manhattan residential listings, gathered from Online Residential in mid-June. [more]
From left: Greg Taubin, executive managing director at tenant-side brokerage Studley, Bruce Mosler, chairman of global brokerage at Cushman & Wakefield, David Falk, president of the tri-state region for Newmark Grubb Knight Frank, Eric Ashman, CFO for Thrillist Media Group and Jacqueline Weiss, a partner with the real estate group of law firm Arent Fox
Technology and creative firms which have been driving the Manhattan office leasing market this year are inking deals that are shorter and that utilize space more efficiently than the typical financial firm deal, brokers speaking on a panel this morning said. The companies are negotiating deals that are shorter than the industry standard of 10 years, and the firms average about 120 square feet to 130 square feet per person versus the industry standard of 200 square feet to 250 square feet per person, the panelists said. [more]
From left: Dottie Herman of Elliman, appraiser Jonathan Miller, Pamela Liebman, CEO of the Corcoran Group and Gregory Heym of Terra Holdings
Despite some major high-end deals closing last month, Manhattan’s luxury residential market, which has been strong since the third quarter of 2010, may soon lose its reputation as the most talked about sector in the real estate industry, according to Jonathan Miller, president of appraisal firm Miller Samuel. [more]
A recently released interactive Manhattan apartment sales map by PropertyShark.com (see map below) shows sales data for individual buildings across the city in the third quarter of 2011. Clicking on a point of interest will open a mini-report with a photo of the building and details on individual unit transactions in the building. – Katherine Clarke
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This month marks the three-year anniversary of the Lehman Brother’s collapse, September monthly rental reports for Manhattan and Brooklyn, released today by MNS, note. Rents in neighborhoods such as Tribeca, Soho and Greenwich Village have fared best during the recovery, mostly maintaining their values, the report shows, increasing by around 13 percent from 2008.
As for month-over-month increases, the report indicates a small degree of positive growth.
“As predicted, this September brought nominal growth in average rental prices compared to August, but the rental market in both Manhattan and Brooklyn continues to be strong,” said Andrew Barrocas, CEO of MNS.
Rents increased 1.3 percent for Manhattan one-bedrooms on a month-over-month basis, 1.6 percent for two-bedrooms, but decreased by 2.7 percent for studios. Prices are up in Manhattan 0.8 percent overall compared to August, with 0.2 percent in non-doorman units and a slight decrease of 0.04 percent in doorman properties. – Katherine Clarke… [more]
The total dollar amount of Manhattan assets classified as distressed has halved since 2008, Crain’s reported, a sign that the market is rebounding at a healthy pace.
Three years ago, $30.6 billion of assets in Manhattan was in foreclosure, bankruptcy or in the process of having its loans modified. The figure has dropped to $15.2 billion, and 30 percent of that dollar amount is tied to apartment complex Stuyvesant Town and Peter Cooper Village.
“This happened faster than we would have imagined,” said Dan Fasulo, managing director of Real Capital Analytics.
The drop in distressed properties can be attributed to an accumulation of single transactions, Crain’s said, and bigger landlords buying up distressed loans. Vornado Realty Trust, for example, bought up three of the eight large distressed assets sold in the first half of 2011, including a stake in 280 Park Avenue. … [more]
Turns out the rich aren’t completely immune to a world that seems on the brink of economic disaster. Sure, luxury real estate prices in “prime global cities” continue to grow even as much of the rest of the world is underwater, but in the second quarter of 2011, that growth slowed. Prices rose just 7 percent year-over-year for the priciest real estate in the most coveted cities, which pales in comparison to the 14 percent growth experienced in 2010, according to data by Knight Frank cited by Business Insider.
More recently, quarter-over-quarter data shows further stagnation. … [more]
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