The week in real estate market reports

A weekly feature bringing you the industry's latest intel

TRD New York /
Mar.March 18, 2015 12:33 PM

The latest batch of reports from around the industry found that Manhattan rents rose for the 12th consecutive month and that the city’s multifamily market continues to grow.

Residential sales

NYC multifamily sales: Ariel Property Advisors
Sales for New York City multifamily buildings surged in January, according to a report from Ariel Property Advisors. Transactions jumped 14 percent and dollar volume rose eight percent year-over-year. Sales of multifamily buildings from 65 transactions grossed $739 million in January, compared to 57 transactions and $683 million in gross sales from the same period last year. View the full report here.

Manhattan luxury contracts March 2-8, 2015: Olshan Realty
In the first week of March, 32 contracts were signed for apartments priced $4 million and up, including 11 properties with listing prices over $10 million, according to the Olshan Luxury Market report. The total asking price for these apartments was $354.9 million and the average asking price was $11.1 million. View the full report here.

Residential rentals

February 2015 NYC residential rentals: Douglas Elliman
Manhattan rents rose for the 12th consecutive month while Brooklyn prices fell for the fist time since last fall, according to a report from Douglas Elliman. The average rental price for a Manhattan apartment was up three percent from January to $4,093 in February. For the first time in five months, the median rental price for Brooklyn apartments declined. Rental prices held more steady for the northwest Queens rental market during the month. View the full report here.

February 2015 Manhattan residential rentals: MNS
Rental prices in Manhattan fell 0.75 percent in February to $3,899, caused partially by a surplus of inventory, according to a report from MNS. Inventory increased six percent during the month to 7,835 rental units. View the full report here.

February 2015 Brooklyn residential rentals: MNS
The average rental price was up in Brooklyn, despite a drop in rents in neighboring Manhattan and Queens. Average rents in the borough were up 1.3 percent from the previous month to $2,701 in February. The year-over-year average increased 2.7 percent, or $70.20, from February 2014. View the full report here.

February 2015 Queens residential rentals: MNS
Rental prices in Queens fell 0.69 percent to $2,089 in February compared to the previous month, according to MNS. Inventory rose 12.8 percent from January to 834 rental units in February. View the full report here.

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