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New York

The week in real estate market reports

A weekly feature bringing you the industry’s latest intel

Market reports
(credit: CityRealty and DTZ)

The latest batch of reports from around the industry found that Manhattan apartments are staying on the market longer and the city’s office availability continued to shrink.

Residential

June 2015 Manhattan residential sales: CityRealty

The average sales price for a Manhattan apartment fell slightly in the weeks leading up to May, although the number of sales was up. The average price for an apartment was $1.8 million in April, down from $2.2 million the prior month. Read the full report here.

May 2015 Manhattan absorption: Brown Harris Stevens

The absorption rate for a Manhattan apartment rose to 5.1 months in May, and the rate for condos remained higher than co-ops. Read the full report here.

Rent-stabilized units: Rent Guidelines Board

New York City added 169 rent-stabilized apartments in 2014, totaling 9,182 units. An average of 6,000 rent-stabilized units were lost between 2003 and 2012 due to a combination of high rent and high income deregulation. Read the full story here.

Manhattan luxury contracts May 25-31: Olshan Realty

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A record-breaking number of contracts were signed in May for Manhattan apartments priced $4 million and above. There were 157 contracts signed during the month totaling $1.2 billion. Read the full report here.

Office

May 2015 Manhattan office leasing: JLL

Asking rents for Manhattan’s exclusive office buildings were up 4 percent year-over-year. The average asking rent for premium buildings reached $142.70 per square foot. Read the full story here.

May 2015 Manhattan office leasing: DTZ

Overall availability for Manhattan offices continued to shrink, falling 9.6 percent in May. Read the full story here.

New developments

May 2015 DOB permits: The Real Deal

Developers are planning nearly 1.5 million square feet of new development projects in Manhattan, according to a TRD review of permits filed with the city’s Department of Buildings in May. New residential developments accounted for 40 percent of all permits filed in the borough. Read the full story here.

 

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