The week in real estate market reports

A weekly feature bringing you the industry’s latest intel

New York /
Jul.July 01, 2015 01:00 PM

The latest batch of market reports from around the industry found that NYC is the second most expensive city to rent a one-bedroom apartment and 2 million square feet of commercial space was leased in May.

Residential

June 2015 national rent report: Zumper

New York City ranks as the second priciest city in the U.S. for one-bedroom apartment rentals. The price for a one-bedroom apartment averages $3,100. Read the full report here.

June 2015 Manhattan absorption: Brown Harris Stevens

The absorption rate for Manhattan apartments fell slightly in June, but remains 11 percent higher year-over-year. It took an average of five months for a Manhattan apartment to sell compared to 5.1 months in May. Read the full report here.

June 2015 new development: Halstead Property Development Marketing

More than 5,000 new development units are either available for rent or in the pipeline in Manhattan. Since June 2014, nearly 3,000 new development units sold in the borough. In Brooklyn, more than 1,200 new development units are available or in the pipeline, while more then 500 sold in the past 12 months. Read the full report here.

Manhattan luxury contracts June 15-21: Olshan Realty

Thirty-two contracts were signed for Manhattan apartments priced $4 million and above in the third week of June. The week’s most expensive apartment to enter into contract was a Greenwich Village apartment at 16 East 10th Street, which had an asking price of $38.5 million. Read the full report here.

Commercial

May 2015 Manhattan commercial leasing: Newmark Grubb Knight Frank

Manhattan leasing activity was steady in May, with nearly 2 million square feet of commercial space leased. The average asking rent was $69.04 per square foot, down from $68.14 in the prior month. Read the full report here.

 

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