New York City’s hotel boom may have reached its peak, according to the latest market report predictions. And in 2015, Manhattan and Brooklyn saw their second straight year of solid investment sales. Check out more of the year-end reviews and what’s in the pipeline for new developments in our roundup of the past week’s real estate market reports.
Manhattan luxury sales February 15-21: Olshan Realty
The luxury sales market took a major hit during the third week of February. Only 13 contracts were signed for apartments priced $4 million and above, the lowest number for that period since 2011. Read the full report here.
Q4 2015 Brooklyn office report: JLL
Brooklyn leasing activity was down in the fourth quarter, but tenants including WeWork and Amazon scored major leases in the borough. Overall gross asking rents reached $63.14 per square foot in DUMBO and $58.64 in Williamsburg. Read the full report here.
Mid Q1 Manhattan development activity: ABS Partners Real Estate
New York City will likely see a significant drop in new hotel developments by next year, residential landlords may offer more rent concessions and more developers will turn to 3D modeling to speed up the process of design and construction. Read the full report here.
January 2016 U.S. commercial activity: Real Capital Analytics
U.S. commercial sales activity reached $44.6 billion in the first month of the year, the second largest volume for January in 15 years.
Q4 2015 Manhattan property sales: Cushman & Wakefield
The New York City investment sales market saw its second consecutive record-breaking year in 2015. Manhattan sales grossed $57.8 billion last year, a 37 percent increase from 2014. Read the full report here.
Q4 2015 Northern Manhattan and the Bronx property sales: Cushman & Wakefield
Investment sales activity slowed in Northern Manhattan, while it steadily grew in the Bronx. Northern Manhattan had a total of $2.1 billion in sales last year, a 32 percent decline from 2014. In the Bronx, sales climbed 9 percent to $2.4 billion in 2015. Read the full report here.
Q4 2015 Brooklyn property sales: Cushman & Wakefield
Brooklyn saw the second highest sales on record last year with 2,012 properties sold. Dollar volume in the borough jumped 22 percent to $8.3 billion. Read the full report here.
Q4 2015 Queens property sales: Cushman & Wakefield
The Queens investment sale market saw growth in 2015, with 963 properties sold and $3.9 billion in total sales, a 22 percent and 3 percent increase respectively over the previous year. Read the full report here.