The demand for luxury homes is higher than ever, according to a first-quarter analysis from PropertyShark. Manhattan condo and co-op prices keep rising, and overall office asking rents rose in the first three months of the year. Check out more from the monthly and quarterly recaps in our roundup of the week’s real estate market report.
April 2016 residential sales: CityRealty
Average condo and co-op sales rose from $2.1 million in January to $2.3 million in February. Meanwhile, the number of recorded sales slipped from 894 in the first month of the year to to 818. Read the full report here.
Q1 2016 NYC luxury home sales: PropertyShark
The median price for luxury homes is up 12 percent year-over-year. Manhattan’s median price in the first quarter reached $7.2 million and Brooklyn’s broke the $4 million threshold. Read the full report here.
Manhattan luxury contracts March 28-April 3: Olshan Realty
The number of contracts signed for luxury homes above $10 million was down in the first quarter of the year, compared to the same period last year. No week in the first quarter had more than 30 contracts signed. Read the full report here.
Q1 2016 Manhattan office leasing: Cushman & Wakefield
New leasing activity totaled 6.6 million square feet since January, down from the same period last year, but above the historical average of 6.2 million square feet. Overall asking rents for up to $72.40. Read the full report here.
Q1 2016 Manhattan office market overview: ABS Partners Real Estate
A slowdown in leasing activity could lead to a spike in vacancy in Midtown. Read the full report here.
NYC schools construction starts 2015: New York Building Congress
New construction for New York City schools reached $3 billion in 2015, an 83 percent jump from 2014. Ground-up construction totaled $1.3 billion, while alterations and renovations accounted for $1.6 billion of all construction costs last year. Read the full report here.