Brooklyn’s median single-family home prices hit a record high of $594,000, according to a first-quarter report from PropertyShark. In Manhattan, most retail submarkets saw rent increases in the first three months of the year. Check out more from the residential and commercial recaps in our roundup of the week’s real estate market reports.
Q1 2016 Long Island residential sales: Douglas Elliman
Long Island saw the most first quarter sales in 13 years, with 5,478 closed sales. Volume was up 28.4 percent year-over-year and while inventory fell 7 percent. Read the full report here.
The impact of property flipping on homeowners and renters in small buildings: Center for NYC Neighborhoods
East New York and Jamaica had more house flips than any other neighborhood in 2015. House flippers across the city earned a median profit of $215,000 or 75 percent gross return. Read the full report here.
Q1 2016 Brooklyn home prices: PropertyShark
Brooklyn’s median home price hit a record high of $594,000, an 11 percent increase year-over-year. Transaction volume continues to fall below peak levels in 2013, but was up 5 percent over the first quarter of 2015. Read the full report here.
Manhattan luxury contracts April 11-17: Olshan Realty
The Manhattan luxury market made a comeback in the second full week of April, with 28 contracts signed, and tied for the most contracts signed year-to-date. Read the full report here.
Q1 2016 Manhattan commercial market overview: Avison Young
Overall office rents and vacancy levels are down year-over-year and the investment sales market slowed after a record breaking year in 2015. Read the full report here.
Q1 2016 Manhattan retail leasing: Cushman & Wakefield
Asking retail rents are up year-over-year in 11 retail submarkets, while six areas saw a decrease in rents. Soho, where rent averages $556 per square foot, saw the highest year-over-year increase in asking rent. Read the full report here.
Q1 2016 Manhattan office leasing and new development: MHP Real Estate Services
Midtown’s vacancy rate stood at 7.8 percent in the first quarter and 9.7 million square feet of new office space is in the pipeline for the submarket and Midtown South. Read the full report here.