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New York

The week in real estate market reports

A weekly feature bringing you the industry’s latest intel

Market Reoirts
Click to enlarge (Credit: PropertyShark and Douglas Elliman)

According to the latest batch of real estate market reports, residential prices in Dumbo surged ahead of most of Manhattan and Queens’ residential sales prices hit new highs in the third quarter.

Residential

Q3 NYC residential sales: PropertyShark

Brooklyn’s Dumbo neighborhood is now more expensive than most of Manhattan and median prices in Greenwich Village leaped 61 percent year-over-year. Read the full report here.

Impact of 421a on NYC real estate market: Association for Neighborhood and Housing Development

Developers are moving ahead with plans for new rental apartments in low-cost areas despite the suspension of 421a tax exemptions. Read the full report here.

Q3 2016 Brooklyn residential sales: Douglas Elliman

Brooklyn’s median sales price reached a record high of $735,000 and luxury prices outpaced overall growth for the third straight month. Read the full report here.

Q3 2016 Queens residential sales: Douglas Elliman

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Rising Brooklyn prices continued to drive demand in neighboring Queens. The borough’s median sales price hit $499,000 in the third quarter and the number of sales rose 44 percent over the previous quarter. Read the full report here.

Commercial

Q3 2016 Brooklyn office leasing: Colliers International

Manhattan tenants A&E and and Publicis inked deals for Brooklyn offices and average asking rents climbed to $36.11 per square foot in the third quarter. Read the full report here.

Q3 2016 Midtown Manhattan office leasing: CBRE

Leasing at Hudson Yards boosted activity in the third quarter, asking rent remained at $81.44 per square foot and no new space is hitting the market until the end of 2017. Read the full report here.

Q3 2016 Midtown South Manhattan office leasing: CBRE

Rents in the area remained largely unchanged at $69.13 per square foot, Union Square’s leasing activity surpassed the previous quarter and availability in the third quarter reached its highest level since 2014. Read the full report here.

Q3 2016 Downtown Manhattan office leasing: CBRE

Leasing activity slowed in the third quarter, asking rent stands at $57.50 per square foot and the area’s availability rate rose quarter-over-quarter. Read the full report here.

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Manhattan Office MarketResidential Market Report