The week in real estate market reports

A weekly feature bringing you the industry’s latest intel

New York /
Nov.November 09, 2016 03:00 PM

According to the latest batch of market reports, mortgage rate denials were down in 2015 but minorities continued to struggle with landing a loan, developers are placing big bets on Gowanus and Lower Manhattan’s young professionals are flocking to its biggest residential buildings.

Residential

The ghosts of the housing bubble: Office of Daniel Garodnick

A growing number of over-leveraged buildings in New York City has depleted the stock of affordable housing units. Read the full report here.

Lower Manhattan’s young professionals: The Downtown Alliance

More than half of the residents in Lower Manhattan ages 18-44 live south of the World Trade Center in 12 of the top 20 largest buildings in the sub area. Read the full report here.

Mortgage denial rates: Zillow

U.S. homeowners were denied fewer times for FHA-backed loans in 2015, but the rate of denials for Hispanic and black applicants was still more than double the rate than that of white applicants. Read the full report here.

Commercial

October 2016 Manhattan office leasing: Colliers International

Tenants signed deals to take more than 2 million square feet of office space in October, down more than a third from the same period last year. Read the full report here.

Gentrification of Gowanus: GFI Realty Services

Investment sales in Brooklyn’s Gowanus neighborhood totaled $181 million in 2015, a 47 percent jump year-over-year. The area’s median rental price rose 13 percent over this same period. Read the full report here.


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