The Real Deal New York

The week in real estate market reports

A weekly feature bringing you the industry's latest intel
By Chava Gourarie | January 26, 2017 10:30AM

Credit: MNS

According to this week’s market reports, FiDi saw the city’s greatest rent increase in 2016, Dumbo and South Brooklyn led the borough in office leasing, comprising 60 percent of the 1.2 million square feet leased in Kings County, and office rents above $100 per square feet made up 9 percent of the 24 million square feet leased in Midtown.

Residential

December rental reports | MNS
In December, rents decreased by less than one percent in Manhattan, Brooklyn and Queens. Year over year, rental prices increased by 2.7 percent in Queens and decreased by an average of $6.27 in Brooklyn, or .13 percent. Read the full reports for Manhattan, Brooklyn and Queens here.

Year-end rental report | MNS
The Financial District, Crown Heights and Bed-Stuy saw the greatest rent increases this year, with studios jumping 17, 16 and 15 percent in cost, respectively, compared to last year. Read the full reports for Manhattan, Brooklyn and Queens here.

Queens market report | ModernSpaces
Emerging neighborhoods like Flushing, Rego Park and Sunnyside saw healthy growth in 2016. The average price of a condo in Long Island City increased 25 percent while the average price of a studio in Flushing increased 37 percent between the fourth quarters of 2015 and 2016. Read the full report here.

Manhattan luxury report | Olshan Realty
In the last week, 18 contracts were signed with an average asking price of $8 million, at an average discount of 9 percent from asking price. Read the full report here.

Increased interest in Canadian real estate | Royal LePage
Traffic to the Canadian real estate site Royal LePage increased 329 percent the day following Donald Trump’s election according to data released by LePage. Read the report here.

Commercial

Manhattan, Brooklyn office reports | CBRE
In Brooklyn, leasing activity hit 1.2 million square feet in 2016 with South Brooklyn and Dumbo submarkets comprising 60 percent of all activity. In Manhattan, prices, availability and leasing activity were stable, either at or near historical averages. Read the full reports here for Brooklyn, Midtown, Midtown South and Downtown.

Hedge fund report | JLL
In 2016, 106 transactions were completed at starting rents of $100 per square foot or higher, representing 9 percent of the 24 million square feet leased in Midtown and Midtown South in 2016. Read the full report here.

Minority construction workers survey | New York Construction Alliance
According to a survey by NYCA, 50.3 percent of the city’s construction workers identify as Hispanic or Latino, fewer than 1 percent are women (4.5 percent didn’t disclose), and close to 60 percent are from Brooklyn or Queens. The Economic Policy Institute released its own data this week as well. Read the full report from NYCA and from the EPI.