The Real Deal New York

This week in real estate market reports

A weekly feature bringing you the industry’s latest intel
By Chava Gourarie | April 13, 2017 02:10PM

Credit: MNS

According to the most recent market reports, Brooklyn home prices jumped 16.4 percent in the first quarter of 2017, and 60 percent of multifamily buildings in Manhattan traded for under $10 million in 2016.

Residential

Manhattan and Brooklyn home sales | Douglas Elliman
In the first quarter of 2017, the median price for condominiums and co-op units in Manhattan dropped 3.3 percent year over year. In Brooklyn, the median price for condos, co-ops and townhouses increased 16.4 percent during the same period. Read the full reports for Manhattan and Brooklyn.

Brooklyn residential sales | Ideal Properties Group
Residential condos dominated the western swath of Brooklyn in the first quarter of 2017. The median price for a condo increased 29 percent year over year to $1.3 million, while the median price for co-ops and townhouses both dropped 8 percent. Read the full report here.

Manhattan, Brooklyn and Queens rental report | Douglas Elliman
Average rents in Manhattan and Brooklyn increased 3 percent and 2.6 respectively in the first quarter of 2017, compared to the same period last year. Average rents in Queens stayed flat. Read the full report here.

Manhattan, Brooklyn and Queens rental report | MNS
In March, average rents in Manhattan and Brooklyn increased by .5 percent to $3,940 and $2,760 respectively, relative to the previous month. Average rents in Queens stayed flat at $2,140. Read the full reports for Manhattan, Brooklyn and Queens here.

Luxury Sales | Olshan Realty
The total dollar volume for the 23 luxury contracts signed last week was a fairly low $155 million. The median asking price was $6 million. Read the full report here.

Commercial

View from the Street | Eastern Consolidated
Manhattan investment sales in 2016 saw significant international contribution; 60 percent of all multifamily buildings trade for less than $10 million, and a 35 percent decrease in dollar volume between the first and second halves of the year. For a neighborhood breakdown, read the full report here.

Office sales | CommercialCafe
Office sales had a slow first quarter, with dollar volume tanking 63 percent to $2.07 billion compared to the first quarter of 2016. Average price per square foot dropping 23 percent to $741 year-over year. Read the full report here.

Office market | ABS Partners Real Estate
Since 2009, the office market in Midtown South has increased in value by 100 percent, while the office markets in Downtown Brooklyn and Long Island City increased 46 percent and 58 percent respectively. Read the full report here.