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 24, 2017 03:45PM

Credit: RentHop

UPDATED April 25, 2017, 9:42 a.m.: According to the most recent market reports, office leasing activity was up 19 percent in Manhattan in the first quarter of 2017, and residential rents surrounding the Parkside Avenue subway station in Brooklyn increased by 26 percent year-over-year.

Residential

Brooklyn residential report | Stribling & Associates
Condominiums made up 46 precent of Brooklyn’s residential inventory in the first quarter of 2017. Overall inventory was at 3,378 units, 28 percent above the 10-year average. Read the full report here.

Townhouse report | Leslie J. Garfield
Townhouse sales volume in fell by 31 percent to $592 million in the first quarter of 2017 year-over-year, and the average price per square foot declined 6 percent to $1,340. Read the full report here.

Subway rent map | RentHop
Rents at four subway stops jumped more than 20 percent in the last year. Parkside Avenue, near the Q train, led with a 26 percent increase in one-bedroom rents to $2,353, followed by a 25 percent increase at the Halsey stop on the J train, to $2,245. The largest difference in rent between two stops was on the 6 train, where there’s a difference of $1,077 between the East 68th Street and East 77th Street stops. Read the full report here.

New development report | Halstead Property Development Marketing
In the first quarter of 2017, available new development units in Manhattan fell by 4 percent to 5,429 quarter-over-quarter, while in Brooklyn open listings fell by 22 percent to 660. Read the full report here.

Luxury sales | Olshan Realty
The total asking dollar volume for the 15 luxury contracts signed last week was a $103 million, nearly a third less than last week’s $155 million. The median asking price was 5.9 and 6 percent lower than original asking price. Read the full report here.

Commercial

Office leasing | CBRE
Leasing activity was up in Manhattan and Brooklyn in the first quarter of 2017. In Manhattan, 6.66 million square feet were leased, 19 percent compared to last year and 2 percent above the five-year average. Downtown had the most dramatic increase, with 1.87 million square feet leased, 286 percent above last quarter and 45 percent above the five-year average. Read the full reports for Midtown, Midtown South, Downtown and Brooklyn.

Manhattan Retail | CBRE
Retail rents dropped 2.7 percent in the past 12 months and the total number of available spaces grew 24 percent quarter over quarter. Read the full report here.

Note: This story has been updated to reflect a change in RentHop’s report. An earlier version put the highest rent gap on the F train.