The Real Deal New York

Office leasing down 21% year-over-year in May

A weekly feature bringing you the industry’s latest intel
By Chava Gourarie | June 07, 2017 06:28PM

Credit: HPDM

According to the most recent market reports, office leasing volume in Manhattan is down 21 percent year-over-year in May, and the average price of new development condominiums in the borough plunged 15 percent month-over-month.

Residential

Luxury Sales | Olshan Realty
Thirty-one contracts were signed last week at $4 million and above, hitting above the benchmark of 30 for the fourth consecutive week. The total asking dollar volume was $202.5 million. Read the full report here.

Residential Sales | CityRealty
Home prices for condo and co-ops in Manhattan stayed flat between April and May, while the average price of new development condos plunged 15% from $6.7 million to $5.7 million. Read the full report here.

New Developments | HPDM
In Brooklyn, new development inventory remained within the 600-to-800 range over the past two years. Median price is trending upwards as higher-end inventory is delivery. Read the full report here.

Absorption report | Brown Harris Stevens
Manhattan had a 6.4-month supply of apartments for sale at the beginning of May, up from 5.4 months a year ago. The absorption rate for co-ops was 5.3 months in May, and 7.7 months for condos. Read the full report here.

Home flipping report | RealtyTrac
The total number of homes flipped nationwide in the first quarter of 2017 was the lowest since 2015, but the percentage of homes, at 5.7, remained unchanged form a year ago. Read the full report here.

Housing in the U.S. Floodplains | NYU Furman Center
New York ranked fourth for the most housing in areas expected to be affected by rising water levels in the next 100 years, with 269,165 occupied units in floodplains. Read the full report here.

Commercial

Office Snapshot | Colliers International
Office leasing activity in Manhattan was down 21 percent year-over-year in May, with a total of 2.2 million square feet leased. The month’s volume was driven by BlackRock’s 850,000-square-foot lease at 50 Hudson Yards. Read the full report here.