The Real Deal New York

68% of Manhattan’s office leasing activity is in Midtown

A weekly feature bringing you the industry’s latest intel
By Chava Gourarie | July 12, 2017 06:25PM

Credit: CityRealty

According to this week’s market reports, Midtown Is The Place to be for office tenants, with 5.9 million square feet leased in the second quarter of 2017, and condominium prices in Brooklyn jumped 10 percent year-over-year to $1.25 million.

Residential

Rental report | MNS
Only three Manhattan neighborhoods — Battery Park City, Soho and Midtown East — saw average rent increase more than 0.5 percent year-over-year in June. Rents decreased the most in Chelsea and Tribeca, falling 8.9 and 5.3 percent respectively. Read the full reports for Manhattan, Brooklyn and Queens here.

Brownstone Brooklyn Sales | Ideal Properties Group
Median sales price for condos in Brownstone and North Brooklyn rise to $1.25 million in the second quarter of 2017, a 9.6 percent year-over-year increase, while townhouses dip 5.1 percent to $2.2 million. Read the full report here.

Manhattan sales | CityRealty
Average price for new development units dropped to $4.7 million in July, down from $5.7 million in June and $6.7 million in May, while the number of sales rose from 133 last month to 156. Read the full report here.

Luxury Sales | Olshan Realty
Seventeen contracts were signed last week at $4 million and above, with an average 6 percent discount from the asking price. The total asking dollar volume was $145 million. Read the full report here.

Rental inventory | RentCafe
Manhattan leads the New York metro area for the most apartments in the pipeline, with 7,203 scheduled for completion in 2017, followed closely by Brooklyn with 6,984. Read the full report here.

Commercial

Office leasing | Newmark Knight Frank
Manhattan’s office market recorded 8.7 million square feet of leasing activity in the second quarter, down 9.2 percent from the previous year. Midtown nabbed six of the 10 biggest deals, and 68 percent of leasing activity. Read the full report here.