The Real Deal New York

Retail rents are up 42 percent in Greenpoint

A weekly feature bringing you the industry’s latest intel
By Chava Gourarie | July 27, 2017 04:00PM

Credit: GFI Realty

According to this week’s market reports, Manhattan saw a total of $10.6 billion in commercial sales volume in the first half of 201​7, and New York added 3.1 jobs per permitted unit between 2010 and 2015.

Residential

Luxury sales | Olshan Realty
Sixteen contracts were signed last week at $4 million and above, with an average 9 percent discount from asking price. The total asking dollar volume was $122 million. Read the full report here.

Housing supply | ApartmentList
The New York metro area added 1.5 new jobs for each new housing unit permitted between 2005 and 2015, and 3.1 jobs per permitted unit post-recession, making the eighth most undersupplied metro area. Read the full report here.

Commercial

Capital Trends​ ​| Real Capital Analytics
Los Angeles overtook Manhattan as the most active commercial market in the first half of 2017, with $12.6 billion in total sales volume to Manhattan’s $10.6 billion. Manhattan also saw the largest year-over-year decline, falling 55 percent, compared with L.A.’s 11 percent. Read the full reports here.

Brooklyn retail | GFI Realty
Residential construction boosts retail in Brooklyn, with the asking price for ground-floor retail up 42 percent in Greenpoint year-over-year, down 18 percent in Williamsburg and flat in Prospect Heights. Read the full report here.

Retail market | CBRE
Average asking rents across Manhattan’s 16 main retail corridors declined by 8.6 percent year-over-year in the second quarter of 2017, leading to a decrease in availability, which fell by 4.2 percent quarter-over-quarter, but remains high relative to one year ago. Read the full report here.

Office market | CBRE
In Manhattan’s office market, relocation continues into Downtown, Midtown South leasing activity fell to 2013 levels, and Midtown leasing was up while pricing remained level. Read the full reports for Midtown, Midtown South, Downtown and Brooklyn.