New dev sales jump 25% in Manhattan

A weekly feature bringing you the industry’s latest intel

TRD New York /
Aug.August 03, 2017 04:10 PM

Residential

Manhattan sales | Berkshire Hathaway
Townhouse prices in Manhattan showed signs of recovery in the second quarter of 2017. While the number of contracts fell by 30 percent, the median price rose by over 9 percent. Read the full report here.

Townhouse report | Leslie J. Garfield
Greenwich Village commanded the highest average townhouse price in 2016, at $14.3 million, 70 percent higher than in 2011. Chelsea and Midtown East tied for lowest, at $3.8 million, a 51 and 35 percent increase over a five-year period, respectively. Read the full report here.

Manhattan sales | CityRealty
The average price for new development units stayed relatively flat, moving from $4.7 million in July to $4.6 million in August, on a downward trend since May. A total of 156 contracts were signed, 72 of which were Downtown. Read the full report here.

Rent report | ApartmentList
Median rent in New York increased .03 percent in August relative to the previous month and 1.2 percent year-over-year. Current median rents stand at $2,090 for a one-bedroom and $2,490 for a two-bedroom. Read the full report here.

New development sales | MNS
The new development market in Brooklyn settled down in the second quarter. The total dollar volume was $285 million, down 44 percent from the first quarter’s $511 million, but in line with the final quarter of 2016, which saw $294 million in sales. Read the full reports for Brooklyn and Manhattan.

Luxury sales | Olshan Realty
Eighteen contracts were signed last week at $4 million and above, with an average 20 percent discount from asking price. The total asking dollar volume was $136 million. Read the full report here.

Commercial

Office report | Marcus & Millichap
Median office rents rose .05 percent in Manhattan year-over-year in the second quarter of 2017, and slipped 6.5 percent in Brooklyn. Midtown South in Manhattan and Downtown Brooklyn underperformed. Both markets registered a 5 percent decline in rent. Read the full report here.


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