New York has 25% gap in homeownership rates across races

A weekly feature bringing you the industry’s latest intel

New York /
Aug.August 23, 2017 06:30 PM
 

According to this week’s market reports, investment sales in Manhattan dropped by half in the first quarter of 2017, and 59 percent of New York City’s white households are homeowners compared with 34 percent of minority households.

Residential

Luxury sales | Olshan Realty
Fourteen contracts were signed last week at $4 million and above, the eighth consecutive week with fewer than 20 luxury sales. The total asking dollar volume was $87 million. Read the full report here.

CityRealty 100 | CityRealty
Manhattan’s top 100 condo buildings, according to a ranking by CityRealty, sell at an average $2,788 per square foot. As investments, price per-square-foot at the top 100 buildings have increased at a rate of 3.4 percent per year in the last decade, outperforming the S&P’s 2.2 percent, but underperforming gold’s 6.8 percent growth. Read the full report here.

Homeownership Divide | ApartmentList
New York is the nation’s fourth-most diverse metro, and 17th for the largest gap in homeownership by race. New York’s homeownership gap has decreased by 6 percentage points, from 31 percent in 2000 to 24.5 percent in 2015. Read the full report here.

Commercial

Investment sales | REBNY
Manhattan investment sales in the first half of 2017 totaled $10.8 million, half the amount of the same period in 2016. Citywide, sales were down 40 percent. In Manhattan, sales were down in every category, by 48 percent in multifamily, 46 percent in office, and 44 percent in retail. Read the full report here.

Office sales | CommercialCafe
Of the top 20 office deals closed in the U.S. in the first half of 2017, only four were in New York, tying with Boston for the most in one city. Read the full report here.

Retail Outlook | JLL
Retail investment across the U.S. totaled $27 billion in the first half of 2017, down 18.7 percent from the same period last year. Vacancy is stable at 4.9 percent and rent per square foot is up 5 percent. Read the full report here.


Related Articles

arrow_forward_ios
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Single-family rentals are increasingly seen as a more realistic alternative to ownership, given the hot housing market and income inequality. (iStock)
Single-family rentals soaring in hot housing market
Single-family rentals soaring in hot housing market
Terreno Realty CEO W. Blake Baird and an aerial of the property (Google Maps)
Terreno Realty pays $44M for NJ industrial site
Terreno Realty pays $44M for NJ industrial site
Madison Realty Capital Co-Founders Josh Zegen and Brian Shatz with a rendering of the River North development (Madison Realty Capital, FXCollaborative)
Madison Realty’s altered plans for SI complex approved
Madison Realty’s altered plans for SI complex approved
Pandemic forces mom-and-pop landlord to sell out
Pandemic forces mom-and-pop landlord to sell out
Pandemic forces mom-and-pop landlord to sell out
(Getty)
Manhattan buyers shun fixer-uppers
Manhattan buyers shun fixer-uppers
Sheldon Solow and the Hamptons estate (Getty, Douglas Elliman)
Sheldon Solow’s Hamptons home gets $10M price cut
Sheldon Solow’s Hamptons home gets $10M price cut
PBC's Eli Elefant and 452 Fifth Ave (PBC)
Elefant’s PBC to liquidate $2B in US real estate, including HSBC building
Elefant’s PBC to liquidate $2B in US real estate, including HSBC building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...