New York has 25% gap in homeownership rates across races

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.