New York has 25% gap in homeownership rates across races

A weekly feature bringing you the industry’s latest intel

TRD 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.


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.


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

Zillow President Jeremy Wacksman

Zillow launches its high-stakes home-flipping business in LA

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff

From left: the Ritz-Carlton, 32 East 1st Street, 560 West 24th Street, 301 East 80th Street and 32 West 85th Street

Five priciest homes new to market include 1897 townhouse

Ed Gilligan and 3 East 94th Street (Credit: Getty Images, Compass)

Don’t leave home without $21M: Amex exec’s widow sells townhouse

Stephen Levin, REBNY's Jim Whelan and Brad Lander (Credit: Getty Images)

The bill that won’t die: Will commercial rent control finally pass?

From left: Jed Wilder, Bess Freedman, Richard Grossman, Josh Sarnell and Adam Mahfouda (Credit: Emily Assiran) 

Agents to StreetEasy: The fee is too damn high

40 East 72nd Street (Credit: Google Maps)

Nightmare on E. 72nd Street raises question: Are small condos risky?

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé