More than 6,000 new apartments delivered in Brooklyn in the last 12 months

A weekly feature bringing you the industry’s latest intel
September 28, 2017 02:30PM

According to this week’s market reports, the rise in median renter income in New York City outpaced rise in median rent for the second consecutive year, and developers delivered over 10,000 new housing units across Brooklyn and Manhattan in the last year.

Residential

Luxury sales | Olshan Realty
Just 11 residential contracts were signed last week at $4 million and above, and the total asking dollar volume was $61 million, the lowest number this year. Read the full report here.

Rental report | ApartentList
New York rents remained flat between September and October, and median rent stands at $2,090 for a one-bedroom apartment and $2,490 for a two-bedroom pad. Read the full report here.

Median rent | Core.NYC
Median income for renters rose faster than median rent between 2015 and 2016, at 4.26 percent and 1.5 percent respectively. However, in the decade between 2006 and 2016, median rent growth outpaced median income growth by 7 percent. Read the full report here.

Natural Hazard Index | ATTOM Data Solutions
Home prices rose faster in the the top 20 cities with the highest natural risk hazard, than in less risky areas, by 65 percent over the last five years compared with 48 for the next 20 percent and only 9 percent for the least risky tranche. Read the full report here.

Commercial

Mutifamily report | Marcus & Millichap
In Brooklyn, 6,033 new apartments were delivered in the 12 months ending in September, compared with 3,622 in the previous 12 month period. In Manhattan, the number increased as well, though less drastically, from 4,318 to 5,852. Read the full report here.

Investment sales | Avison Young
Overall investment sales volume in Manhattan in the first half of 2017 was $10.4 billion, down from $21.4 billion over the same period in 2016. Read the full report here.