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Resale prices decline for condos, rise for co-ops and townhouses
A weekly feature bringing you the industry’s latest intel
According to this week’s market reports, condominium resales are entering the market at 6.4 percent less than last year, and federal aid to high-income families is more than double what low-income families get.
Residential
Condo sales | PropertyShark
Of the 10 top-selling condo buildings in New York in the third quarter, four were in Queens, including the Grand at Sky View Parc in Flushing, which topped the list. There were 92 units sold at a median sale price of $799,569. Read the full report here.
Residential resales | Berkshire Hathaway
Resale inventory for condos took a different direction than co-ops and townhouses in the third quarter. For condos, the number of new listings increased 1.8 percent while the median listing price dropped 6.4 percent. For co-ops and townhouses, inventory dropped while the median listing price increased 6 and 41 percent respectively. Read the full report here.
Townhouse sales | Leslie J. Garfield
In the first two weeks in October, nine townhouses went into contract in Brooklyn and Manhattan and two closed. Seventeen townhouses entered the market, and 16 dropped their ask. Read the full report here.
Luxury sales | Olshan Realty
Twenty-one residential contracts were signed last week at $4 million and above, two with connections to the entertainment industry. Sting’s apartment at 15 Central Park West, which was asking $56 million, went into contract, as did Bob Weinstein’s Upper East Side townhouse asking $18 million. Read the full report here.
Federal aid | ApartmentList
Nationally, over 85 percent of federal housing aid goes to high-income families through the mortgage interest deduction program. In New York, federal aid to low, middle and high-income families averaged $768, $339, and $2,016 in 2015. Read the full report here.
Commercial
Brooklyn retail | REBNY
Asking rents rose in 10 of Brooklyn’s Main Shopping Sectors And Smith Street in Cobble Hill saw asking rents rise to $149 per square foot, up 12 percent from a year ago. Read the full report here.
Office development | CommercialCafe
Over the last decade, New York added 38.2 million square feet of office space across 106 buildings. Houston came in a close second at 38.1 million square feet. Read the full report here.