More than half of Queens’ new rental units are in LIC

A weekly feature bringing you the industry’s latest intel
By Chava Gourarie | November 01, 2017 01:45PM

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According to this week’s market reports, new development sales were concentrated in Prospect Heights and Gramercy, and 1,750 new rental units were delivered in Long Island City in the 12-month period ending in September.

Residential

Townhouse sales | Leslie J. Garfield
In the final two weeks of October, four townhouses went into contract in Brooklyn and Manhattan and two closed, both in Manhattan. Eleven townhouses entered the market, and eight other townhouses dropped their ask. Read the full report here.

Luxury sales | Olshan Realty
Twenty-three residential contracts were signed last week at $4 million and above, the fourth consecutive week to hit above 20 after a long dry spell. Read the full report here.

Rental report | Zumper
Rent for one- and two-bedroom apartments in November declined 4.5 percent and 7.2 percent respectively year-over-year, but increased relative to the previous month. Read the full report here.

Residential sales | CityRealty
Total sales of co-ops and condos amounted to $1.8 billion in October, down 31 percent form the previous month. The top of the luxury market ($2,600 price per square foot) was active, with $368 million in closings. Read the full report here.

New development | MNS
In Brooklyn, 25 percent of new development sales were in Prospect Heights in the third quarter of 2017, which translates to 46 of 184 total units sold. In Manhattan, Gramercy took the crown for most sales, with 83 out of 445. Read the full reports for Manhattan and Brooklyn here.

Commercial

Multifamily report | Marcus & Millichap
In Brooklyn, there were 8,560 new rental units constructed over a 12-month period ending in September 2017, a 72 percent increase from the previous year. Another 9,500 units are expected through the end of 2018. In Queens, 1,750 of the 2,900 new rental units were in Long Island City. Read the full report here.