Annual Manhattan new dev sales could hit $12B by 2020

A weekly feature bringing you the industry’s latest intel

New York /
Nov.November 17, 2017 08:00 AM

According to this week’s market reports, new development inventory in Manhattan could bring in annual sales worth nearly $12 billion by 2020, and office sales in Manhattan had a dollar volume of $129 billion in the last decade, more than double the next largest market in DC, which came in at $45 billion.

Residential

Residential sales | REBNY
The total dollar volume for residential sales in Manhattan decreased by 1 percent in the third quarter, to $13.5 billion, and average home price increased by 1 percent to $987,000. Read the full report here.

Luxury sales | Olshan Realty
Twenty-five residential contracts were signed last week at $4 million and above, half of which were in new developments, with a total asking dollar volume of $193 million. Read the full report here.

Townhouse sales | Leslie J. Garfield
Between October 28 and November 10, 12 townhouses went into contract in Brooklyn and Manhattan, 12 entered the market, and 19 dropped their asking price. Read the full report here.

New development | CityRealty
There are 5,636 new development units expected through 2020 in Manhattan with a total projected sellout of $11.9 billion. Average sales in the third quarter fell to $3.9 million from a high of $6.1 million in 2016. Read the full report here.

Commercial

Office sales | CommercialCafe
Manhattan saw $128.7 billion in office sales between 2007 and 2017, compared with $118.4 the previous decade. After a low in 2009, the post-recession office market peaked in 2015. Read the full report here.


Related Articles

arrow_forward_ios
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
Coming attraction: Movie theaters reopen in New York, San Fran
Coming attraction: Movie theaters reopen in New York, San Fran
Hedge fund manager Robert Citrone (Getty)
This “Tiger Cub” hedge funder owns nearly 10% of Compass
This “Tiger Cub” hedge funder owns nearly 10% of Compass
Innovo Property Group's Andrew Chung with 23-30 Borden Avenue in Long Island City (Google Maps)
Innovo lands $155M construction loan for LIC warehouse
Innovo lands $155M construction loan for LIC warehouse
Restaurants and bars accounted for a majority of the gains in February (iStock)
Leisure, hospitality big winners in February job gains
Leisure, hospitality big winners in February job gains
Zynga founder Mark Pincus, Hippo founders Assaf Wand and Eyal Navon, and LinkedIn co-founder Reid Hoffman (Getty, LinkedIn)
Hippo strikes $5B SPAC deal with LinkedIn, Zynga founders
Hippo strikes $5B SPAC deal with LinkedIn, Zynga founders
The company currently operates 761 stores, and intends to open 100 new stores this fiscal year. (iStock)
Retailer Burlington plans to double store count
Retailer Burlington plans to double store count
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...