Manhattan investment sales drops to lowest level since 2010

A weekly feature bringing you the industry's latest intel

TRD New York /
Jan.January 11, 2018 08:30 AM
 

According to this week’s market reports, Manhattan’s investment sales market dropped to its lowest level since 2010 and Brooklyn home prices rose by two percent in the fourth quarter.

Residential

Manhattan Rental Report | MNS

Rental prices in Manhattan remained flat on a month-to-month basis, dropping by 0.1 percent in December to $3,915. The biggest bargains are non-doorman studios in Tribeca (down 12.1 percent to $3,748) and two-bedroom doorman units in Harlem (down 9.1 percent to $4,300). In spite of a 3.3 percent price drop in December, Harlem was one of the best performing neighborhoods in 2017. For the year, the area posted an 8.71 percent increase in rental rates, driven by heightened new development activity. Read the report here.

Sales | Stribling

The median sales price for Brooklyn homes rose by two percent in the fourth quarter, buoyed by increases in the eastern and southern sections of the borough. During the period, the median price in East Brooklyn jumped by nine percent to $723,000. South Brooklyn, meanwhile, posted a four percent hike to $632,000. The number of recorded sales rose by four percent to 2,532, with houses and townhouses accounting for 51 percent of all deals.

Sales | TOWN Residential

The Brooklyn condo market registered 618 deals in the fourth quarter, down from the 760 transactions during the previous quarter. This coincided with a drop in value for the segment, with the median sales price dropping 7.5 percent to $809,000. Read the full report here.

Sales | Ideal Properties

The average sales price in Brownstone Brooklyn (Boerum Hill, Brooklyn Heights, Caroll Gardens, Clinton Hill, Cobble Hill, etc.) and North Brooklyn (Williamsburg, the Navy Yard and Greenpoint) rose by 3.4 percent year-over-year to $1.5 million during the fourth quarter. Townhouses proved to be the best performing segment, with prices jumping 13.6 percent to $2.87 million. Condos, meanwhile, increased by 3.1 percent to $1.56 million, marking the 17th straight quarter in which prices stood above $1 million.

Commercial

4Q Manhattan Market Overview | Avison Young

Manhattan’s fourth quarter was its strongest of the year in terms of investment sales dollar volume and number of transactions. During the period, the borough saw $6.5 billion in sales across 78 transactions. This minimized a slowdown witnessed during most of2017. The total volume and number of transactions in the first three quarters of 2017 ranked as the lowest three quarters in the last five years. For the whole of 2017, Manhattan’s investment sales market recorded $18.2 billion and 260 transactions, the lowest since 2010. Read the report here.


Related Articles

arrow_forward_ios
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)

School’s back on. Will the NYC resi market follow suit?

School’s back on. Will the NYC resi market follow suit?
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
442 Union Street and 257 Berry Street (Google Maps)

Brooklyn’s luxury market reaches new pandemic high

Brooklyn’s luxury market reaches new pandemic high
Marwan Kheireddine (inset), Jennifer Lawrence and 400 East 67th Street (Getty, Compass, BDL Accelerate)

Jennifer Lawrence’s Upper East Side PH sold at 37% loss

Jennifer Lawrence’s Upper East Side PH sold at 37% loss
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
arrow_forward_ios

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

Loading...