The Real Deal New York

NYC rents dropped 3.7% in 2017

A weekly feature bringing you the industry’s latest intel
By Christian Bautista | January 24, 2018 03:15PM

The exterior of an NYC apartment building

Residential

Rentals | Zumper

New York ranked as the second most expensive rental market in the country. The city gained the distinction in spite of price declines, with rental rates dropping 3.7 percent in 2017. Most Bronx neighborhoods bucked the city-wide trend, with a few areas in the borough posting double-digit hikes, led by Highbridge (up 22 percent), Mott Haven (up 15 percent) and Woodstock (up 15 percent). Read the report here.

Rentals | TOWN Residential

There are currently 2,055 active listings in Manhattan with concessions such as free rent or owner-paid incentives. The number represents a 7.9 percent drop over the past two weeks. The majority of the concessions (54 percent) were for apartments in the $2,000 to $4,000 range. The best place for bargain hunting in the borough is the Upper West Side. The area had the highest concentration of concessions at 15.3 percent. Read the report here.

Sales | Leslie J. Garfield

Three contracts were signed for townhouses in Manhattan between Jan. 6 and 19. The most expensive contract inked during the period was for 1083 Fifth Avenue, a six-story Beaux Arts-style home that was previously owned by Archer Milton Huntington, the founder of the Hispanic Society of America. The home was sold with an asking price of $29.5 million. Read the report here.

Luxury Sales | Olshan

There were 18 contracts that were signed last week at $4 million and above, the same total as last year following Martin Luther King Day. Two listings tied for the top spot. A penthouse unit at 12 East 13th Street was sold with an asking price of $12.95 million, which amounts to a $30.5 million discount. The other contract was for a condo unit at 213 West 23rd Street, which originally had an asking price of $14.5 million. Read the report here.

Commercial

US Real Estate Market Outlook 2018 | CBRE

CBRE sees U.S. office market fundamentals continuing to improve and the technology sector driving demand in 2018. The company projects that net absorption will total 32.1 million square feet for the year. Significant construction activity in major markets such as Manhattan and San Francisco is likely to lead to an increase in the vacancy rate of downtown markets. However, this will be likely be offset by continued growth in the tech sector. The segment has accounted for nearly 20 percent of major office leasing in recent years and is expanding at twice the rate of overall job growth.