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New York

Manhattan retail asking rents dropped nearly 20% in 2017

A weekly feature bringing you the industry's latest intel

Manhattan store fronts
Manhattan store fronts

According to this week’s market reports, Fifth Avenue ranked as the second-most expensive street for offices in the country and asking rents in Manhattan retail corridors dropped by over 18 percent.

Residential

Rentals | RentCafe

Manhattan and Brooklyn rents posted moderate declines in January. In Manhattan, rates dropped one percent year-on-year to $4,079. Brooklyn, meanwhile, saw rents decrease by 1.1 percent to $2,692. The declines countered rent hikes in most American cities. For the month, 89 percent of the 250 cities in the survey saw rent growth. Read the report here.

Rentals | MNS

Brooklyn rental rates remained flat in 2017, dropping by 0.1 percent to $2,761. The modest changes were consistent in all apartment types. Studios and two-bedrooms posted similar 0.1 percent hikes in rent prices. One-bedrooms, on the other hand, dropped 0.7 percent for the year. The biggest bargains are Cobble Hill studios (8.5 percent decline), Boerum Hill studios (5.3 percent decline) and Dumbo one-bedrooms (5 percent decline). Read the report here.

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Sales | TOWN Residential

The average price of a Manhattan townhouse rose by 1.2 percent year-on-year to $6,267,606 in 2017. Most of the deals were in Upper Manhattan, with 113 transactions closing in the neighborhood. The most expensive area for townhouses, meanwhile, is Lower Manhattan, which posted an average price of $10.5 million. Read the report here.

Commercial

America’s Most Expensive Streets | JLL

Fifth Avenue ranked as the second-most expensive street for office space in the U.S. Average rents in the area reached $116 per square foot, with the most expensive deals reaching as high as $185 per square foot. Fifth Avenue moved up one spot from the previous report due to its popularity with hedge funds, investment banks and law firms. The top ranking in the list belongs to Sand Hill Road in San Francisco, which posted average rents of $119 a square foot. Read the report here.

Manhattan Retail Marketview | CBRE

Average asking rents in Manhattan’s 16 retail corridors dropped by 18.4 percent year-on-year in 2017. Nonetheless, leasing velocity was robust most of the year, in spite of a pullback in the fourth quarter. The most active neighborhoods in terms of leased space were Soho, Midtown West and Herald Square. Read the report here.