Manhattan apartment sales prices shot up in December

A weekly feature bringing you the industry's latest intel

TRD New York /
February 07, 2018 02:35 PM

NYC Apartments (Credit: Leslie J. Garfield)

According to this week’s market reports, the average sales price of Manhattan apartments rose 15 percent in December, and U.S. investment in data centers reached a record $20 billion in 2017.

Residential

Rentals | MNS

Average rents in Manhattan stayed flat in January, dropping by just 0.54 percent to $3,894. The slight decline mimicked the price movement in Brooklyn and Queens. During the month, Brooklyn rents rose by 0.07 percent to $2,717 while Queens registered a 0.75 percent drop to $2,174. Check out the Manhattan, Brooklyn and Queens reports.

Sales | City Realty

The average sales price of Manhattan apartments rose by 15 percent to $2.3 million during the four weeks leading up to Jan. 1. During the period, the borough saw $2 billion in gross sales across 884 transactions. Downtown registered the most robust numbers, accounting for $499 million of condominium sales. Read the report here.

Sales | Leslie J. Garfield

There were four signed contracts for Manhattan townhouses from Jan. 20 to Feb. 2. The most expensive contact was for 131 Charles Street, which had an asking price of $10.8 million. Brooklyn, meanwhile, registered two signed contracts during the period. The most expensive townhouse sale in the borough was for 50 Hicks Street, which changed hands with an asking price of $4.4 million. Read the report here.

Luxury Sales | Olshan

The Manhattan luxury market surged into February. From Jan. 29 to Feb. 4, 26 contracts were signed at $4 million and above. That figure represents the highest since the week of Dec. 4 to 10, when 30 contracts were signed. The most expensive contract for the week was for Unit 11SN at 995 Fifth Avenue, which was last asking $29.75 million. Read the report here.

Commercial

2018 U.S. Real Estate Market Outlook | CBRE

Total U.S. investments in data centers reached a record high of nearly $20 billion in 2017. Robust demand is expected to spill into 2018 due to increasing data consumption and the fast evolution of technology. CBRE forecasts that nearly 300 megawatts of data center space will be completed in primary markets this year. (One megawatt generally requires 4,000 servers.) Read the report here.


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