Manhattan rents stay flat in February

Residential

Rentals | MNS

Rental rates in Manhattan stayed flat in February, increasing by just 0.24 percent year-on-year to $3,903 per month. The biggest “bargains” were non-doorman one-bedroom units in Tribeca (down 12.8 percent at $4,428) and non-doorman one-bedroom units in Gramercy (down 12.5 percent to $3,097. Brooklyn and Queens posted similar modest gains. Brooklyn prices rose 1.35 percent to $2,755 while Queens rates increased by 0.4 percent to $2,182. Read the full Manhattan, Brooklyn and Queens reports.

Sales | TOWN Residential

There were 805 contracts signed in Manhattan between Feb. 5 and March 4. Out of that total, 407 deals were for co-ops, followed by 361 for condos, 22 for condops and 15 for townhouses. The most active price segment was the $1 million to $2 million range, which accounted for 223 transactions. The Upper West Side was the most robust neighborhood during the period, accounting for a total of 92 deals. Read the report here.

Luxury Sales | Leslie J. Garfield

Between Feb. 17 and March 3, four townhouses went into contract in Manhattan. The most expensive transaction was for 334 West 12th Street, which had a last asking price of $6.95 million. During the period, 10 townhouses were listed, with nine having an asking price below $10 million. Read the report here.

Commercial

Year-end National Industrial Report | Transwestern

The vacancy rate in industrial properties across the U.S. dropped to 5.9 percent in the fourth quarter of 2017. This marks the 29th consecutive quarter of declining vacancy for the US industrial market. The biggest deals during the quarter involved Walmart and Solaris Paper, which closed 1 million square feet and 862,000 square feet deals in California, and Best Buy, which signed a 725,000 square foot lease in New Jersey. Read the report here.