The Real Deal New York

Manhattan resi listing prices drop 10.9%

A weekly feature bringing you the industry's latest intel
By Christian Bautista | April 18, 2018 06:20PM

Luxury buildings on Billionaires’s Row (Credit: Getty Images)

Luxury buildings on Billionaires’s Row (Credit: Getty Images)

Residential

Sales | Town Residential

Between April 5 and 12, the average listing price for Manhattan homes stood at $2.2 million, a 10.9 percent drop compared to the same time last year. The average price per square foot in borough conformed to the decline, decreasing by 3 percent year-over-year to $1,749. During the period, the borough had 6,282 homes in its inventory, a 9 percent hike from last year.

Sales | Olshan

There were 25 contracts signed in Manhattan at $4 million and above between April 9 and 15. This means that 104 contracts have been signed in the borough since the last week of March. The total volume of the deals since that time is at $849 million, which stands as the best start to spring for the Manhattan luxury market since 2015. The most expensive contract for the week was for Penthouse A at 443 Greenwich Street, which went into contract with an asking price of $58 million. Read the report here.

Rentals | MNS

The average rental price in Manhattan increased by 1.34 percent in March to $3,956. The segments that posted the highest price growth were two-bedrooms and doorman studios in the Lower East Side, which rose by 17.6 percent to 9.8 percent respectively. The biggest bargains, meanwhile, were non-doorman studios in the Financial District (down 10.8 percent) and non-doorman one-bedrooms in Soho (down 7.4 percent). Read the report here.

Commercial

Office Leasing Report | Avison Young

The average asking rent in Midtown dropped 5 percent in the first quarter to $83.49. The decline was attributed partly to older space that’s been left on the market. In spite of the decline in pricing, Midtown proved to be the main location for large office deals. The area was the site for 11 of the 15 leases in Manhattan that spanned over 100,000 square feet. The biggest transaction for the quarter was JPMorgan’s 418,00-square-foot lease at 390 Madison Avenue.