The Real Deal New York

Home values in formerly redlined areas still lagging behind

A weekly feature bringing you the industry's latest intel
By Christian Bautista | April 25, 2018 04:20PM

Harlem townhomes (Credit: Getty Images)

Residential

Sales | Zillow

The value of homes in formerly redlined neighborhoods still lag behind other areas. In December 2017, the median value of a U.S. home in a redlined district stood at $276,199, 14.9 percent less than the $324,489 in non-redlined areas. The disparity was less pronounced in Manhattan. During the month, the median value of a home in a redlined area stood at $1,778,488, which is 4.4 percent less compared to the $1,860,758 for non-redlined neighborhoods. Read the report here.

Sales | Leslie J. Garfield

Between April 8 and 22, Manhattan posted only two townhouse sales and no signed contracts. The most expensive sale was for 43 West 87th Street, which sold for $6.95 million. A total of 34 townhouses went on the market during the period, generating a total asking price of $318.6 million. The pace of activity was the same in Brooklyn, which saw two sales and one signed contract. Read the report here.

Sales | Olshan

There were 37 contracts signed in Manhattan at $4 million and above during the week of April 16 to 22. The total is tied for the highest for the year, matching the figure from February 12 to 18. The top contract for the period was Unit PHE at 155 West 11th Street in Greenwich Village, which sold with a last asking price of $17.8 million. Read the report here.

Commercial

2018 Effective Rent Index | Savills Studley

Downtown Manhattan ranked first in the country in terms of concessions packages in 2017. During the period, the value of incentives such as free rent and tenant improvement allowances rose by 24 percent year-over-year to $129. The decline dragged down the area’s tenant effective rent, which is defined as total gross rent minus concessions. For the year, that metric stood at $39.47, down 7.8 percent from the previous year.