The Real Deal New York

Manhattan resi sales volume is up 15%

A weekly feature bringing you the industry's latest intel
By Christian Bautista | May 02, 2018 05:00PM

Residential

Rentals | Apartment List

Rents in the New York–New Jersey area stayed flat in April, with year-on-year growth at just 0.4 percent. During the period, Hoboken was the most expensive area in the 10 cities included in the survey, with median rent at $2,160 for a one-bedroom and $2,580 for a two-bedroom. Rental rates in New York, meanwhile, stood at $2,070 for a one-bedroom and $2,470 for a two-bedroom. Read the report here.

Sales | CityRealty

The number of recorded sales in Manhattan rose 14.7 percent on a month-on-month basis during the four weeks leading up to April 1, settling at 807 transactions. The increase in deals coincided with an uptick in home values. During the period, the average sales price for all units stood at $2.1 million, up 9.5 percent compared to the $1.9 million from the previous month. The most expensive sale was Unit 94B at 432 Park Avenue, which sold for $32.4 million. Read the report here.

Sales | Olshan

There were 25 contracts signed at $4 million and above in Manhattan during the week of April 23 to 29. So far this year, 46 percent of deals had developers as sellers, up from the 37 percent average from the past two years. This was attributed to a growing willingness among developers to offer discounts to clear inventory. During the week, the top contract was for the 85th floor of 157 West 57th Street, which sold with a last asking price of $59 million. Read the report here.

Commercial

Q1 2018 Manhattan Retail Report | CBRE

Rents decreased in 13 of Manhattan’s 16 retail corridors during the first quarter. The year-on-year decline was most pronounced in the area of the Meatpacking District that covers Washington Street along Gansevoort and 14th streets. The area saw average asking rents drop by 21.3 percent year-on-year to $490. The average asking rent for all corridors declined by 6.7 percent to $859 per square foot. Read the report here.