The Real Deal New York

Resi rents stay flat in Manhattan and BK

A weekly feature bringing you the industry's latest intel
By Christian Bautista | May 09, 2018 03:40PM

(Credit: Pixabay)

Residential

Rentals | MNS

Rents in Manhattan stayed flat in April, increasing by just 0.22 percent to $3,965. The most robust area was the Lower East Side, which posted month-over-month price hikes for doorman studios (11.6 percent), one-bedrooms (4.6 percent) and two-bedrooms (7.1 percent). The biggest bargains are doorman one-bedrooms in Soho (down 36 percent) and non-doorman one-bedrooms in Tribeca (down 10.9 percent). Read the report here.

Rentals | RentCafe

Rents in Brooklyn dropped slightly in April. During the month, the borough posted a one percent year-on-year decline to settle at $2,688. In spite of the drop, Brooklyn ranked as the ninth most expensive rental market in the country. The borough’s rent price was almost double the national average of $1,377. Read the report here.

Commercial

2017 China-US Inbound Investment Capital Watch | Cushman & Wakefield

Chinese investment in U.S. commercial real estate dropped by 55 percent to $7.3 billion in 2017. The decline, brought on by tighter capital controls from Beijing, resulted in China dropping in the ranking of foreign capital sources behind Canada and Singapore. The tepid investment volume from Chinese buyers coincided with a retreat from deals over $1 billion. During the year, Chinese activity in the large deals dropped by 75 percent. Read the report here.

Construction Costs | Associated General Contractors of America

In April, the cost of construction materials posted its highest year-on-year increase since 2011. During the period, price hikes touched goods such as lumber and plywood (11 percent), aluminum mill shapes (11.9 percent) and steel mill products (7.4 percent). Other construction materials that registered price increases include diesel fuel (41.6 percent) and ready-mix concrete (6.9 percent). The increases were attributed to tariffs imposed on Canadian lumber and Chinese steel and aluminum. Read the price index here.