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NYC has more than 16 acres of developable vacant land
A weekly feature bringing you the industry's latest intel
Residential
Sales | Redfin
U.S. luxury homes sales rose by 7.9 percent year-over-year to $1.8 million in the first quarter. The price hike was attributed to tight supply, a condition that has persisted since the second quarter of last year. Cities in Florida topped the country in terms of rising prices. Vero Beach posted the highest year-over-year increase, posting a 68 percent hike to $2.7 million. Miami, Delray Beach, Boynton Beach, Sarasota and Tampa were also in the top 10. Read the report here.
Sales | Olshan
There were 24 contracts signed in Manhattan for homes $4 million and above between May 7 and 13. The activity was due to the willingness of owners to offer discounts. During the week, prices were reduced by an average of 11 percent from the original asking price. There was a tie for the most expensive contract during the week, with each asking $18.75 million. The transactions were for Unit 44A at the Baccarat Hotel and Residences and the townhouse at 39 East 67th Street. Read the report here.
Commercial
Spring Manhattan Retail Report | REBNY
The average asking rent for ground-floor retail space dropped in nine of Manhattan’s 17 retail corridors this spring. The most drastic decline was in the Soho-Broadway area, which saw asking rents drop 27 percent year-on-year to $595 per square foot. Midtown’s Upper Fifth Avenue, which stretches from 49th to 59th streets, remained robust, registering a 17 percent increase to $3,900 per square foot. In spite of the price decline, the Real Estate Board of New York pointed to an increase in transaction and offer volume as cause for optimism. Read the report here.
Vacant Land in Major U.S. CBDs | CommercialCafe
There is currently 16.5 acres of developable vacant land in New York City, which is good for 12th place in the country. This is in spite of 29.6 million square feet of total construction in the city since 2013, which ranks as the most in the country by a wide margin. New York’s construction activity is more than three times that of Dallas, which took No. 2 with 8.5 million square feet of total construction. In Manhattan alone, there are 24 million square feet of offices and 4,987 residential units under construction. Read the report here.