New York ranks as fourth-most segregated city in America

A weekly feature bringing you the industry's latest intel

TRD New York /
May.May 31, 2018 05:00 PM

Harlem townhomes


Sales | Apartment List

New York has the fourth-highest level of residential segregation in America. In a survey of 50 major metropolitan areas, segregation in New York was found to have lasting effects, since the neighborhoods in which people grew up in play a role in their success as adults. New York neighborhoods with minorities comprising at least 75 percent of the population were found to have a median income that was 20 percent less than the metro-wide median. New York’s overall segregation index stood at 0.58, just behind Milwaukee, which was found to be the most segregated place in the country with an index of 0.61. Read the report here.

Sales | Yardi Matrix

Brooklyn rents stopped dropping this spring, going up by 0.1 percent year-over-year to settle at $2,678. Rent growth was most prominent in submarkets such as Greenpoint (up 6 percent), Crown Heights (up 3.7 percent) and Downtown Brooklyn (up 3.5 percent). Rents in the borough are expected to plateau around this figure. New York City rents meanwhile are forecasted to drop one percent in 2018. Read the report here.

Sales | Olshan

There were 28 contracts signed in Manhattan at $4 million and above between May 21 and 27. There were 126 contracts signed in the borough for the month of May, which ranks as the lowest for the month since 2012. The most expensive contract for the period was for Unit 65B at 432 Park Avenue. The apartment went into contract with a last asking price of $28.5 million. This marks the fifth time this year that a deal in the building landed in the top spot. Read the report here.


A Tale of Two Retail Neighborhoods | REBNY

The retail vacancy rate in the West Village is more than twice as high as in Hell’s Kitchen. The vacancy rate in three of the West Village’s retail corridors is currently at 11.3 percent, which covers 32 of the 284 total stores in the neighborhood. The vacancy rate in Hell’s Kitchen, meanwhile, was at just 5 percent, with just 13 of the 262 total stores in the neighborhood left unoccupied. The report tied the vacancy rate to the denial of liquor license applications. The denial rate in the West Village was more than six times highest than in Hell’s Kitchen. Read the report here.

Related Articles

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

Daily Digest Thursday

Worker killed at Lam Group construction site, Uber signs WTC lease: Daily digest

Developers are offering to pay the increased mansion and transfer taxes to give them an edge in a difficult market. (Credit: iStock)

Amid slow sales, developers give buyers a break on mansion taxes

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.