Airbnb complaints saw a 152 percent year-over-year increase, according to this week’s market reports. The short-term rental provider has been battling the City Council, and on Wednesday, the legislative body voted to push forward a bill requiring hosts to register with the city.
Residential
Airbnb Complaints | ValuePenguin
Illegal hotel complaints relating to Airbnb reached an all-time high last May. The city’s Department of Buildings received 720 complaints that month, up 152 percent compared to the same time last year. Over that same time period, there was a 150 percent increase in violations issued. Hell’s Kitchen and Chelsea registered the most complaints in May. Read the report here.
Sales | Corcoran Group
Brooklyn registered a total of 1,620 closed sales in the second quarter, up 5 percent from the same time last year. The figure represents the highest second quarter total in the last decade. The increase was partly due to co-op resales, which posted a 13 percent year-on-year hike. New development sales also saw a 12 percent increase. During that period, the median price for a Brooklyn home stood at $687,000, down 8 percent from the same time last year. The biggest bargains were in Brooklyn Heights and Carroll Gardens, which each registered declines of 17 percent. Read the report here.
Commercial
Manhattan Q2 2018 Office Report | CommercialCafe
In the second quarter, Manhattan’s office sales volume dropped 25 percent year-over-year to $2.9 billion. The report claims that the decline is not a cause for concern, because sales levels dropped to a sustainable level after record highs in 2015 and 2016. Blackstone Group’s sale of 5 Bryant Park ranked as the top transaction of the quarter at $640 million. The only foreign buyer to make the top five was German firm Commerzbank, which bought 222 East 41st Street for $332.5 million. Read the report here.