The Real Deal New York

New York State led the country in construction hiring

A weekly feature bringing you the industry's latest intel
By Christian Bautista | July 25, 2018 04:00PM

A construction site (Credit: Pixabay)

According to this week’s market reports, New York registered the most construction hiring in the country in June and the Upper East Side registered the most new development sales in Manhattan.

Sales | MNS

The Upper East Side had the highest number of new development sponsor sales in Manhattan during the second quarter. The neighborhood accounted for 52 transactions, which represents 16.7 percent of all sponsor sales in the borough. The most expensive sale for the quarter was for the penthouse unit at the Getty, which sold for $59 million. That deal stands as the most expensive downtown residential sale ever, surpassing the $51 million record held by the penthouse at the Walker Tower. The highest price per square foot, meanwhile, was set by the penthouse unit at 443 Greenwich Street, which sold for $6,055 per square foot. Read the report here.

Sales | Olshan

There were 13 contracts signed in Manhattan at $4 million and above between July 16 and 22. For the period, no properties were sold in the Upper East Side. The last time that happened was in New Year’s week of 2016. The most expensive contract for the period was for Unit 36A at 10 Riverside Boulevard, which went into contract with an asking price of $15.5 million, followed by Unit 48B at 277 Fifth Avenue, which sold asking $11.8 million. Read the report here.

Commercial

Construction Employment | Associated General Contractors of America

New York paced the country in terms of construction jobs added in June. For the period, the state registered 3,700 total hirings, up 0.9 percent from the previous month. The other states in the top three are Arizona (3,100 jobs) and Texas (2.900 jobs). Between June 2017 and June 2018, only six states shed construction jobs. The biggest drop was in New Jersey, which lost a total of 4,800 jobs. Read the report here.