Manhattan closed sales dropped nearly 21% in July

According to this week’s market reports, Manhattan closed sales dropped 20.7 percent in July and Harlem posted the highest price growth in Manhattan.

Residential

Rentals | MNS

In July, the average rent in Manhattan rose by 0.44 percent on a month-to-month basis to settle at $4,007. Harlem led the way in terms of price growth, with prices in the neighborhood rising by 4.32 percent compared to same time last year. The biggest bargains were non-doorman one-bedrooms and non-doorman studios in Tribeca, which posted declines of 16.1 percent and 10.7 percent, respectively. Read the report here.

Sales | Maxwell Jacobs

The average asking price per square foot for Manhattan homes dropped 4.2 percent year-on-year to settle at $1,706 in July. Both the supply and demand sides exhibited weakening during the month. Supply, measured through active listings, rose 13.3 percent from last year. Meanwhile, demand, measured through closed sales, dropped 20.7 percent on a year-on-year basis. There were 730 contracts signed in the borough, with Downtown the most robust at 203 transactions. Read the report here.

Commercial

Brownfield sites | NYU Furman Center

Brownfield sites are concentrated in certain areas of the city. Over 66 percent can be found in just ten community districts, with Greenpoint/ Willliamsburg accounting for 24.6 percent of the total sites in the city. The study suggested a link between the remediation of brownfield sites and gentrification. However, it stopped short of declaring a causal relationship. According to the study, five out the 10 areas with the most brownfield remediation sites (Williamsburg/Greenpoint, Bedford Stuyvesant, Mott Haven, Astoria and Morrisania) are on the list of NYU Furman’s gentrifying neighborhoods.  Read the report here.