The Real Deal New York

The most new housing units are coming to this outer borough neighborhood

A weekly feature bringing you the industry's latest intel
By Christian Bautista | September 21, 2018 07:00AM

(Credit: iStock)

According to this week’s market reports, Long Island City posted the highest number of approved residential permits in the city and more than a quarter of U.S. homes on the market registered price drops.

Residential

Rentals and Sales | Localize.city

Neighborhoods in the outer boroughs registered the highest number of approved residential permits over the past 12 months. Long Island City accounted for the most approved units at 1,436 and the most units filed that have not yet been approved at 2,597. East New York (1,200 units) and Melrose (1,027) were the two other neighborhoods in the top three. Read the report here.

Sales | Redfin
In the four weeks leading up to Sept. 16, 26.6 percent of homes listed for sale registered price drops, up 4.8 percent from the same period last year. The figure is the highest since Redfin started tracking this metric in 2010. The share of discounted homes had been rising steadily since last March. Read the report here.

Sales | Olshan
Only 13 contracts were signed in Manhattan at $4 million and above between Sept. 10 and 16. The slowdown was partially attributed to the Jewish New Year. The most expensive contract of the week was for a brownstone at 18 West 75th Street, which went into contract asking $15 million. Read the report here.

Commercial

The city’s investment sales market recovered in the first half of the year, stopping a continuous decline that’s persisted for two years. For the period, the market posted total citywide consideration (defined as the value of all recorded sales ) of $21.6 billion, up 20 percent compared to the same period last year. Manhattan accounted for more than half of the transactions in the city. During the period, the borough saw sales grow 28 percent to $13.7 billion. Brooklyn and Queens also posted year-on-year increases. Read the report here.