The Real Deal New York

Brooklyn home prices drop 8% in Q2

A weekly feature bringing you the industry's latest intel
By Christian Bautista | October 04, 2018 05:45PM

Brooklyn homes (Credit: iStock)

According to this week’s market reports, Brooklyn home prices dropped eight percent and Manhattan investment volume rose 5 percent to $8.7 billion.

Residential

Rentals | MNS

The average rent in Manhattan stayed flat in September, dropping by 0.8 percent month-to-month to $4,006. For the period, the biggest bargains were doorman studios in Harlem (down 10 percent) doorman two-bedroom units in the Lower East Side (down 9.8 percent), non-doorman two-bedrooms in Greenwich Village (down 9.6 percent ). Doorman studios in Tribeca registered the highest price hike at 12.6 percent. Read the report here.

Sales | Corcoran

In the second quarter, the median price for Brooklyn homes dropped eight percent year-on year to $687,000. The decline was attributed to unusually high prices last year. The price drop coincided with an increase in closed sales. During the quarter, the borough registered 1,620 transactions, up 5 percent year-on-year. Resale co-op units accounted for most of the deals in the borough with 624 transactions. Read the report here.

Commercial

Fall 2018 North America and Europe CRE Investment Review | Avison Young

Manhattan registered $8.7 billion in investment volume for the first half of the year, up 5 percent from the same period last year. The city’s office sales market ranked first in the country with a total volume of $6.7 billion. However, the growth was more pronounced in the retail and multifamily segments. During the period, the sectors registered sales volume growth of 50 percent and 19 percent, respectively.