Manhattan office sales quadruple in the third quarter

A weekly feature bringing you the industry's latest intel

TRD New York /
Oct.October 12, 2018 12:00 PM

666 Fifth Avenue (Credit: Max Touhey via Curbed NY)

According to this week’s market reports, Manhattan office sales more than quadrupled and FiDi home prices dropped 51 percent in the third quarter.

Residential

Sales | Corcoran

In the third quarter, the median sales price in Brooklyn dropped 3 percent year over year to $702,000. The price decline coincided with weaker sales activity. During the period, the number of closed sales dropped 7 percent to 1,574 transactions and the number of contracts signed decreased by eight percent to 981. The biggest bargains were in the Bed-Stuy, Crown Heights, Lefferts Garden and Bushwick section of the borough, which registered a 12 percent median price drop to $615,000. Read the report here.

Sales | Platinum Properties

The average price of a home in the Financial District dropped by 51 percent year over year to $1.2 million in the third quarter. Prices declined in tandem with the number of transactions in the area. During the period, the number of sales in the neighborhood dropped by 50 percent, with two-bedroom units accounting for much of the decline with a 63 percent year-over-year drop in the number of deals. Studios and one-bedrooms accounted for most of the deals with 14 transactions each. Read the report here.

Commercial

Manhattan Office Sales | CommercialCafe

Office sales in Manhattan totaled $4.4 billion in the third quarter, more than four times the $990 million total from the same period last year. Prices also rose 11 percent year over year, settling at $908 per square feet. The sales figures were buoyed by a number of large transactions. The most expensive deals of the quarter was Brookfield Property Partners’ acquisition of leasehold on 666 Fifth Avenue, which had a price tag of $1.3 billion. Read the report here.


Related Articles

arrow_forward_ios
The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

Daily Digest Thursday

Worker killed at Lam Group construction site, Uber signs WTC lease: Daily digest

Developers are offering to pay the increased mansion and transfer taxes to give them an edge in a difficult market. (Credit: iStock)

Amid slow sales, developers give buyers a break on mansion taxes

arrow_forward_ios