The Real Deal New York

And New York City’s most bedbug-infested neighborhood is…

A weekly feature bringing you the industry's latest intel
By Christian Bautista | October 19, 2018 02:50PM

Flatbush and an illustration of a bedbug (Credit: iStock)

According to this week’s market reports, the most bedbug infested neighborhood in the city is in Brooklyn, and New York City construction is expected to hit a record high in 2018.

Residential

Bedbug violations | Localize.city
Flatbush is the most bedbug-infested neighborhood in New York City. Between Sept. 1, 2013 and Aug. 31, 2018, the area posted a rate of 18.1 bedbug violations per 1,000 renting house holds. West Harlem (17.1) and Morrisania (16.7) rounded up the top three. Across the city, the number of bedbug violations fell more than 28 percent over the past five years. During that period, the Bronx posted the highest number of violations each year. Read the report here.

Commercial
New York City Office Report | Savills Studley
The average asking rent for office space in Manhattan stayed flat in the third quarter, dropping by just 0.3 percent to $74.21 per square foot. The slight decline coincided with an increase in large transactions.Since the start of 2017, there have been more than 90 leases inked in the borough at over 100,000 square feet. During the previous seven quarters, there were only 73 deals that breached this threshold. There was a tie for the largest lease deal in the quarter, with Pfizer (at 219 East 42nd Street) and Evercore (at 55 East 52nd Street) both signing 350,000-square-foot transactions.

Construction Outlook 2018-2020 | New York Building Congress
New York City construction spending is forecasted to reach $61.5 billion in 2018, an all-time high for the city. The total, which represents a 25 percent increase from last year, is expected to continue growing over the next few years, with construction spending between 2018 and 2020 expected to reach $177 billion ($59.3 billion in 2019 and $56.4 billion in 2020). The projected 2018 increase is attributed to non-residential construction spending, which is expected to jump from $23.5 billion to $39 billion.