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06/15/17
According to this week’s market reports, office leasing in Downtown Manhattan climbed to 56 percent above the five-year monthly average, and median residential rents in Brooklyn were down 2 percent year-over-year. Residential Rental report | RentCafe Average apartment rents dropped in six of the 10 top markets in May. Average rents in Manhattan, the priciest market, dropped 2.9 percent year-over-year...
06/14/17
From the June issue: The number of closed Manhattan condo resales fell for the third straight month in April, with only 65 recorded transactions, an analysis by The Real Deal found. The median price was $1.55 million, up from $1.4 million in March. New development prices in the borough hit their highest point in the last 12 months, reaching just over...
06/13/17
From the June issue: Queens investment sales soared to $437 million in April, a more than 115 percent increase from the month prior, an analysis of NYC Department of Finance data showed. The priciest deal was insurer Fidelis Care’s $139.9 million Queens Boulevard office building buy from the LeFrak Organization. In the Bronx, buyers spent $226.6 million — the most...
06/08/17
With apparel retailers feeling the squeeze from online competition, grocers, food halls and restaurant tenants accounted for five of the 10 biggest retail deals inked in the city during month of May. The 10 biggest retail lease deals signed last month totaled 156,532 square feet, and the five food-focused tenants accounted for 107,000 square feet — 70 percent — of that figure....
06/06/17
From the June issue: Manhattan investment sales clocked in at $836.2 million in April, less than half of the 12-month average of roughly $2 billion, according to an analysis of NYC Department of Finance data. Carlyle Group’s $217.5 million bulk office condominium purchase was the largest transaction recorded in April. Sales volume in Brooklyn was strong, with buyers closing $847...
06/06/17
There wasn’t a tremendous amount of big-ticket office leasing activity in the month of May, but when sizable deals were inked CBRE was usually involved. The commercial brokerage dominated the top 10 office leasing deals in New York City last month, a review by The Real Deal found, with JLL and Cushman & Wakefield trailing far behind. CBRE was involved in seven deals totaling 451,681...
06/01/17
It’s been about a decade since The Real Deal began ranking Manhattan’s top residential agents. But this year, the ranking looks a little different. That’s because rather than evaluating agents based on the dollar volume of their listings, this year our beefed-up research team created a methodology to evaluate brokers based on what they actually sold. And in a market...
06/01/17
New York’s top residential agents have catapulted their careers in recent years by jockeying for hot new-development assignments and winning big listings. But over the past 12 months, even...
06/01/17
From the May issue: Midtown office leasing activity dipped in March to 920,000 square feet from just over one million square feet the month prior, and the availability rate increased slightly to 11.9 percent from 11.8 percent. The largest transaction in the submarket was publisher W.W. Norton & Company’s 95,000-square-foot expansion at 500 Fifth Avenue, data from JLL shows. Leasing...
05/30/17
From the May issue: Manhattan investment sales rose by 37 percent from February to March but still remained less than half of the past year’s monthly average 0f $2.16 billion, according to a TRD analysis of data from Real Capital Analytics. Buyers closed just under $900 million in sales and the largest deal was Brookfield Property Partners and the Swig Company’s $370 million...
05/18/17
According to the most recent market reports, concessions are up and rent is down across most metrics in Manhattan. Overall, median rent fell 1.8 percent in Manhattan, dragged down by softness in the top 10 percent and in new development units, which fell 7.8 percent in April compared to the same month last year, according to a Douglas Elliman report....
04/28/17
From the April issue: Midtown leasing activity fell sharply in February, to just over 1 million square feet, down from a high 1.5 million feet in January. At the same time the availability rate remained flat over the past two months at 11.8 percent. The biggest lease in February was law firm Kramer, Levin, Naftalis & Frankel’s 265,348-square-foot renewal at...
febcondofeature
04/27/17
From the April issue: Manhattan added 170 new condo units to the sales pipeline in February, according to a TRD analysis of offering plans approved by the New York State Attorney General’s office. But Manhattan was outdone by Brooklyn and Queens, which added a combined 222 new units. The total offering price of those new Manhattan condos is $622.22 million. For...
04/26/17
From the April issue:  Just 39 new Manhattan rental units are estimated to have landed temporary certificates of occupancy — meaning tenants can begin moving in — in February, according to a TRD analysis of Department of Buildings filings. In Brooklyn and Queens, 175 units received TCOs. As for the prices of new rental units, a Manhattan three-bedroom was priced at...
04/13/17
According to the most recent market reports, Brooklyn home prices jumped 16.4 percent in the first quarter of 2017, and 60 percent of multifamily buildings in Manhattan traded for under $10 million in 2016. Residential Manhattan and Brooklyn home sales | Douglas Elliman In the first quarter of 2017, the median price for condominiums and co-op units in Manhattan dropped...
04/04/17
“Cheap” luxury is having a moment. Contracts are up, and the $4 million-to-$6 million market is seeing the most action. In total, 383 contracts were signed on Manhattan pads asking $4 million and above in the period from Jan. 1, 2017 through March 31, 2017, according to data collected by real estate analytics website Urban Digs and reviewed by The...
04/03/17
If you believe the Rent Guidelines Board, it’s a great time to be a landlord of rent-stabilized apartments. The RBG’s latest report, released Thursday, said that net operating income in buildings with stabilized apartments increased nearly 11 percent from 2014 to 2015, the highest recorded increase since 1997 to 1998. But the NOI figures — which measures the difference between...
04/01/17
East Harlem wears its heritage on its façades. In the heart of El Barrio, a James De La Vega painting at 104th Street and Third Avenue pays tribute to...
04/01/17
Mega-office tenants often initiate a hunt for new space even if they plan to stay put. It’s an age-old strategy to gain leverage when it comes time to negotiate a new lease. But that wasn’t the case for McGraw-Hill, which seriously considered relocating some of its offices across the Hudson River before renewing its 900,000-square-foot lease early at 55 Water...
04/01/17
It may take a village to raise a building, but it takes only one disgruntled subcontractor to ensnare a project in a legal tug-of-war. For One57, the 75-story luxury...
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