The latest batch of reports from around the industry found that Brooklyn’s retail corridors are expanding and sales volume for Manhattan office condos reached record levels in the second half of 2014.
Residential
February 2015 Manhattan condo sales: StreetEasy
Manhattan’s condo inventory hit a record low in February. Inventory declined for the fourth consecutive month, falling 2.4 percent from January to 3,175 units, according to a report from StreetEasy. Since peak levels in 2009, condo inventory has fallen 56.1 percent. View the full report here.
February 2015 New York State home sales: NYSAR
Home sales in New York State rose in February even while temperatures were reaching record lows. Sales volume totaled 5,925 in February, up from 5,781 during the same period last year, according to a report from the New York State Association of REALTORS. View the full report here.
Manhattan luxury contracts March 16-22, 2015: Olshan Realty
Thirty-nine contracts were signed for Manhattan apartments priced $4 million and above during the third week of March, according to a luxury market report from Olshan Realty. The average asking price for an apartment in the luxury market was $8.1 million, and the asking price for all sales in this sector during the week totaled $316 million. View the full report here.
Commercial
Mid-1Q 2015 Brooklyn: ABS Partners Real Estate
New residential developments and a low office vacancy rate are spurring Brooklyn’s retail expansion. Downtown Brooklyn’s Fulton Mall and retail along Bedford Avenue in Williamsburg are now commanding prices over $300 per square foot, according to a report from ABS Partners Real Estate. View the full report here.
Office
March 2015 Manhattan office leasing: JLL
Office leasing in Midtown Manhattan accelerated in February following the addition of over 100,000 square feet of space in January, according to a report from JLL. Class A vacancy rates fell in January but overall vacancy remained unchanged. View the full report here.
2014 Manhattan office condominium sales: Rudder Property Group
Sales of Manhattan office condominiums reached record levels in the second half of 2014, according to a year-end report from Rudder Property Group. Office condo sales totaled $200 million during this period, 40 percent higher than the five-year average. View the full report here.