The week in real estate market reports
A weekly feature bringing you the industry’s latest intel
The latest batch of reports from around the industry found that rent prices across the city were down slightly in May and the average price for an apartment in Manhattan’s top condominium buildings climbed 14 percent year-over-year.
May 2015 Manhattan residential rentals: Douglas Elliman
Manhattan rent prices rose in May to $3,376, a 2.4 percent increase year-over-year. For the fifteenth consecutive month, the median cost stayed above the previous year’s level. Read the full story here.
May 2015 Manhattan residential rentals: MNS
The price for Manhattan apartments remained largely unchanged in May from the previous month. The average rent was $3,924— down 0.37 percent from April. The number of units available fell 0.38 percent to 8,046 units in May. Read the full report here.
May 2015 Brooklyn residential rentals: MNS
Brooklyn rent prices averaged $2,724 in May, down 0.13 percent from April. The price for a two-bedroom apartment in Brooklyn Heights was down 8.9 percent, while two-bedroom apartments in Cobble Hill increased 10.4 percent. Read the full report here.
May 2015 Queens residential rentals: MNS
Similar to Manhattan and Brooklyn, rent prices in Queens were down slightly. The average price for an apartment was $2,074, a 0.26 percent decrease from April. Long Island City and Queens accounted for 73 percent of the borough’s total inventory. Read the full report here.
2015 Semi-annual residential sales: CityRealty
The average price for Manhattan’s top condominiums between October 2014 and March 2105 was $2,790 per square foot, a 14 percent year-over-year. The most expensive building is 15 Central Park West, which had an average price of $6,339 per square foot. Read the full report here.
Affordable housing strategies: NYU Furman Center
A study from New York University’s Furman Center for Real Estate and Urban Policy found that in New York City, there were 234,000 fewer rent-stabilized or rent controlled units last year than there were in 2002. The center suggests a new tax abatement program could help preserve affordable housing in the city. Read the full report here.
Manhattan luxury contracts June 1-7: Olshan Realty
Twenty-six contracts were signed in the first week of June for Manhattan apartments price $4 million or more. Both of the priciest contracts for the week were at 157 West 57th Street, with asking prices of $29.5 million and $27 million.