According to this week’s market reports, Manhattan rents dropped slightly in May and commercial construction activity in NYC totaled $23.8 billion between 2013 and 2017.
Residential
Rentals | MNS
In May, rents in Manhattan dropped by 0.52 percent on a month-to-month basis to $3,944. Non-doorman one-bedrooms in the Financial District and Tribeca, however, posted increases of 10.5 percent and 8.4 percent, respectively. The biggest bargains, meanwhile, are doorman one-bedrooms in Soho and non-doorman studios in the Financial District, which declined by 28 percent and 15.6 percent, respectively. Brooklyn and Queens registered price growth of 1.3 percent ($2,824) and 0.9 percent ($2,200). Read the Manhattan, Brooklyn, and Queens reports.
Sales | Olshan Realty
Between June 4 and 10, there were 24 contracts signed in Manhattan at $4 million and above. The period marks the first time that no co-op or condo unit went into contract on the Upper West Side. The most expensive contract for the week was for the seventh floor at 640 Park Avenue, which went into contract with an asking price of $21 million. This was follow by Unit N16B at 565 Broome Street, which had a last asking price of $15.5 million. Read the report here.
Commercial
Hotel Horizons Report | CBRE
New York City’s hotel industry is now projected to post RevPAR growth of 1.8 percent for 2018. This is due to a strong first quarter. During the period, RevPAR growth stood at 7.1 percent, driven by price hikes and occupancy increases. For the year, the occupancy rate in the city’s hotels is expected to stay flat at 86.6 percent. That percentage is identical to the full-year figure from 2017 and is higher than the national average of 61.6 percent. Read the report here.
Commercial Construction Activity | New York Building Congress
Between 2013 and 2017, the value of commercial construction activity across New York City stood at $23.8 billion, encompassing a total of over 73 million square feet. The totals were buoyed by growth from the past three years. During the period, the city posted commercial construction activity over $5 billion and 16 million square feet each year. The last three years also saw a record high in terms of new office construction. For each year, construction starts exceeded $2 billion, in large part due to activity in Hudson Yards and the World Trade Center.