The Week In Real Estate Market Reports

The Real DealApril 22, 2015

The latest batch of reports from around the industry found that overall average asking office rents in Manhattan reached their highest point since 2008 and investment sales hit a record $20.8 billion in the first quarter of the year.

 

Residential

 

Q1 2015 Residential sales: REBNY

 

The New York City residential sales market had stronger sales volume and higher average sales in the first quarter of 2015 compared to the same period last year, according to a quarterly report from the Real Estate Board of New York . Sales volume totaled $10.1 billion, a 21 percent increase from the previous quarter, and the average price for a home was up 12 percent to $898,000. 

 

Q1 2015 Brooklyn new development sales: MNS

 

New development sales volume in Brooklyn nearly doubled in the first quarter of 2015 compared to the previous quarter, according to an MNS report. The Clinton Hill neighborhood had the strongest quarterly growth, with median sales up 34.7 percent from the previous quarter to $1.2 million. 

 

Q1 2015 Manhattan new development sales: MNS

 

Manhattan’s new development sales volume increased 16.9 percent in the first quarter of 2015, according to a report from MNS. However, the median price per square foot for new developments fell 12.5 percent from the previous quarter, and the median sales price fell 21.1 percent. 

 

Manhattan luxury contracts April 6-12, 2015: Olshan Realty

 

Thirty contracts were signed for apartments priced $4 million and above during the second week in April, with an average asking price of $6.4 million, according to the Olshan Luxury Market Report. The priciest contract signed during the week was for a 4,160-square-foot condo at 224 Mulberry Street, which had an asking price of $13.5 million. 

 

Office

 

Q1 2105 Manhattan office leasing: Cushman & Wakefield

 

Manhattan leasing activity was steady in the first quarter of 2015, pushing overall vacancy rates down to 9.2 percent, a 1.3 percent decline year-over-year, according to a quarterly report from Cushman & Wakefield. Average asking rents were up across all markets, and overall asking rent in Manhattan rose to $69 per square foot. 

 

Investment sales

 

Q1 New York City investment sales: Cushman & Wakefield

 

Investment sales hit a record $20.8 billion in the first quarter of 2015, a 26 percent increase in dollar volume from the previous quarter according to a quarterly report from Cushman & Wakefield. 

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