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NYC Multifamily Sales Volume Surges 39% in Q1

+ Ryan Serhant Weighs In on COVID-19 Crisis & Current State of NYC Real Estate Key Takeaways: NYC sales volume leaps 39% Y-o-Y, totals $1.9 billion in Q1.Sales activity remains unchanged, but number of buildings sold jumps 20%.Manhattan sales volume spikes 114% Y-o-Y to nearly $1 billion.Brooklyn prices reach highest figures in four years, sales activity gains 18% Y-o-Y.Price per unit drops 23% Y-o-Y in Queens as metrics contract across the board.Bronx sales volume and activity halved, but price per square foot ticks up 12% Y-o-Y. Undoubtedly, 2019 was a …

New York Apartment Construction Drops for the Second Year in a Row

Key Takeaways: New apartment deliveries down 8% Y-O-Y nationally; New NYC apartment deliveries down 33% Y-O-Y; Bushwick home to 8% of new apartment supply in NYC; 2019 marks the second year in a row in which apartment construction declines in New York metro. After 2018 saw the number of projected new apartments fall from 20,682 to 19,948, construction is expected to drop by a further 6,350 units this year, down to 13,418. After years of sustained development momentum, rising construction costs and a tight labor supply are making their mark on the NYC. The staggering 33% decline comes in stark contrast with the 8% dip our colleagues at…

Yardi Matrix Special Report: Coworking Grows Steadily, NYC Leads the Way

In October, Yardi Matrix released its latest special report, “Shared Space: Coworking’s Rapid Growth Set to be Tested.”  According to the findings, the coworking segment continued its growth in 2019, despite industry headlines being dominated by the struggles of The We Company. However, this rapid expansion is set to be put to the test in the near future, as some may now believe that the entire business model is at risk. The study also looked at year-over-year growth, top metros, key players in the industry, evolving business models and more. Keep reading for a more detailed overview. Growth Remains Steady in 2019 As of September, coworking had…

2019 Annual Foreclosure Report: NYC Foreclosures Dip 6% Y-o-Y

Key Takeaways: Y-o-Y NYC foreclosures dipped 6%, while pre-foreclosures slid 7%. Foreclosure activity increased in just one borough, with Manhattan surging 39%. Bronx undergoes steepest drop in first-time foreclosures – down 21% Y-o-Y.Queens logs most foreclosures with 1,164 unique cases. Staten Island foreclosures remain relatively flat, yet still 313% above 2014 levels.Brooklyn’s 11236 zip code was 2019’s foreclosure hotspot with 4% of all city-wide cases. Coming off of a year of significant changes for the New York real estate market – from the new rent regulation laws to the new mansion tax – we decided to take an in-depth look at foreclosures in New York City last year. NYC …

NYC Multifamily Sales Volume Surges 39% in Q1 + Ryan Serhant Weighs In on NYC Real Estate

Key Takeaways: NYC sales volume leaps 39% Y-o-Y, totals $1.9 billion in Q1.Sales activity remains unchanged, but number of buildings sold jumps 20%.Manhattan sales volume spikes 114% Y-o-Y to nearly $1 billion.Brooklyn prices reach highest figures in four years, sales activity gains 18% Y-o-Y.Price per unit drops 23% Y-o-Y in Queens as metrics contract across the board.Bronx sales volume and activity halved, but price per square foot ticks up 12%…

The NYC Neighborhood Report: 44 Neighborhoods Closed Fewer Than 5 Sales Under Q2 Pandemic Pressure

Key Takeaways: TriBeCa retakes #1 spot with $3.73 million medianPrevious quarter’s #1, Hudson Yards, excluded due to insufficient sales activityFor first time ever, Brooklyn has more neighborhoods than Manhattan among top 50 most expensiveMedian sale price surges 147% in the Bronx’s KingsbridgeOnly 15 NYC neighborhoods experienced sales activity growth, with Gowanus’ 230% surge in the leadAt nearly $2.1 million, DUMBO is Brooklyn’s most expensive neighborhoodManhattan sales activity halved, Brooklyn down only 32%The Bronx registered sharpest median sale price gains at +12.5% Y-o-Y, followed closely by Queens at +12.3% Y-o-Y …

It’s In Your Best Interest to Hire a Lawyer

Buying or selling, hire a lawyer A real estate attorney is worth every bit of the peace of mind they give! Whether buying or selling real estate, it’s in your best interest to hire a lawyer to represent you through the transaction process. Because even the simplest real estate deals come with complicated legal language, terms, and conditions. Besides, New York is one of twenty-two states which requires the presence of a lawyer during real estate closings. Why It’s Important to Hire a Lawyer The buying or selling transaction process involves attorneys, title insurance companies, property surveys, real estate agents, buyers, sellers, and mortgage brokers or bankers. And all of these people have their own sets of paperwork and legal jargon that may overwhelm…