Key Takeaways: Hudson Yards reclaims top spot with $5.71 million median, TriBeCa stays strong at #2 with $3.25MAcross NYC, sales are up 88% Y-o-Y and 7% over Q2 2019; city median climbs 13% Y-o-Y & 10% over 201931 neighborhoods surpass the $1 million mark, four go north of $2 millionManhattan claims nine of 10 most expensive NYC neighborhoodsBrooklyn logs sharpest Y-o-Y price gain with Downtown Brooklyn’s +79% & steepest Y-o-Y decline with Carroll Gardens’ -35%Hunters Point, Malba & Neponsit remain most expensive in Queens, but stay below $1 million Hit hard by the pandemic, New York City’s real estate market is proving its resilience once again. As the vaccine rollout increasingly allows life to approach normal, buyer appetite has …
NYC Multifamily Sales Volume Down 62% in Q1 as Slumping Rents & High Vacancy Rates Exacerbate Prior Slowdown
After a rough 2020, Q1 2021 suggests depressed activity will continue for NYC multifamilyNYC sales volume remains below $1B for fourth consecutive quarterMultifamily sales activity records year-over-year drop for 9th consecutive quarterThe city’s most expensive deal traded for a mere $22,875,000Manhattan sales volume falls 70% Y-o-Y, closing only $277 million in multifamily salesBrooklyn prices down across the board, average price per unit contracts $103K Y-o-YBronx unit volume slashed by 60% Y-o-Y, only 329 units sold in Q1 2021Down 9% Y-o-Y, Queens’ sales activity experiences least-sharpest rate of decline among the four boroughs While 2020 was a year of massive change throughout the real estate industry, for the NYC multifamily…
Do You Pay a Premium to Live Near a Subway Station?
It seems intuitive that the more amenities something offers, the higher the price tag. A new base-model car can be expensive, but a fully loaded performance model is more expensive. Real estate is no exception. Choosing to live close to parks, stores, public transportation, and entertainment should theoretically draw a premium, right? We wanted to know just how much more you would pay to live near a subway station in each of the five NYC…
NYC Multifamily Market Continues Slowdown in September, Y-O-Y Sales Volume Declines 76%
Key Takeaways: September slowest sales month for NYC multifamily, down 51% Y-O-Y Queens doubles September sales volume Bronx prices hit lowest figure in 18 months YTD unit volume down 74% in Brooklyn Y-O-Y sales volume falls 81% in Manhattan City-wide sales volume drops 76% Y-O-Y New York City’s new Housing Stability and Tenant Protection Act of 2019 (TPA) sent shockwaves through the residential and commercial real estate market, especially the multifamily sector. While plenty has been said about the new law’s effects, we were curious to see exactly what dynamics were at play in a post-TPA multifamily market. We analyzed multifamily sales in Manhattan, Brooklyn, Queens and the Bronx …
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%…