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Market Reports

Market Reports

Report: Manhattan Commercial Sales Dwarf Other Markets

Transwestern research graphic

Sales of Manhattan commercial buildings dwarfed those of other U.S. cities in the first seven months of the year, with Manhattan exceeding its nearest competitors in other large metropolitan markets by $6.1 billion in total sales volume and and $222 per square foot in sales price, according to a report released yesterday by Transwestern.

The survey with data the firm crunched alongside Real Capital Analytics found that Manhattan stayed atop the nation’s strongest urban core investment sales markets, producing 107 transactions for $11.2 billion in total sales volume at average rates of $770 per square foot in the first half of 2014 after its sales paced those of the country last year as well, said Transwestern researcher Palak Raval. Read More

Market Reports

Ridgewood, Queens, a.k.a. ‘Quooklyn,’ Sees Surge in Property Sales

Sales are way up in Ridgewood. (John Rambow/flickr)

The inevitable has happened: Ridgewood, Queens, that neighborhood that everyone has been watching tirelessly for signs that it is, indeed,  the next hot neighborhood, has seen a flurry of commercial real estate sales. In fact, this July, Ridgewood’s 11385 zipcode was the most active one for commercial property sales in the city, according to an Actovia analysis of Department of Finance records. The crown has, in recent memory, belonged mostly to Brooklyn zip codes and the county of Kings still outpaces Queens in terms of overall sales; in June, Brooklyn had 249 commercial property sales, nearly twice the 131 recorded in Queens (Manhattan had only 125). Read More

Market Reports

CBRE Report: East of Broadway a Value Play Downtown

Click to Enlarge: East of Broadway has more inventory than West of the thoroughfare. (CBRE)

Analysts at CBRE found that one of New York City’s most famous corridors divides the hot downtown commercial market between one area with more inventory and another with higher asking rents, according to a report the company will release later today.

While buildings east of Broadway made deals for 1.75 million square feet of leasing activity in the year to date to nearly match the 1.76 million square feet of leasing activity west of the corridor, properties west of Broadway carried average asking rents of $58.14 per square foot to the east of Broadway average of $43.03 per square foot, figures from the report show. Read More

Market Reports

Brooklyn Led Multifamily Market in February

Brooklyn Heights.

Year-over-year multifamily investment sales activity showed large gains across New York City in February, with Brooklyn leading the way in terms of transaction volume and dollar volume, according to Ariel Property Advisors’ latest Multifamily Month in Review report.

Brooklyn was the most active borough with 52 buildings trading across 18 transactions for a total value of $343.5 million in sales. Last February there were just nine Brooklyn transactions, totaling $28 million. Read More

Market Reports

NYC Multifamily Sales Surge Nearly 80 Percent in January

Multi-Family data for January 2014

The number of multifamily sales in New York City saw a 76 percent increase year-over-year in January, according to a new report from Ariel Property Advisors. The dollar volume generated by those deals rose by 107 percent.

This January, there were 58 such deals involving 93 buildings and totaling $707.302 million in gross consideration, Ariel Property Advisors found in its monthly review of multifamily deals that occur at a minimum sales price of $1 million, with a minimum gross area of 5,000 square feet and with a minimum of 10 units. Read More

Market Reports

Northern Manhattan’s Breakout Year

GWB

A new report from Ariel Property Advisors gives credence to what many observed last year as a red hot Northern Manhattan commercial real estate market, showing that multifamily pricing hit its strongest level since the 2007 boom.

The data shows that the number of properties sold in 2013 increased by 44 percent over the previous Read More

Market Reports

Brooklyn Multi-Family Outperforms in August

Brooklyn Bridge

Though the overall New York City multifamily market took a “modest breather” in August, a new report from Ariel Property Advisors shows that Brooklyn saw an increase in transactions on both a month-to-month and year-over-year basis.

The borough’s 16 transactions comprised of 24 buildings totaling $78.4 million – a 23 percent year-over-year increase in transaction Read More

Market Reports

Commercial Space Tight as Tech Continues to Surge in Flatiron: Report

One Madison

Buoyed by the area’s burgeoning tech scene and growing residential market, the Flatiron/23rd Street Partnership Business Improvement District this morning presented its third annual report to a room of brokers and indicated available commercial space in the district is sparse.

With more than 200 commercial office buildings offering upwards of 22 million square feet of rentable space, Flatiron’s overall vacancy rate sits at just 6.96 percent, with only 1.55 million square feet available for lease. The average price per square foot of that space hovers just below $50 at $49.10. Read More

Market Reports

Office Availability Drops in Manhattan in January: Report

195-broadway_resized

The overall availability rate of office space in Manhattan dropped 20 basis points in January to 11.4 percent, according to Cassidy Turley’s most recent Manhattan Office Market Report, released Thursday.

The overall office market experienced 464,433 square feet of positive net absorption in January, the report noted, as average asking rent in Manhattan clocked in at $61.16 per square foot.

The drop in availability was driven largely by Midtown, which had six of its nine submarkets register positive absorption of 40,000 square feet or more. The downtown market was a contributor as well, with positive absorption of 260,351 square feet. Read More