Retail vacancies are up 10% in Manhattan and Brooklyn

Retail vacancies are up 10% in Manhattan and Brooklyn

A weekly feature bringing you the industry’s latest intel

According to this week’s market reports, Tribeca’s outrageous median sales price is only getting bigger, while office sales prices in Manhattan crossed the $1,000 per square foot benchmark for the first time in four quarters.

Residential

Sales report | PropertyShark
Tribeca remained the priciest neighborhood in second quarter, even as median sale prices picked up in most neighborhoods. In Tribeca, median sale price increased 24 percent year-over-year to $5.2 million, and in Fort Greene, the 97th most expensive neighborhood, median sale price ballooned 151 percent to $1.1 million. Read the full report here.

Luxury sales | Olshan Realty
Eighteen contracts were signed last week at $4 million and above, with an average 20 percent discount from asking price. The total asking dollar volume was $136 million. Read the full report here.

Hamptons sales | Town & Country
Sales in the Hamptons rebounded from a tepid 2016, with sales between $10 and $20 million increading 150 percent (from 4 to 10). Read the full report here.

High-poverty neighborhoods | ApartmentList
Between 2000 and 2015, the number of high-poverty neighborhoods in New York increased by 64 for a total of 1189, four percent of which are in low or medium-density areas. Read the full report here.

Commercial

Manhattan office sales | CommercialCafe
The Manhattan office market picked up in the second quarter, but dropped 57 percent when compared with the same period last year. Pricing shot back up above $1,000 per square foot, jumping 40 percent from the first quarter, and 6 percent year-over-year. Read the full report here.

Manhattan office report | Colliers
When compared to the second half of 2016, pricing on office leasing increased in seven of Manhattan’s 18 submarkets during the first half of this year. Read the full reports for Manhattan, Midtown, Midtown South and Downtown.

Brooklyn office report | Colliers
Availability in 30 Brooklyn buildings, which make up a statistically diverse sample, was down 1.1 percent in the second quarter of 2017, as more Manhattan tenants moved to the borough, while pricing decreased 3.1 percent. Read the full report here.

Multifamily report | Marcus & Millichap
East Harlem had both the lowest vacancy rates and the largest declines in rent in the first quarter of 2017, at 1.7 percent and -5.4 percent, respectively. Read the full report here.

Retail report | Marcus & Millichap
Retail vacancy rates rose 10 percent in both Manhattan and Brooklyn during the second quarter of 2017, to 3.8 and 2.9 percent, respectively. Read the full report here.

www.therealdeal.com

By Chava Gourarie