New York Real Estate Market Updates

David Ratner
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Quaterly New York Real Estate Market Reports & Market Insights

  1. 07/22/2018

    Manhattan Residential Market Report Q1 2018

    Check the full version of these reports and individual reports at: https://www.newyorkmarketreports.com   This episode is brought to you by: http://www.theratnerteam.com.   Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team. Manhattan’s grandiose allure of culture, history, and business continues to hold an enviable position in the real estate world for buyers and sellers alike. In our residential report, we’ll give you averages first, but keep listening for this quarter’s record high sales. With an average selling price of $1,933,198, Residential Manhattan’s prices continuing to drop over last year’s 1st quarter. Average price-per-square-foot, fell, this time by an astonishing 18.5% percent down to $1,697 dollars, from $2,083 a foot in Q1 2017. Residential sales may be steadfast as ever, but purchasers are getting more and more floor space for their buck. Total transactions tallied in at 2,180 this quarter, down -24.6% percent from a total of 2,892 sales in Q1 2017. Sales may be dropping, so are the prices, and we expect Manhattan to maintain this trend downtrend for at least till the end of the year. This downtrend is happening due to a combination of an oversupply of new condos in some areas, increasing interest rates and new regulations for foreign buyers along with consumer uncertainty to where the market is heading… The average sale pricing of new development condos dipped 14.1% percent in this final quarter to $4,038,067 – last year, that number was much closer to $5 million. Prices in this market are declining but the time it takes to sell is decreasing, albeit slightly: the average time a development spends on the market is up around 213 days, compared to last year’s data of 225 days. The verdict for Manhattan’s existing condominium sales is only marginally more cheerful than new developments, with a 10.9% percent decrease from 2017. Average sale price for these properties ran around $2,676,281 in Q1 2018, compared to $3,004,098 dollars in 2017. However, the market time for existing condos has decreased by a few days, averaging 131 days. Co-op sales jumped just 9.6% percent this quarter, reporting an average sales price of $1,361,409 dollars in 2018. Market time increased fractionally as well, coming in at 86 days from 85 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look. Of course, even with a 15.1% percent decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $7,944,440, a rather steep dive from last year’s average of $9,360,794. This market is proving to reward those who may lack patience, however, as selling time is dropping: luxury properties were on the market for only 220 days this quarter, compared to nearly 290 days in Q1 2017. Across the board, the average recorded price discount was 1.3% percent.   Now for the top sales numbers for May 2018:   The well-known neighborhood of Carnegie Hill topped May’s single-family residential sales. The amazing Upper West Side single-family townhouse at 113 East 79th Street sold for $30,000,000 – about $7,054 dollars per square. In Central Midtown, the record condo sale for this May goes to 157 West 57th Street #85 that finalized for an almost incredible $53,967,250. This recently-completed new development condo masterpiece is rising to over one thousand feet above midtown Manhattan, ONE57 elevates New York living with the longest South-to-North views of Central Park ever offered in private residences. Walls of glass illuminate expansive homes of extraordinary scale and light. A lifestyle enhanced by the exceptional personal service of Park Hyatt’s new five-star flagship hotel. Pritzker Prize-winning architect Christian de Portzamparc creates a landmark among landmarks that has forever redefined luxury living in New York. This May’s top co-op sold in Lenox Hill again for an astonishing $24,500,000 For bargain-seekers who still want Manhattan real estate, Washington Heights & Inwood are currently the least-expensive residential areas on the island – each square foot costs on average only $628 dollars. Average condos in these neighborhoods sold for $455,250 dollars, with average co-op sales only slightly lower at $450,000 dollars.   You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.   If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter. You can also find us on Facebook, Instagram & YouTube.   Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property? Email Us at Contact@TheRatnerTeam.com. We’re full-time professionals and always here to help! Thanks for listening.   Don't forget to check our Brooklyn Made Blog and The Brooklyn Made Show. http://www.TheBrooklynMadeShow.com http://www.BrooklynMade.Blog

  2. 07/22/2018

    Manhattan Multi-Family Market Report Q1 2018

    Check the full version of these reports and individual reports at: https://www.newyorkmarketreports.com   This episode is brought to you by: http://www.theratnerteam.com   Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the 1st quarter of 2018. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team. Manhattan’s iconic skyline is home to millions, but the Multifamily market is still steadily suffering a decline – both across the borough and across the city. Sales volume this quarter totaled $1.6 billion: A shocking 52% percent increase over last year’s Q1 sales volume. Square-footage pricing continues to fall, down %35 percent from 2017 to an average of $584. Average selling prices in Manhattan have slightly decreased, down 14% percent from last year’s records and coming in at $506,000 across the island. While total transactions have increased 4% percent, with just 112 sales in the 2018’s first quarter, sales are still as lucrative as expected from this vibrant borough. Though Manhattan’s volume market is trending down, the top sales numbers still rival the skyline in height. 1stQuarter’s top sale is located in the Manhattan Valley, where 122-178 West 97thStreet sold for a striking $287,000,000. A three-building, 420-unit Upper West Side rental complex known as Stonehenge Village. Sources said that the buyer, A&E is planning a long-term hold of the complex. The properties are 98 percent occupied, with a mix of free-market and rent-stabilized tenants. The complex has frontage on West 96th and 97th streets and Amsterdam Avenue in the Upper West Side’s Manhattan Valley neighborhood. At just $570 per square foot or $637,000 per door, that sale doesn’t even begin to the average square-footage of these top ten most expensive Manhattan neighborhoods this quarter: Lower East Side tops off the list at an average of $1,181 per square foot. Chinatown comes in second at $1,087, with Little Italy a close third at $941. Upper West Side listed at $838 per square foot, Yorkville at $822, Manhattan Valley at $585, East Harlem at $471, Harlem at $449, East Village at $344. Tenth but certainly not least, Washington Heights area averaged in at $250 per square foot. Harlem was the neighborhood with the highest volume of multifamily sales in Q1 2018 again, with 27 total transactions. Both East Village and Manhattan Valley followed close behind, claiming 11-12 sales each. Bargain-seekers should consider looking in Hudson Heights & Inwood, as the average price per square foot was only $205 at the beginning of the year despite growing interest and activity in the neighborhood.   You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports. If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter.   You can also find us on Facebook, Instagram & YouTube.   Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?   Email Us at Contact@TheRatnerTeam.com.  We’re full-time professionals and always here to help!   Thanks for listening.   Don't forget to check our Brooklyn Made Blog and The Brooklyn Made Show. http://www.TheBrooklynMadeShow.com http://www.BrooklynMade.Blog

  3. 07/22/2018

    Brooklyn Multi-Family Market Report Q1 2018

    Check the full version of these reports and individual reports at: https://www.newyorkmarketreports.com   This episode is brought to you by: http://www.theratnerteam.com   Welcome to the Brooklyn Multi-Family Sales Real Estate Market Report for the 1st quarter of 2018. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team. Home of the Nets and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on a rise compared with same quarter last year. Brooklyn’s Multifamily market rose 18 percent from 2017’s first quarter reports, with sales volume this quarter coming out at $1.3B. Square-footage pricing also increased, up 18% percent from last year to $397 dollars on average. Average selling price went up, to $366,000 – a difference of 18% percent from this time last year. Total transactions were a bit less, down 7% percent to 436 in 2018’s first quarter. The Multifamily market is trending progressively higher in the past years first quarter. Brooklyn’s top sales are still numbers to marvel at. The top sale of 2018 can be found in Prospect Heights: 461 Dean Street sold for a cool $156,000,000 in March. At a $468 a foot Even that enormous price, however, doesn’t garner many square feet in the most opulent neighborhood of Brooklyn. The top ten most expensive neighborhoods this quarter were as follows: Carroll Gardens, with townhouses, brownstones & beautiful parks, tops off the list at an average of $910 per square foot. Cobble Hill comes in second at $856, with Boerum Hill coming in third at $758. Park Slope listed at $696 per square foot, Williamsburg at $626, Brooklyn Heights at $570, Prospect Heights at $558, Clinton Hill at $483, Greenpoint at $479 and, tenth but certainly not least, the Fort Greene area averaged in at $450 per square foot. Bed-Stuy was the winner for the highest volume of Multifamily sales this quarter again at 61 total sales, with East New York close behind at 40. Bargain hunters, check out Bensonhurst attractive average price per square foot, just $180.   You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.   If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter. You can also find us on Facebook, Instagram & YouTube. Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?   Email Us at Contact@TheRatnerTeam.com. We’re full-time professionals and always here to help!   Thanks for listening.   Don't forget to check our Brooklyn Made Blog and The Brooklyn Made Show. http://www.TheBrooklynMadeShow.com http://www.BrooklynMade.Blog

  4. 07/22/2018

    Brooklyn Residential Market Report Q1 2018

    Check the full version of these reports and individual reports at: https://www.newyorkmarketreports.com   This episode is brought to you by: http://www.theratnerteam.com   Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team. In our Brooklyn report, we’ll keep you up to date with the average residential sales in this sprawling borough of historic brownstones and row houses. Keep listening for the record-high sales this quarter. Residential average sales prices in Brooklyn a bit lower over last year’s reports, with 1.2% percent decrease over 2017. Median sale prices grew 3.2% percent to $795,000, and in this quarter, we saw a decline of -13.9% percent in the number of transactions, totaling 2,411 in 2018 compared to 2,627 in Q4 2017. If you’re looking for robust market growth, Brooklyn is where you’ll find it. New Development Condo sales this 1st quarter sold for $1,324,707 with an average $1,173 dollars per foot comparing to $1,265 last year. This was a -7.3% percent decrease in price per foot from the same quarter last year, when the average sale price was $1,613,137. The average sales price saw a decline of -17.9% from last years first quarter, decreasing from $1,613,137 to $1,324,707. According to this quarter’s reports, these properties are substantially less time on the market: this year it took an average of 104 days to sell a new development property, versus 147 days in Q1 2017. Existing condo sales prices are on a slight decline. The average condo sales price in the first quarter of 2018 was $1,045,015, a dip from $1,203,255 last year. A -13.2% percent decline from the first quarter last year. The average market pace for these properties decreased: 90 days this year, versus 101 days in 2017. Co-op sales prices rose this quarter, selling at an average price of $575,917 dollars—an increase of 10.3% percent from last year’s reports of $521,953 dollars. Also optimistic for this market is the fact that selling time has decreased: co-ops sat on the market for only 79 days, as opposed to last year’s number of 87 days in the same quarter. 1-3 family homes performed similarly, with an average increase in price and a decrease in market time. This quarter, the average 1-3 family home sale price was $1,106,656, up 5.9% percent from $1,045,305 last year. Houses also sold in 19 fewer days; properties, on average, were only on the market for 80 days, versus 99 days last year. In the Luxury Market this quarter, the average luxury property sale price was $2,788,647. That’s a slight decrease, down -3.7% percent from last year, but these properties also sold in fewer days, only on the market for 103 days, versus 130 last year. Across the board, the average recorded price discount was 2.1% percent.   Now, to Brooklyn’s top May 2018 residential sales:   The top single-family sale in Brooklyn this May can be found in the Brooklyn Heights. The selling price of 140 Columbia Heights was an incredible $15,500,000 – about $2,191 dollars per square foot. An enormous 25-foot-wide structure, this historic, landmarked townhouse is completely renovated and offering breathtaking Sunset River, Manhattan Harbor & Skyline Views. Brooklyn Heights took the top condo sale of the quarter at 90 Furman St #210, which sold for $4,636,449. This modern condo has a luxurious, spacious design with timeless appeal – well worth the $1,604 per square foot. The residents have access to countless amenities, including two 24-hour attended lobbies, valet parking, two fitness centers, a meditation studio, a resident event space, pet-wash, refrigerated storage, playroom, and bike storage. Electric car charging station will be available in the Pierhouse garage for residents' use. Brooklyn Heights is breaking all the records this quarter. Winning a record sale for the top co-op this May at $3,875,000/ Located at 138 Columbia Heights #2. For bargain territory, head to Flatlands, Coney Island, & East Flatbush. These least-expensive residential areas in Brooklyn had a median price-per-foot of $358 this May. Single-family homes averaged just $384,554. As far as Brooklyn is concerned, that’s a steal.   You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.   If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter. You can also find us on Facebook, Instagram & YouTube. Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property? Email Us at Contact@TheRatnerTeam.com. We’re full-time professionals and always here to help! Thanks for listening.   Don't forget to check our Brooklyn Made Blog and The Brooklyn Made Show. http://www.TheBrooklynMadeShow.com http://www.BrooklynMade.Blog

  5. 07/22/2018

    Brooklyn Rental Market Report June 2018

    Check the full version of these reports and individual reports at: https://www.newyorkmarketreports.com   This episode is brought to you by: http://www.theratnerteam.com   Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves. So, what’s new in New York Real Estate? Let’s take a look at the numbers… Month over month, the data shows the Brooklyn rental market has mostly maintained recent gains and should continue to gain steam through the rest of the summer break. Some of the positive data may be credited to landlords offering better deals and concessions, though everyone should be pleased that the market appears to be on the better ground than at the beginning of the year. The exception may be renters who may not see a break coming in much lower rents. Overall, Brooklyn rental prices nudged up by an average of 1.2% in June 2018. Overall, almost all of Brooklyn saw a positive month for rentals.  Among the most notable stats over the last month was the 6.3% rise in 3 bedroom rents and 27.4% drop in inventory over the same period last year. Month over month, Price per square foot rose by 1.1%. Listing inventory fell 3.5%, and days on the market slide again, to just 27 days on average. Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are down an average 0.1% over the same period in 2017. The number of leases being signed fell by 17.7%. More landlords have been offering more appealing deals to lure tenants this year, but the amount of free rent they are offering has been narrowing over the past 3 months. Now let’s take a look at rentals by unit type: For studios The average price per foot is up slightly to $58 average unit size is down slightly to 539 square feet 1 studios were No Fee, and 31 were Fee apartments Month over month changes saw rents up 4.1%, and price per square foot jumped 7.4%. Year over year rents are up 4% Units with elevators rented for almost $500 per month more than walk-up units last month. Gyms are still one of the top amenities tenants are looking for. They added an average of around $400 per month to rents last month. Units with full-time lobby attendance are renting for around $100 a month more.  Having a laundry in the building added around $200 a month for rental rates. For 1 bedrooms... The average price per foot is up slightly by 1.1% The average unit size is up to 730 square feet 11, 1 beds were No Fee, versus 135 Fee apartments Month over month change rents are up 0.1% year over year rents are up 1.6% No fee 1 bedrooms rented for over $12 more per square foot than fee apartments last month. Having a laundry in the building saw 1 beds renting for $8 more per square foot Units with NO private outdoor space are renting for around $100 less per month The difference in rents for elevator versus walk-up units is $600 per month Units with gyms rented for $11 more per square foot last month. Buildings with full-time lobby attendants are renting for almost $700 more per month than those without attendants. Now on to 2 bedroom rentals… The average 2 bedroom apartment in Brooklyn now rents for $3,837 The average price per foot is $45 average unit size is 1,030 square feet 3, 2 bedroom apartments were No Fee rentals, versus 122 Fee rentals Month over month rents are down 1.7% But year over year they are up 1.6% Having a laundry in the building can add $5 per square foot to the rent last month Those WITH private outdoor spaces rented for $4 more per square foot A 2 bedroom with a gym in the building is renting for almost $1,000 more per month Those with full-time lobby attendant are renting for around $1,300 more per month. There is around a $1,000 premium for elevator versus walk-up apartments. For 3 bedroom apartments the average price per foot was at $43 in June The average unit size is up to 1,260 square foot 2, 3 bedroom rental were No Fee, versus 38 rentals with Fee Month over month rents are up 6.3% year over year rents are UP 5.4% No FEE apartments rented for over $2,000 more than fee apartments last month. Those with gyms rented for $7 more per square foot. Having a laundry in the building made a $2 difference per square foot last month Expect to get as much as $1,800 more per month for units with private outdoor space Elevator apartments rented for $8 more per square foot last month Having a full-time lobby attendant made a $9 per square foot difference, with total monthly rent almost $1,600 more for 3 bedroom units in these buildings In summary… What the break down in this data shows Brooklyn landlords, is that the market is still strong, but many landlords are making concessions to be able to rent faster and even keep rents heading up. The most growth in rental rates is being seen in existing 3 plus bedroom apartments.  Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team. Plus, make sure to check out the special edition of the Brooklyn Made blog revealing what’s in store for Brooklyn real estate for the next 100 years, including what’s being developed where, and the types of projects and zoning the Brooklyn Chamber of Commerce is pushing for. Well, that’s this month’s NY rental market update. Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report… Thanks for tuning in! Don't forget to check our Brooklyn Made Blog and The Brooklyn Made Show. http://www.TheBrooklynMadeShow.com http://www.BrooklynMade.Blog

  6. 07/22/2018

    Brooklyn Rental Market Report May 2018

    Check the full version of these reports and individual reports at: https://www.newyorkmarketreports.com   This episode is brought to you by: http://www.theratnerteam.com   Welcome to the New York Real Estate Market Update Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves. So, what’s new in New York Real Estate? Let’s take a look at the numbers… Month over month, the data shows the Brooklyn rental market has maintained strength through the beginning of the peak summer real estate season, with more positive data possible as we experience the rush before school starts up again. Some of the positive data may be credited to landlords offering better deals and concessions, though everyone should be pleased that the market appears to be on the better ground than at the beginning of the year. The exception may be renters who may not see a break coming in much lower rents. Overall, Brooklyn rental prices nudged up by an average of 1.2% in May 2018. Overall, almost all of Brooklyn saw a positive month for rentals, with existing rentals seeing the best performance compared to new development. Month over month, Price per square foot fell by just 0.7%. Listing inventory fell 4.4%, and days on market slide further, to just 28 days on average. Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are up an average 0.6% over the same period in 2017. The number of leases being signed also rose by a modest but encouraging 11.4%. While over 42% of Brooklyn landlords are offering special deals and concessions to lure tenants, on average landlords are now giving up only 1.5 months of free rent to new tenants.  Now let’s take a look at rentals by unit type: For studios The average price per foot is up slightly by 2.7% average unit size is down slightly to 549 square feet 18 studios are No Fee, and 141 are Fee apartments Month over month changes saw rents down 4.2% Year over year rents are down 1.9% Units with elevators rented for almost $400 per month more than walk-up units last month. Gyms are still one of the top amenities tenants are looking for. They added an average of around $500 per month to rents last month. Units with full-time lobby attendance are renting for almost $700 a month more.  There was only $4 per square foot premium for private outdoor space. For 1 bedrooms... Average price per foot fell slightly by 0.2% The average unit size is up to 742 square feet 6 1 beds were No Fee, versus 163 Fee apartments Month over month change rents are down 0.6% year over year rents are up 2.4% No fee 1 bedrooms rented for over $600 more per square foot than fee apartments last month. Having a laundry in the building saw 1 beds renting for $5 more per square foot Units with NO private outdoor space are renting for around $300 less per month The difference in rents for elevator versus walk-up units is around $300 per month Units with gyms rented for $11 more per square foot last month. Buildings with full-time lobby attendants are renting for almost $600 more per month than those without attendants. Now on to 2 bedroom rentals… The average 2 bedroom apartment in Brooklyn now rents for $3,442 The average price per foot is up to $43.42 average unit size is 993 square feet 4, 2 bedroom apartments were No Fee rentals, versus 131 Fee rentals Month over month rents held their value But year over year they are down 0.4% Having a laundry in the building can add $9 per square foot to the rent last month Those WITH private outdoor spaces rented for $7 more per square foot A 2 bedroom with a gym in the building is renting for $100 more per month Those with full-time lobby attendant are renting for around $1,30 more per month. There is over a $1,000 premium for elevator versus walk-up apartments. For 3 bedroom apartments the average price per foot was at $40 in May The average unit size is up to 1,273 square foot 2, 3 bedroom rental was No Fee, versus 45 rentals with Fee Month over month rents are down 5.8% year over year rents are UP 5.2% No FEE apartments rented for almost $1,500 more than fee apartments last month. Those with gyms rented for $12 more per square foot. Having a laundry in the building can make a $6 difference per rent per square foot Units with private outdoor space rented for $1,300 more per month in May Elevator apartments rented for $12 more per square foot last month Having a full-time lobby attendant made a $3,000 more per month difference for 3 bedroom units in these buildings In summary… What the break down in this data shows Brooklyn landlords, is that the market is still strong, but many landlords are making concessions to be able to rent faster and even keep rents heading up. Over 40% are leasing with some type of special incentives. The strongest segment of the market last month was existing 2 and 3 bedroom apartments versus new developments and studios. Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team. Plus, make sure to check out the special edition of the Brooklyn Made blog revealing what’s in store for Brooklyn real estate for the next 100 years, including what’s being developed where, and the types of projects and zoning the Brooklyn Chamber of Commerce is pushing for. Well, that’s this month’s NY rental market update. Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report… Thanks for tuning in!   Don't forget to check our Brooklyn Made Blog and The Brooklyn Made Show. http://www.TheBrooklynMadeShow.com http://www.BrooklynMade.Blog

  7. 07/22/2018

    Brooklyn Rental Market Report April 2018

    Check the full version of these reports and individual reports at: https://www.newyorkmarketreports.com   This episode is brought to you by: http://www.theratnerteam.com   Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves. So, what’s new in New York Real Estate? Let’s take a look at the numbers… Month over month, the data shows the Brooklyn rental market has maintained recent gains as we move through the peak spring and summer real estate season. Some of the positive data may be credited to landlords offering better deals and concessions, though everyone should be pleased that the market appears to be on the better ground than at the beginning of the year. The exception may be renters who may not see a break coming in much lower rents. Overall, Brooklyn rental prices nudged up by an average of 0.18% in April 2018. Overall, almost all of Brooklyn saw a positive month for rentals. The few exceptions where some minor softness was seen include Williamsburg, Cobble Hill, DUMBO, Brooklyn Heights and Bushwick. DUMBO still holds the title for most expensive apartments in Brooklyn, thanks to new luxury units. The most affordable rental apartments are being seen in Bay Ridge. Among the most notable stats over the last month was the almost 7.2% rise in rents in Prospect Lefferts Gardens. Followed by a 6.52% rise in Crown Heights, a 6.19% increase for 2 bedroom apartments in Downtown Brooklyn and a 6.1% bump up for Clinton Hill studio prices. Month over month, Price per square foot fell by 1.1%. Listing inventory rose 7.1%, and days on market slide further, to 29 days on average. Year over year, Brooklyn rental prices are still not in much better shape. Rental prices are up an average 1.5% over the same period in 2017. The number of leases being signed also rose by a modest 1.6%. That’s despite an almost 40% rise in OP and concessions. On average landlords are now giving up almost 2 months of free rent to new tenants. Now let’s take a look at rentals by unit type: For studios The average price per foot is up slightly to $55 average unit size is up slightly to 650 square feet 23 studios are No Fee, and 124 are Fee apartments Month over month changes saw rents up 5.4%, though the price per square foot dropped 2.2%. Year over year rents are down 0.7% Units with elevators rented for almost $400 per month more than walk-up units last month. Gyms are still one of the top amenities tenants are looking for. They added an average of around $500 per month to rents last month. Units with full-time lobby attendance are renting for almost $300 a month more. There was only a minor premium for outdoor space. For 1 bedrooms... The average price per foot is up slightly at $48 The average unit size is up to 722 square feet 12 1 beds were No Fee, versus 143 Fee apartments Month over month change rents are up 3.1% year over year rents are up 2.5% No fee 1 bedrooms rented for over $500 more per square foot than fee apartments last month. Having a laundry in the building saw 1 beds renting for $8 more per square foot Units with NO private outdoor space are renting for around $300 less per month The difference in rents for elevator versus walk-up units is $600 per month Units with gyms rented for $11 more per square foot last month. Buildings with full-time lobby attendants are renting for almost $700 more per month than those without attendants. Now on to 2 bedroom rentals… The average 2 bedroom apartment in Brooklyn now rents for $3,165 The average price per foot is $41 average unit size is 941 square feet 4, 2 bedroom apartments were No Fee rentals, versus 226 Fee rentals Month over month rents are down 1.9% But year over year they are down 3.1% Having a laundry in the building can add $5 per square foot to the rent last month Those WITH private outdoor spaces rented for $3 more per square foot A 2 bedroom with a gym in the building is renting for almost $800 more per month Those with full-time lobby attendant are renting for around $150 more per month. There is around a $400 premium for elevator versus walk-up apartments. For 3 bedroom apartments the average price per foot was at $35 in April The average unit size is up to 1,061 square foot 1, 3 bedroom rental was No Fee, versus 99 rentals with Fee Month over month rents are down 0.5% year over year rents are UP 2.9% No FEE apartments rented for almost $3,000 more than fee apartments last month. Those with gyms rented for $22 more per square foot. Having a laundry in the building can make an $18 difference per rent per square foot Expect to get $150 more per month for units with private outdoor space Elevator apartments actually rented for $5 less per square foot last month Having a full-time lobby attendant made a $30 per square foot difference, with total monthly rent almost $3,000 more for 3 bedroom units in these buildings In summary… What the break down in this data shows Brooklyn landlords, is that the market is still strong, but many landlords are making concessions to be able to rent faster and even keep rents heading up. Over 50% are leasing with some type of special incentives. Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team. Plus, make sure to check out the special edition of the Brooklyn Made blog revealing what’s in store for Brooklyn real estate for the next 100 years, including what’s being developed where, and the types of projects and zoning the Brooklyn Chamber of Commerce is pushing for. Well, that’s this month’s NY rental market update. Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report… Thanks for tuning in!   Don't forget to check our Brooklyn Made Blog and The Brooklyn Made Show. http://www.TheBrooklynMadeShow.com http://www.BrooklynMade.Blog

  8. 05/01/2018

    Manhattan Multi-Family Market Reports Q4 2017

    Check the full version of these reports and individual reports at: https://www.newyorkmarketreports.com   This episode is brought to you by: http://www.theratnerteam.com   Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the fourth quarter of 2017. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team. Manhattan’s iconic skyline is home to millions, but the Multifamily market is still steadily suffering a decline – both across the borough and across the city. Sales volume this quarter totaled $1.7 billion: a large number in theory, but a shocking 30 percent decline over last year’s Q4. However, there is good news. Square-footage pricing continues to rise, up 29 percent from 2016 to an average of $630. Average selling prices in Manhattan have increased enormously, up 37 percent from last year’s records and coming in at $554,000 across the island. While total transactions have decreased 40 percent, with just 103 sales in the 2017’s fourth quarter, sales are still as lucrative as expected from this vibrant borough. Though Manhattan’s volume market is trending down, the top sales numbers still rival the skyline in height. December’s top sale is located in the Two Bridges neighborhood, where 275 South Street sold for a striking $167,500,000. This magnificent waterfront property commands not only impressive views but also impressive living spaces: 19 newly-renovated floors with modernist appeal and prime access to nightlife, galleries and restaurants. At just $637 per square foot, that sale doesn’t even begin to the average square-footage of these top ten most expensive Manhattan neighborhoods this quarter: Chelsea, home to the High Line elevated park and art galleries galore, tops off the list at an average of $1,802 per square foot. Greenwich Village comes in second at $1,535, with the Upper West Side a close third at $1,225. Lincoln Square listed at $1,020 per square foot, Kips Bay at $1,011, East Village at $983, Lenox Hill at $920, Yorkville at $881, and Manhattan Valley at $843. Tenth but certainly not least, Clinton – Hell’s Kitchen area averaged in at $728 per square foot. Harlem was the neighborhood with the highest volume of multifamily sales in Q4 2017, with 25 total transactions. Both Yorkville and Washington Heights followed close behind, claiming 10 sales each. Bargain-seekers should consider looking in Washington Heights, as the average price per square foot was only $276 at the close of the year despite growing interest and activity in the neighborhood.     - If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new rental report every month and a new sales report every quarter. You can also find us on Facebook, Instagram & YouTube.  Interested in getting a free market analysis of your Manhattan property, renting your vacant apartment, or simply acquiring an investment property? Email Us at Contact@TheRatnerTeam.com.  We’re full-time professionals and always here to help!   Don't forget to check our Brooklyn Made Blog and The Brooklyn Made Show. http://www.TheBrooklynMadeShow.com http://www.BrooklynMade.Blog

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About

Quaterly New York Real Estate Market Reports & Market Insights

Information

  • Creator
    David Ratner
  • Years Active
    2016 - 2018
  • Episodes
    20
  • Rating
    Clean
  • Copyright
    © Copyright 2019 New York Real Estate Market Updates
  • Show Website
    New York Real Estate Market Updates