Latest reports on the New York real estate scene indicate that about half of new development inventory in Brooklyn has been sold. In its report of November 2015, Halstead Property Development Marketing posited that there were only 550 apartments remaining. Additionally, the multifamily dollar volume rose to $1.7 billion within the month of September. This story was originally reported on The Real Deal.
According to a November 2015 report on residential absorption by Brown Harris Stevens, the absorption rate in Manhattan fell to 4.1 in November. Midtown and Midtown East witnessed the sharpest absorption decline. In its Manhattan Luxury Contracts report, Olshan Reality contended that between November 9th and 15th, there were seventy contracts for luxury apartments priced at $4 million and above in Manhattan. This happened in the first half of the month marking the strongest start in the month of November since 2006.
In its September report on multifamily sales, Ariel Property Advisors noted that multifamily sales in New York City went close to $1.7 billion. The sales recorded in the month of September indicate a 97% jump compared to the previous month of August.
According to a Q3 2015 Retail Leasing Report by Cushman & Wakefield, the asking rents soared on the Lower Fifth Avenue especially between 42nd and 49th street. The area witnessed the strongest growth over the third quarter with asking rents rising to 14.3% with a square foot going for $1,244. Additionally, during the initial three quarters of the year, office space of close to 22 million square feet was leased out. The Manhattan vacancy rate was 8.9% with the asking rent rising to $71.02 per a square foot.
New York City continues to register a strong property development environment with the luxury end properties on the rise. The demand for luxury apartments has also continued to rise with major players like Town Residential doing a wonderful job in catering for this market. Town Residential is a premier luxury real estate player in New York that was established in 2010. Andrew Heiberger and Joseph Sitt founded the corporation.
Town Residential’s expertise lies in luxury residential leasing, marketing, sales and property development. The best in class hallmark service offered by Town Residential has set new standards in the real estate industry. At the center of the firm’s culture is a team of experts with outstanding industry knowledge. This knowledge has made Town Residential successful in terms of offering innovative service to its clients.