The inventory, meaning the number of available apartments for sale in Manhattan, keeps shrinking. In April, the number of units on the market was 6,980 versus 7,834 during the same month last year. (source: Urban Digs).
The speed at which the market is moving is definitely back to high levels. There are lines of people at open houses if the property in object is priced correctly. And we are not just talking about curious observers. People are now ready to make a decision fast (even if compared to the same period last year when there were still some doubts about the economy). Personally I am happy I was able to buy an apartment a few weeks ago, before the next wave of strong upward market trend.

commercial leases
The commercial leases sector has seen two large deals happening in April that boosted the previously slow market at the start of the year: Viacom has renewed for 15 years and expanded the lease at 1515 Broadway in order to grab a grand total of 1.6 million square feet; Morgan Stanley did the same at 1 New York Plaza by renewing and expanding to 1.1 million square feet of office space.
The total leasing activity in April totaled 4.9 million square feet. In comparison the months of January, February and March combined totaled 6.1 million square feet.

sharks
Besides the Wall Street ones there will be more room to accommodate the ones that live in the water at the New York City Aquarium, in Coney Island, after the planned expansion project.
In fact, a new super tank will be built for this ferocious predators and the aquarium external wall will be demolished in order to open it to the boardwalk and the ocean itself.
If you have never been there I would suggest you to visit it. You can also stop at the Coney Island Luna Park — the most historic site which actually gave origin to the word “luna” (the white lighting at night resembled a lunar atmosphere when it was opened…hence the word Luna).

residential trends
The market is suggesting that there are two kinds of sought after apartments lately: the small ones (studios and one beds) and the larger ones (three bedrooms). In the first quarter of 2012, the number of transactions that involved small apartments rose to 48% of the total compared to 39% during the same period last year; while the volume for what concerns the larger ones doubled from 10% to 20% of the total (data from Prudential Douglass Elliman).
This trend reflects the presence of two kinds of serious buyer particularly active right now: the investor that buys the smaller unit, sometimes in cash, to rent it out and the family with kids that is looking to settle for a while.

dow jones and real estate
In the magazine The Real Deal. reporter Katherine Clarke writes a piece on the correlation between the Dow Jones and the real estate transaction volume in Manhattan.
At a statistical level the correlation is clear –the data collected by Miller Samuel starting 1989 support the correlation. Nevertheless statisticians, like Jonathan Miller himself, are careful to admit that a definite causality between the markets is present. Real Estate agents instead are adamant in affirming that the correlation exists. Clients are both affected by the reality of having more wealth at their disposal when their stocks portfolio goes up, and the positive psychological effect helps them make decisions with less hesitations. For example, during the first three months of 2012 the stock markets performed well and the volume of real estate transactions in Manhattan rose.

This is it for today, my dear friends.
I am always available to answer your questions and provide you with more information on New York City real estate.

Warmest Regards,
Riccardo Ravasini