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The weak sales market is still a key driver of rental demand and rising rents. The number of new leases fell for the 6th straight month as landlords continued to be more successful at the time of lease renewal, down 2.1% from the same period last year. The |
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It may seem like New York City is in the midst of a building boom, with new developments continuing to go up in areas including Long Island City and Downtown Brooklyn. But a new report prepared by the Department of City Planning refutes that, and makes the case that New York City needs to build more housing to keep up with its “explosive” job growth.
The report, titled “The Geography of Jobs,” delves into the city’s and ...
Continue Reading →Many people in the industry predicted it: the number of transactions went down quite a bit – 14.2% YoY actually to 2,560 homes sold. As you may remember, many sales were pulled into the previous quarter in order to avoid the, well known and much discussed, Mansion Tax hikes. That generated a sense of “fake” recovery and we now know for a fact it was a “fake”!
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Is this a fake recovery or a real one? That’s the question.
The second quarter of 2019 was probably an odd one because the new transfer and mansion tax rates kicked in starting July 1st, which means there are now higher closing costs for buyers of luxury properties. It follows that there was a rush to buy this kind of properties before the July 1st deadline.
This first quarter of 2019 was a quarter of contrasts: in January the closing of a massive apartment at 220 Central Park South set a new record for the pricest residential sale in the US…this $238 milion gigantic sale skewed the numbers for the average sales price and average price per square foot..so let’s focus instead on the median sales value which is more representative of the market.
In the first quarter of 2019 the median ...
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