manhattan Archives - Page 3 of 17 - Rava Realty

Manhattan retail remains on the upswing

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Those anticipating a downward correction in the Manhattan retail market will have to wait for another quarter.

According to a report by CBRE, ground-floor retail availability decreased across 16 of Manhattan’s shopping corridors in the first quarter of 2023, marking the seventh consecutive quarter of a drop in availability. The average asking rent increased to $638 per square foot, a rise of 3.7% from Q4 2022 and 8% YoY, with this being the third straight quarter of asking rents increasing. The aggregate ...

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Manhattan Market Pulse – March 2023

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March was a hot month across the city
The monthly contract activity stood at 1,164 in March, down 22% compared to last year, up 2.2% from the 1138 historical average for the month of March, and 39% more deals closed than in February. Newly built or newly converted apartments across the city saw a 25% increase in deals compared to pre-pandemic averages for the month. The largest contract to close in March was a $66.5 million sale for two penthouse apartments at Naftali Group’s ...

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Manhattan Market Pulse – March 2023

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The monthly contract activity stood at 816 in February, down 31.1% compared to last year and down 13.9% from the 948 historical average for the month of February. The Median Sales Price is $1,075,000, at the moment, down -6.7% from last year. The supply, which is the number of units on the market, stands at 6,429, up 1.7% from a year ago. While the number of pending sales, which is the number of currently in contract units, stands ...

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Get Ready To Take A Spin: Giant Ferris Wheel Coming To Harlem

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The proposed 180-foot Harlem Wheel would rise alongside the Hudson River as part of the Harlem Gateway Waterfront Initiative to transform the 125th Street piers into a tourist destination, running several attractions including “Harlem Rocket” speedboat tours and a Harlem Maritime Center & Museum.

The wheel would open in summer 2024 and could draw millions of riders — who’d pay between $15 and $20 a ride — every year, according to the Harlem Gateway Waterfront Initiative website.

“The Harlem Gateway Waterfront Initiative will stimulate ...

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Half Of Manhattan Workers Are Back In Offices

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Roughly half of Manhattan’s workers were in the office during the average workday as of late January, according to a Partnership for New York City survey.

The pandemic emptied out Manhattan’s office buildings and shifted scores of employees to remote work. But as coronavirus restrictions were lifted, only a relative handful of workers returned to offices.

The survey found only 9 percent of workers are back at the office five days a week, a number that’s unchanged from September. However, the number of fully remote workers did tick down ...

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Manhattan Market Pulse: Feb. 23

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The monthly contract activity stood at 592 in January, down 37.8% compared to last year and down 23.7% from the 776 historical average for the month of January. The Median Sales Price is $1,075,000, at the moment, down -14% from last year.

The supply, which is the number of units on the market, stands at 6,078, up 2.7% from a year ago. While the number of pending sales, which is the number of currently in contract units, ...

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