manhattan Archives - Page 6 of 17 - Rava Realty

Manhattan real estate rental market update

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The net effective median rent (face rent minus landlord concessions) surged +33.4% year over year to $4,100exceeding the $4,000 threshold for the first time and reaching a new high for the seventh consecutive month. While the net effective average rent, up +31.5%, reached $5,051exceeding the $5,000 threshold for the first time ever.

As a result, the market share of landlord concessions fell to 12.8%, down -26.3% from the same period last year, the lowest level ...

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Young, hip New Yorkers are bringing Midtown back

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Move over, Williamsburg. Here comes … Midtown?

The skyscraper-laden district stretching from 34th Street to Central Park South was disemboweled by the pandemic and continues to bleed office tenants. But while older office towers languish, young home buyers have flocked to the neighborhood, eager to take advantage of prices that haven’t soared like they have in the rest of Manhattan and much of Brooklyn.

The pandemic accelerated a pre-pandemic trend of hipper residents moving to Midtown, as stodgy bankers and executives moved away, usually for bigger spaces elsewhere in the city or ...

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Increase in listings calms frenzied NYC sales market

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The frenzied pace of the New York City sales market is calming down, a result of more listings on the market and slowing demand. With less competition, buyers have gained some breathing room—they can take a day or two to make an offer—something not possible in recent months.

It’s not exactly a swing from a seller’s to a buyer’s market, at least not yet—it’s more like a nudge.

You can expect a slower pace to return this summer, when the market usually ...

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Manhattan Luxury Reality Check

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Every week we hear of multi-million dollar properties going on the market and sometimes the asking price seems exorbitant, because it is!

With this report, we are going to tell you at what prices luxury properties are actually closing and what was their actual negotiability factor, anybody interested in getting a discount?

There were 122 closings at $4 million and above in April 202258 less than March. The Average Closing Price was $8,462,744 down -12,6%, meanwhile, the Median Closing Price was  $5,987,744 down -8.5%. The Negotiability Factor, ...

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The Great Rental Market Comeback

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There were 4,494 New Lease Signings in Manhattan in the month of April -50.5% compared to the same period last year, but that was due to the distortion of surging inbound activity last year as the market woke up post pandemic.

Bidding Wars accounted for more than one in five new lease signings, with a 21.3% market share and a 10.7% average premium above the landlord’s last asking price.

The Median Rental Price was $3,925, up +31.9% from April 2021, ...

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Uber Will List NYC Taxis On Its App

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New Yorkers will soon be able to hail a taxi on Uber.

The Wall Street Journal was first to break the news of the agreement, which it reported could ease Uber’s driver shortage and direct more business to taxi drivers. I also recommend using Curb (the yellow cab app) https://gocurb.com/ to find a cab and pay for your ride. I use it all the time.

(source: patch.com, picture ...

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