new york city Archives - Page 2 of 11 - Rava Realty

The Big Apple’s Nest: 80% of NYC Gen Z Adults Still Living at Home

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The Big Apple’s Nest: 80% of NYC Gen Z Adults Still Living at Home

A recent study unveils a surprising trend in the city that never sleeps—nearly 80% of Gen Z adults in New York City still reside with their families. Millennials aren’t far behind, with 28% choosing to remain in multigenerational households. By sheer numbers, New York City has the highest number of Millennials and Gen Z-ers still living at home, with 1.2 million and 2.2 million.

Interestingly, the study notes a decline in the number of millennials and Gen Z-ers living at home in ...

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“City of Yes”: Mayor Adams’ Plan to Transform NYC Housing

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“City of Yes”: Mayor Adams’ Plan to Transform NYC Housing

Mayor Eric Adams has proposed an ambitious housing agenda named the “City of Yes,” aiming to address New York City’s housing crisis and alleviate high rents. Unveiled at the end of September, this proposal aligns with the “Yes in My Backyard” (YIMBY) movement, with a goal to construct 100,000 new homes over 15 years by easing zoning restrictions.

Key measures include the elimination of mandates for parking in new developments, the legalization of dorm-style shared housing, and the approval of accessory dwelling units, which include unregulated basement apartments susceptible to ...

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Tourists are back in New York City

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Tourists are back in New York City

New York City is experiencing a tourist resurgence, highlighted by record-breaking attendance at the U.S. Open and a nearly 10% increase in jobs within the hotel and restaurant sectors.

Nevertheless, Chinese travelers remain notably absent due to travel restrictions and long visa wait times; NYC remains on track to welcome an estimated 63.3 million visitors this year, representing a 12% increase from the previous year. Times Square, in particular, has witnessed a vibrant revival, with pedestrian traffic exceeding pre-pandemic levels and spending rebounding to 92% of ...

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Brooklyn’s tallest tower lists for sale

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The residential Brooklyn Tower at 9 DeKalb Ave., standing tall at 1,000 feet, is set to hit a record-breaking price point. Douglas Harmon and Adam Spies at Newmark are currently marketing the property, and it’s expected to fetch a price of over $600 million. This news was reported by Green Street in its Real Estate Alert, which stated that only 13 of the city’s residential buildings have ever sold for more than $500 million. Although the sale won’t ...

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Manhattan Market Pulse – March 2023

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Manhattan Market Pulse – March 2023

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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Manhattan office leasing has busiest month of Covid era

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Manhattan office leasing has busiest month of Covid era

Companies still want a piece of Manhattan. Some 3.4 million square feet of office space was leased in August, the most since January 2020, when the first Covid cases began to pop up in New York City.

Notably, space in Midtown is steadily getting harder to find. More space was newly leased than became available in Manhattan’s central business district decreased for the sixth straight month, as was the case for Manhattan as a whole.

However, Midtown’s available office space has increased by 36 percent since March 2020. Modest compared to Midtown South (where it has more than doubled), Downtown (up ...

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