real estate trends

CityRealty, Manhattan, real estate trends

The second quarter of 2022 is expected to be Manhattan’s strongest on record due to a surge in the borough’s ultraluxury market, according to a market report from CityRealty. While transaction volume decreased 11 percent year-over-year, an increased demand, low inventory, and a small number of new residential developments have caused prices to rise. Between April and June, the average sales price for a residential unit in Manhattan was $2.19 million, up 9 percent from its $2 million average in Q2 of 2021. Ahead, find a round-up of the top 10 residential buildings by aggregate sales in Manhattan during the second quarter of 2022.

Find out more

Policy, real estate trends

As rents increase in New York City, so do evictions

By Devin Gannon, Thu, July 28, 2022

Photo courtesy of CityRealty

The number of evictions in New York City has increased every month from January to June, according to new city data. The state’s eviction moratorium expired on January 15 after officials extended it several times after it first took effect in March 2020, at the start of the pandemic. The data comes as more bad news for renters, who are facing record-high rents after prices fell early on in the pandemic.

Learn more

real estate trends

Photo by Dimitry Anikin on Unsplash

According to a June market report, the average rental tab in Manhattan has surpassed $5,000 for the first time in the city’s history, the New York Post reports. The recent numbers, compiled by Douglas Elliman and Miller Samuel, show that the average Manhattan rent was $5,058 per month in June, a 1.7 percent uptick from the $4,975 May average–and a head-spinning 29 percent year-over-year spike from the $3,922 June 2021 average.

Brooklyn, Queens rents are up, too

Central Park South, real estate trends

Photo credit: Evan Joseph

Central Park Tower, the world’s tallest residential building, has officially unveiled New York City’s most elevated (literally) private club on the condominium tower’s 100th floor. Perched more than 1,000 feet above Billionaires’ Row, the high-flying portion of the building’s Central Park Club offers residents of the building’s 179 condominiums a suite of private dining and entertaining spaces with incomparable views. Extell Development Company’s 1,500-plus-foot-tall tower is also home to the Nordstrom flagship retail store located at its base.

Gaze at the city from the 100th floor

Manhattan, real estate trends, Rentals

Photo by Dimitry Anikin on Unsplash

According to the May 2022 Elliman Report for Manhattan, prepared by appraiser Miller Samuel Inc. for brokerage Douglas Elliman, median rent arrived at the $4,000/month mark for the first time ever, with average rent hitting just under $5,000/month. May 2021 median and average monthly rents were $3,195 and $4,078, a 25.2 percent and 22 percent jump, respectively.

Rising rents, shrinking inventory, this way

Financial District, Manhattan, real estate trends

Photo by ajay_suresh on Wikimedia

A favorite shopping destination of New Yorkers is coming back home. After undergoing a major renovation, and filing for bankruptcy in 2020, the famed department store Century 21 will return to its flagship location at 22 Cortlandt Street in the Financial District next spring. The new store will encompass four main floors, offering men’s, women’s, and children’s apparel, including footwear, outerwear, handbags, accessories, and fragrances, according to a press release. And to emphasize its connection to the city, Century 21 is adding “NYC” to its logo.

See more here

Major Developments, Midtown, New Developments, real estate trends

All renderings courtesy of Jamestown

One of the most valuable advertising locations in the world will cash in on its prime location even further. One Times Square, home of the New Year’s Eve ball drop, will undergo a $500 million redevelopment to become a new visitor center with a viewing deck, museum, and 12 floors of interactive “branded” experiences, developer Jamestown announced on Friday. While the 26-story building, located at 42nd Street and 7th Avenue, has been vacant for years, its exterior is covered in giant billboards. As part of the half-a-billion-dollar project, advertisers will be able to reach more consumers through immersive “digital, virtual, and augmented reality integrations” inside One Times Square.

Details here

Policy, real estate trends

Photo of NYC’s Billionaires’ Row in 2020: Wikimedia commons

State Sen. Brad Hoylman and Assembly Member Emily Gallagher on Tuesday introduced legislation that would help shine a light on the money behind Limited Liability Companies (LLCs) and anonymous shell companies. The new bill would help uncover assets of international oligarchs, trace tax evaders and help hold bad landlords accountable by requiring LLCs to disclose to the NYS Department of State the names and addresses of their beneficial owners.

Find out more

Policy, real estate trends

220 Central Park South as seen in May 2020. Photo by Jim.henderson (cropped) via Wikimedia Commons.

High-profile sales deals with wealthy Russian buyers have made headlines–Dmitry Rybolovlev’s $88 million condo buy at 15 Central Park West, for example–and Manhattan’s trophy condos have been seen as a safe investment for Russian oligarchs. But since Russia’s invasion of Ukraine, there have been calls to seize those properties, The Real Deal reports.

Find out more

Featured Story

affordable housing, Features, Policy, real estate trends

Mayor Eric Adams announces his housing leadership team in the rotunda at City Hall on Sunday, January 30, 2022. Michael Appleton/Mayoral Photography Office via Flickr.

Shortly after taking office last month, New York City Mayor Eric Adams introduced the team that will take the lead on affordable housing strategy, headed by Jessica Katz as the city’s chief housing officer. The announcement came not a moment too soon; rents and home prices continue to rise beyond the reach of many, while homelessness and eviction threats are a growing concern. In a city where the topic of housing is never far from view every day, New Yorkers are looking to the new mayor to address the issues they feel must change. 6sqft asked individuals and organizations involved in the city’s housing and real estate sectors to offer an important “wish list” item they would like to see Adams address during his time in office.

A housing wish list from NYC to Mayor Adams, this way

SIGN UP FOR OUR NEWSLETTERS

Thank you, your sign-up request was successful!
This email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.