Jonathan Miller

October 6, 2021

Manhattan apartment sales hit a 32-year high

More apartments sold in Manhattan in the third quarter of 2021 than at any point during the last 30+ years of tracking, a new real estate market report says. According to a Douglas Elliman report published this week, there were 4,523 closed co-op and condos sales in the quarter, more than triple the same period last year and 76.5 percent higher than the same time in 2019. Even more indicative of the market turnaround following Covid-19, this quarter passed the previous sales record of 3,939 reported in the second quarter of 2007. And in its own market report, The Corcoran Group found sales volume in Manhattan topped $9.5 billion, the highest quarterly volume total ever recorded. This passes the previous record of $8.54 billion set in the second quarter of 2019.
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Real Estate Trends

Google Earth rendering of the new residential buildings going up in Downtown Brooklyn, via CityRealty.com

August 30, 2016

Is Downtown Brooklyn’s rental boom about to turn into a glut?

By Dana Schulz

This time last year, 6sqft shared a report from CityRealty.com that detailed how Northern Brooklyn would be getting a staggering 22,000 new apartments over the next four years, with the majority, 29 percent or roughly 6,500 apartments, headed for Downtown Brooklyn. The trend has kept up, as the Times reports today that this number of units is concentrated among "19 residential towers either under construction or recently completed along the 10-block section of Flatbush stretching from Barclays Center north to Myrtle Avenue." Another 1,000 units are coming to four buildings on Myrtle Avenue, and all of these are overwhelmingly rentals. In fact, 20 percent of the entire city's rentals that will become available this year and next are in the neighborhood. But many believe this rental boom is fast approaching a glut that will cause prices to soften in a saturated market.
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Real Estate Trends

June 11, 2015

98 Percent of Manhattan Rentals Are Occupied, Rents Keep Rising Everywhere

By Diane Pham

Looking to change apartments? Well apparently so is everyone else in the city as they get slammed with rent hikes. According to Douglas Elliman's latest rental report prepared by real estate guru Jonathan Miller, there was an 85.1 percent increase in new leases signed last month with units lingering on the market an average of only 41 days before being scooped up by a new tenant. Landlord concessions have also pretty much disappeared, they report, and the city's vacancy was a mere 1.65 percent in May. The takeaway: Even in the face of insane, and ever-rising rents—we're now talking a median $3,380 in the city (up for the 15th consecutive month)—Manhattan's is still full of crazy people (including us) willing to pour their paychecks into one-bedroom apartments with no views. Brooklyn, of course, was no better, with median rents also climbing to $2,961.
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Real Estate Trends

August 5, 2014

Real Estate Wire: Ismael Leyva’s Design for a High Line Condo; Bed-Stuy Real Estate is Red Hot

By Diane Pham

First look at the Ismael Leyva-designed, Related Companies-developed condominium planned for West 30th Street between Tenth and Eleventh Avenues, a site that overlooks the High Line Park. [Curbed] Jonathan Miller pinpoints two new records for NYC: The average sales price for NYC residential real estate (co-ops, condos and 1-3 family sales) reached a record $975,441 for 2Q 2014; […]

Real Estate Trends

Jonathan Miller

Manhattan apartment sales hit a 32-year high

Is Downtown Brooklyn’s rental boom about to turn into a glut?

98 Percent of Manhattan Rentals Are Occupied, Rents Keep Rising Everywhere

Real Estate Wire: Ismael Leyva’s Design for a High Line Condo; Bed-Stuy Real Estate is Red Hot

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