Median rent for new development units drops 8% in April

According to the most recent market reports, concessions are up and rent is down across most metrics in Manhattan. Overall, median rent fell 1.8 percent in Manhattan, dragged down by softness in the top 10 percent and in new development units, which fell 7.8 percent in April compared to the same month last year, according […]

Brooklyn developers aren’t keeping up with the condo demand

Homebuyers in Brooklyn are snapping up condominiums faster than developers are filing for new ones. In 2016, the number of new residential condo units planned for the borough fell to 1,848, a 34 percent decrease relative to 2015, while the number of condo sales increased each quarter. In January, keeping with the trend, there were […]

Scorecard: A rise in vacancy rates also allows for a “vacancy bonus”

From the June issue: In a potentially troubling new reality for landlords, the vacancy rate at Manhattan rental apartments has been trending up. According to data from market analyst Jonathan Miller, April’s 2.3 percent rate was the highest for that month since he began tracking the metric in 2007. But some say the increase won’t necessarily […]

Scorecard: Retail tenants spooked by high rents

From the May issue: Retail leasing picked up last month in prime parts of Manhattan but still remains below the monthly average for the last year. Over the past 30 days, retailers signed leases for 232,190 square feet at 83 locations below 65th Street in Manhattan. While that’s up from earlier this year, it’s still […]