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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the 3rdquarter of 2018. 

Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Tourists come from all over the world to visit Manhattan, New York’s most iconic borough, and millions conduct their daily lives there. Yet the multi-family market is on the rise this quarter, as opposed to the borough. Sales volume this quarter totaled $1.6 billion, a shocking 31% percent increase over last year’s Q3 sales volume. Square-footage pricing increased as well, going up 10% from 2017 to an average of $658 per square foot.

Average selling prices in Manhattan have increased as well, up 32% percent from last year’s records and coming in at $586,000 across the island while total transactions have decreased 12% percent with just 92 sales in 2018’s second quarter.

Manhattan’s top sales numbers are almost as impressive as its skyscrapers. The third quarter’s top sale is located in the Lincoln Square, where 101 West End Avenue sold for a striking $416,100,000. The building, previously owned by Equity Residential, was sold to a Dermot Company and PGGM as a joint venture.

According to The Real Deal, the sale was brokered by Dough Harmon and Adam Spies for Cushman & Wakefield. The pair have previously worked on other West Side of Manhattan deals with Dermot and PGGM, the second-largest pension fund in the Netherlands. 

Just 12 years ago, the building was sold to REIT Archstone-Smith for only $209 million. In 2013, it was acquired by Equity Residential in 2013 after the trust bought 60% of the assets.

Equity Residential President David Neithercut saw the 2018 sale as a chance to reduce the trust’s exposure to Manhattan’s West Side. 

The 501-unit building is 630,000 square feet and 33 stories. It was developed by Tishman Speyer, which completed construction in 2000. Current residents enjoy a doorman, concierge service, and many other amenities.

At just $659 per square foot, that sale is below the average square footage of the top ten most expensive Manhattan neighborhoods this quarter.

At the top of the list is West Village, which averages $1,709 per square foot. At $1,306, Lenox Hill is next, followed closely by Greenwich Village at $1,182. The fourth is Yorkville at $1,076 with East Village just below at $1,066. Chelsea holds the sixth position with $893 per square foot, followed by the Upper West Side at $650 and Hell’s Kitchen at $601. Harlem is at $387, and Washington Heights sits at the bottom with just $298 per square foot.

Out of the top 10 neighborhoods, Harlem stayed the neighborhood with the highest volume of multi-family sales in Q3 2018, with 16 total transactions. Both East Harlem and Upper West Side followed close behind, claiming 9-12 sales each.

Although interest continues to grow, Hudson Heights and Inwood average $205 per square foot, making them great neighborhoods for bargain-seekers.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

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Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month’s roundup holds big news on new record-setting sales and developments. As well as the scoop on who might be suffering from failing to find buyers for their product. Find out the challenges, and the big movers this month and get ready for an exciting year ahead.

In the commercial real estate headlines...

One of the biggest news bites this month is the new record sale of a residential unit for $238M. The Manhattan penthouse was purchased by hedge fund manager Ken Griffin. Ken’s property spree also includes a new decade record high $122M for a unit in London and a $58.5M unit in Chicago in November 2018. The penthouse at 220 Central Park South boasts an amazing 24,000 square feet. This unit was originally listed for $250M.

While this new record is certainly encouraging, we’ve simultaneously seen the New York condo market run into challenges. Unsold, vacant new construction units have mounted up. This is especially true for companies like Extell. While builders are typically restricted in their ability to reduce public asking prices by lenders, big discounts could be on their way.

Extell’s One57 building just saw a unit sell at a 24% discount. That’s after having run a campaign offering three years of common charges paid for buyers. Savvy investors may find even deeper discounts available on bulk purchases to cash developers out of their projects.

Extell has even tapped a new outside CEO. Sush Torgalkar will take over the lead position effective immediately.

Despite the struggles, Extell has continued its buying spree, paying $63M for a parcel in the Diamond District. Other nearby parcels were acquired for $40M and $85M. 

In fact, overall we’ve continued to see a huge boom in development. There were 42 million square feet of new development in NYC last year. That’s even a further 36% rise over 2017. Extell alone was responsible for around a quarter of that, with over 10 million square feet in new projects. Almost two-thirds were residential construction, spread over almost 2,000 projects, and adding 30,000 new units to the city. Brooklyn actually led the pack with almost 9,500 new units.

2019 could be an even bigger year for new construction in NYC. New York YIMBY reports there has been a massive 70% rise in multifamily house filings.

When it comes to amenities that are being put into these new buildings we’ve seen Studio Gang put a cinema and music studio into a Downtown Brooklyn condo project. There is also a Sky Club and room for virtual golf and gaming. Focuses on health and wellness see other buildings getting yoga studios, meditation rooms, and infrared saunas. Make sure to check out our monthly rental market reports to see which amenities are actually leading to faster leasing, the highest rent premiums and return on investment. There is no question that finding the right product-market fit will be one of the biggest differentiators between the inventory that collects dust on the market and gets heavily discounted, and units which are snapped up fast for record amounts.

Some of the top office leases inked in January 2019 included:

• NYC Health - 527k sqft
• Macy’s - 300k sqft
• Hudson River Trading - 135k sqft
• Citadel - 124k sqft
• Diageo - 87k sqft
• Spaces - 84k sqft
• New Hope Fertility Clinic - 75k sqft
• Casper Sleep - 70k sqft
• Allianz - 70k sqft
• National Cable Communications - 65k sqft

The Union Carbide Building will become the tallest NYC building to be voluntarily demolished in our history. Probably the tallest in the world. Deals are already being cut for space and air rights. It will be replaced by a 70 story skyscraper.

Some of the biggest developments this coming year could be in opportunity zone development and massive investments in new commercial real estate tech as venture capital catches onto these spaces.

However, investors may also face more pushback from building authorities and in taxes as we move toward 2020. NY has already announced it will be pushing hard to seize buildings where landlords push tenants out, or who fail to maintain good living conditions.

Nassau County has also carved out a dangerous new path in assessing every residential and commercial property, and potentially increasing effective property tax bills by over 50%.

For Brooklyn Real Estate News

Brooklyn continues to concrete its position against Manhattan this year. One major video and television equipment company has announced it is relocating across the river to Brooklyn. It just signed the lease for 25,000 square feet in Industry City. A further nod to how hot this borough is becoming for the film and entertainment industry.

The new 38 stories Brooklyn Heights Library Tower is bringing a new library and 133 apartments to town. Sales prices are starting just around $1M to over $5M.

Investors should be encouraged that year over year data in our monthly rental market report remains positive. Though there are clear signs that some growth may be skewed by many competitive deals being offered by landlords.

In other boroughs

Unfortunately, the Manhattan condo market clearly isn’t faring as well. On the bright side, Manhattan could soon be getting its own public beach.

Still, Crain’s reports the borough is suffering the worst decline in five years. Inventory has risen 11.8%, and many developers have reportedly been taking units off the market. However, townhouses appear to be moving faster, with sales prices rising by over 6.5%.

One big company that is still bullish on Manhattan appears to be tech giant Google. New plans have been announced for a $1B expansion at the St. John’s Terminal. Google Hudson Square will host a 1.7M square feet campus, enabling it to double the number of employees it has in the city.

Despite finally coming to market at a crowded time, the first Hudson Yard Tower is opening its doors. $800M in sales have been clocked, with 60% of units sold. Amenities include a children’s imagination center, beauty bar and much more spread across 40,000 square feet.

Midtown is getting a new super tall, which is planned to clock in at 1,776 feet. And if you aren’t afraid of heights, the Tower Fifth office building will boast a glass bottom slide from the observation deck.

For those looking for the most fashionable real estate, Armani and SL Green are partnering on a new Madison Avenue development. The 97,000 square foot building will become the new Armani flagship, with 19 luxury residences on offer, which are to be designed by Giorgio Armani himself.

Over in Long Island City another developer has acquired a $40M rental property in an attempt to cash in on Amazon’s HQ2.

A big issue for developers now is facing new regulations and deed restrictions. Extell faces losing its permits for an Upper West Side skyscraper for trying to squeeze in far too much space between floors to boost the building’s height. Most notably this includes fitting in a 160 foot ‘mechanical’ space.

Down on the Lower East Side another development has run into trouble for trying to get around a deed restriction which preserves the site for low income, elderly and disabled residents.

For Landlords and Investors

Don’t get too dug into business to forget Valentine’s Day. Here some ideas to make it special and check out a new part of New York City you may not have visited in a while.

• Post your messages on custom lanterns on Washington Street in Dumbo
• Visit Valentine’s Heart and X and Times Square
• The Museum of Broken Relationships popup at rising New York
• Take in Valentine's concert at 29 East 4th Street
• Visit the Science of Love and the Museum of Natural History
• Ice skate on a heart-shaped rink at Pier 17
• Enjoy champagne at the Institute of Culinary Education
• Visit the Valentine’s Market in Greenpoint
• Dine blindfolded at Camaje
•  

Leasing specials have been greatly responsible for helping New York City landlords speedily lease vacant units, and keep up rental rates. It’s very important for investors to be alert to competitors deals.

Among those on the market now are:

• 3 months free rent at Oskar
• 1 month free at 55 Hope Street
• 1 month free at The Landing
• 1 month free at 184 Eagle Street
• 1 month free at One Columbus Place
• 3 months free at Level BK

In conclusion...

There is already a lot happening just one month into the new year. While Manhattan continues to deal with rising inventory and slow condo sales, there are sweet spots. Townhouses seem to be performing better. The very top of the luxury market continues to see new records being set. Developers still have their sights on raising skyline changing buildings with ever new amenities.

Brooklyn seems to be gaining more and more of what Manhattan is losing. New construction is active, but year over year rentals still seems to be performing well for landlords willing to market their units well and who are being competitive.

We could quote likely see these diverging trends continue to play out through the year.

Well, that’s it for this month’s roundup. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com.

Thanks again to our sponsors, The Ratner Team, and SpartanRenovations.com for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

Resources:

Organifi

Wix

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Our Proud Sponsors: 

The RATNER Team 

Spartan Renovations

New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the New York Real Estate Market Update

Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

This month’s Brooklyn rental market data was much better than in November when almost all trends were down. While there are still some signs of a moderate correction, there was more positive data on a month over month basis. Year over year figures suggest the Brooklyn rental market is still growing.

Among the most notable stats over the last month were a 14% drop in one bedroom leases being signed. The luxury market really stands out on an annual basis, with a 15.2% rise in median rental rate, and 12.8% increase in new development rental rates.

Month over month, Price per square foot fell 0/7%. Listing inventory rose by 12.3%, and days on market reversed course, rising by 14.8% to just 31 days on average.

Year over year, rental prices are up an average of 3.7% over the same period in 2017. The number of leases being signed rose by 2.5%. Inventory is down by 13.8%, though marketing time has grown by 6.9%. Listing discounts decreased 0.2%.

Now let’s take a look at rentals by unit type:

For studios

The average rental rate was: $2,386

The most expensive leased was: $4,500 per month

The least expensive was: $1,495

The average price per foot is $56

average unit size is down to 606 square feet

 5 studios were No Fee, and 73 were Fee apartments

Month over month changes saw rents up 4.8%, and 12% year over year.

Units with elevators rented for around $300 more per month more than walk-up units last month.

While gyms are still an in-demand amenity, those without gyms actually rented for $5 more per square foot in December.

Units with full-time lobby attendance actually rented for around $250 more per month more.

Having laundry in the building added around $200 to rental rates last month.

For 1 bedrooms...

The average rental rate was: $2,799

The most expensive leased was: $4,950

The least expensive was: $1,450

The average price per foot is down to $45

The average unit size is up to 758 square feet

4, 1-beds were No Fee, versus 78 Fee apartments

Month over month rents are down 4.7%

year over year rents are up 07%

No fee 1 bedrooms rented for around $200 more per month.

Having laundry in the building saw 1-beds renting for $7 more per square foot

Units with private outdoor space are renting for around $100 more per month

The difference in rents for elevator versus walk-up units is almost $400 per month

Units with gyms rented for $9 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $500 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average rental rate was: $3,734

The most expensive leased was: $8,500

The least expensive was: $1,700

The average price per foot is $44

average unit size is 1,027 square feet

Just 3, 2 bedroom apartment was a No Fee rental, versus 81 Fee rentals

Month over month rents are down 0.8%

Year over year they are up 5.5%

Having laundry in the building added $14 per square foot to the rent last month

Those WITH private outdoor spaces rented for $6 more per square foot

A 2 bedroom with a gym in the building is renting for over $900 more per month

Those with full-time lobby attendant are renting for around $1,800 more per month.

There is around a $1,400 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

The average rental rate was: $4,031

The most expensive leased was: $8,000

The least expensive was: $2,300

 The average price per foot was at $38 in December

The average unit size is 1,291 square foot

2, 3 bedroom rentals were No Fee, versus 39 rentals with Fee

Month over month rents are down 5.2%

year over year rents are down 2.4%

NO FEE apartments rented for around $1,300 MORE than fee apartments last month.

Those with gyms rented for $23 more per square foot.

Having laundry in the building made a $10 difference per square foot last month

Units WITHOUT private outdoor space rented for almost $1,100 less in December 2018

Elevator apartments rented for $13 more per square foot last month

Having a full-time lobby attendant made a $23 per square foot difference

In summary…

In spite of all the negative media coverage on the New York real estate market, and a weak November, the data shows the Brooklyn rental market ended 2018 on a healthy note.

The numbers may show some signs of a correction. Yet, year over year there seems to continue to be a nice pace of growth. Certainly better than the performance of the stock market and bonds.

Those that refuse to be distracted or panicked by short term ticker type media, and keep their eye on the big picture can still do well. It’s all about long term leasing and asset management strategy, as well as smart marketing.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Make sure you check out our vendor section for all the best resources you need for renovating, financing, managing and protecting your real estate assets in New York. Plus, don’t miss our new report on Manhattan and Brooklyn Piers. Including where to go, how innovation is reinventing them as exciting places to hang out, workout and live.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the New York Real Estate Market Update

Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

The data shows overall the Brooklyn rental market was tough for landlords in November 2018. Although much of this may be typical seasonal softness, almost every data point was in negative territory in November on a month over month basis. Though it is important to point out that this does follow a stronger than expected October, and there are some year over year improvements.

Among the most notable stats over the last month were a 30% plus decline in new leases being signed in every size of the apartment. That was led by an almost 40% decrease in 3 bedroom leases. However, on an annual basis, 2 bedroom leases were still up 9%. With the median rental price on studios rising almost 9% as well.

Month over month, Price per square foot fell by 4.8%. Listing inventory fell by another 2.6%, but days on market fell as well, by 27% to just 27 days on average.

Year over year, rental prices are up an average of 2.2% over the same period in 2017. The number of leases being signed fell by 3.5%. Inventory is down by 20%, marketing time has dropped by 16 days. Negotiability and listing discounts are down by 0.6%.

Now let’s take a look at rentals by unit type:

For studios

The average rental rate was: $2,906

The most expensive leased was: $30,000 per month

The least expensive was: $1,250

The average price per foot is down to $53

average unit size is up to 824 square feet

 12 studios were No Fee, and 69 were Fee apartments

Month over month changes saw rents up 3.5%, and price per square foot up by 1.2%

Units with elevators rented for around $800 more per month more than walk-up units last month.

While gyms are still an in-demand amenity, those without gyms actually rented for $10 more per square foot in November.

Units with full-time lobby attendance actually rented for around $400 LESS per month more.

Having laundry in the building didn’t add any benefit to rental rates last month.

For 1 bedrooms...

The average rental rate was: $2,907

The most expensive leased was: $4,850

The least expensive was: $1,250

The average price per foot is down to $47

The average unit size is up to 751 square feet

8, 1-beds were No Fee, versus 80 Fee apartments

Month over month rents are down 2.1%

year over year rents are up 4.1%

No fee 1 bedrooms rented for almost $600 more per month.

Having laundry in the building saw 1-beds renting for $6 more per square foot

Units with NO private outdoor space are renting for around $100 less per month

The difference in rents for elevator versus walk-up units is almost $500 per month

Units with gyms rented for $7 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $500 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average rental rate was: $3,788

The most expensive leased was: $8,500

The least expensive was: $1,600

Average price per foot is $44

average unit size is 1,030 square feet

Just 1, 2 bedroom apartment was a No Fee rental, versus 96 Fee rentals

Month over month rents are down 0.7%

Year over year they are up 2.8%

Having a laundry in the building added $5 per square foot to the rent last month

Those WITH private outdoor spaces rented for $5 more per square foot

A 2 bedroom with a gym in the building is renting for over $1,500 more per month

Those with full time lobby attendant are renting for around $1,600 more per month.

There is around a $500 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

The average rental rate was: $4,250

The most expensive leased was: $9,800

The least expensive was: $1,800

 The average price per foot was at $40 in November

The average unit size is 1,256 square foot

Month over month rents are down 1.5%

year over year rents are up 1.8%

Those with gyms rented for $11 more per square foot.

Having a laundry in the building made a $5 difference per square foot last month

Units WITHOUT private outdoor space rented for almost $1,000 less in November 2018

Elevator apartments rented for $2 more per square foot last month

Having a full time lobby attendant made a $8 per square foot difference

In summary…

On the surface, month over month data looks like a disastrous month for Brooklyn landlords. Yet, year over year, the market is actually performing quite well. Those that refuse to be distracted or panicked by short term ticker type media, and keep their eye on the big picture can still do well. It’s all about long term leasing and asset management strategy, as well as smart marketing.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Make sure you check out our vendor section for all the best resources you need for renovating, financing, managing and protecting your real estate assets in New York. Plus, don’t miss our new report on Manhattan and Brooklyn Piers. Including where to go, how innovation is reinventing them as exciting places to hangout, workout and live.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the New York Real Estate Market Update

Here we dig into the latest data and trends to find out what is really happening in the local Brooklyn rental market to help landlords, real estate investors, and developers make the smartest financial moves.

So, what’s new in New York Real Estate? Let’s take a look at the numbers…

The data shows overall that despite a lot of negative commentaries out there in the general media, the Brooklyn rental market has kept going strong. Although landlords have been offering a lot of concessions to move units quickly and for top dollar, all year over year stats appear to be positive. Priced and marketed well, rental units have been moving. Perhaps even better than expected during a month which traditionally suffers a seasonal slowdown.

Among the most notable stats over the last month were a 21% plus an increase in new leases being signed. Almost 30% more 1 bedroom leases were signed in October over September 2018. Luxury rental units rented for over 5% more this month. Though more than 50% of new leases included some form of concessions and deals by landlords.

Month over month, Price per square foot rose by 1.5%. Listing inventory fell by another 4.1%, but days on market rose by 42.3% to 37 days on average.

Year over year, rental prices are up an average 0.8% over the same period in 2017. The number of leases being signed rose by over 20%%. Inventory is down over 20%, marketing time has dropped by 2 days. Negotiability and listing discounts are down by 1%.

Now let’s take a look at rentals by unit type:

For studios

The average rental rate was: $2,486

The most expensive leased was: $5,00 per month

The least expensive was: $2,361

The average price per foot is down to $56

average unit size is up to 633 square feet

 12 studios were No Fee, and 101 were Fee apartments

Month over month changes saw rents down 2.5%, and price per square foot fell 8.2%

Units with elevators rented for around $500 more per month more than walk-up units last month.

Gyms are still one of the top amenities tenants are looking for. They added an average of almost $700 per month to rents last month.

Units with full-time lobby attendance are renting for around $600 a month more.

Having laundry in the building made almost a $200 difference to rental rates last month.

For 1 bedrooms...

The average rental rate was: $2,882

The most expensive leased was: $5,685

The least expensive was: $2,300

The average price per foot is $50

The average unit size is down to 697 square feet

11, 1-beds were No Fee, versus 131 Fee apartments

Month over month rents are up 4.9%

year over year rents are up 5.9%

No fee 1 bedrooms rented for almost $500 more per month.

Having laundry in the building saw 1-beds renting for $6 more per square foot

Units with NO private outdoor space are renting for around $200 less per month

The difference in rents for elevator versus walk-up units is almost $500 per month

Units with gyms rented for $6 more per square foot last month.

Buildings with full-time lobby attendants are renting for almost $500 more per month than those without attendants.

Now on to 2 bedroom rentals…

The average rental rate was: $3,678

The most expensive leased was: $10,000

The least expensive was: $1,750

The average price per foot is $46

average unit size is 979 square feet

Just 1, 2 bedroom apartment was a No Fee rental, versus 119 Fee rentals

Month over month rents are up 0.4%

Year over year they are up 3.8%

Having laundry in the building added $6 per square foot to the rent last month

Those WITH private outdoor spaces rented for $3 more per square foot

A 2 bedroom with a gym in the building is renting for almost $1,000 more per month

Those with full-time lobby attendant are renting for around $1,600 more per month.

There is around a $1,000 premium for elevator versus walk-up apartments.

For 3 bedroom apartments

The average rental rate was: $4,374

The most expensive leased was: $7,750

The least expensive was: $2,300

 the average price per foot was at $41 in October

The average unit size is 1,292 square foot

1, 3 bedroom rental was No Fee, versus 34 rentals with Fee

Month over month rents are up 1.6%

year over year rents are down 8%

FEE apartments rented for around $1,000 MORE than no fee apartments last month.

Those with gyms rented for $16 more per square foot.

Having laundry in the building made a $7 difference per square foot last month

Units with private outdoor space rented for $500 more in October 2018

Elevator apartments rented for $10 more per square foot last month

Having a full-time lobby attendant made a $12 per square foot difference

In summary…

What the break down in this data shows Brooklyn landlords, is that the market is still strong. Probably stronger than many realize. Year over year figures show growth on most data points. 1 and 2 bedroom rental apartments appear to be experiencing the best traction this month.. Positive movements in inventory and marketing time show that well priced and marketed units, with attractive deals, are still leasing within a reasonable period of time.

Find out more about the current market, competing listings, and where to get the best help in leasing your rental units by contacting The Ratner Team.

Make sure you check out our vendor section for all the best resources you need for renovating, financing, managing and protecting your real estate assets in New York. Plus, don’t miss our new report on Manhattan and Brooklyn Piers. Including where to go, how innovation is reinventing them as exciting places to hang out, workout and live.

Well, that’s this month’s NY rental market update.

Leave us a comment and let us know what you are experiencing in the market, and what you’d like more detail on in the next report…

Thanks for tuning in!

Welcome to the newest New York Real Estate Update from Brooklyn Made.

This month we’ve seen bigger real estate moves in play, and see developers marching on with new projects that will continue to change the skyline and living trends over the next few years. Yet, the data continues to show the market is changing.

In this special episode, we’ll dig into this new data and the most notable trends of this year, and look forward to what’s coming up in the New Year…

Make sure to check out our special report on the next 100 years for Brooklyn and what planning and developments are going into place to shape it and sustain its place on the map and a more prosperous community for all those that call this borough home.

The Real Estate Market in 2018

As a whole, the 2018 real estate market has been an exciting roller coaster ride. We’ve both seen new records set, and also what appears to be a cresting, and the beginning of a new correction. New York may be leading that new direction, with a reversal in price and transaction trends.

Property prices across America have reached new highs. As have rents. Tight publicly advertised inventory and cheap money fueled an acceleration in appreciation and competition for properties. The worst of that may be over for now.

A dive into Brooklyn rental market statistics show that overall the market is holding quite well, and prices are still high. Even though some gains may be only be maintained by an equal amount of discounts, and landlord concessions.

On the commercial property front, America’s largest corporations show no sign of lack of appetite for new offices. In fact, some continue to set records with big, bold deals in prime locations.

Still, it is impossible to deny that the data also shows that home sales are dropping off, more price cuts are happening, and both residential and commercial buyers and renters are gaining more negotiating power out there.

Factors that have been, and are likely to continue to affect these trends include:

• Rising interest rates
• New construction levels
• The decline of the stock market
• New innovations
• New tax laws
• A highly litigious business environment
• Returns on investment property

Notable Properties in 2018

According to PropertyShark data, the most expensive home for sale in New York as of October 2018 was 90 Jule Pond Drive in the Hamptons. Listed for $175M, it came second only to California’s The One, listed at $500M.

Google claimed the first and second most expensive purchases this year with a $1B deal in Mountain View, California, and a $2.4B purchase in Chelsea Market.

Runners-up included the fall purchase of 425 Lexington Ave for over $700M by the VanBarton Group. That traded at $1,000 per square foot.

So, forget $100M, the new benchmark for bragging rights in buying elite property in 2019 is likely to be a billion dollars.

In Brooklyn

Brooklyn has continued to prove itself as one of the hottest destinations for global retailers, developers, and fashionable properties to rent and buy.

Proposed zoning changes and allowances for special permits in north Brooklyn could allow more entertainment venues, hotels, and residential projects to be built alongside the industrial zone. This could create more growth in Greenpoint, Williamsburg, and Bushwick over the next few years.

Unfortunately, Brooklyn Borough President Eric Adams has notified the Attorney General that some programs to eliminate the weight of ailing properties and put them into the hands of developers may be being misused. The program which allows developers to purchase property for as little as $1 or $8,750 per unit may be in the middle of illegal activities in which some property owners have been forced out.

Over at the Brooklyn Navy Yards, WeWork is preparing to lease 6 of 16 floors in the ground up development at dock 72. The dynamic space includes amazing views and plenty of amenities.

There continues to be a lot of mixed data on Brooklyn’s retail leasing front. Much of the confusion stems from the fact that all real estate is hyper local. Especially in New York. So, while some hot spots were at full occupancy, less desirable retail locations may have given tenants more negotiating power in the second half of the year. Retail rents may be down on some streets. Yet, according to the Real Estate Board of New York, rents were still up on 3 of 5 Williamsburg shopping strips. That includes North Fourth Street where rents rose 34% this year to $197 per square foot.

Make sure you check out our recent report on the Brooklyn Piers and how their transformation is creating exciting new spaces for live, work and play.

Over in Manhattan...

While this borough may never completely go out of fashion on the world map, it has certainly seen some moderation, and continues to fall at little less trendy than Brooklyn.

Still, we continue to see notable brands launch flagship stores here, developers competing for records with fabulous new and renovated buildings, lots of innovation and a magnet for the world’s wealthy.

Dutch CitizenM just completed the world’s tallest prefab building in the Lower East Side. The modular built hotel designed for mobile travelers always on the go appears to be doing well on occupancy rates and revenue per room as well.

Nike just completed its own new 6 floor flagship store as well. The high tech digital store offers plenty of innovative features for those who love technology and have been searching for the perfect blend between online and real life shopping. Nike experts are available for one on one appointments at the Fifth Avenue store. Though some may wonder if the real key to getting more millenials and other generations back to brick and mortar shopping is actually simply a more human, attentive and pleasant customer service experience. Something which seems sorely lacking, even at big name phone brand stores.

Perhaps this lack of customer service is partially to blame in the downturn in Manhattan retail rents as well. Retail rents have fallen an average of 25% in 15 of Manhattan’s 17 retail corridors. Some with cuts as deep as 37%. The two refusing to bend to this trend are Broadway which is up 5% and Harlem which is up 15%. Inventory levels are likely also a factor, and new inventory can take time to be absorbed. Yet, for those claiming there is no big downturn in real estate on the horizon, consider this is the most widespread decline in 18 years.

The Manhattan condo market is dealing with lots of new inventory as well. So much so that Extell is offering to pay 3 to 5 years of common charges for buyers who purchase any of its approximately 1,000 units before the end of 2018.

Still, the building continues. Trinity Commons at 74 Trinity Place just topped out at 424 feet tall in FiDi. Just a year after it reached the ground floor. Of the 26 storys, the first 5 floors will add more retail space in the city.

Fund manager Bill Ackman who is famous for buying the second most expensive condo at One57 (a building which is also among the deals being offered by Extell), just closed on the last apartment for his new, more modest $22.5M penthouse in the city. The Central Park West property is just across from the Museum of Natural History.

In other Boroughs

Queens certainly stepped up to garner plenty of attention for itself in the final quarter of 2018. The newly approved Skyline Tower is to both be the tallest in the borough, and the first to exceed $1B in unit sales. However, the actual units themselves appear to be quite modestly priced at just $600k to over $3M.

Queens is also of course the location chosen by Amazon for one of its new twin HQ2 destinations. The new Amazon project in Long Island City is sure to create a lot of headlines in 2019, though is perhaps one of the most controversial deals to date.

Taxpayers are not pleased about forking out close to $2.5B in perks, grants and breaks to the corporate giant, including providing discounts on property taxes. If Amazon fails to deliver on all of its promises it could prove to be one of the biggest scandals for the city so far.

This new venture for Amazon also happens to be in one of the new Opportunity Zones (O Zones). As part of the Tax Cuts and Jobs Act these zones provide those investing in them deferred taxes on their capital gains for coming to distressed areas.

New Rules & Taxes

It’s been a great and terrible year for tax changes. New Yorkers have unfortunately felt the brunt of a lot of these developments. The new tax rules implemented in 2018 brought new tax breaks, but also some limitations that hit states with state income taxes harder.

New rules cap the deduction for state and local taxes at $10,000. That’s not much if you live in Manhattan or Brooklyn. Especially when property taxes seem to keep rising one way or another.

On the bright side, we have new tax breaks for small business owners, the Opportunity Zones, and individuals can still invest in real estate tax free with self-directed Roth IRAs.

It’s going to be more important than ever to have a great CPA on your side when it comes to file taxes in April. Though a local real estate expert can also help direct you to excellent professionals for retirement account investing, 1031 exchanges, and other structures for reducing and eliminating future taxes, and keeping more of your gains.

Where to Go for the Holidays

Whether you are staying in the city or crave something completely new, there is plenty to explore this season.

The Rockefeller center and its skating rink are still a must for first time visitors to NYC. As is Santaland at Macy’s. Don’t forget to leave plenty of time to stroll down Madison avenue and Fifth Avenue to check out the holiday window displays.

For those looking for something a little different, why not a holiday brunch cruise from Manhattan, on a yacht with plenty of heating? Or head over to Harlem to The Apollo Theater and introduce your ears to some live gospel.

However, Brooklyn is continually becoming a more serious contender for holiday festivities for both visitors and residents of New York City. Perhaps most famous of all is now the Christmas lights of Dyker Heights. It’s a sight not to miss.

While in town, make sure you head over to Winterfest at the Brooklyn Museum where the kids can walk inside a giant snow globe and see the world’s largest snowman.

If you’re burned out on the mayhem of the Times Square ball drop for New Year’s Eve, Elle Decor recommends trying out the Brooklyn Bridge Walk instead. Or for a more sophisticated evening get tickets to see the New York Philharmonic Orchestra live.

If you’re looking for something a little more lively, consider the New Year’s Eve parties at The Empire Rooftop, the Penthouse at Hotel on Rivington or the Bushwick Bash at the Legendary Republic.

Tired of the snow and cold? There are plenty of great destinations around the globe for New Yorkers to head off to.

If you’re not feeling too adventurous Barcelona, Spain will give you sunnier weather, soccer, and great architecture. This is their off season, so look for great apartment deals on the beach.

Cyprus, is another English speaking country with plenty to do for the whole family, and even a little warmer. Also ,a good time to find travel deals here.

If you make it that far, you may want to keep going to Jerusalem. Take it in for yourself. Walk the markets, experience great cuisine and history.

For something a little closer to home, warmer and more exotic, try Nicaragua. It’s the new Costa Rica. Only much cheaper, less spoiled and more rugged. Just help keep it that way. If you’ve never been, this is a great place to learn to surf.

If there is no limit to how far you can go, why not Mumbai? India is one of the fastest growing countries today. Mumbai is the commercial capital and home to Bollywood. There are beaches, markets, new foods and much more to explore. It’s also much warmer and more metropolitan.

In conclusion...

It has been a busy year in the New York real estate market. Big players, buyers, and developers haven’t been shy. In fact, we continue to see a run of aggressive new projects coming onto the market, some with even larger price tags. Brooklyn continues to be one of the biggest beneficiaries of this action, and is receiving much of the investment capital. Rents have been blown around by a variety of factors. Manhattan condos and retail are facing some tough times. In Brooklyn, it is all about being on the right street. Though there are many economic factors which could impact the direction of the market in the new year.

Well, that’s it for this month and year’s round up. Look out for our other upcoming reports, and check out the latest data on the Manhattan and Brooklyn residential and multi-family market, and which features and neighborhoods are yielding the best rents at NewYorkMarketReports.com.

Thank you for being loyal listeners and readers this year. We’ll see you in 2019, with plenty of fresh new information.

This is episode is brought to you by our sponsors The Ratner Team and Spartan Renovations. The Ratner Team are your local New York real estate experts for buying, selling, leasing and investing in property in the Big Apple.

Spartan Renovations is a leading NYC firm specializing in architectural and engineering design, project design and management and general contracting services.

Thanks again to our sponsors, The Ratner Team, and SpartanRenovations.com for making these reports and delivering this valuable information possible!

Make sure you like and share this report, and leave your comments on this news, or any trends you think we overlooked or you want to hear more about in the comments section.

New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the 2nd quarter of 2018. Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Manhattan’s iconic skyline is home to millions and remains one of the most desirable places to live and visit on the planet. yet, the Multifamily market is still steadily suffering a decline – both across the borough and across the city. Sales volume this quarter totaled $877 Million: A shocking 22% percent decrease over last year’s Q2 sales volume. Square-footage pricing actually increased. Going up 12% from 2017, to an average of $653.

Average selling prices in Manhattan have decreased, up 25% percent from last year’s records and coming in at $580,000 across the island. While total transactions have decreased by 10% percent, with just 102 sales in the 2018’s second quarter.

Though Manhattan’s volume market is trending down, the top sales numbers still rival the skyline in height. The 2nd Quarter’s top sale is located in the Manhattan Valley, where 2568-2574 Broadway sold for a striking $66,000,000. The acquisition belongs to a Dalan and Elion Partners joint purchase. A 67-unit apartment building at the corner of West 97th Street in the Upper West Side. Though, at just $829 per square foot or $985,074 per door, that sale is far below the average square footage of the top ten most expensive Manhattan neighborhoods this quarter:

Chelsea tops off the list at an average of $1,260 per square foot. Yorkville comes in second at $1,180. Lenox Hill a close third, is at $1,045. The East Village listed at $840 per square foot, Upper West Side at $762, Harlem at $346 and Washington Heights rounds out this list at $284 per foot.

Harlem was the neighborhood with the highest volume of multifamily sales in Q2 2018 again, with 30 total transactions. Both the East Village and Upper West Side followed close behind, claiming 11-13 sales each. Bargain-seekers should consider looking in Hudson Heights & Inwood, as the average price per square foot was only $205 at the beginning of the year, despite growing interest and activity in the neighborhood.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter. 

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at [email protected].

We’re full-time professionals and always here to help!

Thanks for listening.

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Our Proud Sponsors: 

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New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Manhattan Residential Sales Real Estate Market Report for the 2ND quarter of 2018

Whether you already own or you’re looking to buy into the City’s most prestigious market, we’re keeping you up to date, so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Manhattan’s grandiose allure of culture, history, and business continues to hold an enviable position in the real estate world for buyers, owners and investors alike. Here’s the data. Just make sure you keep listening for this quarter’s record high sales.

With an average selling price of $2,090,567, Manhattan’s Residential prices are continuing to drop over last year’s 2nd quarter. Average price-per-square-foot fell again. This time by 2.3%. Down to $1,733 dollars, from $1,773 a foot in Q2 2017. This may always be one of the strongest global property markets, but today’s purchasers are getting more and more floor space for their buck.

Total transactions tallied in at 2,629 this quarter. Down 16.6% percent, from a total of 3,153 sales in Q2 2017. We expect Manhattan to maintain this trend downtrend at least until the end of the year. This dip is happening due to a combination of oversupply of new condos in some areas, increasing interest rates and new regulations for foreign buyers along with consumer uncertainty as to where the market is heading.

On the bright side - the average selling price of new development condos rose 3.9% percent in this second quarter to $4,885,097. That’s versus $4,703,544 in quarter 2 last year. Prices in this market are still rising, and the time it takes to sell is decreasing too. The average time a new development condo spends on the market is down to around 194 days, compared to last year’s245 days.

The data for Manhattan’s existing condominium sales is not quite as cheerful as new developments. These units saw a 4.9% percent decrease from 2017. Average sale price for these properties ran around $2.970,576 in Q2 2018, compared to $3,122,946 dollars in 2017. However, the market time for existing condos has decreased by a few days, now averaging 121 days.

Co-op sales grew just 1.2% percent this quarter, recording an average sales price of $1,380,512. Market time increased fractionally as well, coming in at 90 days from 86 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.

Of course, even with a 0.2% percent decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $9,299,635. An almost invisible difference from last year’s average of $9,280,290. Luxury properties have actually been moving fast, being on the market for only 184 days this quarter, compared to nearly 231 days in Q2 2017.

Across the board, the average recorded price discount was 2% percent.

Now for the top sales numbers for July 2018:

The well-known neighborhood of Greenwich Village topped July’s single-family residential sales.

A Greenwich Village townhouse has now become the most the expensive townhouse sold in downtown Manhattan. TheWest 10th Street townhouse owned by a British interior designer sold for $37.2 million, surpassing a record set by another townhouse on the same street back in 2007, according to the Wall Street Journal, which first reported on the sale.

This five-story townhouse is located between Fifth and Sixth Avenue. It was purchased by the interior designer and her husband, in 2012, for $9.5 million. The couple then spent the next four years planning and executing a revamp of the townhouse. After all of the renovations, they weren’t actually able to live in it long term and now live outside of the city, according to the WSJ.

The townhouse now has a home theater system, a radiant heat system, including on the stoop, that helps melt snow, a home gym, a wine cellar, and a courtyard. The nearly 10,000-square-foot townhouse, which also comes with an attached carriage house, never officially came on the market, but instead traded hands privately in an off-market sale. The new owners reportedly intend to use this as their primary residence. The sellers were represented by Prime Manhattan Residential.

This townhouse was sold for $37,200,000, or a fantastic $5,949 per foot.

In the West Village, the record condo sale for this July goes to 160 Leroy St #PHN that finalized for an incredible $43,503,250. Or $5,613 per foot.

This unit on the edge of the water sports 7,700 square feet, with an almost 5,000 square foot terrace and 27 foot swimming pool. It includes 5 bedrooms, 4 fireplaces, and of course a private elevator.

This May’s top co-op sold in Lenox Hill again for an impressive $20,000,000

#7 at 640 Park Avenue encompasses the entire seventh floor. A white glove, prewar co-op, the building dates back to 1914 and has retained much of its highly prized design. 

For bargain-seekers who still want Manhattan real estate, Washington Heights & Inwood are currently the least-expensive residential areas on the island – Average condos in these neighborhoods sold for $549,450 dollars, with average co-op sales almost the same at $550,000 dollars.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter. 

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at [email protected].

We’re full-time professionals and always here to help!

Thanks for listening.

Resources:

Organifi

Wix

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Our Proud Sponsors: 

The RATNER Team 

Spartan Renovations

New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Brooklyn Multi-Family Sales Real Estate Market Reportfor the 2ndquarter of 2018.

Whether you already own or you’re looking to buy into the City’s most fashionable market, we’re keep you up to date, so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Home of the Nets and 2.6 million other New Yorkers, Brooklyn’s multifamily market has been on the rise since the second quarter last year. Brooklyn’s Multifamily market rose an incredible 67 percent from 2017’s second quarter. With sales volume this quarter coming out at a healthy $1.8B.

Yet, there is great value to be found, with square-footage prices decreasing by an astonishing 50% percent from last year. Now standing at $159 dollars on average. Average selling prices went down to just$167,000 per unit –a difference of 42% percent from this time last year. Total transactions slowed down by 14% percent to 423 in 2018’s second quarter.

The Multifamily market is trending progressively higher during this time of year for the past several years. Brooklyn’s top sales are still numbers to marvel at. The top sale recorded in the second quarter of 2018 can be found in Gravesend: 2470 West 1stStreet sold for $15,700,000 in June. At a $266 a foot.

Even at that high price, however, it doesn’t garner many square feet in the most opulent neighborhood of Brooklyn. 

The top ten most expensive neighborhoods this quarter were as follows:

Fort Greene, with its townhouses, brownstones & beautiful parks, tops the list at an average of $777 per square foot.

Park Slope comes in second at $753.

With Prospect Heights coming in third at $666.

Greenpoint comes next at $537 per square foot. Followed by Greenwood Heights at $512, Carroll Gardens at $484, Sunset Park at $471, Dyker Heights at $457, Bath Beach at $446 and, tenth but certainly not least, the Bed-Stuy area averaged in at $392 per square foot.

Bed-Stuy was the winner for highest volume of Multifamily sales this quarter againat 60 total sales. East New York was close behind at 48. Bargain hunters, check out New Lots attractive average price per square foot, at just $126.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter. 

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at [email protected].

We’re full-time professionals and always here to help!

Thanks for listening.

Resources:

Organifi

Wix

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Our Proud Sponsors: 

The RATNER Team 

Spartan Renovations

New York Real Estate Market Updates

www.NewYorkMarketReports.com

Welcome to the Brooklyn Residential Sales Real Estate Market Reportfor the 2nd quarter of 2018

 Whether you already own or you’re looking to buy into the City’s fastest growing market, we’re keeping you up to date so you can make the smartest moves.

You’re listening to New York’s Real Estate Market Update from the Ratner Team.

 In this Brooklyn report, we’ll cover the average residential sales in this sprawling borough of historic brownstones, row houses and exciting new developments. Keep listening for the record-high sales of this quarter.

Residential average sales prices for Q2 2018 in Brooklyn are bit lower compared to last year’s reports, with a 1.4% percent decreaseover 2017. Median sale prices fell 1.9% percent to $780,000. And this month, we saw a decrease of 5.7% percent in the number of transactions. Totaling 2,683 in Q2, 2018 compared to 2,845 in Q2, 2017.

New Development Condo sales in this 2nd quarter sold for an average of $1,209,911 at an average of $1,086 dollars per foot. That’s in contrast to $1,139 per square foot last year. This was a 4.7% percentdecrease in price per foot from the same quarter last year, when the average sale price was $1,401,298. The average sales price of new condos saw a decline of 13.7% from last year’s first quarter, from from $1,401,298 to $1,209,911. According to this quarter’s reports, these properties are spending substantially more time on the market: this year it took an average of 171 days to sell a new development property, versus 116 days in Q2, 2017.

Existing condo sales prices are on a slight decline as well. The average condo sales price in the second quarter of 2018 was $1,100,282. A dip from $1,161,431 last year. And a 5.3% percent decline from the second quarter last year. The average market pace for these properties increased: 115 days on market this year, versus 98 days in Q2, 2017.

Co-op sales prices fell this quarter. Selling at an average price of $563,709 dollars—a decrease of 3.6% percent from last year’s $584,529 dollars. Selling time has also increased: co-ops sat on the market for 102 days in quarter 2, as opposed to 73 days in the same quarter last year.

For the good news! 1-3 unit family homes performed the opposite, with an increase in price and a decrease in marketing time. This quarter, the average 1-3 family home sale price was $1,074,630, up 2.7% percent from $1,046,440 last year. Houses also sold in 15 fewer days. Properties, on average, were only on the market for 93 days, versus 108 days last year. This data shows that 1-3 family homes under $1,500,000 are still in high demand!

In the Luxury Market this quarter, the average luxury property sales price was $2,826,029. That’s a slight decrease. Down 3.5% percent from last year. These properties also took longer to sell, being on the market for for an average of 110 days, versus 101 last year.

Across the board, the average recorded price discount was 0.3% percent. Yet, it is important to note that at least homes are still rising in demand and value.

Now, to Brooklyn’s top residential sales in May 2018:

The top single-family sale in Brooklyn this May can be found in Brooklyn Heights. The selling price of 151 Clinton St was an incredible $5,500,000 – about $1,637 dollars per square foot. The large 21-foot-wide structure built circa 1851, has a beautifully appointed red brick and brownstone façade. Uniquely situated on a tree-lined corner in the heart of Brooklyn Heights.

Brooklyn Heights took the top condo sale of the quarter as well. #10, 167 Columbia Heights, which sold for $11,865,863. The 10th floor at the Standish is a 5,000 SF, 5 bedroom, four and a half bath with 360 views which includes direct city & water views of the harbor and lower Manhattan and Brooklyn downtown views. The original prewar elements of the Standish, like the bay windows in the 10th floor's entertaining space offers luxury in a blend of heritage and modernity. A balance between classic and state-of-the-art, 10th floor features wide-plank Austrian white oak flooring, a kitchen with Italian Cararra marble countertops and island, custom designed cabinetry and a separate pantry. The kitchen is appointed with premium Bertazzoni-Italia and Bosch appliances complemented with natural brass Fantini fixtures. Bathrooms feature rain showers, travertine and mosaic accents, and Fantini fixtures in natural brass.

Park Slope took first place this quarter for co-op sales. Winning a record sale for the top co-op at $2,575,000/ Located at 90 Eight Ave.

For bargain territory, head to Flatlands, Coney Island, & East Flatbush. These least-expensive residential areas in Brooklyn had a median sale price of $380,000 for a single family home this quarter. As far as Brooklyn is concerned, that’s a steal.

So, there are still deals out there. Some properties are still in high demand and rising. Others may be settling and could signal a good time to restructure portfolios.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

If you like this information, the best way you can support us is with a 5-star rating. Share it with someone you know, and subscribe. We’ll put out new content and a whole new report every quarter. 

You can also find us on Facebook, Instagram & YouTube.

Interested in getting a free market analysis of your Brooklyn property, renting your vacant apartment, or simply acquiring an investment property?

Email Us at [email protected].

We’re full-time professionals and always here to help!

Thanks for listening.

Resources:

Organifi

Wix

-

Our Proud Sponsors: 

The RATNER Team 

Spartan Renovations