The Week in Real Estate Market Reports by Bellevue Consultants

New York, NY, April 27, 2015 –(PR.com)– The latest batch of reports from around the industry found that overall average asking office rents in Manhattan reached their highest point since 2008 and investment sales hit a record $20.8 billion in the first quarter of the year.

Residential
Q1 2015 Residential sales:
The New York City residential sales market had stronger sales volume and higher average sales in the first quarter of 2015 compared to the same period last year. Sales volume totaled $10.1 billion, a 21 percent increase from the previous quarter, and the average price for a home was up 12 percent to $898,000.

Q1 2015 Brooklyn new development sales:
New development sales volume in Brooklyn nearly doubled in the first quarter of 2015 compared to the previous quarter. The Clinton Hill neighborhood had the strongest quarterly growth, with median sales up 34.7 percent from the previous quarter to $1.2 million.

Q1 2015 Manhattan new development sales:
Manhattan’s new development sales volume increased 16.9 percent in the first quarter of 2015. However, the median price per square foot for new developments fell 12.5 percent from the previous quarter, and the median sales price fell 21.1 percent.

Manhattan luxury contracts April 6-12, 2015:
Thirty contracts were signed for apartments priced $4 million and above during the second week in April, with an average asking price of $6.4 million. The priciest contract signed during the week was for a 4,160-square-foot condo at 224 Mulberry Street, which had an asking price of $13.5 million.

Office
Q1 2105 Manhattan office leasing:
Manhattan leasing activity was steady in the first quarter of 2015, pushing overall vacancy rates down to 9.2 percent, a 1.3 percent decline year-over-year. Average asking rents were up across all markets, and overall asking rent in Manhattan rose to $69 per square foot.

Investment sales
Q1 New York City investment sales:
Investment sales hit a record $20.8 billion in the first quarter of 2015, a 26 percent increase in dollar volume from the previous quarter.
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Bellevue Consultants
Bruce Anderson
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