The Real Deal posted some excellent news from the New York City Real Estate reports. November was a strong month for the real estate markets across New York City. Of the new apartment developments, half sold and only 550 apartments remain. However, in Manhattan the absorption rate fell slightly, to 4.1 months, mainly because of sharp declines in Midtown and Midtown East. Those two areas have seen the most closure in new development sales.
Some of the best news came from multifamily sales and the luxury market. Seventy luxury apartments priced at four million dollars or higher were sold during the first half of November, which was the highest rate since 2006. The multifamily market also saw a huge jump, up 97 percent in dollar volume from August.
There was plenty of good news on the commercial real estate side too. Manhattan’s vacancy rate remained steady at 8.9 percent and the average asking rent rose slightly. Nearly 22 million square feet of office space was leased out during the first three quarters of 2015. Also, retail rents on Lower Fifth Avenue soared, reaching 1,244 dollars per square foot, a 14.3 percent increase.
Town Residential specializes in New York City real estate and has the expertise needed to guide developers in the right direction.
CEO and co-chairman Andrew Heiberger has made Town Residential one of the leading luxury real estate service companies. His team of dedicated specialists have the right expertise and knowledge of the New York City real estate market to assist clients with their new purchases.