Rents Reach All-Time Highs In Manhattan, Brooklyn And Queens In New StreetEasy Report

StreetEasy has published their October 2019 Market Reports recently. It shows that Rents have hit an all-time highs in Manhattan and Queens and Queens. Brooklyn has seen rents rise in its fastest pace since 2015. Furthermore the report indicates that renters are in a very competitive market with landlords giving less concessions as years past. The StreetEasy Market reports are a monthly overview of the Manhattan, Brooklyn and Queens sales and rental markets.  The report data is aggregated from public recorded sales and listings data from real estate brokerages in New York City.

October had the highest amount of discounts for the year however the percentage of discounts was the lowest since 2015. StreetEasy reports “Brooklyn offered the fewest discounts, with only 17% of rentals getting a cut, a decrease of 3.1 percentage points from last October. In Queens, this figure fell to 18.1%, down 1.9 percentage points from a year prior. In Manhattan, 23.4% of rentals were discounted, down just slightly from last year (less than a percentage point). ” It should be noted that the lack of discounts affected rental prices. Brooklyn’s rents rose 4.3% to $2,720, Queens rents went up 3.4% to $2,202 and Manhattan increases of 3.1% to $3,315. All are record high rents.

StreetEasy economist Nancy Wu believes that the high demand for signing new leases is affecting landlord’s decisions in not giving out concessions. “The spike in demand for rentals we’re seeing this year means that landlords don’t have to work as hard to attract a tenant this winter season. New Yorkers looking to sign a new lease this winter should expect tougher negotiations and fewer concessions, and should be prepared to move when they find the right apartment.”

Below are some other key findings from the report per borough:

Manhattan: Median asking rents for 1-bedroom units increased significantly as it rose 9.1% to $3,438. Home prices in Manhattan dropped 4.0% to $1,095,039. The share of homes for sale with a price cut was 16.5%. This was the most significant drop in 5 years.

Brooklyn: The median asking rent for a 1-bedroom apartment in North Brooklyn jumped 19.1% to $3,200. Brooklyn home prices remained unchanged at $702,517.

Queens: Asking prices for 1-bedroom apartments increased 3.9% in Queens. The median asking rent jumped to $1,975. The borough had the fewest price cuts at 12.4% which was the lowest of all boroughs.

BJD Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://bjdpropertymanagement.com/rents-reach-all-time-highs-in-manhattan-brooklyn-and-queens-in-new-streeteasy-report/

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Gowanus Buildings Designated As Individual Landmarks Preserving Their Industrial Significance

The City's Landmarks Preservation Commission (LPC) has designated 5 Gowanus buildings to be considered as individual landmarks. This designation would pave the way in preserving the past industrial history of the area which has seen a significant change in the neighborhood due to proposed rezoning and new developments.

The Landmarks Preservation Commission voted unanimously on Tuesday to put the five Gowanus buildings on its calendar: the Batcave, the Old American Can Factory, the Gowanus Canal Flushing Tunnel Pumping Station and Gate House, the Montauk Paint Manufacturing Company Building and the ASPCA Rogers Memorial Building.

The Brooklyn Daily Eagle was able to interview some major figures that assisted in the furtherance of getting the buildings designated. Simeon Bankoff, the Historic Districts Council’s Executive Director told the Daily Eagle “Today’s designation vote is a crucial step in the process of preserving Gowanus’s important history and we are thankful to the Landmarks Commission for taking this action. There is still much more to be done.” He also believes that the designation was crucial as change in the neighborhood and there is a need to preserve the industrial past of the neighborhood. “We’ve seen the neighborhood change immensely over the past eight years and with the proposed rezoning, that change is only going to accelerate." Mr. Bankoff states. Linda Mariano of the Friends and Residents of Greater Gowanus stated that the 5 Gowanus buildings “represent and illustrate the Gowanus corridor’s authentic industrial past.” She further says “Some of us have advocated for landmarking for more than a decade, and our coalition has worked together for several years now in response to the city’s proposed rezoning. It is our hope that many more historic buildings in Gowanus will be landmarked, as they are certainly worthy.” Prior to the designation of the 5 buildings there were only 2 other designations in the Gowanus region. The Coignet building and the Caroll Street Bridge.

BJD Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

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Housing Reform Sends NYC Multifamily Sales Tumbling Per PropertyShark Report

A new report from PropertyShark indicates that the Housing Stability and Tenant Protection Act of 2019 (TPA) has adversely affected Multifamily sales in NYC. Per the report, multifamily sales are down 76% in volume year over year totaling only $284 million across Manhattan, Bronx, Brooklyn and Queens. At the same time last year, sales numbers were at $837 million for the time period.

PropertyShark analyzed multifamily sales in Manhattan, Brooklyn, Queens and the Bronx for the month of September to get as they say get “an accurate snapshot of the situation on the ground”. Besides finding that sales were down 76%, they also found that sales activity was down 34% against 2018 and there were only 55 deals during this period. That amount to the slowest period in the last 33 months. The volume of multifamily units also are down significant. The report states that sales of units transferred was halved. They state “only 1,146 multifamily units traded hands last month across the four boroughs, while September 2018 saw 916 units traded in the Bronx alone.” Across the four boroughs being reports units transferred was down 51% during the period. 14,509 multifamily units were sold wherein 25,368 was sold during the same period last year.

Across the 4 boroughs here is what the breakdown is:

Manhattan- The majority of the multifamily loss starts in Manhattan as it makes up more than half of sales for NYC and is the influential borough that affects the others. The report indicates that sales dropped significantly by 81% year over year. Sales amounted to $163 million for the month which is a significant dropoff from the $837 million the year before. Sales activity dropped 71% with only 5 deals closed.

Brooklyn- Brooklyn sales volume was down 68% from the same period last year. There were 21 deals that closed with the volume coming in at $57 million. The units traded were also down substantially. For the first 9 months of the year 3,639 units were transferred. In comparison 14,006 were traded during the same period last year.

Bronx- Bronx sales activity was down 64% with only 8 deals closing in the period. Sales volume came in at $28 million which is down a whopping 82% from 2018. Year to date sales are down 15% at $777 million. The report also indicates that prices were down 27% to $128,041 from 2018.

Queens- Queens was the only borough that showed positive figures. In the borough, there was a 100% increase in sales at $29 million which is up from $14.5 million from 2018. There was an 86% of sales activity as 147 units were transferred in 13 deals.

BJD Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://bjdpropertymanagement.com/housing-reform-sends-nyc-multifamily-sales-tumbling-per-propertyshark-report/

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StreetEasy Report Shows Record High Numbers Of Inventory For Sale In Brooklyn And Queens

StreetEasy released their 3rd Quarter 2019 Market Report recently. The report indicates that the number of homes for sale in Brooklyn and Queens. The number of homes for sale in Manhattan has also hit near all-time highs. The StreetEasy Market Reports are a monthly overview of the Manhattan, Brooklyn and Queens sales and rental markets. The reported are thereafter aggregated per quarter. It is derived from from public recorded sales and listings data from real estate brokerages that provide comprehensive coverage of Manhattan, Brooklyn and Queens.

The report indicates that although there is more competition as there is more inventory, sellers have been reluctant to give discounts as the concessions have remained pretty much unchanged from last year. The median size of the cuts were pretty much the same as last year as well. Brooklyn discounts rose just one percentage point to 22.3% and the median size of price cuts was 5.1%. Queens remained the same with a stagnant figure of just 19.3% giving price cuts with the median size of the cuts coming in at 4.3%. In Manhattan only 23.7% of sellers gave a discount, which is the lowest amount of 2019. The median size of price cuts in the borough was 5.3%.

Grant Long, Senior Economist for Streeteasy says the reluctance of sellers to reduce prices had made the rental market stronger. He states “Most sellers are still refusing to bow to the buckling market, causing would-be buyers to turn to the rental market, where they are finding a lot to like. Until sellers recognize that prices are not what they once were, those with the means to buy will continue to play the waiting game from the comfort of their rental. With job growth in the city continuing to support demand for homes, we expect to see an unusually competitive winter in the rental market, including likely record rates of rent growth.” Rents in Manhattan increased at the fastest rate since 2015 to $3,318 up 3% from last year. Brooklyn rents rose at the fastest rate in the city, up 3.9% to $2,712. Queens rents rose 3.3% to $2,200 which was its biggest jump since 2016.

BJD Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://bjdpropertymanagement.com/streeteasy-report-shows-record-high-numbers-of-inventory-for-sale-in-brooklyn-and-queens/

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City Council Approves Portions Of Bay Ridge And Sunset Park As Historic Districts

The City Council has finally approved portions of Bay Ridge known as ‘Doctors’ Row’ and four sections of Sunset Park as historic districts. This comes as the Landmarks Preservation Commission (LPC) voted to designation the areas as historic districts in June.  Historic district designation makes it much harder for developers to demolish the houses and replace them with taller multifamily properties. 

Doctors’ Row is located in the Bay Ridge section of Brooklyn located on the Bay Ridge Parkway between Fourth and Fifth Avenues. It consists of 54 row houses that were constructed between 1906 and 1913. It’s nickname was derived as a result of physicians having their offices there. It will be designated as Bay Ridge Parkway-Doctors’ Row Historic District. The buildings are all limestone row houses that are two stories tall with a basement and lined with trees. The block has not changed much since constructed in the early part of the 20th Century. Council Justin Brannan was an advocate on the getting the designation pushed through and praised the work of the block’s residents that formed a block association called the Bay Ridge Parkway 400 Block Association that assisted in persuading the city to turn the street into a historic district.

Four portions of Sunset Park will also be designated as historic districts. The sections that the Landmarks Preservation Commission voted unanimously to designate are Sunset Park North, Central Sunset Park, Sunset Park 50th Street, and Sunset Park South. The portions comprise of the following:

Sunset Park South: is made up of some 285 buildings and is located between 54th to 59th streets between Fourth and Fifth avenues.

Sunset Park 50th Street: comprised of 25 houses located between Fourth and Fifth avenues

The Central Sunset Park: comprised of 148 buildings located between 47th and 48th streets between Fifth and Sixth avenues, and Sixth Avenue between 47h and 49th streets.

Sunset Park North: has 56 buildings on 44th Street between Fifth and Seventh avenues.

The Brooklyn Eagle interviewed activist Joseph Svehlak during the unanimous vote for the designation. He shouted “After 30 years of advocacy, finally!” Mr. Svehlak also hopes that the Landmarks Preservation Commission consider creating a fifth Sunset Park historic district for blocks from 40th to 43rd streets between Fourth and Fifth avenues. More than 3,000 Sunset Park residents signed a petition calling for historic district designation and an estimated 400 property owners sent the commission’s letters of support for the measure.

BJD Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

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Hudson Yards Becomes Most Expensive Neighborhood In New York City

Property Shark has recently released their market study of the top 50 neighborhoods in New York City for the third quarter of 2019. Their study indicates that Hudson Yards has surpassed Tribeca as the most expensive neighborhood in the City with sales in the neighborhood coming in at a median price of close to $5 million dollars per property.

The methodology of median sales price was determined based on residential property sales closed between April 1, 2019 and June 30, 2019. The statistics were based on residential properties that are single-family homes, condos and co-ops. Package deals were exclude and a neighborhood had to have more than 5 residential sales. Of significance is that Manhattan, Queens and the Bronx all saw decreases in the amount of transactions year to year. A big reason theorized for the fall of transactions is the Mansion tax which went into effect on July 1st.

Manhattan’s median sale price fell below $1 million for the first time since the 4th quarter of 2016.  Also Brooklyn and Manhattan were the only two boroughs to have transactions over $3 million. The study states “Manhattan and Brooklyn were the only boroughs that saw units trade for more than $3 million. However, both saw significant drops in median home sale prices and transaction volumes. In Brooklyn, the percentage of sales greater than the $3 million threshold fell 44% Y-o-Y to just 24 sales. The median sale price over the threshold fell to $4,075,500—decreasing 3% Y-o-Y. Manhattan’s transaction volume in the high-end market fell more than 37% to 266 total transactions year-over-year. The median sale price for this market also dropped more than 10% Y-o-Y to $4,477,500—a decline of $515,000.”

Below are some highlights for the boroughs of Manhattan, Queens and Brooklyn:

Manhattan: Lower East Side’s median sale price grew 87% to almost $1.5 million. The Lower East Side moved the neighborhood 8 positions to #8. TriBeCa registered a 30% decline from 2018 to around $2.4 million. The Upper East Side had the most transactions in the quarter coming in with 539 sales at a median sales amount of $1.175 million.

Brooklyn: 2 of the top 10 neighborhoods came in from Broooklyn. Carroll Gardens’ median sale price of $1.43 million had them moved 3 spots on the list from #13 to the 10th spot. Cobble Hill saw a 102% increase with a median sales amount of $1.8 million. Cobble Hill came in at #7 on the list.

Queens: Queens had 10 of the most priciest neighborhoods on the list with Ditmars-Steinway coming in as the borough’s most expensive with a median sales of $1,075 million and #21 in the City. Old Howard Beach entered the list at #45 which was up 50% from 2018 and coming in at the 45th position.

BJD Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://bjdpropertymanagement.com/hudson-yards-becomes-most-expensive-neighborhood-in-new-york-city/

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