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**NEW LISTING** Upper East Side Two Bedroom, East 88th Street Elevator
Brand New East 88th Street Two Bedroom Share
Elevator Building with Laundry in the basement
Contact JAD Realty Group for showing times:
Jeffrey Ditri – 610.781.8417
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Brand New East 88th Street Two Bedroom Share
Elevator Building with Laundry in the basement
Contact JAD Realty Group for showing times:
Jeffrey Ditri – 610.781.8417
Gramercy / Murray Hill Share Below Market Three Bedroom Rental
Gramercy East 28th Street Share – Below Market
Available for May 1st Move in Date
Please call JAD Realty Group for showing times:
Jeffrey Ditri – 610.781.8417
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Gramercy East 28th Street Share – Below Market
Available for May 1st Move in Date
Please call JAD Realty Group for showing times:
Jeffrey Ditri – 610.781.8417
Market Reports: Pileup on Brooklyn-Queens Expressway
Brooklyn Waterfront Construction
Following in the footsteps of Manhattan, the Brooklyn and Queens real estate markets also posted price declines and huge drops in sales during the first quarter of 2009—but much like the boroughs themselves—they didn’t completely follow in the big island’s footsteps. Today the Prudential Douglas Elliman/Miller Samuel Brooklyn and Queens market reports were released (available for download here), and there are some juicy findings:
1) Brooklyn: The median sales price in Brooklyn was $474,600 during the first quarter, a 9.9% drop from the previous year’s median mark of $527,000. Interestingly, the decline was consistent across all property types (whereas Manhattan resales took a huge dip, while new-development closings actually went up in price thanks to cushy contracts negotiated forever ago). Unfortunately, like Manhattan, the number of sales took a nosedive—down 57% to 1,186. In North Brooklyn, which includes Williamsburg, the median sales price dipped 4.5%. Condos made up 84.5% of all sales in that area. The allegedly invincible Brownstone Brooklyn took a 9.4% hit in its median sales price, which decreased to $1,087,500.
2) Queens
: The median sales price fell 4.8% from last year’s $413,000 to $393,000, with similar declines by property type but different peaks and valleys based by region.
Northwest Queens, which includes Long Island City, saw nearly a 16% increase in its median sales price
(to $549,428) thanks to a large amount of new development (new units accounted for 47% of all sales in the area for the quarter). Sales declined 52.2% to 1,801, while inventory surprisingly dropped 7% to 10,421 units. The co-op marker saw the smallest decline in median sales price across the borough, with less than a 1% drop.
Manhattan Rental Market Report
As the first quarter closes, we find that prices in Manhattan continue to lag in year-over-year comparisons. The largest difference this month is in doorman studio units, which decreased 10.43%. Doorman two-bedrooms were the relative stand-outs this month, only having fallen 2.59% since this time last year. It should be noted that these numbers do not take into consideration concessions, which would likely have shown an even more prominent downward trend, especially in doorman units.
In month-to-month comparisons, non-doorman units are flat overall, while doorman units fell 2.01%. Hidden within the data was actually an increase in non-doorman two-bedroom units by 2.28%.
As for vacancies, doorman units continue to fall in price while offering aggressive concessions, and in turn, inventory levels have stopped rising and flattened out this month. This is a positive sign for doorman property owners and landlords who have been proactively attempting to fill their units via such actions. Non-doorman units, however, did not see the same price cuts and so their inventory levels actually climbed by 10% this month – illustrating just how price sensitive the current market is.
As Manhattan begins to show direct and proper responses to market actions, I am becoming ever hopeful that we are moving towards a healthier rental market, or at least, that seasonality trends will again be upon us soon. Landlords, property owners and consumers still have a long road to find the middle ground, but I am confident in the market’s ability to do so.
A Quick Look
March Average Rental Prices in Manhattan
| Non-Doorman | Doorman | |||
|---|---|---|---|---|
| Most Expensive | Least Expensive | Most Expensive | Least Expensive | |
| Studios | TriBeCa, $3017 | Harlem, $1291 | TriBeCa, $2680 | Harlem, $1330 |
| One-bedrooms | TriBeCa, $4106 | Harlem, $1635 | SoHo, $4387 | Harlem, $1845 |
| Two-bedrooms | TriBeCa, $6278 | Harlem, $2100 | TriBeCa, $6932 | Harlem, $2717 |
Greatest Changes Since February
| Non-Doorman | Doorman | |
|---|---|---|
| Studios | TriBeCa +9.54% (+$263) | Midtown West -9.57% (-$225) |
| One-bedrooms | TriBeCa +5.44% (+$212) | SoHo -7.56% (-$359) |
| Two-bedrooms | SoHo +7.03% (+$264) | Lower East Side -8.41% (-$354) |
Year-over-year Changes
| Non-Doorman | Doorman | |||||
|---|---|---|---|---|---|---|
| March ’08 | March ’09 | Change | March ’08 | March ’09 | Change | |
| Studios | $2059 | $1959 | -4.84% | $2586 | $2316 | -10.43% |
| One-bedrooms | $2792 | $2624 | -6.03% | $3578 | $3329 | -6.95% |
| Two-bedrooms | $3858 | $3738 | -3.12% | $5265 | $5129 | -2.59% |
Notable Trends
Non-doorman units hold prices — Non-doorman units across the city were flat on average this month, but even though prices held, vacancies rose 10%. As vacancies rise, it seems that prices may not yet have reached equilibrium levels – especially with inventory levels already high.
Service sees prices fall, but inventories hold — While non-doorman units appear to have continued disparity between supply and demand, the doorman sector seems to be working on a solution. Doorman units saw prices fall around 2% on average this month, but vacancies remained flat. As landlords continue to drop prices and offer incentives, it seems as though excess inventory is being absorbed by consumers looking to take advantage of the market.
East vs. West — In both Midtown and Uptown, the story of price drops can be told in an east vs. west battle. As the bubble began to burst, the eastside saw prices tumble first, but this month, the westside of Manhattan appears to be outpacing its counterpart for price drops. The westside is down 3% this month, while the eastside remained flat.
Where Prices Decreased
Harlem—Doorman studios (-1.64%), non-doorman one-bedrooms (-0.97%), doorman one-bedrooms (-1.79%)
Upper West Side—Non-doorman studios (-0.65%), doorman studios (-2.19%), non-doorman one-bedrooms (-2.34%), doorman one-bedrooms (-0.6%), non-doorman two-bedrooms (-1.22%), doorman two-bedrooms (-0.6%)
Upper East Side—Non-doorman studios (-0.67%), doorman studios (-3.28%), non-doorman one-bedrooms (-1.93%)
Midtown West—Non-doorman studios (-5.98%), doorman studios (-9.57%), non-doorman one-bedrooms (-0.64%), doorman one-bedrooms (-5.12%), non-doorman two-bedrooms (-3.42%), doorman two-bedrooms (-3.89%)
Midtown East—Non-doorman studios (-3.46%), non-doorman one-bedrooms (-5.06%)
Murray Hill—Non-doorman studios (-0.85%), doorman studios (-3.02%), non-doorman one-bedrooms (-3.38%), doorman two-bedrooms (-0.61%)
Chelsea—Doorman studios (-1.91%), non-doorman one-bedrooms (-0.66%), doorman one-bedrooms (-0.87%), doorman two-bedrooms (-1.14%)
Gramercy Park—Non-doorman studios (-7.06%), doorman studios (-1.55%), doorman two-bedrooms (-4.35%)
Greenwich Village—Non-doorman studios (-2.33%), non-doorman one-bedrooms (-3.37%), doorman one-bedrooms (-4.1%), non-doorman two-bedrooms (-1.16%), doorman two-bedrooms (-8.4%)
East Village—Non-doorman studios (-1.85%), doorman studios (-0.47%), non-doorman one-bedrooms (-1.05%), doorman one-bedrooms (-6.27%), doorman two-bedrooms (-5.87%)
SoHo—Non-doorman studios (-5.59%), doorman studios (-2.35%), doorman one-bedrooms (-7.56%), doorman two-bedrooms (-1.76%)
Lower East Side—Non-doorman studios (-2.41%), doorman studios (-3.28%), doorman one-bedrooms (-2.56%), doorman two-bedrooms (-8.41%)
TriBeCa—Doorman studios (-0.66%), doorman one-bedrooms (-1.35%), doorman two-bedrooms (-6.52%)
Financial District—Non-doorman studios (0.94%), doorman studios (2.08%), doorman one-bedrooms (2.68%), non-doorman two-bedrooms (7.90%), doorman two-bedrooms (0.80%)
Battery Park City—Doorman studios (-1.44%), doorman two-bedrooms (-1.41%)
Where Prices Increased
Harlem—Non-doorman studios (1.81%), non-doorman two-bedrooms (0.06%), doorman two-bedrooms (1.3%)
Upper East Side—Doorman one-bedrooms (0.99%), non-doorman two-bedrooms (0.49%), doorman two-bedrooms (4.51%)
Midtown East—Doorman studios (1.03%), doorman one-bedrooms (3.35%), non-doorman two-bedrooms (4.16%), doorman two-bedrooms (1.11%)
Murray Hill—Doorman one-bedrooms (0.82%), non-doorman two-bedrooms (3.64%)
Chelsea—Non-doorman studios (4.84%), non-doorman two-bedrooms (3.95%)
Gramercy Park—Non-doorman one-bedrooms (2.8%), doorman one-bedrooms (0.08%), non-doorman two-bedrooms (1.63%)
Greenwich Village—Doorman studios (1.42%)
East Village—Non-doorman two-bedrooms (5.83%)
SoHo—Non-doorman one-bedrooms (3.97%), non-doorman two-bedrooms (7.03%)
Lower East Side—Non-doorman one-bedrooms (1.36%), non-doorman two-bedrooms (4.24%)
TriBeCa—Non-doorman studios (9.54%), non-doorman one-bedrooms (5.44%), non-doorman two-bedrooms (4.74%)
Financial District—Doorman one-bedrooms (0.65%)
Battery Park City—Doorman one-bedrooms (0.49%)
Tips for Renters
- Midtown West: the destination for non-doorman units. Midtown West has long been a neighborhood known for a central location and good value, but that value has gotten even better. With non-doorman units falling over 3% this month, apartments in this area have become an even better bargain. Non-doorman studios are now the lowest priced units, with the exception of Harlem, at $1,670.
- Clear choice: LES. If you’re looking for a one-bedroom apartment with service, forget the rest of Manhattan, renters should be combing the LES for deals. One-bedroom units are currently averaging $2,547 – over $450 cheaper than any other central Manhattan location.
- Safety, security and service. Battery Park City prices have continued to fall from their heights of last spring and summer. Units in this area are down an average of 14% from their peaks, making them an excellent value for those looking for service and a quieter location.
Mean Manhattan Rental Prices
The Mean Rental Price graphs illustrate average monthly rents for studios, one–bedrooms and two–bedrooms in doorman and non–doorman buildings in Manhattan for the month of March 2009. Graphs tracking citywide and neighborhood price changes over a rolling 13-month period follow.
Manhattan Price Trends
Neighborhood Price Trends
Upper West Side
Upper East Side
Midtown West
Midtown East
Murray Hill
Chelsea
Gramercy Park
Greenwich Village
East Village
SoHo
Lower East Side
TriBeCa
Financial District
Battery Park City
Harlem
The Report Explained
The Manhattan Rental Market Report is the only report that compares fluctuation in the city’s rental data on a monthly basis. It is an essential tool for potential renters seeking transparency in the NYC apartment market and a benchmark for landlords to efficiently and fairly adjust individual property rents in Manhattan.
The Manhattan Rental Market Report is based on data cross-sectioned from over 10,000 currently available listings located below 155th Street and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus).
Tribeca Live/Work Loft 2500 SQFT W/D **REDUCED TO RENT**
Franklin Street Loft – 2500 Sq Ft
**REDUCED TO RENT**
For showing times, please contact JAD Realty Group:
610.781.8417
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Franklin Street Loft – 2500 Sq Ft
**REDUCED TO RENT**
For showing times, please contact JAD Realty Group:
610.781.8417
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