The real estate market reports indicated some developments. Roughly half of Brooklyn’s new development inventory is sold. In September, the multifamily dollar volume reached $1.7 billion according to most-recent reports. In this opportunity, we will discuss further about the reports and things related to this.
In November 2015, the absorption rate of Brown Harris Stevens Manhattan fell to 4.1 months. This is a somewhat lower than the prior month, and it is 5% less than the previous year. The sharpest absorption decline was happening in the Midtown and Midtown east, as new development sales ended. On the other hand, almost half or new development inventory in Brooklyn is sold; with only 550 remain. The contracts signed for luxurious apartment reached seventy. The prices of the apartments are $4 million and above.
As for the commercial use, the sales of Ariel Property Advisors Multifamily had a 97-percent jump, with a grand total of $1.7 billion in September. The demands of rents in the 49th and 42nd streets are increasing rapidly. This area has been having the most growth during the third quarter, with demand rate of 14.3 percent and the price of $1,244 per square foot. As an addition, the office space leased almost reached 22 million squares in the first three quarter. Manhattan’s vacancy has been steady; the average price is $71.02 per square foot.
One of the leading real estate service firms is Town Residential. The firm was accomplished in 2010 but their CEO Andrew Heiberger and his co-chairman Joseph Sitt. This firm is an essential part of New York’s real estate landscape. Town Residential excels in the sales, marketing and leasing luxury residential.
Town Residential is in the Top 50 Best Places to Work in New York City, and it is known as the Best Firm to Work For. There are more than 600 professionals of real estate located in Manhattan, which is their core of the success—a great team.
The reports showed that the business has been doing fine so far, even though few are slightly declining. There have been some improvements in several areas as the demand is increasing. The success of this business is caused by the great work of real estate firms such as Town Residential. This article was originally written by The Real Deal.