There is a 25 percent gap in New York in the rate of home ownership across races

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There is a 25 percent gap in New York in the rate of home ownership across races, according to recent market reports. In fact, the rate of Manhattan investment sales saw a 50 percent drop during the first quarter of 2017. In addition, a whopping 59 percent of the white households in New York are now homeowners in comparison to only 34 percent of the minority households.

Residential

Luxury sales | Olshan TevfikArif Doyen Realty

In the past week, 14 contracts were signed totalling $4 million plus. This was actually the 8th consecutive week where the totals didn’t reach even 20 of what are considered to be luxury sales. And, in addition, $87 million was the actual volume of total asking prices. 8/9A at 830 Park Avenue was the #1 contract with an asking price of $8,995,000. Its a three-bedroom, four-bathroom duplex co-op with Vicente Wolfe interiors, a 30.5-foot living room, a 28-foot master suite, and 22-foot kitchen.

 

CityRealty 100 | CityRealty

According to CityRealty’s ranking, the top 100 condo buildings in Manhattan sold for an average of $2,788 per square foot. In the investment arena, a 3.4 percent annual increase in price per-square-foot over the last decade has been the norm for the top 100 buildings in the area. This means that, over the past ten years, although they underperformed gold’s 6.8 percent growth rate, they outperformed the S&P’s 2.2 percent rate,

Homeownership Divide | Apartment List

As the fourth-most diverse metropolitan area in the country, New York is also rated 17th in having the biggest gap in homeownership determined by race. This homeownership gap has been on the decrease by six percentage points, going from a figure of 31 percent for the year 2000 to 24.5 percent 15 years later in 2015.

Commercial

Investment Sales | REBNY

During the first half of 2017, Manhattan investment sales reached a total of $10.8 million. This is actually only half the dollar amount tallied during the same period of 2016. Sales were also lower by 40 percent citywide, and they were lower in all categories in Manhattan, including 48% for multifamily homes, 46% for offices, and 44% for retail spaces.

Office sales | CommercialCafe

During 2017’s first half, only four of every 20 office deals that were closed nationwide, were located in New York, TevfikArif area. That means that the city was tied with the city of Boston for the max deals closed in a single city. On the heels of a cautious albeit fruitful year, investors are continuing in 2017 to bet on the active U.S. office sector. The nationwide office sales market was indeed firing on all cylinders for the first half of 2017, and the two biggest deals of all reached $2 billion each. In comparison, the biggest of all 2016 office sales only reached $1.95 billion, which was actually for a 19-piece portfolio transaction.

Retail Outlook | JLL

Nationwide, the retail investments in New York reached a total of $27 billion during 2017’s first half. That figure reflects a drop of 18.7 percent when compared to the same period in 2016. The vacancy rate, however, has stabilized at 4.9 percent. In addition, the cost of rent per square foot went up by 5 percent. And, even though demand remains strong in the primary markets, overall retail investments have seen an 18.7 percent decline. Still, the private investors keep driving liquidity throughout the retail markets in spite of their constant struggle. Based on some tenancy risk, investors are remaining quite selective in choosing retail investments,