A bunch of new office space is going to flood New York City by the end of the year
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According to this week’s market reports, 5.2 million square feet of office space are scheduled for completion in the last remaining months of 2017 in Brooklyn and Manhattan, and 5.6 percent of home sales nationwide were flips.
Residential
Townhouse sales | Leslie J. Garfield & Co.
In the first two weeks in September, six townhouses went into contract in Brooklyn and Manhattan, 27 townhouses entered the market, and 26 dropped their ask. Read the full report here.
Luxury sales | Olshan Realty
Twenty-three residential contracts were signed last week at $4 million and above, the first week in almost three months for luxury sales volume to edge above 20. The total asking dollar volume was $197 million. Read the full report here.
Flipping report | ATTOM Data
The home flipping rate of 5.6 percent in the second quarter of 2017 was down from 6.9 percent in the previous quarter but unchanged from a year ago. The average return on investment was 48 percent, down 1 percent from the previous quarter. Read the full report here.
Commercial
Office update | JLL
Overall asking rents in Midtown South closed the month of August at $74.22 per square foot, relatively unchanged from the previous month. Class A asking rents saw a slight month-over-month increase from $81.66 per square foot in July to $82.19. Read the full report here.
Office deliveries | CommercialCafe
Manhattan and Brooklyn together will see 5.1 million square feet of office space delivered through the fall and winter of 2017, across 15 projects. The two biggest project are the Brooklyn Navy Yard’s Building 77 and One Soho Square, at 940,000 and 740,000 square feet respectively. Read the full report here.
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