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NEW YORK—When unemployment soars, commercial real estate prices plummet. The Real Estate Board of New York (REBNY) found that asking rents in Manhattan retail dropped 9 percent in a year since September 2008, when Lehman Brothers failed.
The areas where values dropped most include 34th St. between 5th and 7th Ave., and Broadway between Battery Park and Chambers St. The commercial rents in some areas picked up, though. Fifth Avenue (by 46 percent), the Meatpacking district (by 23 percent), SoHo (by 12 percent), and Times Square (by 6 percent).
REBNY President Steven Spinola said the shifting market may prove opportune for smaller retailers. “Retailers that were formerly priced out of the market now have an entry point for the first time in years,” he said in a press release.
Sales
A look at the most and least expensive properties among the listings on Streeteasy.com: At first place for most expensive is a Lenox Hill townhouse for $75,000,000. With 21,000 square feet of space and easy access to Central Park East, 22 E. 71st St. has been patiently waiting for a loving owner for 585 days. The building was designed by C.P.H. Gilbert in the 1920s.
An eight room condo south of the Park is now in contract. One Central Park South has gone out for $39,500,000 after having spent only 49 days on Streeteasy.
Now onto the lowest priced sales listings. For $42,810, you could get 1,224 square feet (3 bedrooms/3 bathrooms) at 2552 E. 19th St. in Sheepshead Bay. The brick house has a front and backyard, too, and is six blocks from the Sheepshead Bay B/Q subway station. One thing to note, though—the Century 21 broker who listed the property says it needs "TLC.”
In the last seven days, 23 sales were recorded across the city.
Rentals
Five apartments were recently put up for rent at 250 E. 53rd St. in Sutton Place. The condo, called The Veneto, is right by 2nd Ave. Its apartments come fully furnished and residents have access to an exclusive club and entertainment lounge. The rent for a 970 square foot unit (1 bedroom, 2 bathrooms) is $5,800.
Also listed on Nov. 18 was 305 Second Ave. in Gramercy Park $4,492 (no fee). The owners are open to shares, guarantors, and pets. The unit in question is a duplex with two bedrooms and one bathroom.
An apartment at 967 Columbus Ave. was listed for $2,200 (no fee) by Bellmarc. With 550 square feet, it comes with two bedrooms and one bathroom.
New Developments
Two up and two down this week in the price movers among new developments.
Making modest price increases are 1 Powers St. in Williamsburg, where a two-bedroom costs $545,000, and The Oakland in nearby Greenpoint. There a two-bedroom costs $580,000.
Seeing price declines are 660 Dean St. in Brooklyn and 20 Pine in the Financial District, which we've been watching drop prices for many weeks now. At the former location, a two-bedroom is $549,000.
