A glimmer of hope on the horizon for commercial real estate—current statistics show a 63 percent increase in commercial real estate sales volume in the first quarter, according to Eastern Consolidated’s economic indicator report. Employment in New York City grew by 37,100 jobs in the first quarter, and Manhattan office availability rate fell to 13.4 percent from 13.7 percent at the end of 2009.
For the latest in the residential market, check out the table below using data from the StreetEasy real estate site.
Recorded Sales
Fifty-seven sales were recorded in New York City over the last seven days, eight up from the previous week. Three property shuffles saw a commercial unit being sold from neighbor to neighbor for $1 in Long Island, a house being transferred into joint ownership for $10, and a timeshare in Times Square sell for $177.
A piece of land—the untouched commodity—sold for $62,000 at 876 Livonia Ave., Brooklyn. The most expensive sale, at the Sovereign at 425 E. 58th Street in Sutton Place went for $3,925,000. The two-bedroom, 3.5-bathroom co-op has a souped-up master bedroom featuring an alcove for a spacious home office and two spas, like his and hers baths, with a whirlpool tub, two steam showers, dressing tables, bidet and... you get the picture.
The least expensive residential sale was a co-op in Oakland Gardens, Queens, for $125,000
Sales By Borough
Manhattan had 28 recorded sales last week, up slightly on the previous week’s sales of 21. The highest price went to a two-bedroom, three-and-a-half-bathroom co-op at Sutton Place for $3,925,000. From NoHo, Flatiron, and Gramercy Park, the sales were spread throughout Manhattan to Lincoln Square, Turtle Bay, and Carnegie Hill.
Brooklyn remained steady with 11 sales last week. A one-family house at 775 East 19th St., Midwood, was the most expensive, selling for $1,325,000. This 3,584-square-foot home is one of only two in the borough that topped the $1 million price tag this week.
Queens was down two sales from the previous week, with a total of 13 last week. The most expensive was a two-family house at 244-09 73rd Ave., Little Neck. This 2,184-square-foot place went for $766,000, working out to be $350 per square foot. Sales in Queens were spread far and wide, giving no particular suburb the hot edge over another.
The Bronx boosted its sales numbers this week from two the previous week, to five. The Solaria Riverdale sold another two-bedroom, two-bathroom condo, with 12D going for $981,750. The Solaria has had 41 previous sales listings at an average of $741 per square foot and 15 recorded sales at $693 per square foot. Looks like the buyer can definitely bargain down on this one.
Staten Island had no sales in the past 14 days.
