New York City has built its reputation for being a safe haven in the luxury real estate market. Numerous investors have also been drawn to New York due to the stable prices, ease of access, and relative liquidity. As of September 2015, New York Real Estate News reported that approximately half of Brooklyn’s development has been sold. In the residential market, Manhattan’s absorption rate fell slightly while Midtown and Midtown East saw a sharp absorption decline as developments sales closed. In the commercial market, there has been a 97 percent increase in dollar volume from August, with multifamily sales totaling approximately $1.7 billion. Rents are also beginning to rise, with asking prices up 14.3 percent. Additionally, nearly 22 million square feet of office space was leased in Manhattan during the first three quarters of 2015.
Luxury real estate property has increased by approximately 50 percent since 2006. While this is outside of traditional financial investments, it is portrayed as both sound and secure. Financial institutions within the United States have helped increase the number of investments through keeping short-term interest rates low, ultimately helping the economy as a whole. TOWN Residential is a leading firm in luxury real estate services. Specializing in residential sales and leasing as well as marketing, sales, and leasing of property developments, TOWN Residential is named a Best Firm to Work For and one of the Top 50 Best Places to Work in New York City. Founded in 2010, TOWN is a leading standard in real estate and is an integral part of the industry’s landscape. This is just one prime example of how businesses are taking advantage of the repaired real estate market.
This year has been highly favorable to New York City, with a boost in the economy driving a wealth of real estate sales and an increase in rental agreements. Manhattan median rents alone reached $3,400, which is a 7.1% jump from last year. Brooklyn’s median rents reached $3,112, which equates to a 10.8% jump from August 2014. While not enticing to consumers, it shows the strength in the economic stability of the city. Predictions state that prices will only continue to surge in the coming months. New York City has shown to be one of the most competitive cities in the United States in terms of its rebound in the market as a whole.