Eastern Consolidated releases neighborhood report for core Manhattan
April 06, 2017 - New York City
New York, NY Eastern Consolidated has published a report called View from the Street that includes a snapshot of relevant investment sales, retail leasing, and residential rental data for every neighborhood in core Manhattan, according to Peter Hauspurg, chairman and CEO. “We produced this report because our clients requested one resource where they could find investment sales comps and asking retail and residential rents for the neighborhoods in which they own properties,” Hauspurg said. “Since our brokers operate in every neighborhood in New York City, we’re pleased to share their expertise to help clients make informed decisions about selling, repositioning, or refinancing their assets.” Hauspurg said the report shows that there is a wide range of asking retail rents in neighborhoods citywide. “While asking rents for retail space on major Manhattan corridors such as Fifth Avenue, Madison Avenue, East 57th Street, West 34th St., and Times Square can range from $1,000 to $4,500 per s/f,” Hauspurg said, “our analysis shows that there are dozens of blocks in prime neighborhoods where our retail brokers are leasing spaces to entrepreneurial retailers for under $200 per s/f.” The report also includes a breakdown of international, institutional, REIT, private, and users buying commercial real estate assets in core Manhattan. Of the foreign buyers, the share of Chinese investment increased from $4.7 billion in 2015 to $6.5 billion in 2016, the highest level of international investment last year. View from the Street, Neighborhood Overview: Manhattan is available by clicking here.