View from the Street Neighborhood Overview: Manhattan
EASTERN CONSOLIDATED VIEW FROM THE STREET NEIGHBORHOOD OVERVIEW: MANHATTAN APRIL 2017 EASTERN CONSOLIDATED www.easternconsolidated.com VIEW FROM THE STREET NEIGHBORHOOD OVERVIEW: MANHATTAN OVERVIEW Dear Friends: Of the international investors, Chinese While asking rents for retail space on firms increased their acquisitions of major Manhattan corridors such as Fifth We are pleased to introduce the Manhattan properties to $6.5 billion in Avenue, Madison Avenue, East 57th inaugural issue of View from the Street, 2016, up from $4.7 billion in 2015. The Street, West 34th Street, and Times Eastern Consolidated’s research report most significant transactions included Square can reach up to $4,500 per on neighborhoods in core Manhattan, China Life’s investment in 1285 Avenue square foot, our analysis shows that which will provide you with a snapshot of the Americas, which traded for there are dozens of blocks in prime of recent investment property sales, $1.65 billion in May 2016, and China neighborhoods where entrepreneurial average residential rents, and average Investment Corporation’s investment in retailers can and do rent retail space for retail rents. 1221 Avenue of the Americas, in which under $200 per square foot. partial interest traded for $1.03 billion in As is historically the case in Manhattan, December 2016. Our review of residential rents shows neighborhoods with significant office that asking rents for two-bedroom buildings such as Midtown West, Investor interest in cash-flowing multifamily apartments are ranging from a low of Midtown East, and Nomad/Flatiron properties remained steady throughout $3,727 on the Lower East Side up to recorded the highest dollar volume 2016, with nearly 60 percent of these $9,370 in Tribeca.
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