The BPC Report: 1Q2021
- 2020 has been a tumultuous year in NYC but regardless of everything that has happened over the past year, 2021 is shaping up to be a very strong year in sales in Battery Park City and in NYC in general.
- Average Days on Market has gone down by almost 13% over the previous quarter to 128 days.
- The average price has gone down over 3% from Q4 2020, and over 15% from Q1 2020 accompanied by a nearly 9% drop in available apartments
- There was a 54% increase in units sold over the last quarter.
- The rental market in Battery Park City has been hard hit over the past year with the past six months showing a vacancy rate of 20-30% in some buildings and a more than 25% reduction in rents.
- From Q4 2020 to Q1 2021, there was more than a 30% increase in number of units rented in Battery Park City.
- Even more telling is the more than 65% increase in number of units rented in Q1 2021 compared to Q1 2020.
- While the average price is more than 10% below Q1 2020 prices, there was a 3% increase in the average rental price in Q1 2021 from Q4 2020.
- For the first time since the beginning of COVID, studio apartments led the way in number of units rented. 63 studios were rented in Q1 2021, an increase of over 40% from Q4 2020 and over 133% increase compared to Q1 2020.
- Landlords are currently offering an average of 2.5 to 3 months free rent on a 12-month lease.