THE FIDI REPORT: 2Q17
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Sales
The average price of an apartment in the Financial District skyrocketed in the 2nd Quarter of 2017 to a new record of $1,833,253. Driven by closings at the areas new developments including 50 West Street and 101 Wall Street, the neighborhood saw double digit percentage increases in all pricing metrics. Also volume of closings increased over 40% YoY to 108 units.
• Two bedroom units showed the largest price increase to $2,612,571
• Studios and One bedrooms continued to be the most active sizes with over 70% of the market share combined
• The average PPSF in the neighborhood increased to a new record of $1,605
Rentals
The rental market in the second quarter of the year showed a strong shift in the landlord’s favor. With the local vacancy rate dropping and inventory decreasing, by the end of June landlords have started to remove some of the concessions from their offering. Virtually all face-value pricing metrics increased from both the previous quarter and year to an average rent of $4,686 per month. We also saw a large increase in the number of units rented from the previous quarter though we are still down roughly 15% YoY.
• The average rent continued to increase to a new record of $4,686 per month
• Number of units rented is up from the previous quarter but down from the previous year
• Studios continued to stay in high demand increasing in volume almost 50% from the previous quarter to 327 units rented
