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Elliman Report: Manhattan, Brooklyn & Queens Rentals 8-2017

MANHATTAN Manhattan new leasing activity was at the highest level we’ve tracked since 2008 representing a combination of new development added to the housing stock and tenant push back at the time of renewal. There were 7,061 new leases signed during August, up 12.3% from the same period last year and the most signed since January 2008, the beginning of the monthly survey period…

BROOKLYN Brooklyn median rent after concessions continued to slide. Net effective median rent slipped 0.3% to $2,851, the fourth consecutive month with an annual decline. The market share of landlord concessions slipped from the prior month record to 20.4%, the second highest concession share on record, double the market share of the same period last year…

NW QUEENS The northwest Queens rental market, comprised of the neighborhoods of Long Island City, Astoria, Sunnyside, and Woodside, remains dominated by new development. Within the new development submarket, representing 43% of new leases, 82.4% of those rentals had a landlord concession while only 16.3% of new leases in existing buildings had a concession…

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