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REBNY Turns Attention to the Boroughs

NEW YORK CITY—The association has recognized the need for more programming focused outside Manhattan. James Nelson provides an update on what's driving the demand.

By James Nelson | Updated on February 12, 2015

NEW YORK CITY—2014 was the “year of the boroughs” for New York City. After the correction in the market in 2009-2010, we saw a flight to safety with Manhattan sales leading the recovery. In 2011, Manhattan generated 32% of the sales, even though the borough accounts for only 17% of the city’s properties. This year, it looks like that level will decline to a more proportionate share of the sales with only 17% of the sales, meaning that the boroughs should end up with about 83% of the city’s activity.

Concurrently, there has been a big increase in investment sales values in Manhattan with a projected 24% increase in sales value from 2014 over 2013. Whereas the increase in sales value in Brooklyn and Queens were only 14% and 5%, respectively, with the Bronx showing a slight 1% drop. This would suggest that there is more upside in borough values, as Northern Manhattan has already witnessed this with a 23% increase in value.

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