Town Residential, leading New York real estate brokerage company and publisher of The Aggregate released its 2016 Second Quarter Inclusive Manhattan Market Report. The firm has its footprint throughout Manhattan and other areas in NYC providing superior customer service, residential real estate services, and comprehensive knowledge of the neighborhoods. The sources used to analyze condominium and cooperative sale transactions in Manhattan included NYC Department of Finance Sales Report and REBNY Listing Service. Urban Digs Analytics provided all analytics data in The Aggregate residential market analysis. The final report shows comparison of asset classes which comprise of condo, condo cooperative and cooperative apartment sales.
From April through the end of June of 2016, the report revealed trends fluctuated up and down after carefully examining Manhattan neighborhoods individually. There was decrease in luxury new development sales in the second quarter compared to first quarter 2016. Sales decreasing in the market had an effect on inventory levels and days on market, which includes the days between original listing date and date of sale. Condo, condo operative and cooperative apartment sales decreased the second quarter compared to first quarter in average sales price, average price per square-foot, median sales price, and median price per square-foot. When the data is compared to second quarter 2015, there is an increase in average & median sales prices and average & median prices per square-foot.
The Aggregate Manhattan Market Report also analyzed the number of days registered properties stayed on the market until the actual sale date. It revealed real estate properties remained on the market an average of 60 days, which is a five percent increase compared to first quarter 2016 and 18 percent increase compared to second quarter 2015. By the end of June 2015, properties remained on the market no more than 49 days and gradually increased to 57 days the end of March 2016. The report doesn’t indicate that the Manhattan Market is in trouble, but slower than the first quarter. New York City has a promising stable economy, especially with its increase in jobs, employment opportunities and population.
Andrew Heiberger and Joseph Sitt co-founded Town Resident focusing on residential real estate, new development, sales, rentals, and marketing. Town Professional Agents and Executives have previous experience offering rental, marketing, luxury sale, and new development real estate services in NYC. The firm has a team comprising of hundreds of real estate experts in Manhattan neighborhoods with extensive knowledge of market trends and brilliant real estate.
According to the Real Deal (July 27th, 2016), sources are saying Andrew Heiberger recently became the sole owner of Town Residential, after a buyout agreement between the two partners. Each partner had 50 percent ownership rights when the company was established in 2010. The buyout transaction included all of Town’s affiliates; Town Commercial, Town New Development and Town Marketing & Leasing. Town Commercial was organized in 2015 and was the most recent growth strategy of the brokerage firm. Mr. Heiberger is now the Principle, CEO and Chairman of Town Residential and all its affiliates serving the New York City and Manhattan neighborhoods.