New York City is one of the most expensive cities in the U.S. to rent in so one can only imagine the price tags of the units actually for sale. Investing in real estate in New York City can be expensive, but nevertheless, an investment if NYC is the city where you see yourself living for the rest of your life. With more than 8.5 million people residing, across the five boroughs, there are plentiful of housing and investment opportunities for those looking to purchase real estate. This monthly report has its focus on the previous transactions made in June, showing the most expensive transactions (commercial transactions excluded), celebrity transactions, and some statistics to go along with it. The data for the report is provided by ACRIS.
Some information about ACRIS
With data publicly available by ACRIS (ACRIS being the Automated City Register Information System) the public can search property records and view documents for Manhattan, Queens, Bronx, and Brooklyn from 1966 to the present. While RealtyHop has incorporated a feature that allows users of the site to conduct their own searches for buy/sell events by individuals, organizations, or property addresses, a report showing the number of transactions made in the past month as well as some insight to what properties go for, in which borough, has been provided in the report.
A brief look at the month of June
Total transactions statistics:
- Like the past months, Queens is again the borough with the most transactions. For the month of June, Queens ended up with 34% of the total number of transactions. Again, we see that Queens had a 1% decrease in the overall transactions from the past month. This is after obvious commercial transactions, unknown transactions, and transactions under $100,000 were excluded.
- The borough of Manhattan takes second place with approximately 30% of the total transactions for the Month of June. That’s a 4% increase from last month.
- In third place, we have Brooklyn with 27% of the total transactions back in June. For the month of May, Brooklyn scored approximately 29% of the total transactions. Which leaves Brooklyn with a 2% decrease in total transactions for June compared to the month of May.
- Again, the Bronx comes in at last place. However, the total number of transactions in the Bronx did not increase or decrease this month. Instead, it stood the same, at 10%.
Median closing price per borough:
- Not surprisingly, Manhattan is again the borough with the highest median closing price. For the month of June, Manhattan had a median closing price of $950,000. That’s 10% less than for May when the median closing price for Manhattan was $1,050,000.
- Following the trend of last month, the borough with the second highest closing price is again Brooklyn. For the month of June, the borough ended up with a median closing price of $772,500, that’s also a lower closing price than what we saw last month when Brooklyn had a median closing price of $808,855, making it a decrease in closing price for Brooklyn this time around.
- Queens, again, ranks third with a median closing price of $575,000. That’s just a slight increase from the previous month, showing an increase of $15,000 for the month of June.
- The borough of Bronx ranks last with the lowest median closing price of the boroughs, with a median closing price of $430,000. The Bronx also only had a slight decrease in the median closing price, with the decrease for the month of June being $9,450.
- Manhattan and Brooklyn both saw a decrease in the median closing price per borough while Queens and the Bronx saw an increase, all though, the increase was only a slight increase in the median closing price.
Celebrity transactions in June
Last month we mentioned that several celebrities have been spotted putting their apartments up for sale and that maybe we would be seeing more celebrity transactions for the month of June than we did for the month of May. While we, unfortunately, weren’t able to track down celebrity purchases, we did see a couple of sold properties for the month of June, all from celebrities in similar fields.
– Tina Brown and Sir Harold Evans, known for being a media power couple, finally sold their listed maisonette back on June 21, 2018. The couple listed the place for sale back in 2016 and has now finally sold. The original asking price was listed at $9,750,000 back in 2016 but sold for $6,630,000 back in June.
– Katie Couric, the American journalist and author, departed with her Upper East Side Park Avenue apartment back on June 13, 2018. The apartment went for $7,785,000, which is not too far from the original asking price of $8,250,000.
– The Today Show’s host, Savannah Guthrie and her husband sold their apartment located in popular Tribeca back in June, to be specific the deal closed on June 11, 2018. This couple originally listed the apartment for sale back in 2017 with an asking price of $5,995,000 and it sold for $5,400,000.
An overview of the total transactions made in June
The table below shows the total transactions in May for the boroughs Manhattan, Queens, Brooklyn, and the Bronx. Obvious commercial transactions have been removed from the table (as well as any transactions that didn’t clearly show if it was a commercial transaction or not). The data in the table is provided by ACRIS for the month of April and ranks the transactions by the most expensive. We limited the transactions listed below to those of the cost of $100,000 and above. To search for transactions by borough, please refer to using the search field.
With data from ACRIS, RealtyHop is able to disclose the total number of transactions as well as the boroughs with the most transactions in the past month. We here at RealtyHop look for insight into the real estate market to provide buyers with as much information as possible so they can make an informed buying decision.