Brick Underground

New York legalized buyer's rebates back in 2014 to reduce costs for buyers and boost competition among brokers. Typically, a buyer's rebate ranges from half a percent to one percent but using Prevu, buyers get biggest rebates of up to two-thirds of the buyer's commission.

An affordable housing lottery launched for TF Cornerstone's 5203 Center Blvd. in Long Island City. The waterfront development has 534 rent-stabilized studio, one- and two-bedroom apartments. Applications are being accepted until August 16th.

In this episode of the Brick Underground podcast, Adrian Savino, director of leasing and business development at Living New York, joins host Emily Myers to shed light on where the deals are for NYC rentals.

Hudson Yards has a median sales price of $5.71 million and took the top spot on PropertyShark’s list of the top 50 most expensive NYC’s neighborhoods in the second quarter. Tribeca took second place with a $3.25 million median sales price.

While Manhattan rents are still lower than they were a year ago—as of May, they have been rising a little each month. In June, the median rent for Manhattan was $3,195, a 7 percent increase over the previous month and down 9.9 percent from a year ago.

Both the median sales price and the average sales price for Brooklyn hit new highs for the third, consecutive quarter, according to the Elliman Report. The median sales price, $910,000, was up slightly from the first quarter and buoyed 11 percent from the second quarter of 2020. The average sales price, $1,135,332, followed a similar pattern.