Brick Underground

According to the latest weekly Manhattan sales market report from UrbanDigs, during the fourth week of May, 166 new listings were added to the market. This is the fifth weekly increase in new listings and represents a 13 percent increase compared to the prior week.

Check out this interview with Teri Rogers, founder and CEO of Brick Underground. She was featured on The Real Deal’s “The Interview,” a series of conversations with real estate leaders and newsmakers hosted by Hiten Samtani, associate publisher.

Real estate is part of the Phase 2 reopening for NYC. The threshold for entering Phase 2, according to CDC guidelines, includes “a downward trajectory (or near-zero incidence) of documented cases for at least 14 days after entering Phase 1,” among other metrics.

The shift to the suburbs was already underway before Covid struck. That’s the conclusion of new report from UrbanDigs, a Manhattan real estate analytics platform, which compared the ratio of new sales listings to signed contracts in order to measure demand in Manhattan and its surrounding suburbs.

Buildings are planning for when New York relaxes social distancing restrictions and opens for business. You can expect to see new rules in place regarding shared amenity spaces like pools, roof decks, and gyms.

Fewer new leases were signed during the second week of May, a drop of 10 percent compared to the previous week, according to a new report from UrbanDigs. New leases are down 48 percent if you contrast them with the same week in 2019. New listings for May 11-May 17 were up 9 percent compared to the week prior, and down just 5 percent compared to the same week in 2019, the first time new rentals neared seasonal levels.