{"id":1004107453,"date":"2014-11-13T12:25:59","date_gmt":"2014-11-13T20:25:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004107453"},"modified":"2020-04-15T03:54:39","modified_gmt":"2020-04-15T11:54:39","slug":"nyc-sees-strong-re-investment-leasing-activity","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-sees-strong-re-investment-leasing-activity\/","title":{"rendered":"NYC Sees Strong RE Investment, Leasing Activity"},"content":{"rendered":"<p><em>By Amalia Otet, Yardi Marketing Writer<\/em><\/p>\n<div id=\"attachment_1004107454\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Waldorf-Astoria-Hotel-301-Park-Ave-New-York-NY-10022.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004107454\" data-attachment-id=\"1004107454\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nyc-sees-strong-re-investment-leasing-activity\/waldorf-astoria-hotel-301-park-ave-new-york-ny-10022\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Waldorf-Astoria-Hotel-301-Park-Ave-New-York-NY-10022.jpg\" data-orig-size=\"1022,614\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"ncy rates to less than 3 percent which is well below the national and northeast levels for the second quarter of 2014. While the average monthly rate for a one-bedroom apartment unit is approximately $2,931 in New York City, asking rents in the Upper West Side average $4,617, making it one of the costliest submarkets in the city. On the other end of the affordability index stands Bronx County, where rents range around $1,175.   Amalia Otet is an online content developer and creative writer for RENTCaf\u00e9, a full marketing and leasing platform featuring social media and reputation management tools, plus online leasing solutions, rent payments and maintenance requests. Hotel 301 Park Ave New York NY 10022\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Waldorf-Astoria-Hotel-301-Park-Ave-New-York-NY-10022.jpg?w=1022\" class=\"size-medium wp-image-1004107454\" alt=\" \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Waldorf-Astoria-Hotel-301-Park-Ave-New-York-NY-10022.jpg\" width=\"300\" height=\"180\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Waldorf-Astoria-Hotel-301-Park-Ave-New-York-NY-10022.jpg 1022w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Waldorf-Astoria-Hotel-301-Park-Ave-New-York-NY-10022.jpg?resize=300,180 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Waldorf-Astoria-Hotel-301-Park-Ave-New-York-NY-10022.jpg?resize=768,461 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004107454\" class=\"wp-caption-text\">Waldorf Astoria, Manhattan<\/p><\/div>\n<p>New York City holds strong to its reputation as the world\u2019s largest real estate investment market. According to a recent <a href=\"https:\/\/www.cushmanwakefield.com\/~\/media\/global-reports\/Winning%20in%20Growth%20Cities%202014-2105%20Executive%20Summary.pdf\">report<\/a> from Cushman &amp; Wakefield, New York has seen volumes growing 10.9 percent on an annual basis to $55.4bn, landing the city in the top spot for property investments for the fourth consecutive year. With a 40.5 percent increase in investment activity, second-placed London remains however a favored destination for cross-border investors. Third-placed Tokyo has witnessed investment volumes grow a whopping 30.4 percent to $35.5bn.<\/p>\n<p><strong>NYC RE Sales Highlights<\/strong><\/p>\n<p>With 2014 coming to an end, we thought it would be instructive to look back at this year\u2019s real estate market activity and pinpoint some of the hottest deals NYC has seen so far. In one of the largest transactions of the year, Hilton Worldwide sold the <a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=21028\" target=\"_blank\" rel=\"nofollow\">Waldorf Astoria New York<\/a> to Beijing-based Anbang Insurance Group for a cool $1.95 billion. But we have several other contenders for the <b>\u201chottest deal\u201d<\/b> title, each responsible for driving a considerable amount of capital to the commercial real estate sector.<\/p>\n<p>Here are <b>NYC\u2019s ten biggest deals of 2014<\/b>, according to research data from <a href=\"https:\/\/www.propertyshark.com\/mason\/\" target=\"_blank\" rel=\"nofollow\">PropertyShark<\/a>:<\/p>\n<table style=\"width: 540px;\" border=\"2px\">\n<tbody>\n<tr>\n<td width=\"5px\">\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><b>No.<\/b> <\/span><\/p>\n<\/td>\n<td width=\"80px\">\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><b>Property Location<\/b> <\/span><\/p>\n<\/td>\n<td width=\"50px\">\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><b>Borough<\/b> <\/span><\/p>\n<\/td>\n<td width=\"50px\">\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><b>Sale Price<\/b> <\/span><\/p>\n<\/td>\n<td width=\"30px\">\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><b>Sale Date<\/b> <\/span><\/p>\n<\/td>\n<td width=\"80px\">\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><b>Buyer<\/b> <\/span><\/p>\n<\/td>\n<td width=\"80px\">\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><b>Seller<\/b> <\/span><\/p>\n<\/td>\n<td width=\"20px\">\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><b>Property Type<\/b> <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">1<\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=15232\" target=\"_blank\" rel=\"nofollow\">240 1 Avenue<\/a><\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Manhattan <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">$3,330,132,711<\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Jun<\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">St-Dil LLC<\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">St Owner Lp<\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Apartment building<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">2 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=929220\" target=\"_blank\" rel=\"nofollow\">10 Columbus Circle TIMEW<\/a> <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Manhattan <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">$1,310,000,000 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Jan <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Columbus Office, LLC <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Time Warner Realty, Inc <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Commercial Condo Unit <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">3 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=637752\" target=\"_blank\" rel=\"nofollow\">342-392 1 Avenue<\/a> <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Manhattan <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">$1,110,044,237 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Jun <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Pcv St-Dil LLC <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Pcv St Owner Lp <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Apartment building <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">4 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=670160\" target=\"_blank\" rel=\"nofollow\">80 Broadway (One Wall Street)<\/a> <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Manhattan <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">$585,000,000 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Sep <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Mip One Wall Street Acquisition LLC <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">The Bank Of New York Mellon <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Office Building <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">5 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=671106\" target=\"_blank\" rel=\"nofollow\">450 Park Avenue<\/a> <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Manhattan <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">$545,750,000 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">May <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">450 Property Owner (Us) , LLC <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">450 Park Avenue LLC <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Office Building <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">6 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=381\" target=\"_blank\" rel=\"nofollow\">212 Broadway<\/a> <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Manhattan <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">$502,000,000 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Aug <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Rar2 \u2013 222 Broadway Owner Spe, LLC <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">222 Broadway Owner LLC <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Commercial Real Estate <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">7 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=20871\" target=\"_blank\" rel=\"nofollow\">683 5 Avenue<\/a> <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Manhattan <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">$460,000,000 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Jun <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">685 Fifth Avenue Owner LLC <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Gucci America, Inc. <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Office Building <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">8 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=26585\" target=\"_blank\" rel=\"nofollow\">305 \u2013 315 East 86 Street<\/a> <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Manhattan <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">$395,000,000 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Sep <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Cf E 86 LLC Lsg E 86 LLC Sm E 86 LLC <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Yorkshire Towers Company Lp <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Apartment building <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">9 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=127699860\" target=\"_blank\" rel=\"nofollow\">157 West 57th Street<\/a> <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Manhattan <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">$368,571,303 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Aug <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Ph New York L L C <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Extell West 57TH Street LLC <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Commercial Real Estate <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">10 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\"><a href=\"https:\/\/www.propertyshark.com\/mason\/Property-Report\/?propkey=11124\" target=\"_blank\" rel=\"nofollow\">249 West 17th Street<\/a><\/span><\/p>\n<p>&nbsp;<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Manhattan <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">$335,000,000 <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Aug <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Arc Ny24549W17, LLC <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">245 West 17TH Street Property Investors Ii, LLC <\/span><\/p>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">249 West 17TH Street Property Investors Ii, LLC <\/span><\/p>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">West 17TH Street Property Investors Ii, LLC <\/span><\/p>\n<\/td>\n<td>\n<p align=\"\u201cleft\u201d\"><span style=\"font-size: 10px;\">Office Building<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Booming Tech Industry Spurs Growth Across All RE Sectors<\/strong><\/p>\n<p>The confluence of a number of key factors &#8211; including New York City\u2019s growing technology industry, consistent demographic growth, and a significant increase in household income \u2013 has resulted in a thriving real estate sector.<\/p>\n<p>Major tech players such as Google, Facebook, Yelp, and Dropbox continue to expand their corporate presence in the city, reducing the numbers of office properties lying vacant and driving local employment numbers up. Other digital services start-ups and e-commerce businesses are starting to migrate to NYC, seeking to take advantage of the favorable market conditions and the talented work pool. Etsy, the online handmade and vintage goods marketplace, is one of them. This burgeoning company inked a deal to lease 200,000 square feet at the forthcoming Dumbo Heights tech campus in <a href=\"https:\/\/www.nytimes.com\/2014\/09\/21\/realestate\/transforming-a-brooklyn-neighborhood-with-new-condos.html\" target=\"_blank\" rel=\"nofollow\">Brooklyn<\/a> while bringing new jobs to the NYC market.<\/p>\n<p>\u201cFrom relatively humble roots in an apartment in Fort Greene, we\u2019ve become one of New York City\u2019s largest homegrown tech employers\u201d, <i>Etsy<\/i> said in a post on its <a href=\"https:\/\/blog.etsy.com\/news\/2014\/etsy-commits-to-a-future-in-brooklyn\/\" target=\"_blank\" rel=\"nofollow\">blog<\/a>. \u201cWe currently have more than 350 employees in Brooklyn, and our new space will allow us to grow our local staff by more than 300 people in the next five years. It will be LEED-certified and support our bike-to-work program, enabling us to continue our efforts to reduce Etsy\u2019s environmental footprint. We\u2019ll remain firmly planted in Brooklyn, where so many independent, creative businesses are flourishing. We\u2019ll continue to influence and be influenced by the mix of industries here, from media to fashion to a burgeoning manufacturing renaissance.\u201d<\/p>\n<p><b>NYC M-F Market Maintains Positive Momentum<\/b><\/p>\n<p>The growing economy and booming tech sector have generated an increased demand for city living, as many of the young professionals staffing the tech companies are predominantly urban-minded.<\/p>\n<p>Both the Gen Y (Millennials) and Baby Boomer generations are now showing interest in sustainable locations where mass transit and lifestyle-oriented amenities are readily available and accessible. They seek convenience in their <a href=\"https:\/\/www.rentcafe.com\/\" target=\"_blank\" rel=\"nofollow\">housing choices<\/a> and prefer living in high-density, mixed-use neighborhoods within close proximity to jobs, shopping and dining destinations.<\/p>\n<p>The influx of new residents into the city has pushed apartment vacancy rates to less than 3 percent which is well below the national and northeast levels for the second quarter of 2014. While the average monthly rate for a one-bedroom apartment unit is approximately $2,931 in New York City, asking rents in the Upper West Side average $4,617, making it one of the costliest submarkets in the city. On the other end of the affordability index stands <a href=\"https:\/\/www.rentcafe.com\/apartmentsforrent\/searchlisting.aspx?txtCity=bronx&amp;txtDistance=5&amp;cmbBeds=-1&amp;cmbBaths=-1&amp;cmb_PetPolicy=Indifferent&amp;cmbSort=miles&amp;cmbNumResults=25&amp;sPageSize=25&amp;renewpg=1&amp;PgNo=1&amp;LatLng=(40.8370495,-73.8654295)&amp;\" target=\"_blank\" rel=\"nofollow\">Bronx County<\/a>, where rents range around $1,175.<\/p>\n<div id=\"attachment_1004107455\" style=\"width: 310px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Cushman-Wakefield-Multifamily-MarketBeat.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004107455\" data-attachment-id=\"1004107455\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nyc-sees-strong-re-investment-leasing-activity\/cushman-wakefield-multifamily-marketbeat\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Cushman-Wakefield-Multifamily-MarketBeat.jpg\" data-orig-size=\"429,268\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Amalia Otet&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1415204240&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Cushman  Wakefield Multifamily MarketBeat\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;C&#038;W M-F Market Report&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Cushman-Wakefield-Multifamily-MarketBeat.jpg?w=429\" class=\"size-medium wp-image-1004107455\" alt=\"C&amp;W M-F Market Report\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Cushman-Wakefield-Multifamily-MarketBeat.jpg\" width=\"300\" height=\"187\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Cushman-Wakefield-Multifamily-MarketBeat.jpg 429w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/11\/Cushman-Wakefield-Multifamily-MarketBeat.jpg?resize=300,187 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004107455\" class=\"wp-caption-text\">C&amp;W M-F Market Report<\/p><\/div>\n<p>&nbsp;<\/p>\n<address><em><b><i>Amalia Otet<\/i><\/b><i> is an online content developer and creative writer for <\/i><a href=\"https:\/\/www.rentcafe.com\/\" target=\"_blank\" rel=\"nofollow\"><i>RENTCaf\u00e9<\/i><\/a><i>, a full marketing and leasing platform featuring social media and reputation management tools, plus online leasing solutions, rent payments and maintenance requests.<\/i><\/em><\/address>\n","protected":false},"excerpt":{"rendered":"<p>New York City holds strong to its reputation as the world\u2019s largest real estate investment market.<\/p>\n","protected":false},"author":39,"featured_media":1004107454,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21783,21742,21787],"tags":[],"class_list":["post-1004107453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-investment","category-latest","category-technology"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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