Easily Identifying Comparable Sales in New York City

Finding comparable sales just got a whole lot easier!

In this analysis, you can browse three maps I built that show all office building, residential building, and single-family dwelling real estate transactions that have occurred in New York City over the past year.

This analysis makes it super easy to visualize the real estate market by combining publicly-available annual rolling sales data provided by the New York City Department of Finance with some creative mapping techniques.

Critically, this data is extremely up to date. These maps show the various transactions that occurred over the past 12 months based on New York City finance data as of October 11 — just five days ago! As usual, I am focusing solely on Manhattan.

Without further adieu, Here are all of the office building transactions that have taken place this year:

The most expensive transaction was 787 Seventh Avenue, which was scooped up by CalPERS for a cool $1.9 billion.

The midtown market inside which 787 Seventh Avenue resides also appears to be the hottest office building market in general. The area bounded by Broadway & Third Avenue (on the East and West) and Central Park & 50th Street (on the North and South) has had over $7.5 billion in real estate sales over the past year alone. Another huge deal was 550 Madison, which was purchased by Olayan America for $1.4 billion back in May.

A great feature of this map is that you have official purchase prices and square footages, so it’s very easy to do some quick calculations if you’re a real estate investor scouting office buildings.

This map shows residential buildings, both elevator buildings and walk-ups.

What stands out to me is the action north of Central Park. There were a number of transactions right along Central Park North and some big deals up in Harlem, Morningside Heights, Manhattanville, and Hamilton Heights.

It’s pretty easy to see the trend of residential real estate moving north, presumably because of attractive price points. 50,000 square feet north of Central Park is transacting between $10 and $30 million (with some outliers, of course) whereas similar square footage south of Central Park bottoms out around $30 million and commonly goes upwards of $50 million.

And for those of you looking to buy (or sell) a single-family home, this map is for you.

Single family home sales are primarily concentrated in the townhouse-heavy West Village and Upper East Side. Going rates look to be between $10 and $25 million depending on size, quality, and location.

Concluding Notes

I purposefully left condos and coops out of this analysis due to a technical issue with how the information was being displayed on Carto, but I do have thousands of data points on those fronts. I hope to have that sorted out next week so we can take a detailed look at how apartments are moving.

Happy comparing!

Easily Identifying Comparable Sales in New York City
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Easily Identifying Comparable Sales in New York City
Visualizing all office building, residential building, and single-family dwelling real estate transactions in New York City on three maps using geospatial data analysis.
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