The drumbeat of headlines have made clear that New York City’s real estate market is weakening. The median asking price for a Manhattan apartment is below $3,000 for the first time since 2011. Landlords are in distress. The vast majority of restaurants can’t make their full rent.
But there are nuances within those trends. Rent prices, for instance, are falling the least in some high-density neighborhoods like Elmhurst and Jackson Heights, which have been among the areas hit hardest by the Covid-19 pandemic, notes StreetEasy economist Nancy Wu in a recent report. “They’re also home to more immigrants, Black and Hispanic New Yorkers, and those on lower incomes,” she adds.
In an effort to better understand one slice of the landscape—residential sales—Forbes partnered with ABCData, a startup that collects real estate transaction data, to map deals across all five boroughs. The analysis reveals a number of interesting results: