A property manager and commercial real estate professional, Joshua “Josh” Weisfeld joined W Brothers Realty, LLC, in New York City as an asset manager in 2015. Over the course of his career, Joshua Weisfeld has developed an in-depth understanding of the real estate market in New York City, which he utilizes to meet a diversity of client needs.
Looking ahead to 2022, the NYC real estate market forecast continues to predict far more demand than supply, according to Norada Real Estate Investments, with the statewide market not far behind. A diminished housing supply in NYC, coupled with a growing demand for residential property, allowed for a continuous stream of transactions during the first two quarters of 2021, a trend set to continue as the city recovers from COVID -19.
NYC represents one of the nation's hardest-hit metropolitan areas, particularly in terms of job losses. While the city’s economy recovers, home buyers can still find deals as home prices gradually return to 2019 levels. Rental property prices are also recovering, particularly throughout the Manhattan region. The city records more leases every month, following a high vacancy rate. Overall, listing inventory fell by more than 50 percent between January and September of 2021.
The NYC downtown region continues to thrive. It was the only region of the city not to see a decline in annual median rent. In fact, new lease signings in Brooklyn hit a 13-year high in August of 2021.
