Local Market Data

New York

The New York-Newark-Jersey City, NY-NJ-PA MSA is the most populous MSA in the United States, with the highest population density per square mile. The metropolitan area includes New York City (the most populous city in the United States), Long Island, and the Mid and Lower Hudson Valley in the state of New York; the five largest cities in New Jersey: Newark, Jersey City, Paterson, Elizabeth, and Edison, and their vicinities; and six of the seven largest cities in Connecticut: Bridgeport, New Haven, Stamford, Waterbury, Norwalk, and Danbury.

Economy

The New York MSA is one of the most important and significant economic regions in the world. It is an international center for numerous industries, including finance, international trade, new and traditional media, real estate, education, fashion, entertainment, tourism, biotechnology, law, and manufacturing, and has a GDP exceeded by only nine nations. Impressively, the GDP of the NYC metro area is higher than that of Australia, Mexico, and Spain, among others.

New York City is the home of many Fortune 500 and foreign companies and has the largest foreign-born population of any MSA in the world. The New York metropolitan area was also home to seven of the 25 wealthiest counties in the United States by median household income, according to the American Community Survey. According to Forbes, in 2014, the New York City metropolitan area was home to eight of the top ten ZIP codes in the United States by median housing price, with six in Manhattan alone. The New York Metropolitan Area also houses five of the top ten richest places in America, according to Bloomberg.

Demographics

Population Total: 20,320,876
Owner Occupied Housing Units: 4,118,077
Owner Occupied Housing Rate: 51.58%
Median Housing Value (Owner Occ.): $376,000
Total Housing Units (2017): 7,983,552
Median Gross Rent / Month (Residential): $1,307
Median HH Income: $75,585
Retail Sales Total: $270.75B
Retail Sales Per Capita: $13,949
Retail Sales Per Capita Rank: 8th of 25

Economic Metrics

Number of Employees: 9,800,000
Payroll: $564.45B
Un-employment Rate: 4.2%

Largest Industries

Educational Sciences and Healthcare (2,500,000)
Professional, Scientific, Management, Admin., Waste Mgmt. (1,320,000)
Retail Trade (1,030,000)

Largest Employers

JPMorgan Chase & Co (249,257)/li>
Citi (219,000)
ABM Industries (110,000)

New York County

New York County, Manhattan Borough is the most densely populated county in the New York MSA. Manhattan is referred to as the financial and cultural capital of the world, and it is the nation’s leading center of banking, finance, and communication. It is home to the New York Stock Exchange (NYSE) on Wall Street. New York City Hall is also located within this borough, as well as Times Square, Central Park, Grand Central Station, and the Empire State Building.

As the name suggests, Midtown is the central portion of the borough of Manhattan. The majority of New York City’s skyscrapers, including its tallest hotels and apartment towers, are in Midtown. It is home to some of the city’s most iconic buildings, including the Empire State Building, the Chrysler Building, and the headquarters of the United Nations, as well as the Rockefeller Center, Broadway, and Times Square. Midtown South includes the neighborhoods of Chelsea, Greenwich, Union Square, and SoHo.

Downtown or Lower Manhattan is the southernmost portion of the borough. Downtown Manhattan is the fourth largest business district in the United States, after Midtown Manhattan, the Chicago Loop, and Washington, D.C. Anchored by Wall Street, New York City functions as the financial capital of the world and has been called the world’s most economically powerful city.

North Manhattan/Harlem or Upper Manhattan is primarily residential in nature. There are some tourist attractions which draw visitors, such as Grant’s Tomb, the Apollo Theater, Fort Tryon Park and The Cloisters, and Sylvia’s Restaurant.

Economy

Many of the world’s largest corporations are headquartered in Manhattan, and it is the largest urban office market in the United States. Midtown Manhattan specifically is the largest central business district in the world. The CBD is distinctive for its high concentrations of advanced service sector firms in the law, accountancy, banking, and management consultancy fields.

Manhattan is also the top global center for the advertising industry, which is eponymously called “Madison Avenue”. Silicon Alley is located in the Flatiron district in Manhattan, and while it is not the only home of tech startups in the city, its ecosystem has contributed greatly to the 30% in tech job growth in the MSA over the past decade, and the $11.5 billion in venture capital raised by New York startups in 2017 according to Bloomberg.

Manhattan-based finance, high technology, real estate, insurance, and health care all form the basis of New York’s economy. The county/borough is also the nation’s most important center for mass media, journalism, and publishing. Also, it is the country’s preeminent arts center. Creative industries such as digital media, advertising, fashion, design, and architecture account for a growing share of employment.

Bronx County

Bronx County, Bronx Borough borders New York County to the north. It is the northernmost of New York City’s five boroughs and home to nearly one-fifth of the City’s population. Since 2010, it has been the fastest-growing county in New York State by population, driven by immigration. The borough is also home to the New York Yankees, who play in a new stadium that was completed in 2009. The stadium also hosts soccer matches, college football games, concerts, and other events. The neighborhood of Belmont is known as the “Little Italy” of the Bronx. The Bronx Zoo and the New York Botanical Garden are located at the northeastern edge of Belmont. The Bronx Zoo is the largest metropolitan zoo in the country. Together, the zoo and botanical garden receive more than 3 million visitors each year.

Economy

While the poorest of the nation’s 435 congressional districts are located in the Bronx, it is also home to some affluent and middle-class communities, including Riverdale, Morris Park, Pelham Bay, City Island, and Co-op City. Shopping districts include Fordham Road, Bay Plaza near Co-op City, the Hub (where East 149th Street, Willis, Melrose, and Third avenues converge), the Riverdale/Kingsbridge shopping center and Bruckner Boulevard. The Bronx Terminal Market encompasses nearly 1 million square feet of retail space.

Hunts Point in the South Bronx is an industrial area with a residential core of 12,000 residents. The Hunts Point Food Distribution Center (HPFDC) occupies nearly half of the area and provides about 8,500 jobs, according to the New York City Economic Development Corporation. The HPFDC is one of the largest food distribution centers in the world, distributing 4.5 billion pounds of food annually, serving about 23 million people in the metropolitan region.

Wakefield is a working-class and middle-class section of the northern borough of the Bronx. From 2010-2017 job growth in the neighborhood has increased by 25 percent. Health care was responsible for 41 percent of the job gains.

Kings County

Kings County, Brooklyn Borough is the most populous county and borough in the MSA. As a stand-alone city and not including any other cities in the New York MSA, Brooklyn is the third most populous city in the U.S. behind Los Angeles and Chicago. While traditionally a working class/immigrant city, Brooklyn has seen significant redevelopment and gentrification since the turn of the century.

Downtown Brooklyn has become a business center with an upscale multifamily supply and a trendy nightlife. It is a self-contained neighborhood, with numerous local cafes and restaurants, which include the original Junior’s, serving its renowned New York cheesecake – infamously enjoyed by Sean “Diddy” Combs at others’ expense. DUMBO, or Down Under the Manhattan Bridge Overpass, is part of the Brooklyn Tech Triangle. DUMBO is home to more tech companies than any other neighborhood in Brooklyn.
Brooklyn Navy Yard, also part of the Tech Triangle, has been transformed into a modern tech, manufacturing, and industrial campus, including the New Lab work-space for tech hardware companies in artificial intelligence and other tech-related fields.

Economy

Downtown Brooklyn is the MSAs largest business district outside of Manhattan. Brooklyn is the fastest growing self-contained economy in the MSA. From 2001 to 2015, the total wages of people working in Brooklyn rose by 40% from $16.5 billion to $23.2 billion. The Brooklyn Tech Triangle is now home to more than 1,350 innovation companies. The tech sector has become one of the fastest growing employment sectors in the borough, increasing by 57 percent since 2009. Sunset Park is undergoing a 10- year, $1 billion renovation plan. The 7,700-square-foot Innovation Lab provides continuing education and job training to help prepare area residents for jobs in the tech industry. Brooklyn Naval Yard is set to add over 2 million square feet of space by 2020.

Gentrification has brought tech jobs, as well as fashion and design to the Borough. As a result of this, a large portion of market growth came from art, food, and hospitality. An estimated 15 million visitors come to Brooklyn each year, stimulating spending at local bars, hotels, restaurants, shops, and other attractions. Also as a result of the rapid growth, housing prices and rents have grown significantly, pricing many people out of sections of the borough.

Nassau County

Nassau County is the second most populous county in the state outside of the New York City boroughs. It borders Queens County to the west and Nassau County to the east, occupying the western portion of Long Island. Notable communities include the city of Long Beach, the villages of Garden City and Great Neck, and the planned community of Levittown. Landmarks include Sagamore Hill, the former home of U.S. President Theodore Roosevelt and now a national historic site.

Southern Nassau is the home of Hempstead, which consists of 22 incorporated villages. If Hempstead were to be incorporated as a city, it would be the second-largest city in New York, behind New York City. Northern Nassau is more affluent and less densely populated than the southern portion of the county. The southern border of the submarket is I-495.

Economy

Nassau County has the third highest median income of the 23 defined counties in the New York MSA. Hofstra University (founded 1935) in Hempstead, the State University of New York College at Old Westbury, and the United States Merchant Marine Academy at Kings Point are the major institutions of higher education. The economy is based on wholesale and retail trade and services (notably finance and health services).

Queens County

Queens County is the second most populous county in the MSA and the largest by land area. It is also the most ethnically diverse urban area in the world. Two of the region’s three major airports are located in Queens.

Jamaica is the home of JFK Airport. Historically a working-class neighborhood, Jamaica is currently being redeveloped with higher tier retail, hospitality and Class A multifamily projects. As a result, Jamaica’s real-estate prices are rising the fastest out of all localities in New York City according to DNA Info. The neighborhood of Astoria is in the midst of a population boom, resulting in the early stages of redevelopment similar to Brooklyn. Much of the Astoria waterfront is being redeveloped and underutilized industrial sites in forgotten historic neighborhoods are being revived. Hallets Point is one of five former industrial sites on the waterfront being transformed and will bring seven new mixed-use residential towers and many believe Queen’s is on the cusp of Brooklyn-like growth and popularization.

Long Island City is the westernmost residential and commercial neighborhood of Queens, and it is the fastest growing submarket in the city. There have been more new apartments developed since 2010 than any other neighborhood in the country, and with the announcement of Amazon HQ2 coming to the submarket, rents and home prices are rising quickly.

Flushing has attracted a significant amount of immigration from China in the 21st century. It had mostly staved off the large-scale development that has, in decades past, sprouted up in other parts of Queens like Astoria and Long Island City.

Economy

JFK and LaGuardia airports employed 49,000 people, and contributed $64.4 billion in economic activity to the New York metropolitan region in 2017, and generated a combined 436,000 jobs and $23 billion in wages, according to the Port Authority of New York and New Jersey. JFK is also one of the world’s leading air cargo centers, with nearly 4 million square feet of cargo warehousing and office space.

Economic growth is evident across the borough, particularly in Long Island City, Far Rockaway, Flushing, and Jamaica. The opening of the Cornell Tech campus on Roosevelt Island is encouraging commercial development in western Queens.

Prior to the Amazon HQ2 announcement, Long Island City (LIC) was already well into a developmental transition from an industrial neighborhood to primarily residential, with more new apartments delivered than any other neighborhood in Queens County. As such, rents were on the rise well before the HQ2 plans were confirmed. As part of their plans to move, Amazon has indicated that they will build a new school and contribute some of their profits to improve local infrastructure.