New leasing activity in Manhattan was down 62 percent last month from a year ago. It was also 54 percent lower in Brooklyn and 61 percent lower in Queens. Jonathan Miller of Miller Samuel said more Manhattan apartments were left unrented last month than in any month since he began tracking the market in August 2006. Rates have been steady (for now) although 42 percent of deals had rental concessions up from 34 percent a year ago. Phase 2 should spike activity however it will be interesting to see how things unfold.
Manhattan Rental Vacancy: Highest In 14 Years