Alex Trautwig/GettyThe Federal Reserve on Wednesday supported recent data showing some worrying trends in parts of Manhattan's real-estate market. The Beige Book compiled anecdotes from contacts of the 12 regional banks, including the Federal Reserve Bank of New York. It is not a hard data release. "New York City's rental market has been mostly steady, except at the high end, where the inventory has risen and rents have drifted down," according to the Beige Book. There are too many luxury apartments in the city, with more developments still rising from the ground.
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aoyedele@businessinsider.com (Akin Oyedele), Business Insider
Sat, 12/03/2016 - 8:31am
Topics: alex trautwig/gettythe federal reserve the beige federal reserve bank douglas elliman real estate prices landlord brooklyn the fed new jersey cushman wakefield fifth avenue watch fed manhattan beige book york new trends market inventory rose buyers periods noted prevalent real-estate city remained data report steady month high-end high released power pay rents rental concessions showed
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