citi habitats - Adam Ashkenas Manhattan Real Estate

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median price down by 5% to $2.483M. NEIGHBORHOOD MEDIAN PRICES. 270 Water Street, 4R I WEB ID: 6712802. 261 Broadway, 11
CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

Contents First Quarter 2018

3 4/7 8 9 10 11 12/17 18

Overview Marketwide 4 5 6 7

Sales / Days on Market Inventory / Months of Supply Prices Market Share

Resale Co-ops Resale Condos New Developments Luxury Neighborhoods 12 13 14 15 16 17

East Side West Side Midtown Downtown Financial District & Battery Park City Upper Manhattan

Methodology

CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

Overview

Manhattan

It was a mixed quarter for the Manhattan market with reduced sales, inventory on the rise and price statistics settling down. Many potential buyers took a pause as a variety of factors—concerns over tax reform, luxury market over-supply, stock market fluctuations, even March’s nor’easters—deflated a sense of urgency from the marketplace. However, First Quarter 2018 included bright spots as well: days on market actually dropped slightly, indicating that appropriately priced properties are still finding buyers, while mispriced properties linger.

Overview

With uncertainty pervading the market in First Quarter 2018, sales dropped. Year-over-year, closed sales fell 11% and signed contracts declined 10%. Sales varied by product type and price range, however. Resale co-ops, which benefit from lower prices, saw sales increase 2% annually. Resale condo sales, on the other hand, declined 12% as prices remained near their record-high level. In the new development market, fewer buildings commenced move-ins, causing a 44% drop in new development transactions.

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

Closed Sales

2,557

2,871

-11%

3,017

-15%

Contracts Signed

2,718

3,028

-10%

2,621

4%

105

107

-2%

103

2%

6,418

5,861

10%

6,384

1%

5.9

5.3

11%

5.8

3%

Median Price

$1.100M

$1.270M

-2%

$1.100M

0%

Average Days on Market Inventory Months of Supply Prices Average Price

$1.928M

$2.138M

-10%

$1.968M

-2%

Median PPSF

$1,327

$1,374

-3%

$1,344

-1%

Average PPSF

$1,719

$1,917

-10%

$1,754

-2%

Studio

$505K

$520K

-3%

$549K

-8%

1 Bedroom

$825K

$845K

-2%

$843K

-2%

2 Bedroom

$1.598M

$1.715M

-7%

$1.650M

-3%

3+ Bedroom

$3.800M

$4.288M

-11%

$3.600M

6%

Median Price by Bedroom

the increase in listings led to a higher months of supply figure, which at 5.9 months is just under the supplydemand equilibrium threshold. Market wide price statistics this quarter showed across-the-board declines. However, the reality is more complicated: resale co-op prices (p. 6)

and resale condo prices (p. 7) are both up year-over-year. Meanwhile, new development prices were down as fewer luxury properties had closings this quarter. Therefore, the drop in market wide price statistics is mainly a result of the shift in the market of share of sales towards co-ops, which by their nature are generally less expensive.

CLOSED SALES

Listed inventory increased 10% annually to its highest First Quarter level since 2012. Resale co-op and resale condo listings increased, while new development inventory actually notched a 3% decrease. Slower absorption over the last twelve months versus the year prior, combined with

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CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

MARKETWIDE Sales The buyer hesitancy that affected sales in late 2017 persisted into 2018. Closed sales declined 11% annually to 2,557 sales. Signed contracts contracted by 10% decline to about 2,700 sales. The bright spot in the market was resale co-ops, which saw closed sales rise 2% versus First Quarter 2017. Buyers sought value, causing the moderate rise in sales that was also aided by a recent small increase in the availability of lower-priced inventory. Therefore, the overall decrease in closed sales was due to the resale condo and new development markets. Resale condo sales fell 12%, as this product category felt the effect of various factors such as buyer trepidation about near recordhigh prices, seller stubbornness, tax reform concerns and recent stock market fluctuations. New development closings declined by a significant 44% year-over-year to fewer than 400 sales. Clearly the same negative factors are affecting new development sales. However, the drop is also exaggerated by the particular rhythms of new development closing activity. The wave of new buildings developed in recent years have mostly been completed, so this quarter no large developments with over 100 units commenced closings, skewing sales figures lower.

Manhattan

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

Closed Sales

2,557

2,871

-11%

3,017

-15%

Contracts Signed

2,718

3,028

-10%

2,621

4%

Market Wide

105

107

-2%

103

2%

Studio

83

84

-1%

82

2%

Sales

Average Days on Market

1 Bedroom

85

100

-15%

92

-7%

2 Bedroom

120

114

5%

112

7%

3+ Bedroom

144

140

3%

135

7%

Days on Market

DAYS ON MARKET BY BEDS

The average number of days a listing was on the market before entering contract decreased year-over-year by 2% to 105 days. This has come despite the rise in inventory. Properly priced listings and negotiable sellers are transacting in a reasonable time frame, whereas mispriced properties do not move, causing inventory growth. Per typical seasonality, the average number of days it took for a listing to find a buyer rose versus the fall months, up 2% from Fourth Quarter 2017. Smaller residences spent less time on market versus last year, while

larger residences spent more time on the market. Studios saw the average time from list to sale fall by 1% to 83 days, while one bedrooms spent an average of 85 days on the market, a significant 15% decrease versus last year. Two bedrooms and three+ bedrooms saw days on market rise by 5% and 3%, to 120 and 144 days, respectively.

CONTRACTS SIGNED

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CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

MARKETWIDE Inventory

All Sales

Manhattan inventory increased annually for the ninth consecutive quarter, rising 10% year-over-year to 6,418 listings. This increase is not surprising given the annual decline in contracts signed. The expansion of inventory was greater among smaller— and generally less expensive properties— rather than among larger residences, a shift away from the 2017 trend. Inventory increased for all bedroom types versus last year, but varied relative to residence size. Studio and one bedroom inventories each rose by double-digits, up 14% and 16%, respectively. These increases were driven by double-digit increase in of studio and one bedroom inventory in recently launched new developments. Alternatively, two and three+ bedroom apartment inventory levels increased more moderately, rising 7% and 2% respectively. As shown on pages six through eight, inventory trends also fluctuated by product type. Resale co-ops saw inventory increase by 14% to 2,917 listings. Resale condo inventory increased less, up 9% to 2,501 residences. Publicly listed new development listings actually declined 3% year-over-year.

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

6,418

5,861

10%

6,384

1%

Inventory Market Wide

606

530

14%

605

0%

1 Bedroom

Studio

1,963

1,689

16%

1,909

3%

2 Bedroom

2,013

1,875

7%

1,995

1%

3+ Bedroom

1,830

1,791

2%

1,860

-2%

Market Wide

5.9

5.3

11%

5.8

3%

Studio

4.2

3.5

21%

4.0

5%

Months of Supply

1 Bedroom

5.1

4.3

19%

4.8

5%

2 Bedroom

6.3

5.8

8%

6.2

1%

3+ Bedroom

9.5

9.7

-2%

9.5

0%

Months of Supply

MONTHS OF SUPPLY BY TYPE

Months of supply is an estimate of how long it would take to sell all current active listings at the rate of sales recorded during the previous twelve months, if no new listings entered the market. Six-to-nine months is considered supply demand equilibrium. Manhattan market wide is nearly within equilibrium at 5.9 months of supply across all product types, an 11% increase –just over half a month’s worth-- from First Quarter 2017. Fewer sales over the last twelve months

CO-OP & CONDO INVENTORY

combined with the increase in inventory to push months of supply higher. Resale co-ops and new development (excluding unsold, unlisted “shadow” inventory) were both below equilibrium at 4.9 months and 5.9 months of supply, respectively. Resale condos were the only product type within equilibrium this quarter, logging 7.9 months of supply. By residence type, studios and one bedrooms were undersupplied at 4.2 and 5.1 months of supply, respectively. At 6.3 months, two bedrooms were within equilibrium. Three+ bedroom months of supply fell by 2% to 9.5 months, level with Fourth Quarter 2017. citihabitats.com | 5

CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

MARKETWIDE Prices

Overall, average and median price statistics were below 2017 levels, although pricing trends did vary by product type. A significant increase in market share of lower-priced resale co-op sales combined with a doubledigit decline in the number of large new development closings to lower average and median price figures in First Quarter 2018. MEDIAN PRICE CHANGE BY BEDROOM

Manhattan

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

Prices Median Price

$1.100M

$1.127M

-2%

$1.100M

0%

Average Price

$1.928M

$2.138M

-10%

$1.968M

-2%

Median PPSF

$1,327

$1,374

-3%

$1,344

-1%

Average PPSF

$1,719

$1,917

-10%

$1,754

-2%

Median Price by Bedroom Studio

$505K

$520K

-3%

$549K

-8%

1 Bedroom

$825K

$845K

-2%

$843K

-2%

2 Bedroom

$1.598M

$1.715M

-7%

$1.650M

-3%

3+ Bedroom

$3.800M

$4.288M

-11%

$3.600M

6%

$1,131

$1,142

-1%

$1,141

-1%

1 Bedroom

$1,239

$1,220

2%

$1,241

0%

2 Bedroom

$1,360

$1,478

-8%

$1,389

-2%

3+ Bedroom

$1,867

$2,002

-7%

$1,828

2%

Median PPSF by Bedroom Studio

The First Quarter 2018 median Manhattan sale price fell 2% year-overyear to $1.100M. Meanwhile, annual declines in the average market wide sale price have now escalated for three consecutive quarters, which contracted 10% in First Quarter 2018 to $1.928M. In line with median and average price figures, median and average price per square foot also decreased. Median price per square foot fell 3% to $1,327 per square foot while the average fell 10% to $1,719 per square foot.

1Q18

Median price statistics by residence type fell across the board, but varied in magnitude depending on residence size. Tighter supply and lesser negotiability among the studio and one bedroom markets kept median price declines under 5%, whereas two

bedroom median price fell 7% and three+ bedroom median price fell most, down 11%, as fewer large apartments, especially in Midtown and Downtown new developments, closed compared to last year.

MANHATTAN HISTORICAL PRICES

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Neighborhood Unit Type Neighborhood Unit Type Neighborhood Financial District Unit Type District Battery Park City Neighborhood &Financial &Financial Battery4% Park City Unit TypeEast Side District Uptown

Neighborhood Unit Type Neighborhood Unit Type Neighborhood Unit Type Neighborhood Unit Type

Neighborhood Neighborhood Unit Type Unit Type Neighborhood Unit Type Neighborhood Unit Type Uptown

Neighborhood Uptown Neighborhood Uptown Neighborhood Uptown Financial District Financial District Battery Park City Neighborhood& Financial District &Uptown Battery Park City

Neighborhood Manhattan Corcoran Neighborhood Unit Type Manhattan Corcoran Report Report Unit Type Neighborhood Manhattan Corcoran Report UptownUnit Type East Side Neighborhood Uptown East Side 6% Manhattan Corcoran Report 24% Uptown East UnitStudio Type 6% Uptown 24%Side

1Q 1Q 1Q CITI

|| 2018 2018 | HABITATS 2018

Financial District Financial District District Financial &Financial Battery Park City 6%District Uptown Studio East Side District District &Financial Battery Park City &Financial Battery Park City &Financial Battery7% Park City East Side 6% District &Side Battery Park City Uptown 9% Studio East &Financial Battery4% Park City Studio East Side &Financial Battery Park City 13% East Side 20% Financial District District District Uptown East Side 9%Studio East Side 22% East Side & Battery4% Park City & Battery7% Park City 9% Studio Uptown Studio 20% 6%7% 24% Studio 13% Uptown East Side 10% 20% 13% 24% 12% 6% 22% East Side 4% 7% Financial District Financial District & Battery Park City & Battery Park City & Battery Park City 9%Studio 22% Uptown 9% 13%East East Side 20% 24% Uptown 10% Side East Side 4% 7% Side Financial District Financial District 12% 22% 9% 13% UptownStudio East StudioEast Side& Battery Park City 20% 9% 3+ BRsUptown &BR Battery Park City 4% 7% Studio 6% 1 9% 22% Studio East Side 6% 20% 1 BR 24%1 BR 3+ BRs10% 12% 24% & Battery Park City & Battery Park City 13% 3+ BRs Uptown 22% East Side 3+ BRs 18% East Side 4% 7% 9%StudioEast Side 31% 1 BR 9% 13% UptownStudio East Side 3+ BRs 31% 20% 18% 3+ BRs 1 BR 4% 7% Studio 18% 22%1 BR 18%9% 3+ BRs 31% BR 24%1 31% 13% 20% 1 18% BR 1 BR 22% 1 BR 3+ BRs10% 12% 18% 39% 1 BR BRs 9% 1 BR 18% West Side 38% 3+ 3+ BRs 31% 1 BR 31% 39% 18% 3+ BRs West Side 39% 1 BR 1 BR 1 BR West Side 38% 3+ BRs 18% 38% 1 BR West Side 1 BR 29% 15% 3+ BRs West Side 39% West Side 3+ BRs 1 BR 18% 39%16% 38% West Side 31% West Side 1 BR 29% 15% 16% West Side 38% 3+ BRs 31% 18% 1 BR West Side Downtown 16% 15% 18% West Side 39% Downtown 1 BR West Side 16% 38% West Side Downtown West Side 29% Downtown 115% BR 15% 39%16% 19% West Side 30% Rs Downtown West 119% BRSide ntown 29% West 38% 3+ BRs Downtown Downtown 16%Side 29% 19% 30% West Side 39% West Side Downtown Downtown ntown 15% 29% 19% 38%Side BRs % Downtown 2 BRs West Side West 29% 15% Downtown 29% East Side Downtown West Side 31% 2 Downtown 16% 19% 31% 30% BRs % 2 BRs East24% ntown Side 16% 29% 2 BRs 19% 2 BRs 2 East BRsSide Midtown 31% 230% West Side Downtown Downtown 29% 224% BRs 15% 31% 230% BRs Downtown 32% Downtown West Side Midtown 30% BRs 231% BRs Midtown 24% % Downtown 232% Midtown EastMidtown Side 231% BRs 19% East Side 232% BRs 19% 31% 2 BRs 30% Midtown ntown 30% 29% 24% 31% 19% Midtown 24% 2 BRs 17% Midtown 19% Downtown30% 29% Midtown 232% BRs Midtown 231% BRs 17% Midtown 19% 32% Downtown East Side 231% BRs % 17% Midtown 16% 30% East Side 17% 2 BRs Midtown 24% 19% 31% 2 BRs 16% Midtown 32% Midtown 31% 19% Midtown 31% 24% 31% 2 BRs 16% 30% 2 BRs Midtown 2 East BRsSide Midtown 17% 16% 32% 2 Midtown BRs17% 19% Midtown 30% 24% Midtown 32% 31%Midtown 16% 19% 16% 31% Midtown 17% Midtown East17% Side 19% Studio 1 Bed 2 Bed Uptown 3+ Beds Studio 1 Bed 2 East Bed Side 3+ Beds 16% Uptown Uptown Uptown East Side 3+ Beds East Side 3+ Uptown East Side East Side Studio 1 Bed 1 Bed 2 2 Bed o 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2East BedSide 3+ Beds Studio 1 Bed 16% 2 Bed Beds Studio 1 Bed 2 East Bed Side 3+Uptown Beds Studio Bed 3+ Beds West Side Midtown Uptown Uptown East Side Uptown Side 3+ Uptown East Side East Side Studio 1 Bed 1 Bed 2 2 Bed Beds o 1 Bed 2 Bed 3+ Beds Studio 1 Bed East 2 Bed Beds East Side3+ 3+ Studio Bed Beds West Side Midtown Studio 1 Bed 2Midtown Bed Uptown 3+ Beds West Side Midtown West Side Midtown West Side Studio 1 Bed 2 Bed 3+ Beds West Side Midtown Midtown Uptown East Side Uptown Uptown East Side Downtown Financial District and Battery Park City Side 3+ Uptown East Side West Side Midtown East Side West Side Midtown Studio 1 Bed 2 Bed 3+ Beds o 1 Bed 2 Bed 3+ Beds Studio 1 Bed East 2 Bed Beds West Side Midtown West Side Midtown Midtown 1 Bed 2 Bed Side 3+ Beds West Sideand Battery ParkStudio Midtown Neighborhood Neighborhood Downtown Financial District and Battery Park City Downtown Financial District City Downtown Financial District 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Battery Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Price Downtown Financial District and Battery Park City Financial District West Side and Battery Park CityNeighborhood Midtown District West Side Midtown West Side Midtown West Side Midtown Midtown Neighborhood Uptown Neighborhood Neighborhood Neighborhood Price Price PriceFinancial District and Battery Park City Price Financial District Price Price Downtown Neighborhood Neighborhood Financial DistrictPark City Uptown Price Price Price Neighborhood PriceFinancial Price Neighborhood Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Downtown Financial District and Battery Park City District and Battery Park City Financial District Financial District Neighborhood Neighborhood District Financial District Price Financial District Financial District Neighborhood Neighborhood Battery Park City &Financial Battery Park City 0Neighborhood -0 500K 0 - 500K Uptown0Price Uptown - 500KEast Side Neighborhood District District Price 500K-1M Price & Price -Neighborhood 500K Financial District nancial District &Financial Battery Park City &Financial Battery Park City Uptown PriceEast Side District Neighborhood & Battery Park &Financial Battery4% Park City &Financial Battery Park City City Uptown District District &Financial Battery Park City Uptown Uptown ptown 16% Side 7% 12% East Side 16% East 9% Side Financial District Uptown -Price East Uptown &Financial Battery Park City & Battery Park City 7% Uptown 22% Side East Side Financial 20% Financial District District Side Uptown Neighborhood &Battery Battery Park City ttery Park City Neighborhood &Uptown Park City 10% PriceEast 4% 7% East Side ptown Uptown Financial District 6% 9% PriceEast 22% 5M+ East Side District Uptown & Battery4% Park City & Battery7% Park City East Side 9% 0Price 5M+ 9% Price Price 6% Uptown 6% Uptown 20% Uptown 24% 5M+ East Side East Side & Battery Park City Under 20% 0 500K Uptown Neighborhood 10% 0 500K Under 6% 500K East Side East Side 0-500K 10% 24% 22% Financial District Financial District 4% 7% & Battery Park City & Battery Park 09% - 500K 500K-1M 500K-1M UptownUnder East East Side 22% Neighborhood 6% 5% Financial District nancial District 22% Side Uptown 9% 6% 6% Under 6% 6% & Battery Park CityCity 0-500K 20% & Battery 10% 24% 6% East Side ptown East Side 4% 7% Park City 10% 7% 500K-1M Uptown East Side Under Financial District Financial District 9% 0-500K16% 500K-1M 500K 0-500K Uptown 24% 22% 16% Uptown 12% 500K 7% 12% 6% 500K-1M 500K-1M East Side East Side 22% Financial District District 20%Financial & Battery Park City & Battery Park City Neighborhood 7% Neighborhood 22% 22% 24% 10% 0-500K 6% 4% 7% Uptown & Battery Park City ttery Park City Under 9% 22% Financial District 500K-1M East Side 22% 500K 6% 11% 6% 500K 6% East Side& Battery 5M+ Uptown 12% 500K Uptown 20% 24% 9% 12% 24% 5M+0-500K 36% & Battery Park City Park CityCity UptownUnder 5M+ 0 -Uptown 500K 3M-5M 10% Neighborhood 5M+ 11% Under 6% 0 500K 34% 5M+ 0 500K 5M+ East Side Uptown 3M-5M & Battery Park 24% 0-500K 24% 22% 6% & Battery Park City 500K-1M 0 500K 500K-1M East Side ptown East Side 4% 7% Park City 500K1M 500K Financial District nancial District East Side East Side 11% 9% 0-500K Uptown 500K- 1M 6% 5% & Battery 3M-5M 6% 24% Uptown 12% 22% 500K-1M 9% Under 5M+ 5M+ 6% East Side East Side 500K-1M 500K-1M 11% Uptown 20% 10% 5M+ 5M+ 0-500K 6% East Side 500K 16% 7% 12% 7% 500K 7% 10% 18% 12% 4% 7% 16% 7% 500K-1M Financial District 7% 22% 7% 500K-1M 7% 22% 22% 24% 6% Park6% 6% 500K 6%9% 6% 35% 20% 500K-1M &34% Battery City ttery Park City 5M+ 24% 22% 500K-1M Financial District Under 500K-1M 35% 9% 5M+ 10% 6% 500K-1M Uptown 34% 11% 6% 4Q15East 9% 5M+ 7% 0-500K Uptown 24% 22% 24% 12% 5M+9% 7% 22% 9% 5M+ 0Under -Uptown 500K 11% 0 - 500K 5M+ 0 - 500K East Side 5M+ 36% 5M+ & Battery Park City 3M-5M 5M+ 0-500K 34% 0 - 500K 500K-1M Side 500K-1M 3M-5M 500K-1M Financial District nancial District 500K-1M 5M+Under 34% East500K-1M Side 0-500K 9% 500K 35% 6% 5% & Battery Park City 6% 34% 500K 500K1M 500K-1M 22% 9%6% 9% 5M+ 35% 6% 500K-1M 500K1M Uptown 3M-5M 10%12% 5M+ 5M+ East Side1M-2M 3M-5M 7% 16% West Side 24% 7% 2M-3M 12% 6% 3M-5M 16% 7% 500K-1M Financial District 16% 2M-3M 7% 7% 18% 6% 500K-1M 5M+ 7% 22% 22% 7% 11% 35% Battery Park City 24% 12% 16% 500K 35%ttery Park City 22%35% 500K-1M West Side 5M+ East &Side 11% 500K-1M 3M-5M Uptown 5M+ 34% 6% 9% 5M+ West Side Uptown 4Q15 35% 9% 34% 3M-5M 25% 5M+9% 22% 9% 8% 16% West Side 11% 16% 3M-5M 5M+ 36% 5M+ 8% & Battery Park City 2M-3M 3M-5M 11% Uptown East 500K-1M 5M+ 34% West Side 3M-5M 16% Side 3M-5M West Side 5M+ 500K-1M 5M+ 6% 5M+ 4Q15 East 500K-1M Side 35% 6% 5% 16% 500K1M 22% 4Q15 West 9% 8%7% 35% West Side Side 6% 500K1M 3M-5M 16% 3M-5M 6% EastWest Side1M-2M 3M-5M 8%7% West Side West Side 6% 7%10% 4Q15 22% 15% Side 3M-5M 3M-5M Downtown 9% st Side 9% 16% 500K-1M 7% 7% 18% 2M-3M 500K-1M West Side 15% 500K-1M 9% 7% 34% 9% 16% 2M-3M 4Q15 West 34%35% 16% 22%35% Side 9% West Side Downtown Downtown 5M+ 3M-5M West Side 15% 1M-2M 19% 9% Downtown 22% 9% West Side 8% West Side West Side 4Q15 19% 16% 1M-2M 3M-5M 25% West Side 15% 36% 8% 9% 5M+ 29% 18% 3M-5M 5M+ 11% wn 35% 34% West Side 3M-5M Downtown Downtown 3M-5M 2M-3M 19% 35% 11% Downtown Downtown 4Q15 Downtown 2M-3M 3M-5M 14% Downtown 26% 1M-2M 1M-2M 19% 16% West Side 500K1M 29% 4Q15 3M-5M West Side 19% 2M-3M 500K1M 16% 1M-2M 3M-5M 1M-2M 26% 1M-2M 18% 29% 14% Downtown wn 15% 1M-2M Downtown 26% 9% 19% 16% 2M-3M 7% West Side West Side 18%25% 2M-3M Downtown West Side Downtown 15% 2M-3M 9% st Side 9% 26% 30% 7% 2M-3M 2M-3M 29% 3M-5M 31% 11% 30% 8% 2M-3M 29% West Downtown 2M-3M 35% 26% 3M-5M 16% 3M-5M 3M-5M Downtown Downtown 1M-2M 19% 35% 9% 25% 11% 26%Side 27% West Side 3M-5M 4Q15 West Side INVENTORY 31% 1M-2M 25% West Side 29% 8% 4Q15 2M-3M West Side 14% wn3M-5M 11% 19% 16% 3M-5M 31% 4Q15 19% 2M-3M 11% 30% 18% 11% West Side 11% 2M-3M Downtown Downtown 2M-3M Downtown Downtown 14% 1M-2M 11% 15% 29% 11% Downtown East Side 14% 9% 14% Downtown 2M-3M 26% 31% 26% West 15% 9% Downtown 19% Side 1M-2MMidtown West Side 1M-2M 26% 1M-2M 18%Side 14% 11% 1M-2M 2M-3M Downtown 24% 9% 14% 25% East 2M-3M 2M-3M Midtown 1M-2M 19% st Side 11% 3M-5M 1M-2M East Side 14% 31%2M-3M 26% 30%2M-3M 30%11% 24% Midtown 1M-2M Midtown Downtown 29% 11% 29% 3M-5M East Side 2M-3M wn3M-5M 1M-2M Midtown Midtown 2M-3M West Side 1M-2M 17% 19% 31% 25% 24% 25% Side Downtown 27% West Side West Downtown 2M-3M 11% 26% Midtown 19% 1M-2M 1M-2M 29% 2M-3M 24% 18% 11% Midtown Midtown 14% 11% Midtown 2M-3M 17% 26% Downtown Downtown 26% 14% 2M-3M Downtown 19% 1M-2M Midtown Midtown 2M-3M East Side 14% 26% 14%Midtown 17% West Side Downtown 26%11% 14% Midtown 27% 14% 19% Midtown 16% 26% 2M-3M East Side 1M-2M 1M-2M 1M-2M 18% 3M-5M1M-2M 31% 1M-2M Midtown 30% Midtown 24% 19% 17% 19% 14% 2M-3M 27% 3M-5M 26% st Side 9% 2M-3M Midtown 18% 16% 11% 1M-2M 26% 30%11% 24% Midtown 14% 31% 27% 14% 19% 3M-5M2M-3M Downtown 16% 29% 1M-2M Midtown Midtown 2M-3M West Side 15% 11% 25% 17% $2M-3M 27% 27% West Side 18% West 3MM-5MM Side 5MM+ 26% 14% 25% 19%3MM-5MM 1M-2M 22% 16% 0-500K 500K-1MM 1MM-2MM 2MM-3MM $5M+ 11%1MM-2MM East Side 14% 18% $0-500K $500K-1M $1M-2M $3M-5M 14% Midtown 500K-1MM 2MM-3MM 3MM-5MM 5MM+ 17% 3MM-5MM Downtown Downtown 26% 0-500K 500K-1MM 1MM-2MM 2MM-3MM Midtown 0-500K 500K-1MM 2MM-3MM 5MM+ Midtown 19% East Side M0-500K 3MM-5MM 5MM+1MM-2MM 14% Downtown 26% 1M-2M 1M-2M 14% 24% 27% 14% 19% 16% 19% 14% 1M-2M Midtown 1M-2M 18% 1M-2M Midtown 24% Midtown 27% Midtown 2M-3M Midtown 16% 2M-3M 1M-2M Midtown 26% 29% 25% 30% Midtown 2M-3M 18%17% 26% 1M-2M 25% Midtown 27% 17% 15% 26% 19% 18% 14% 22% 0-500K3MM-5MM 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 14% $5M+ $2M-3M 14% 19% $0-500K $500K-1M $1M-2M $3M-5M Midtown 500K-1MM 1MM-2MM27% 2MM-3MM 3MM-5MM 5MM+ 16% Uptown East Side Uptown M0-500K Uptown East Side 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 0-500K 500K-1MM 1MM-2MM 2MM-3MM 5MM+ MM+ 27% 3MM-5MM 5MM+ Uptown East SideUptown 5MM+ 1MM-2MM 16% East Side Uptown East Side Side Midtown 0-500K 500K-1MM 2MM-3MM 3MM-5MM 2MM-3MM 3MM-5MM Midtown 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MMMidtown 2MM-3MM 3MM-5MM 500K-1MM 5MM+ East Side Uptown 0-500K Side Uptown East SideUptown wn East Side Uptown East Side 18% MM+ 1MM-2MM East 5MM+Property 0-500K 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Type Property Type East Side West 500K-1MM 1MM-2MMEast 2MM-3MM 3MM-5MM500K-1MM 5MM+ Uptown East Side Side Uptown East Side 3MM-5MM 0-500K 500K-1MM 1MM-2MM 2MM-3MM 5MM+ West Side 3MM-5MM Midtown 1MM-2MM East2MM-3MM 15% Side Midtown Property Type Property Type 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM5MM+ 0-500K 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Uptown East Side West Side $500K-1M Midtown 18% 22% 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM $5M+ $2M-3M Side $0-500K $1M-2M $3M-5M Midtown West Side Midtown 0-500K 500K-1MM 1MM-2MM Midtown 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Midtown Uptown Side West Uptown East Side 0-500K 500K-1MM 1MM-2MMEast 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ MM+ M 3MM-5MM 5MM+ West Side Midtown Midtown Side 5MM+ West Side Midtown West Side Midtown West Side Midtown Uptown East Side Uptown East Side Downtown Uptown East Side East2MM-3MM Side Midtown West and Side Midtown 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM West Side Midtown 1MM-2MM Midtown 3MM-5MM West Side Midtown Midtown 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 2MM-3MM 3MM-5MM 500K-1MM 5MM+ Uptown East Side Downtown District Battery Park City City 1MM-2MMMidtown District and Battery Park City 18% rict and Battery Park Downtown Financial District and Battery Park CityProperty West Side Midtown wn East Side District Uptown East Side 0-500K 1MM-2MM Financial 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MMFinancial 2MM-3MM 3MM-5MM 5MM+ Downtown Financial and Battery BatteryPark ParkCity City Downtown Financial District and Battery Park Ci Financial District and Battery Park City Type West Side Midtown Property Type West Side Midtown 15% Uptown East Side town Financial District and Downtown Financial District and Battery Park 18% Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Uptown East Side Downtown Financial District and Battery Park City Uptown East Side 22% Property Type Property Type 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ MM+ $5M+ $2M-3M West Side Midtown West Side Midtown $0-500K $500K-1M $1M-2M $3M-5M 5MM+ 1MM-2MM West Side Midtown 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Midtown Unit Type Unit Type Unit Type Unit Type Downtown Financial District and Batte 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM Downtown Financial and0-500K Battery Park City 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Downtown Financial District and Battery Park Ci Uptown East SideDistrict Financial Battery Park City Uptown East Side East SideDistrict and West Side Midtown M0-500K 3MM-5MM 0-500K 500K-1MM 2MM-3MM 3MM-5MM 5MM+ 1MM-2MM 2MM-3MM 3MM-5MM Downtown Financial District and Battery Park City Property Type Uptown East Side Midtown Side 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 0-500K 500K-1MM5MM+1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Uptown East Side Property Type Type West Side Midtown Property Type 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Downtown Financial District and Battery Park City City Property Downtown District and Battery City 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ West Side Midtown PropertyFinancial Type Property Type wn East Side District Uptown East Side West Side Midtown West Side Midtown rict and Battery Park Downtown Financial District and BatteryPark Park CityProperty Property Type Property Type Property Type Downtown Financial and Battery Park City Downtown Financial District and Battery Park Ci Financial District and Battery Park City Type Property Type Property Type West Side Midtown West Side Midtown Condo Resale Midtown Uptown East Side Condo ResaleDistrict Downtown Financial District and Battery Park City Price Price Price Property Type Property Type Property Type Property Type town Financial and Battery Park City West Side Midtown Downtown Financial District and Battery Park West Side Midtown Condo Resale Price Unit Type Price Price Unit Type Unit Type UnitFinancial Type Unit Type Unit Type Unit Type Unit Type Price Downtown Financial District and Batte Price Price Property Type Uptown East Side Midtown Side Property Type Property Type West Side Midtown Price Price Downtown Financial District and Battery Park City 31% Downtown District and Battery Park City 29% Condo Resale Price Property Type Price Unit Type Price Price West Side Midtown Unit Type District and Battery Park City Unit Type Financial and Battery Park City Downtown Financial District and Battery Park Ci Property 31% Type Financial Property UnitType Type Downtown wn East Side District Uptown East Side Price rict and Battery Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Property Type Property Type Uptown East Side and Battery Park Price 42% Price Studio Property Type Condo Resale Property Type Condo ResaleDistrict town Financial andSide Battery Park City West Midtown Downtown Financial District Price Studio Studio Studio Price Unit Type Price Price Property Type Property Type Property Type Unit Type Unit Type Unit Type Condo Resale Unit Type Unit Type UnitType Type Downtown Financial District and Batte Type Price Midtown Side New Dev Property West Side Midtown Price Price Type Property 14% New Dev 31% 29% New Property Dev Condo Resale Price West Side Midtown 10% 15% 15% Resale Condo 31% Resale Condo Downtown rict and Battery Park City Financial District and Battery Park14% City Price Price Under Price Unit Type Resale Condo Price Price 15% Condo Resale Condo Resale Unit Type Unit Type New Condo Dev town Financial District and Battery Park City Downtown Financial District and Battery Park ResaleType Condo Resale Condo Price Unit 42% District 11%Under Studio 0Unit -Resale 500K Resale Condo Under Price 29% Studio Resale Condo Type Condo Resale Studio Unit Type Studio Unit Type Studio 29% Unit Type Studio Studio Downtown Financial and Batte Studio Resale Studio 1 BR Under Price Condo Price 0Studio -Under 500K Resale Condo -500K 500K 3+ BRs Under Condo New 500K Resale 39% 31% 29% 16% 500K Under Studio Condo Resale Price 29% 29% Under Studio Resale Condo 14%29% New Dev 0Under 29% 16% 3+Dev BRsUnder Studio Studio 3+ BRs Resale Condo New Dev Studio 0Studio -16% 500K 500K-1M 500K 13% Resale Condo 31% 10% 15% 39% 15% 500K-1M 12% 13% 9%500K-1M 12% 9% 500K 30% 39% 12% 29% 500K 18% 12% Resale Under 14% Under 29% Resale Resale Condo 500K Condo Resale Condo Resale 5M+ 5M+ Under 500K New Dev Under Condo 11% Price 42% 500K 12% Under Studio 13% 15% 24% Condo 39% - Studio 17% New Dev 500K-1M 12%29% 13% 17% 5M+ 11% 29% 9%500K-1M 12% 7% 500K 22% Under Studio Resale Condo Condo Resale 11% 0 500K Studio 9% Studio Studio Studio 24% Studio Studio 5M+ Studio 12% Price Price New Dev 1 BR 500K-1M 5M+ 500K New Dev 5M+ 500K New Dev5M+ 11% 1Resale BR1 BR 5M+ 12% 06% -500K 500K Resale Condo 31% 500K 24%39% NewUnder Dev 6% 29% 3+ BRs 500K Resale Condo 13% 500K-1M 7% 3+Under 5M+ Condo 29% Price 500K 14%29% New Dev 0 -500K 11% 3+ BRs 16% 24% New Dev Under 7% 13% 31% 15%10% 39% 16% BRs 00K-1M 500K-1M 15% 12% 13% 3+6% BRs 3+ BRs New Dev 9%500K-1M 12% 0 -16% 500K 500K-1M New Dev BRs Resale Condo New Dev 1 BR 6% 500K-1M 3+5M+ BRs Resale Condo 9% 3+ BRs 500K-1M Under 1 BR Condo New Dev 6% Studio 13% 7% 12% Resale 13% 34% 500K-1M 14% 7% 30% 9% 5M+ 500K-1M 500K-1M 3+ BRs Under 29% Under 12% Studio Resale Condo 5M+ 16% 500K New Dev 18% 3+ BRs 29% Studio 11% 6% Studio 42% 34% 12% Studio 7% 15% 9% 18% 1 BR 24%39% 31% Studio New Dev 5M+ New Dev 1 BR 3+ BRs New Dev 5M+ 11% 500K 1 31% BR New Dev 3+ BRs 11% 0 - 500K Studio Studio 1 BR - Studio 17% 24% 22% 17% 18% 500K Studio 20% 7% 3M-5M 31% 18% 13% 18% 16% 34% 29% 500K-1M 500K 9% Under 500K-1M 31% 35% 36% New 5M+ 29% 500K-1M 1 BR 16% 5M+ 1 BR New Dev29% 1 BR 34% M+ 06% -500K 500K 9% 36% 18% New Dev 500K Under 6% 9%500K-1M 35% 13% 3+ BRs 500K1M 3M-5M 18% New Dev 13% 500K-1M 39% 7% Dev 3M-5M 500K-1M 12% 5M+ 13% 5M+ 1 BR 14% 3+ BRs New Dev 0 -500K 12% 36% 5M+ 1 BR 16% 3+ BRs 5M+ 9% 6% 18% 36% New Dev 20% 20% 3M-5M 38% 3+500K BRs 7% 18% 10% 16% 15% 16% BRs 15% 38% 1 BR 12% 3+ BRs 3+ BRs New Dev 500K1M 35% 0 500K 500K-1M 1 BR New Dev 3+ BRs 3+ BRs 7% 00K-1M 5M+ 500K-1M New Dev 3M-5M M+ 11% 12% 6% 31% 35% 13% 34% 24% 14% 3M-5M 30% 3+ BRs 9% 1 BR 500K-1M 31% 16% 5M+ 6% 500K 5M+ 12% 1 BR 16% 7% 11% 18% Co-op Resale Co-op Resale500K-1M 35% 7% 20% 34% 3M-5M 3+ BRs 24% 8% 9% 39% 15% 18% New Dev 39% 5M+ 18% New Dev 1 BR 16% 18% 3M-5M 11% 1 BR 3+ BRs 29% 0 500K 8% 1 BR New Dev 1 BR 500K-1M 17% 5M+ 38% 1 BR 17% 18% 20% 35% 1 BR 1500K-1M BR 7% Co-op Resale 3M-5M 22% 38% 18% Co-op Resale 39% 29% 16%29% New Dev 1 BR 6% 9% 13% 35% 36% 6% 5M+ 5M+06% 3M-5M 3+ BRs 0 - 500K M+ - 500K 8%7% 3+ BRs4Q15 39% 4Q15 35% 7% 3+ BRs 56% 55% 16% 3M-5M 3M-5M 5M+ 1 BR1 BR 3+ BRs New Dev 29% 36% 8% New Dev 5M+ 1 BR 1M 3+ BRs 16% 500K3M-5M 6% 38% 20% 500K-1M 3M-5M 3M-5M 38% 3+ BRs 9% 29% 36% 16% 58% 34% 3+ BRs 31% 13% 1 BR 5M+ 3+ BRs 36% 4Q15 9% 0 500K 1 BR 500K-1M 38% 3+ BRs 500K-1M 31% 9% 00K-1M 16% 38% 2M-3M 500K1M 4Q15 42% 34% 6% 7% 9% 18% 30% 3+ BRs 3M-5M 18% New Dev 16% Resale 6%29% 12% 7% 1M-2M 2 BRs 2M-3M 8% 39% 18% 9% 20% 39% 18% 5M+ 16% Co-op Co-op Resale500K-1M 2 BRs 35% 7% 3M-5M 35% 36% 8%18% 9% 135% BR 17% 18% 38% 1 BR 17%2 BRs Co-op Resale 1 3M-5M 11 BR 7% 38% 22% M+ 1M-2M 29% INVENTORY 1 BR 11% 4Q15 3M-5M 35% 5M+ 3M-5M BR 25% 2M-3M 5M+ BR 1M-2M 29% 9% 20% Co-op Resale 3M-5M 3+ BRs 2M-3M 1 BR 5M+32% 4Q15 30% 11% 36% 136% BR 3+ BRs 500K3M-5M 56% 55% 6% 30% 2M-3M 1M-2M 9% 36% Resale Co-op 5M+ 2 BRs 38% 9% 6%29% 26% 2M-3M 00K-1M 38%1M 1M-2M 2M-3M 500K1M 6% 8% 7% 39% 58% 2M-3M 39% 3+ BRs 3M-5M 2M-3M 2M-3M 16% 11% 26% 3M-5M 42% Resale Co-op 7% 8% Resale Co-op 11% 38% 3M-5M 38% Co-op 3M-5M 29% Co-opResale Resale Co-op Resale500K-1M 35% 7% 9%2 BRs 4Q15 1M-2M 22M-3M BRs 2M-3M Resale Co-op 4Q15 1 BR 26% 18% 2 BRs 51% 2M-3M 1 BR 1 BR 3M-5M 31% 1M-2M 1 BR 36% 11% 26% 35% Resale Co-op 3M-5M 11% Co-op Co-op Resale 3M-5M Resale Co-op Resale Co-op 211% BRs 2M-3M 29% 11% 2 BRs 9% Resale Co-op Resale1M-2M 45%2 BRs 9% 11% 2 BRs 1M-2M 3M-5M 2M-3M 4Q15 58% 36% 2 BRs Co-op 500K9% 3M-5M 56% 55% 51% 14% 3M-5M 30% 11% 51% 36% Resale Co-op 5M+ 32% 30% Resale 2M-3M 36% 242% BRs 38% 11%230% Resale Co-op 1M-2M 14% 211% BRs 26% 38%1M BRs 2M-3M 500K1M25% Resale Co-op 2 BRs 1M-2M 45% 7% 1M-2M 58% 14% 30% 58% 45% 3M-5M 2M-3M 2M-3M 232% BRs 2 BRs 1M-2M 11% 26% 232% BRs Resale Co-op 58% Resale Co-op 14% 11% Condo Resale Co-op Resale New Dev 1M-2M 51% Condo Resale Co-op Resale New Dev 3M-5M Co-op Resale Resale 35% 7% 231% BRsResale 1M-2M 1M-2M 2 BRs 2M-3M Co-op 1M-2M 14% 25% 2M-3M 51% 18% 2 BRsResale 2M-3M 1M-2M 9%2 BRs 1M-2M 2M-3M 31% 3M-5M 1M-2M 30% 45% 26% 30% Condo Resale Co-op New Dev 2M-3M Condo Resale Co-op Resale New Dev 35% 11% 31% 58% Co-op Resale Resale Co-op New Dev 2 BRs 25% 26% 2M-3M 2 BRs 9% 32% 31% 11% Resale Co-op 11% Co-op Resale 32% 45%2 BRs 58% Resale Co-op 2 BRs4Q15 27% 21M-2M BRs 56% 55% 1M-2M 14% 2M-3M 30%3M-5M 2M-3M 30%1M-2M 11% 14% 27% 51% 26% 14% 2M-3M 231% BRs 2M-3M 27% 11% 14% Co-op 26% 1M-2M Resale 26% 2M-3M Resale Co-op 11% 32% 2 BRs 26% 25% 1M-2M 58% 30%14% 45% 14% 3M-5M 2M-3M30% Uptown 42% 58% Resale Co-op 1M-2M 32% 1M-2M 31% 51% 32% 27% 3M-5M Condo Resale Co-op Resale New Dev 1M-2M 1M-2M 1M-2M 22 BRs 27% 2M-3M 14% East Side 11%2 2BRs Condo Resale Resale New Dev Resale Co-op BRs BRs8%25% 2M-3M 9%2 BRs 31% Resale 11% 45%2 BRs 26% 2M-3M 14% 58% 2 BRsCo-op 31% 2 BRs Co-op 26% 2M-3M 1 Bedroom 3+ Bedroom Condo Resale Co-op Resale New Dev 11% 2 Bedroom Studio Condo Resale Co-op Resale New Dev 24% 14% 3M-5M New Dev 25% 51% 2 1M-2M BRs 1M-2M 14% Studio 1 Bed 1 Bed 2 Bed 3+ Beds 27% 30% 11%Studio 27% Studio 1 Bed 27% 2 Bed 3+ Beds 2 Bed 3+25% Beds 32% 30% 30% 2M-3M 45% Studio30% 1 Bed 2 Bed 3+ Beds 14% 31% 1M-2M 3+ Beds 58% 14% 2 BRs New 32% 32% 14% 1M-2M Condo Resale Co-op Co-op Resale 1M-2M Resale Co-op Resale New Dev 14% Condo Co-op Resale New Dev Dev 1M-2M 2M-3M 31% Condo Resale Resale New DevDev 1M-2M Uptown 26% CondoResale Resale Co-op Resale New 26% 2M-3M 9% East Side 25%Resale 2M-3M 31% Condo Resale Co-op Resale Dev Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op ResaleNew New 8%Co-op Condo Resale Resale New Dev 3M-5M New Dev 25% 27% Resale Condo Resale Co-op New Dev 1 Bedroom 3+ Bedroom Condo Resale Co-op Resale New DevDev 2 Bedroom Studio 24% Condo Resale Co-op New Dev 27% 14% 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 3MM-5MM 5MM+ Studio 1 2 3+ 14% Studio 1 Bed Bed 2 Bed Bed 3+ Beds Beds Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Resale Bed 3+ Beds M+ 1M-2M Studio1MM-2MM Bed 27% Bed 3+ Beds Beds Studio 11 Bed 22 2MM-3MM Bed 3+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM Studio Co-op 1 Bed Resale 2 Bed New 3+3+ Beds Studio 1 Bed 2 Bed 3+3MM-5MM Beds 14% Studio 1 Bed 2 Bed 3+ Beds 0-500K 500K-1MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5M Condo Resale Co-op New Dev Beds Condo Resale Co-op Resale New Dev 5MM+ Condo Resale Dev Condo Resale Resale New Dev Resale Co-op Resale New Dev 1M-2M 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 14% Condo Resale Co-op New Dev 0-500K 500K-1MM 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 1MM-2MM 3MM-5MM 500K-1MM 1MM-2MM 5MM+ StudioNeighborhood Bed Bed 3+ Beds 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Condo Resale Co-op Resale New Dev3MM-5MM Studio 1 1Bed 22 Bed 3+ Beds 1M-2M Studio 1 Bed 2MM-3MM 2 Bed 0-500K 3+ Beds Studio 1Neighborhood Bed 3+ Beds Uptown 2 Bed M+ Studio 1 Bed 2Resale Bed 3+New Beds Condo Resale Co-op Resale Dev Studio 1 Bed2MM-3MM 2 Bed 3+3MM-5MM Beds 0-500K 1MM-2MM 2MM-3MM Neighborhood Neighborhood East Side 25%Resale 2M-3M 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Condo Resale Co-op Resale New Dev 8%Co-op 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5M Condo Resale Resale New Dev 500K-1MM 1MM-2MM 2MM-3MM 0-500K 3MM-5MM 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Studio 1 Bed 2Resale Bed 3+ New Beds New Dev500K-1MM 25% 0-500K 1MM-2MM 27% 2MM-3MM Studio 3MM-5MM 5MM+ Condo Resale Co-op New Dev 1 Bedroom 3+ Bedroom Condo Resale Co-op Dev 2 Bedroom 24% Condo Resale Co-op Resale New Dev 0-500K 1MM-2MM 2MM-3MM 3MM-5MM 0-500K 500K-1MM 1MM-2MM 3MM-5MM 5MM+ Studio 1 BedCo-op 2 Bed 3+ Beds Studio 2 Bed 3+ Beds Studio 1 Bed M+ Studio 1 Bed Bed 3+New Beds Studio Studio 1 Bed 2 Bed 3+3+ Beds Condo Resale Resale New Dev3MM-5MM 3MM-5MM 5MM+ Studio 1 Bed 2 Bed 3+3MM-5MM Beds Resale 1 Bed Co-op Resale New Dev 14% Condo Resale Co-op 2Resale Dev Studio 1 Bed 2 Bed 22MM-3MM Bed3+ Beds 3+ Beds Beds 0-500K 500K-1MM 1MM-2MM 2MM-3MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5M 1MM-2MM 2MM-3MM 0-500K 3MM-5MM 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Studio 1 Bed 2 Bed 3+ Beds 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Uptown 0-500K 1MM-2MM 2MM-3MM New3MM-5MM East Side Neighborhood Neighborhood Neighborhood Neighborhood Condo Resale Co-op Resale New Dev 500K-1MM Neighborhood Neighborhood Condo Resale Co-op Resale Dev Condo Resale Neighborhood Co-op Resale New Dev Neighborhood Neighborhood 1 Bedroom 3+ Bedroom Type Bedroom Studio 24% Studio 1 Bed Bed 2Type Bed Type 3+ Beds Beds Studio Neighborhood 1 Bed 2 Bed 3+ Beds Studio Neighborhood 1Property Bed8% 2 2 Bed 3+Financial Beds 3MM-5MM M+ Studio 11 Bed 22Type Bed 3+ Beds StudioNeighborhood 1 Bed 2 Bed 3+nancial Beds3MM-5MM Property Property Neighborhood Neighborhood Neighborhood Property 0-500K 500K-1MM 1MM-2MM 2MM-3MM 5MM+ Studio 1 2 Bed 3+ 5MM+ Studio Bed Bed 3+ Beds District District 5MM+ Studio 1 Bed 2 Bed 3+ Beds 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 1 Bed Type 2 Bed 3+ Beds Financial District 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 1MM-2MM 2MM-3MM 0-500K 3MM-5MM 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Studio1MM-2MM 1Property Bed 22MM-3MM Bed 3+ Beds 3+ Beds 0-500K 500K-1MM 3MM-5MM 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Studio Property Financial District Property Type Type 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Property Type Property Type 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5M 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM Neighborhood Property Type & Battery Park Park City City ttery Park City Neighborhood Neighborhood Neighborhood Property Type Uptown Neighborhood Neighborhood Property Type Property Type & Battery Property Type Property Type Neighborhood Uptown Uptown Neighborhood & Battery Park City Uptown Property Type Uptown Property Type East Side Neighborhood East Side 0-500K 500K-1MM Property 1MM-2MM 2MM-3MM 3MM-5MM 5MM+1MM-2MM Property Type Property Type 3MM-5MM 5MM+ 1MM-2MM East Side Property Type 6% 5% de Uptown District nancial District 9% Financial District Financial District 0-500K 500K-1MM 2MM-3MM 3MM-5MM District Financial District 7% 6% Type Property Type Property Type Financial District 10% 0-500K 500K-1MM 2MM-3MM Financial 3MM-5MM 5MM+ East Side Property Type Property Type 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 6% Financial District 9% Property Type Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood 22% &Financial Financial District Financial District District District Neighborhood 22%22% Neighborhood Financial District 22% Neighborhood Battery Park City City tteryPark ParkCity City &Financial Battery Park City Battery Park City City & Battery & Battery Park City Neighborhood & Battery Park 22% Uptown Uptown Uptown Uptown Uptown Neighborhood & Battery Park Uptown Uptown Property Type East Side East Side Uptown East Side & Battery Park City Financial District UptownType East & Uptown Property Type Condo Resale Property Type Property Property Property Type East Side Property Type Property Type Battery7% Park City Battery Park City & Battery Park EastSide Side&Financial Side East Property Type & Battery Park City Condo Resale Condo Resale District nancial District Financial District Financial District District Financial District Uptown Uptown East Side Property Type 6% 5% Financial District 4% 4% 7% de Uptown 9% 9%9% 9% 7% 6% East Side East Side Financial District Uptown 10% East Side East Side 6% 6% Uptown East Side Uptown 20% 20% 24% East Side East Side 10% 10% & Battery Park City 31% 22% Condo Resale Uptown 22% Financial District 22% 22% Resale Condo Resale Condo 4% 7% 4% 7% Resale Condo & Battery Resale Condo & Battery ParkCity City City tteryPark ParkCity City 29% & Battery Park City ParkPark City Battery & Battery 9% 9%Uptown31%East 22% 6%Park Uptown & Battery Park 22% Uptown Uptown Uptown 6% Side 20% 20% & Battery Uptown 24% 6% 22% Uptown Property Type 10% 10% Resale East Side East Side 24% ResaleEast Condo Uptown Side Type Unit Type 22% 22% District Financial District District City Financial District Uptown Uptown Resale Condo Resale Condo Property Type Property Type Condo Resale Condo East Side 42% Unit Type Resale Condo East Side Financial7% East Side East Side 6% Property Type & Financial Battery Park City Unit UnitCondo Type Condo Resale 29% 29% Financial District nancial District East Side 29% 29% 6% 5% District 4% 7% 6% de 4% Condo Resale Resale 9% Unit Type 7% 9% 9% Unit 6% 24% Financial District Resale Condo 10% East Side Financial Type 6% 6% East Side 20% Financial District 20% 24% 39% Unit Resale Condo Type Unit Type & Battery Park City City &Type Battery Park City & 10% 10% Unit Type Unit NewUptown Dev9% Unit TypeUptown UnitType Type 29% 29% 22% 29% 22% & Battery Park 29% 22% 22% Uptown 39% Resale Condo Resale Condo Dev 31% Condo Resale Condo & Battery Battery ParkCity City Unit Condo Resale 22% 6%Park Uptown & Battery Park City New East Side East Side 22%ttery Park City 31% East Side Uptown 29% New Dev Uptown Uptown Resale & Battery Park City Uptown 39% 6%Uptown 22% East Side East Side 24% Resale Condo Uptown & Battery Park City Unit Type 39% New Dev New Dev 14% 4% 7% East Side West Side 4% 7% Unit Type Resale Condo East Side 9% 9%Dev Unit Type UnitCondo Type Condo New 29% 14% 29%Resale Uptown East Side 42% 29% 29% 6% East Side 6% 6% 20% de 5% 20% Condo Resale Resale 9% 24% 7% 15% 10% 10% 10% East Side Unit Type 6% New Dev 22% 22% New Dev Resale Condo Resale Condo 9% 39% Resale Condo Resale Condo w Dev 6% 13% 13% Type Unit Type 39%22% Unit New Type Unit Type 16%Studio 31% New Dev 6% Condo Resale 22% Dev 24% Resale Condo 22% 31% New Dev West Side 15% 29% 22% UnitStudio Type NewNew DevDev Unit29% West Side 22% West Side Studio Studio New Dev Unit w6% Dev Unit Type Resale Condo Studio 13% Unit Type Type Studio 13% 29% New Dev 29% 29% New Dev New Dev Downtown Downtown West Side Studio Studio Condo Resale 14% New Dev West Side West Side 42% 16% New Dev Studio West Studio Studio New Dev Condo Resale Condo Resale 9% Unit Studio Downtown 39% Studio Studio 19%Side 20% Studio 12% 20% 13%14% 18% 12% Type 15% 9% West Side 10% 39% West 19% w6% Dev 14% 14% 13% 26% 30%13% West Side 18% 16% Type Side15% Type Downtown 15% New Dev Unit Unit Type Unit Type 31% New Dev 9% 31% Condo 15% Resale 16% 20% 16% 12% Unit 20% 13% New Dev 16% 12% New Dev 29% West Side 26% New Dev 9% Studio 1 BR New Dev New Dev Studio Studio West SideSide New Dev 15% BR Studio 1 BR Studio West West Side 6% West Side Side 1West BR 16% Studio 3+ BRs West Side 16% 30% 3+ BRs INVENTORY 14% Downtown Downtown West Side Downtown West Side West 16% 42% Studio Downtown West Side 1 BR 3+ BRs Studio New Dev 14% 3+ BRs 9% 31% 15% 20% Studio BR 12%West Side 20% 3+ BRs 13% w Dev 1 BR Studio 3+BRs BRs West SideSide % 12% 13% Downtown Side Unit 31% 19% 13% 9% West 15% West Side 18% owntown 3+ BRs New Dev 15% 3+ BRs 10% Type31% 30% 19% 18% 19% 18% Downtown Downtown Type Type New Dev 19% 3+ New DevDev Unit 3+ BRs 14% New Type Unit Type 3+ BRs Unit 14% 26% 30% 18% 29% 18% 16% 15% 29% 16% Downtown Studio Unit 18% Studio 15% New Dev Studio 16%Studio % 15% 18% Studio 1 BR Downtown Downtown 6% owntown 15% West Side New18% Dev 26% 17% 15% 131% BR 19% 18% 19% BR 17% West Side 1 BR West 3+ BRs 30% 1 BR Side 16% Side West West Side 18% Midtown 29% 3+ BRs Downtown 3+ BRs Studio 29% 9% West Side 18% 1 BR 3+ BRs 20% 1West BR Side 1 BR Side 12%West 20% 13%14% 14% Downtown Downtown Downtown West Side West Side Downtown 12% Studio 30% West Side Downtown 3+ BRs 9% Studio Downtown New Dev 3+ BRs 31% Studio 31% 3+ BRs Studio 1 BR 31% 3+ BRs % Midtown Co-op Resale 30% 1 BR Downtown 31% 19% 15% 39% 29% Co-op Resale 138% Co-op Resale 39% Midtown 3+ BRs 3+ BRs owntown Downtown 15%15% BR Co-op Resale 16% 29% BR18% 10% 19% 16% 18% 19% 38% 30% 19% 3+18% 14% 1 BRs 1 20% BR 30% 14% 26% 30% 18% 3+ BRs 29% Midtown East Side 29% 18% Downtown 15% 1 BR 31% BR 15% 31% 16% 29% 15% West 1West BR Side 39% 29% Resale Co-op 39% Downtown 1 BR West18% Side 38% 1 BR Downtown 1 BR West Side 15% 55% Resale Co-op 18% West SideSide 26% 3+ BRs 29% 56% 55% 3+ BRs 18% 24% 1 BR 3+ BRs 38% 30% 1 BR Downtown 30% Midtown 42% Downtown Midtown 17% 3+ BRs 17% 3+ BRs East Side Downtown Resale Co-op 3+ BRs Studio 31% West Side 1 BR Midtown Resale Co-op 136% BR 1 BR15% Downtown Downtown West Side Midtown % Resale Co-op Studio 18% 36% 30%38% 31% Resale Co-op Studio Resale Co-op 38% Resale Co-op owntownResale Co-op Studio 31% East Side 24% Studio 51% 19% 31% 18% 19% Downtown 18% 19% Midtown 39% 29% 51% Midtown 39% 3+ BRs 3+ BRs Midtown Co-op Resale Midtown Midtown 18% 3+ BRs 29% Resale Co-op 17% Resale Co-op 29%EastMidtown 10% 29% Co-op Resale 38%18% Co-op Resale 18% 17% Midtown 30% 24% 45% Co-op Resale 19% 14% Resale Co-op 58% Downtown 14% Downtown 26% Side 20% 18% 38% 1 BR 30% Downtown 58% Midtown East Side 15% 51% 15%30% Midtown 1 BR1 BR 19% 3+ BRs 3+ BRs29% Midtown 30% 1 BR 45% 51% Resale Co-op Resale Co-op 18% Midtown 1 BR 26% 3+ BRs24% 19% 17% Downtown 1 BR 17% BR 1 BR 15% 16% 55% Midtown 24% 45% 16% Midtown 56% 55% 58% 18% 17% Resale Co-op Midtown 58% Resale Co-op 136% 42% 1 BR 31% 17% Midtown 31%29% Midtown Resale Co-op 30%38% 39%38% Resale Co-op 39% 45% 19% 18% Side 29% 51% 16% 38% 36% 16%Resale 38% 51% 2 BRs Co-op 3+ BRs 2 BRs 2 BRs Midtown Midtown Resale 2 BRs 30% 3+ BRs Midtown 17% Uptown 22 BRs 2East BRs Co-op Resale Midtown 30% 2 BRs 3+ BRs BRs Co-op 2 BRs 24%17% 45% East24%Side Co-op Resale 19% 3+ BRs 58% Resale Co-op town East Side East Side 20% 19% Resale Co-op 58% 45% Midtown Uptown East Side Midtown Midtown Midtown 2 BRs 2 BRs 2 BRs 1 BR 29% 30% 18% 30% 1 BR Resale Co-op 2 BRs 30% 30% 1 BR Midtown 231% Uptown East Side Resale16% Co-op 1 BR 31% 16% 15% 232% BRs 55% 232% BRs BRs Resale Co-op 17% 56% 55% 32% 18% 17% Resale Co-op 42% Resale Co-op East Side 51% Midtown Resale Condo New DevResale 51% 31% 19% Midtown 18% 36% Midtown 17% st Side Midtown West Midtown 31% 38%Side 38% 24%17% 45% 19% 3+ BRs 230% BRs WestDev Side 2 BRs Midtown 58% Midtown 230% BRs Condo Resale Resale Resale New Dev Condo Resale Co-op Resale New 2Co-op BRs Condo Co-op Resale New Dev Co-op Resale 36%New Co-op Resale 58% Midtown New Dev 2 BRs Co-op Condo Resale2232% Resale DevSide 45% 232% BRsSide town Midtown BRs Co-op 231% BRs Co-op Resale BRs West 20% East Side1 BRUptown East Uptown East Side EastMidtown SideUptown Midtown Uptown East Side 16% East Side East Side Uptown 16% 1 BR 29% Uptown East Side 30% 30% 1 BR 1 BR 2 BRs 31% 15% 55% 30% 30% Downtown Financial District and Park City Downtown Financial District District and Battery Park 56% 55% 32%Side 32% 31% Uptown East Side 18% 32% 42% 19% Downtown Financial and Batt Uptown East Uptown East Side Condo Resale Co-op Resale New Dev esale Co-op Resale New Dev Uptown Side36% Uptown East Side East Side Condo Resale New DevBattery Resale Co-op Condo Resale Resale New Dev Resale Condo Dev 2 BRs Co-op 2Condo BRs 18% District ParkResale City 2 BRsCo-opEast 36% Downtown Financial District andNew Battery ParkResale City Condo Resale Co-op Resale Resale New Dev 2 BRs 38% 38%Co-op 31% 2 BRs New 2 Dev BRsSide West Midtown stDev Side and Battery Midtown West Side Midtown West Side Midtown West Side Midtown West Side Midtown MidtownNew 2 BRs Condo Resale Co-op Resale New 2 BRs West Side Midtown Uptown East Side esale Co-op Resale Condo Resale Co-op Resale NewDev Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev 2 BRs Condo Resale Co-op Resale New Dev New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New West Side Midtown 30% 30% Uptown East town Uptown East SideWest East Side 31% Uptown East Side West Uptown East Side West Uptown Midtown Side Midtown 32%Side 32% 31% Side West Side Midtown Midtown Uptown East Side Dev Midtown East SideSide 2 BRs Uptown East Side 30% 30% Uptown East Side 32% Co-opFinancial 8% Downtown Financial District and BatteryCondo Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park CityResale Downtown Financial District and Battery Park rk City Downtown and Park City 24% Downtown Financial District and Battery Park City Condo Resale Co-op Resale New Dev Financial District Park City esale Co-op Resale New Devand Battery Resale Resale District New DevBattery Downtown Financial District and Batt Resale Co-op Condo Resale Co-op Resale New Dev West Side Midtown Resale Condo New Dev Condo Resale Co-op Resale New Dev Condo Co-op Resale New Dev Price Price Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds 31% District and Battery Park City Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Downtown Financial District and Battery Park City Studio 1 Bed 2 Bed 3+ Beds +rkBeds West Side Midtown st Side Midtown West Side Midtown West Side Midtown Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Price West Side Midtown Downtown Financial District and Battery Studio 1 Bed City 2 Bed Resale 3+ Beds Downtown Financial District andDev Battery Park City Studio 2 BRs 1 Bed 2 Resale Bed 3+ Beds Downtown Financial District and Battery Park City Studio2 BRs 1 Bed 2Resale BedSide3+ Beds Downtown Financial District Battery Bed 2 Bed 3+ Park Beds City West Side 2 BRs Midtown Financial and Battery Park City Uptown East Side Condo Resale New Dev Park City Uptown East Side Uptown East SideUptown Condo Resale Co-op New Uptown East Resale Co-op Resale Newand Dev East Side East SideDistrict New Dev West Side Midtown Condo Resale Co-op New DevSide West Midtown Bed 2Co-op Bed 3+ Beds Uptown Side Studio Condo 1 Bed Studio 2 Bed 1 3+ BedsEast 1 Bed 2 Bed Beds Studio 1 Bed 2 Price Bed Uptown 3+ Beds +esale Beds Studio 1 Bed 2East Bed Side Beds Studio 1 Bed 2town Bed 3+ Beds Uptown East Side 2 BRs Downtown Financial District and Battery Condo Resale Co-op Co-op Resale New Dev 30% Co-opStudio Resale New Devand3+Battery East Side Uptown East Side Resale 32% Co-op Resale3+District New DevBattery Park Condo Resale 30% Co-op Resale New Dev Downtown Financial District and BatteryCondo Park City Downtown Downtown Financial District and Battery Park CityResale Financial District and Battery ParkPark rk City Condo Resale Co-op Resale New Dev Downtown Financial and City Condo Resale New Dev Downtown CityCi 8% Co-op Financial District Park City Downtown Financial District and Batt Resale Midtown 24% Side West Side Midtown West Side Midtown Resale Condo New Dev Side West Midtown Studio 1 3+ Bed 2 Bed 3+ Beds Downtown Financial District and Battery Park Ci Uptown East Side 31% Studio 1 Bed 2 Bed Beds and Battery ParkStudio City Studio 1 Bed West 2 BedSide3+ Beds Downtown Financial District and Battery Park City Studio 1 Bed Price 2 Bed 3+ Beds + Beds st Side 3+ Midtown Price 1 BedPrice 2Midtown Bed 3+ Beds West Side Midtown Price Price Studio 1 Bed West 2 District Bed Beds Price Studio 1 Bed 2 Bed 3+ Beds PriceMidtown WestDev Side 1Condo PriceMidtown Co-op Resale New Dev Condo Resale Co-op Resale New Studio Bed Condo 2 Bed Resale 3+ Beds Resale Co-op Resale New Dev Studio 1 Bed 2 Midtown Bed 3+ Beds New Dev Studio 1 Bed 2Resale Bed 3+ Beds Bed 2 Bed 3+ Condo Beds Resale Co-op New DevSide West Neighborhood Price Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Price Price Neighborhood Neighborhood ighborhood Price Neighborhood PriceFinancial Price Uptown Downtown FinancialDowntown District and Battery Park City Neighborhood Downtown Financial District and Battery Park City rk City Downtown Financial District Battery Financial District and Battery Park City Downtown Financial District andand Battery ParkPark CityCi District and Battery Park City East Side Side West Midtown Downtown Financial District and Battery Park City Downtown Financial District and Battery Park 8% 3+ Beds Neighborhood Neighborhood Neighborhood Studio 1 Bed 2 Bed 3+ Beds Neighborhood Neighborhood Studio 1 Bed 2 Bed 3+ Beds Studio Neighborhood 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed Downtown Financial District and Batt + Beds 24% Studio 1 Bed 2 Bed 3+ Beds Studio Bed 3+ Beds Price and Battery Park City Downtown Financial District Price Price 0 -Beds 500K Price1 Bed 2 District Uptown and Battery Park City Studio 0 500K 1 Bed 2 Bed 3+ Beds Price Price Price Studio 1 Bed 2 Bed 3+ Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Bed 2 Bed 3+ Beds 0 -Neighborhood 500K 500K-1M PriceFinancial Price 0 - 500K Neighborhood NeighborhoodNeighborhood Neighborhood Downtown District and Battery Park Ci Neighborhood Neighborhood Uptown Uptown 16% Neighborhood Neighborhood 12% ighborhood Neighborhood East Side Financial - Price 8% Financial DistrictDistrict 5M+ ial District Financial District Financial District Financial District Financial District 7% 22% DistrictDistrict Financial District Financial Price 24% Price 16% Price Price Price Under Under Price PriceBed 3+ Beds&Financial Under Studio 1 BedPrice 2 Bed 3+ Beds 5M+ & Battery 0Uptown - 500K Financial District 01Under -Bed 500K ialPark District District District Neighborhood Financial Distric District tPark City Neighborhood &Uptown Battery Park City Neighborhood Studio 1Park Bed City2 Bed 3+ ry City &Financial Battery Park City &Financial Battery City Neighborhood & Battery Park & Battery Studio 1 BedPrice 2 Bed Park 3+ Beds Neighborhood &Financial Battery Park City Battery Park City Studio & Battery Bed 2 Bed 3+ City Beds 5M+ Uptown Uptown Under Uptown Uptown Uptown Under Under Under Uptown Uptown 500K Neighborhood 0Beds -7% 500K East Side East Side wn 500K-1M East Side 500K-1M Neighborhood Under 6% 500K 2 East East Side East Side Park City 500K 0 - 500K Uptown 500K Uptown Neighborhood Neighborhood 7% ighborhood East Side Side Neighborhood 6% & Battery Park City ry Park City & Battery Park City & Battery East Side East Side 500K-1M 16% & Battery Park City & Battery Park City East Side 12% East Side 5% Uptown 6%DistrictUnder 4% 6% 7% 6% Uptown 9% 7% 9% Financial District ial Financial District Financial DistrictUptown 9% Uptown Uptown 500K Financial District 9% 10% 6% Distric Financial4% District tDistrict East Side 500K-1M 22% 6% 6% 500K East Side East Side - Price 12% Uptown East Side6% 500K 500K 20% 24% Uptown 24% Financial District Financial District 12% 7% 22% 20% 500K Under Financial 5M+ 24% 10% 11% Side 36% Financial 00K-1M 16% 10% Under 5M+ 22% East Side4% 22% 22% 11% 5M+22% Under 22% 6% 7% 22% 4% 0Uptown - 500K 24%500K-1M 7% 9% 0Under -12% 500K East 3M-5M 9% 11% & Battery Park City ry Park City & Battery ParkPark CityCity & Battery Battery Park City 5M+ &6% Battery Park City 6% 6% 12% & Battery Park City & Battery Park City 500K 20% 5M+ 24% 500K-1M 20% Uptown Under 5M+ 6% 5M+ & Battery & Park City 24% Uptown 10% 500K-1M & Battery Park City 5M+ Under 10% Uptown 5M+ 5M+ Uptown 500K 0 500K 500K-1M 500KUptown 22% 11% East Side 500K-1M Neighborhood 500K East Side East Side East Side Uptown 22% East Side DistrictFinancial District 500K Uptown 0 - 500K 36% 3M-5M Uptown 7% East Side 1M wnEast 500K 3M-5M Uptown 6% Neighborhood Neighborhood ighborhood Neighborhood ial Financial District Financial Side4% Financial7% District Financial4% District7% 16% 12% 7% East Side 500K-1M 7% 6%District 500K 7% Under 6% 5M+ East Side 6% 500K-1M 500K-1M Under 500K-1M 9% 500K-1M East Side 500K- 1M6% 18% 500K-1M Financial District7%5M+ Under East Side 500K 34% 5% 6% Under 9%9% 6% 7% 6% 6% 12% 10% 34% Under 9% 16% 9% 20% 24% 24% 7% 24% 10% 6% 12% Financial District District 7% 20% 22% 35% Financial District 5M+ 24% 22% 10% 11% 5M+ 9% 11% & Battery Park9% City ry Park City & Battery Park City &Financial Battery Park 5M+ 7% 22% 4Q1522% & Battery Park City & Battery Park City 00K-1M 22%500K-1M Uptown 0Uptown - 500K East24% 22% 0 -500K 500K Uptown 22% 500K 34%City Uptown Uptown 9% 500K Uptown 500K-1M 5M+ 35% Park City 36% 5M+Under East Side 500K-1M 34% Side East Side 9% 3M-5M 35%& Battery 6% East Side22% 35% 500K0 - 500K 500K-1M Under 5M+ 6% Uptown & Battery Park City 3M-5M & Battery Park City 500K 500K-1M 500K-1M & Battery Park City 5M+ 5M+ 5M+ 3M-5M 0 500K 500K-1M East Side Uptown 7% East Side Uptown Uptown 7% East Side 1M wn 500K6% 5M+ 500K 6% 7% 6%20% 4% 7% 9% 36% 4% 3M-5M 9% 11% 35% 3M-5M 16% 6% 6% 12% 10% 12% 7% 6% East Side 35% 7% 6% 2M-3M 1M-2M 500K-1M East Side 24% 24% 12% 500K-1M 20% 16% 5M+ 24% East Side 10% 500K-1M 3M-5M 7% Financial District 500K 34% East Side 5% 6% 5M+ 9% 6% 3M-5M 9% 22% 11% 34% 500K1M 9% 18% 7% 24% 22% 8% 10% 6%9% 16% Financial District Financial District 22% Financial District 3M-5M 22% 8% 35%West 3M-5M 5M+ Side 00K-1M 2M-3M 9% 22% 500K-1M Under 5M+ 16% 22% 7% 4Q15 500K-1M 500K-1M 22% 5M+ 11% 25% 35% 5M+ & Battery Park City 22% 5M+ 4Q15 36% 5M+ 6% Uptown 6% 35% 8%7% 2M-3M West Side INVENTORY 7% Uptown & Battery Park City 3M-5M Park Side City 8% & Battery Park City3M-5M 5M+ 3M-5M 5M+Uptown & BatteryWest 35% Uptown 3M-5M 3M-5M West Side 9% West East Side Side wn36% 500K1M15% West Side 9%5M+ 500K-1M 6% 4Q15 3M-5M 11% 500K-1M 500K 34% 4Q15East Side 3M-5M 9% 7% 34% West Side 24% 7% 6% 9% 18% East Side 500K-1M 16% West SideSide1M 16% 16% East Side 7% 9% 16% East Side 5% 6% West Side 2M-3M 1M-2M 6% 9% West Side West 9% West Side 500K9% 8% West Side 10% 6% 15% West Side West Side 9% 22% 15% 8% 3M-5M 15% 1M-2M 35%West 3M-5M West35% Side Downtown Downtown 35% 3M-5M 5M+ 00K-1MWest22% Side Downtown 9% 6% 22% 16% 16% 7% Downtown 4Q15 Side 2M-3M 16% 22% 2M-3M 3M-5M Downtown 5M+ 4Q15 22% 19% 36% 2M-3M 3M-5M 3M-5M West Side 19% 18% 15% 11% 25% 15% West Side 15% Downtown 5M+14% 35%26% 2M-3M 1M-2M Downtown West Side Downtown West Side 9% 19% 30% Side 18% West Side 500K1M15% 26% West Side 1M-2M 9% 26% 19% Downtown 2M-3M 16% 2M-3M 36% West 3M-5M 29% 2M-3M 3M-5M 2M-3M 29% 11% Downtown 1M-2M 11% 8% 16% Downtown 11% 16%30% 8% 7% 3M-5M 16% Downtown 2M-3M 1M-2M Downtown 3M-5M 30% 19% 500K18% 2M-3M 35% 9% 15% 30% West Side 26% 19% 1M-2M 15% 15%3M-5M Downtown West Side1M West Side 2M-3M 29% 1M-2M Side West Side 25% 2M-3M 5M+ 4Q15 1M-2M 29% 4Q15 11% Downtown 11% West Side 9% West Side Downtown 11% Downtown 7% 11% 3M-5M Downtown 2M-3M West Side West Side Downtown 31% 27% West 2M-3M Downtown 3M-5M Downtown 2M-3M 30% 31% West Side 9% 30% West Side 14% Downtown 11% 25% 19% West Side 9% 35% 2M-3M 14% 19% 18% 25% 1M-2M Downtown 18% 29% 19% East Side 1M-2M 16% Downtown 11% 26% East Side 19% 11% 1M-2M 16% 31% 26% 30% 16% 26%15% Midtown 1M-2M 26% 31%2M-3M 2M-3M 29% 1M-2M 11% 14% 24% 11% 14% 15% Downtown 11% 24% 15% Midtown 15%3M-5M 1M-2M WestSide Downtown 2M-3M 1M-2M 1M-2M Midtown 30% EastMidtown Side 1M-2M 3M-5M 9% 1M-2M 30% Midtown West SideEast 30% West Side 2M-3M Side West Side Side 26% 26% Downtown 2M-3MDowntown 2M-3M Midtown West West Side 1M-2M 26% Midtown 2M-3M 20%1M-2M 11% 24% Midtown 25% 1M-2M Downtown Downtown 11% 24% Midtown 3M-5M West Side 31% Midtown 2M-3M Downtown 17% 1M-2M Midtown Midtown 31% Midtown Midtown Downtown 3M-5M 19% 17% 1M-2M 19% 27% Midtown 2M-3M 14% Downtown 11% 25% 27% 19% 26% 19% 19% 26% 2M-3M 19% 18% 2M-3M 27% 14% 14% 29% 15% 26% 18% East Side 2M-3M 1M-2M Downtown 18% 29% 11% 14% 15% Side 1M-2M 25% Downtown 18% 11% Midtown 26% 30% 26%15% 17% 14% Downtown 16% 3M-5M 1M-2MEast 26% Midtown 30%14% 17% 24% 19% 11% 16% 27% 30% 24% 19%Midtown Midtown 1M-2M West Side 27% 14% 1M-2M Midtown Midtown 1M-2M 3M-5M 1M-2M 9% Midtown 11% West Side 2M-3M 30% West Side 26% 11% 2M-3M 31% 16% 2M-3M West Side 1M-2M 26% 31% 16% Midtown 14% 25% Downtown Downtown Midtown 17% 3M-5M 20% Midtown Midtown Downtown Midtown Midtown 19% 17% East Side 27% 1M-2M 27% 19% 2M-3M East Side 19% 1M-2M 19% 18% 27% 26% 14% 14% 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 18% Downtown 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 14% 24% 15% 25% 14% 26% 30% 24% Midtown 18% 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5M 15% 16% 1M-2M Midtown 26% 1M-2M Midtown Midtown 18% 14% 16% 3M-5M 1M-2M 2M-3M Midtown 1M-2M 26% 2MM-3MM 0-500K 500K-1MM 1MM-2MM 3MM-5MM 5MM+ 26% 30% 3MMUptown 3MM-5MM 5MM+ East Side 14% Uptown East Side Uptown East Side 2M-3M Midtown 2M-3M 17% East Side 1M-2M Uptown East Side Midtown Midtown 19% 17% 27% Midtown 20% 19% Midtown Uptown East Side Uptown East14% Side 25% n 5MM+ East Side 27% 14% Midtown Uptown East Side Uptown East Side 27% Uptown East Side 16% 14% West Side East Midtown 0-500K 500K-1MM 1MM-2MMEast 2MM-3MM 3MM-5MM 5MM+ West Side Midtown 16% 15% 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM West Side Midtown 25% 14% 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Uptown East Side 18% Uptown East Side 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ nMM East Side 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 15% Midtown 1MM-2MM 2MM-3MM 3MM-5MM West Side Midtown Side West Side Midtown Downtown Financial District & Battery Park City Uptown 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 18% Uptown East Side Uptown Side Uptown East Side 0-500K 500K-1MM 2MM-3MM 3MM-5M5MM+ Midtown 5MM+ West Side Midtown West Side Midtown 1MM-2MM Side 2M-3M Side Midtown West Side Midtown West Side Midtown 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K West 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 1MM-2MMMidtown 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ MM 1MM-2MM 2MM-3MMMidtown 3MM-5MM 3MM 3MM-5MM Uptown East SideDistrict and Uptown East Side Uptown East Side 0-500K 2MM-3MM 3MM-5MM 5MM+ Downtown Financial Battery Park City500K-1MM Downtown Financial District and Type Battery Park City Downtown Financial District and Battery Pa East Side500K-1MM Uptown East SideDistrict 20% Midtown West Side Midtown West Side Midtown Uptown Side Financial District and5MM+ Battery Park City East Uptown East Side Side Midtown Downtown Financial and Side Battery Park CityMidtown n 5MM+ East Side Midtown Property West Side Midtown East Side West Side Midtown Uptown East Side Property Type West Midtown Uptown East Side 14% Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City own Financial DistrictUptown and Battery Park City Downtown Financial District and Battery Park City Downtown District and Battery Park City 5MM+ District and Battery Park City Downtown Financial District and Battery Park City 0-500K 500K-1MM 1MM-2MMFinancial 2MM-3MM 3MM-5MM 15% 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 18% 0-500K 500K-1MM 15% MM 1MM-2MM 2MM-3MM 3MM-5MM West Side Midtown West Side Midtown West Side Midtown 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 18% 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5M5MM+ Midtown West Side Midtown East Side West Side Midtown Downtown Financial District & Battery Park City Uptown Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City West Side Midtown West Side Midtown own and Battery Park City Financial and Side Battery Park City Side Midtown DistrictWest 0-500K 1MM-2MM 2MM-3MM Downtown Financial District and Battery5MM+ Park City Midtown Downtown Financial District andWest Battery Park500K-1MM City West Side Midtown District Downtown Financial District and 3MM-5MM Battery Park City Side Midtown 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM Uptown East Side Uptown East Side 3MM 3MM-5MM n 5MM+ East Side Uptown East Side Uptown East Side Uptown East Side Uptown East Side Uptown East Side Uptown East Side East Side Uptown East SideDistrict Downtown FinancialDistrict Districtand andBattery Battery ParkCity City Downtown Financial District and Battery Park City 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM Downtown Financial District and Battery Pa Financial District andPark Battery Park City Financial Downtown Financial and Battery Park 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Property Type Downtown Park Property Type Property Type Downtown Financial District and Battery Park City Property Type own DistrictDowntown and Battery Park City 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ MM and 1MM-2MM 2MM-3MM 3MM-5MM Property Type Property Type Property Type Financial District Battery City Financial District and Battery Park City City 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ District Battery Park City Downtown Financial District and Battery Park City 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM Price 5MM+ PriceFinancial Price 0-500K 500K-1MM 1MM-2MM 2MM-3MM Downtown 3MM-5MM 5MM+ West Side Midtown West Side Midtown West Side and Midtown Side West Side Midtown West Side Midtown Price Price Price 0-500K 1MM-2MM 2MM-3MM 3MM-5M West Side Midtown West Side Midtown Midtown West Side Midtown West Side Midtown East Side West Side Midtown Downtown Financial District &500K-1MM Battery Park City Uptown Type Property Type 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM Property Type Property Type PriceMidtown Type Price PriceEast 0-500K 500K-1MM Property 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 3MM 3MM-5MM 5MM+ Property PriceUptown Uptown Side East SideDistrict Price Uptown East Side Price East Side Uptown EastDistrict SideDistrict Downtown Financial Districtand and Battery ParkCity City Downtown District Battery Park Downtown Financial and Battery Park City Downtown Financial District and Battery Park City own and Battery Park City and Battery Park CityProperty Type Downtown Financial District and Battery Financial District andPark Battery Park City Financial Downtown Financial and Battery Financial District and Battery CityProperty Downtown Financial andDowntown Battery ParkPark City City 5MM+ District Financial District and Battery ParkPa City Property Type Property Type Property Type PriceFinancial DistrictDowntown Type Price Price Side East Side Side Midtown West Side Midtown Uptown 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM PriceWest Price West Price Midtown West Side Midtown Property Type WestMidtown Side Midtown Downtown Financial District & Battery Park City

Studio Uptown 6% Studio 6%9% Uptown 9% Studio 6% 9% Uptown Studio 6% 9% Rs Rs Rs

Market Market Wide Wide Studio Uptown Studio Uptown 10% 12% 12% Studio 10% Uptown 3+ BRs 10% 12% Studio 3+ BRsUptown 18% 18% 3+ BRs 10% 12% 18% 3+ BRs 18%

Manhattan Residential Sales Market Report First Quarter 2018

Market Share Market Share MARKETWIDE Market Share Comparing the market Comparing theShare market share share of of sales sales to to active active listings listings yields yields notable notable differences differences that that can can affect affect buyers’ buyers’ searches searches and and sellers’ sellers’ sales sales efforts, efforts, Market Comparing the market sharenot of sales toHere active yields notable differences thatinventory can affectbybuyers’ and sellers’ sales efforts, as supply and demand may match. welistings compare market share of sales and varioussearches measures. Market Share

as supply and match. welistings compare market share of sales and varioussearches measures. Comparing thedemand market may sharenot of sales toHere active yields notable differences thatinventory can affectby and sellers’ sales efforts, as supply and demand may not match. Here we compare market share of sales and inventory bybuyers’ various measures. Comparing the market share of sales towe active listings yields notable differences that can affect buyers’ searches and sellers’ sales as supply and demand may not match. Here compare market share of sales and inventory by various measures.

efforts, as supply and demand may not match. Here we compare market sharePRICE of salesPOINT and inventory by various measures.

PRICE POINT PRICE POINT PRICE PRICEPOINT POINT

Price Point Price Point Price Point Market share by Price Point Market share by price price point point saw saw the the lowlowPrice Point Market share by price point saw saw the share by price point the endMarket gain market share. The share of lowsales

end gain market share.point The share of lowsales Market share by price saw the end gain market share. The share of share sales low-end gain market share. The under $2M rose by 3% from last year. The under $2M rose by 3% from last year. The end market share. The share offrom sales ofgain sales under $2M rose by 3% under $2M rose by 3%byfrom last year. The share above $5M fell 2%. Meanwhile, share above $5M fell by 2%. Meanwhile, under $2M rose by 3%byfrom last year. The last year. The share above $5M fell share above $5M fell 2%. Meanwhile, sales under $2M accounted for 74% of sales under $2M accounted for 74% of share above $5M fell by 2%. Meanwhile, byunder 2%.less Meanwhile, sales under sales $2M accounted for 74%$2M of sales but than 60% of inventory. sales but less than 60%of ofsales inventory. sales under $2M accounted for 74% accounted for 74% but less sales but less than 60% of inventory. of than 60% inventory. sales butof less than 60% of inventory.

1Q18

Bedrooms Bedrooms Bedrooms Bedrooms Each bedroom types share of shifted Each bedroom types share of sales Each bedroom types share of sales sales shifted Bedrooms Each bedroom types share ofActive sales shifted by 1% to 2% year. listings shifted byversus 1% to last 2% versus last year.

by 1%bedroom to 2% versus year.ofActive listings Each typeslast share sales shifted by 1% to 2% versus last year. Active listings Active listings were significantly by 1% to 2% versus last year. Active listings different than recent sales for two sales sales for for two two types: types: one one bedroom bedroom units units types: one bedroom comprised sales for two types: one units bedroom units comprised 38% of sales this quarter but comprised 38% of sales this quarter but sales for two types: one bedroom units 38% of sales this quarter but only 31% comprised 38% of sales thiswhile quarter but only 31% of active listings, three+ only 31% of active listings, while three+ comprised 38% of sales this quarter but of active listings, while three+ bedroom only 31% of active listings, while three+ bedroom units claimed 18% of sales but bedroom units claimed ofbut sales but a a only 31%claimed of active listings, while three+ units 18% of18% sales a notably bedroom units claimed 18% of sales but a notably larger 29% of active listings. notably of active listings. largerlarger 29% of active listings. bedroom units29% claimed 18% of sales but a notably larger 29% of active listings. notably larger 29% of active listings.

1Q17

BEDROOMS

1Q18

1Q17

Property Type

Property Type Resale condo market share was stable, Property Type Property Type while resale co-ops gained over Resale condo market share stable, Resale condo market share was was7% stable, Property Type Resale condo market share was stable, 2017, the co-ops largest shift in 7% overover a year. while resale gained

while resale co-ops gained 7% over Resale condo market share wasshare stable, New development market fell while resale co-ops gained 7% over 2017, the largest shift in over a year. 2017, the largest shift in over a year. while resale co-ops gained 7% over 7%. Resale condos claimed 29% of 2017, the largest shift in over a year. New market share fell New development development market share fell 7%. 7%. 2017, thebut largest shift in over aof year. sales represented 39% inventory, New development market share fell 7%. Resale condos claimed 29% of but Resale condos 29%share of sales sales but New development market fell 7%. while resaleclaimed co-ops claimed 58% of Resale condos claimed 29% ofwhile sales but represented 39% of inventory, resale represented 39% of inventory, while resale sales but a smaller 45% of inventory. Resale condos claimed 29% of sales but represented 39%58% of inventory, while resale co-ops claimed of a co-ops claimed of sales sales but but a smaller smaller represented 39%58% of inventory, while resale co-ops claimed 58% of sales but a smaller 45% 45% of of inventory. inventory. co-ops claimed 58% of sales but a smaller 45% of inventory. 45% of inventory. East Side market share increased by

PROPERTY TYPE

1Q18

1Q17

Neighborhood

2% annually to 22% and West Side

market share increased 3% to 19%. The Neighborhood Neighborhood Financial District &increased Battery Park2% City Neighborhood East Side East Side market market share share increased by by 2% Neighborhood saw market share fall 4%. Midtown, East Side market share increased by 2% annually to 22% and West Side market annually 22%and and West Side market East Sideto share increased by 2% Downtown, Uptown minimal annually tomarket 22% 3% and West Side market share increased to 19%. The Financial share increased 3% to 19%. The Financial annually to andto West Side market shifts of 22% no more than 2% up or down share increased 3% 19%. The Financial District & Park City market District & Battery Battery Park City saw saw market versus 2017. share increased 3% to 19%. The Financial Districtfall & 4%. Battery Park City saw market share Midtown, Downtown, and share fall Midtown, Downtown, and District & 4%. Battery Park City saw market share fall 4%. Midtown, Downtown, and2% Uptown minimal shifts of no more than Uptown shifts ofDowntown, no more than share fallminimal 4%. Midtown, and2% Uptown minimal shifts of no more than 2% up or down versus 2017. up or down versus 2017. Uptown minimal shifts of no more than 2% up or down versus 2017. up or down versus 2017.

Property Type Under Price

500K-1M Under 500K Condo 500K-1M 24% Resale 500K 6%Condo 24% Resale Under 39% 500K-1M 6% 39% 500K 24% Resale Condo 5M+ 6% Under 500K-1M 5M+ 39% 500K

Property Type Under

New Dev New Dev

Price Resale Under Condo 500K Resale Condo 500K 12% 29% 5M+ Under 12% 5M+ 7% 29% Resale Condo 500K 7% 29% 12% Under 5M+ Resale Condo 500K 7%

NEIGHBORHOOD

1Q18

Downtown Park City Type District and Battery Financial District and Battery Property ParkUnder City Downtown PriceFinancial Under 500KResale Condo 500K 12% Resale Condo 5M+ Under 29% 12% 5M+ 7% 500KResale 29% 500K-1M Condo 7% 12% 5M+ New Dev Under 35% 29% 500K-1M New7% Dev 500KResale Condo 35% 500K-1M 12%

1Q17

citihabitats.com | 7

Property Type PropertyDowntown Type Financial District and Type Battery Park City Downtown Financial District and Battery Pa Property Financial District and Battery ParkUnder CityPrice Price Price Resale Condo Under 500K Under Property Type 500K-1M Resale Condo Resale Condo 29% 29% Resale Condo 29% Resale Condo

500K 11% 5M+ Under 11% 500K 5M+ 9% 11% 9% Under 5M+ 500K

Under 500K Resale 500K-1M Condo 24% 29% 500K-1M 500K 6% Property Type 24% 29% Under 500K-1M Condo 500K-1M 34% 6% Resale 500K 24% 34% 29% 500K-1M Under 6% Resale 500K-1M Condo 34%

CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

RESALE CO-OPS Manhattan’s resale co-op market saw closings increase versus First Quarter 2017, rising 2% 1,486 closed sales. Resale co-ops were the only product type to have more sales year-over-year. Inventory rose 14% to just over 2,900 active listings. Despite an 11% yearover-year increase in months of supply, the market remains undersupplied at 4.9 months and with an average days on market figure of less than 100 days, resale co-ops remain the most competitive property type in Manhattan. NEIGHBORHOOD MEDIAN PRICES

Resale co-op average and median price and price per square foot figures posted annual increases. Median price rose 8% to $820K, the second highest on record. Average sale price increased 13% to $1.352M. Meanwhile, median price per square foot rose 3% to $1,045 per square foot and the average price per square foot expanded 6% to $1,257 per square foot. Continued competition for lower priced inventory is driving these increases.

Resale Co-ops

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

1,486

1,454

2%

1,612

-8%

Overview Closed Sales Average Days on Market Inventory

95

95

0%

96

0%

2,917

2,566

14%

2,824

3%

4.9

4.4

11%

4.8

3%

Months of Supply Prices Median Price

$820K

$756K

8%

$797K

3%

Average Price

$1.352M

$1.198M

13%

$1.260M

7%

Median PPSF

$1,045

$1,014

3%

$1,028

2%

Average PPSF

$1,257

$1,189

6%

$1,163

8%

Median Price by Bedroom Studio

$443K

$450K

-2%

$475K

-7%

1 Bedroom

$710K

$703K

1%

$719K

-1%

2 Bedroom

$1.350M

$1.300M

4%

$1.265M

7%

3+ Bedroom

$2.483M

$2.615M

-5%

$2.500M

-1%

270 Water Street, 4R I WEB ID: 6712802

261 Broadway, 11A I WEB ID: 6703856

RESALE CO-OP HISTORICAL PRICES

Median price shifts varied by residence type, but all were relatively moderate. Studio median price fell 2% to $443K while one bedroom median price rose 1% to $710K. Two bedroom median price also increased, up 4% to $1.350M. However, an increase in three+ bedroom transactions in traditionally less-expensive co-op submarkets like Midtown and Upper Manhattan pulled the three+ median price down by 5% to $2.483M. citihabitats.com | 8

CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

RESALE CONDOS Resale condo sales dropped 12% yearover-year to 750 closings, the lowest First Quarter level in five years, and the ninth consecutive quarter that resale condo sales have decreased. Inventory rose 9% to just over 2,500 listings. With fewer sales over the last twelve months and the increase in inventory, months of supply rose more than a month versus last year to 7.9 months. NEIGHBORHOOD MEDIAN PRICES

Resale Condos

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

750

850

-12%

928

-19%

Overview Closed Sales Average Days on Market Inventory

123

128

-3%

116

7%

2,501

2,297

9%

2,485

1%

7.9

6.8

16%

7.7

3%

Months of Supply Prices Median Price

$1.400M

$1.389M

1%

$1.350M

4%

Average Price

$2.230M

$2.056M

8%

$2.095M

6%

Median PPSF

$1,459

$1,464

0%

$1,448

1%

Average PPSF

$1,771

$1,753

1%

$1,790

-1%

Median Price by Bedroom Studio

$649K

$663K

-2%

$726K

-11%

1 Bedroom

$999K

$1.089M

-8%

$990K

1%

2 Bedroom

$1.924M

$1.910M

1%

$1.875M

3%

3+ Bedroom

$4.400M

$3.638M

21%

$3.495M

26%

Resale condo median price rose a nominal 1% to $1.400M, balanced by seesawing fluctuations in market share by price range: the share of closings under $1M and also above $5M each increased annually for this product type. Average price increased 8% to $2.230M due to an uptick in larger resale condo residences transacting sales above $5M in recent new developments. Median price by bedroom type fell for smaller residences and rose for larger apartments. Studio median price fell 2% to $649K. One bedrooms posted an 8% decline to $999K. Two and three+ bedrooms saw median price figures rise by 1% and 21%, respectively. As previously mentioned, and increase in sales of large residences at recently completed new developments, most of had three or more bedrooms, pushed the median price for this bedroom type.

10-40 46th Road, 3E I WEB ID: 6709831 $1.8

401 East 84th Street, 17B I WEB ID: 6712406

RESALE CONDO HISTORICAL PRICES

$1.5

$1.2

$0.9

$0.6

$0.3

$0.0

citihabitats.com | 9

CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

NEW DEVELOPMENTS New development statistics can often be skewed based on what particular developments complete construction during that quarter. First Quarter 2018 new development closings declined 44% year-over-year to 321 closings. The drop in sales was exaggerated because the total number of buildings that were delivering units declined nearly 20% versus last year, and those that commenced closings were much smaller in scale versus those closing in First Quarter 2017. NEIGHBORHOOD MEDIAN PRICES

While resale condo and co-op inventory rose, new development listed inventory actually decreased 3%. Very few new developments launched for sales in the First Quarter, plus developers publicly list only a portion of a building’s total unsold units. The drop in inventory, but larger decrease in sales, led to a slight increase in months of supply compared to last year, and at 5.9 months nearly reached the six-to-nine month equilibrium range.

New Developments

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

Closed Sales

321

571

-44%

477

-33%

Inventory

999

1034

-3%

1074

-7%

Months of Supply

5.9

5.8

2%

5.7

4%

Prices Median Price

$2.600M

$2.785M

-7%

$2.625M

-1%

Average Price

$3.886M

$4.653M

-16%

$4.115M

-6%

Median PPSF

$1,952

$1,956

0%

$1,831

7%

Average PPSF

$2,343

$2,653

-12%

$2,384

-2%

Median Price by Bedroom Studio

$1.073M

$548K

96%

$718K

50%

1 Bedroom

$1.280M

$1.200M

7%

$1.331M

-4%

2 Bedroom

$2.540M

$2.891M

-12%

$2.551M

0%

3+ Bedroom

$5.938M

$7.130M

-17%

$5.705M

4%

Median new development price decreased 7% to $2.600M, but median price per square foot was essentially unchanged at $1,952 per square foot. Average price figures fell for the third quarter in a row, and by double digits Average price and price per square foot declined 16% and 12%, to $3.886M

and $2,343, respectively. Fewer closings at large luxury developments like 432 Park, The Greenwich Lane, and 56 Leonard combined with an increase in closings at lower-priced properties in less prime locations to bring price statistics down.

NEW DEVELOPMENT HISTORICAL PRICES $4.0 $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0

citihabitats.com | 10

CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

LUXURY The luxury market is defined as the top 10% of closed sales in terms of price. In First Quarter 2018 the luxury threshold, which marks the entry point into the luxury category, was $3.950M. Like market wide average price figures, the luxury threshold and average price of luxury apartments fell for the third consecutive quarter. This quarter’s threshold was 19% lower than a year ago, forced downward by fewer new development closings. In First Quarter 2017, nearly 70% of all luxury sales were in new developments versus just 35% this quarter.

Luxury

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

Median Price

$5.950M

$6.822M

-13%

$5.985M

-1%

Average Price

$7.804M

$9.185M

-15%

$8.270M

-6%

Median PPSF

$2,369

$2,698

-12%

$2,402

-1%

Average PPSF Luxury Threshold

$2,639

$3,078

-14%

$2,826

-7%

$3.950M

$4.901M

-19%

$3.878M

2%

MARKET SHARE OF LUXURY SALES

201 West 72nd Street, 17C I WEB ID: 6713984

The median price for a luxury sale was $5.950M, down 13% from last year, the same annual decrease noted in Fourth Quarter 2017. The average price for a luxury sale, at $7.804M, was down even more, by 15% year-over-year. Median price per square foot fell by 12% to $2,369 and average price per square foot fell by 14% to $2,639.

160 Central Park South, 2501 I WEB ID: 6704940

377 West 11th Street, 3A I WEB ID: 6712926

LUXURY HISTORICAL PRICES $8.0

While luxury sales represent 10% of market activity, luxury listings (those over the minimum price threshold of $3.950M) accounted for a substantial 22% of available units in Manhattan. Compared to the closed sales luxury threshold of $3.950M, the luxury threshold for the top 10% of listings in terms of price was $6.995M, 77% higher than for closed sales, highlighting the disconnect between closed sales prices and listed inventory prices in the luxury market.

$7.0 $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 $0.0

citihabitats.com | 11

CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

EAST SIDE East Side closed sales rose 2% year-over-year. Price figures were mixed, as median price rose, but average price and price per square foot figures decreased versus last year. Inventory increased by 20%, pushing months of supply into the equilibrium range.

Annual Change

570 Sales

1,531 Inventory

Months of Supply

Days on Market

111

$1.215M Median Price

$1,516 Average PPSF

+2%

+20%

+12%

0%

+10%

-10%

6.5

The East Side had 570 closed sales in First Quarter 2018, up 2% versus last year. Inventory also increased, up 20% to 1,531 active listings. With the increase in inventory came a 12% increase in months of supply, which at 6.5 months was within supply-demand equilibrium. Average days on market was level at 111 days before listings found a buyer.

East Side Overview Closed Sales Average Days on Market Inventory Months of Supply

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

570 111 1,531 6.5

559 110 1,275 5.8

2% 0% 20% 12%

612 104 1,439 6.1

-7% 7% 6% 6%

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

Resale co-op price figures mostly increased versus last year, with median price rising 10% to $942K and average price increasing 12% to $1.722M. Average and median price per square foot figures also rose, though more moderately, by 8% and 4%, respectively. An increase in sales along Fifth and Park Avenues pushed average figures higher, while a competitive market under $1M caused the medians to rise, with significant increases in pricing east of Lexington Avenue versus last year.

Resale Co-op Prices

Median Price $942K Average Price $1.722M Median PPSF $1,050 Average PPSF $1,343 Median Price by Bedroom Studio $420K 1 Bedroom $691K 2 Bedroom $1.425M 3+ Bedroom $2.926M Resale Condo 1Q18 Prices Median Price $1.575M Average Price $2.223M Median PPSF $1,423 Average PPSF $1,679 Median Price by Bedroom Studio $565K 1 Bedroom $980K 2 Bedroom $1.798M 3+ Bedroom $3.950M New Development 1Q18 Prices Median Price $2.803M Average Price $3.071M Median PPSF $1,782 Average PPSF $1,833 Median Price by Bedroom Studio $946K 1 Bedroom $1.270M 2 Bedroom $3.000M 3+ Bedroom $5.000M

$858K $1.531M $968 $1,294

10% 12% 8% 4%

$845K $1.399M $961 $1,227

11% 23% 9% 9%

$425K $670K $1.403M $3.200M 1Q17

-1% 3% 2% -9% % Chg (yr)

$430K $679K $1.395M $3.040M 4Q17

-2% 2% 2% -4% % Chg (qtr)

$1.550M $2.361M $1,426 $1,735

2% -6% 0% -3%

$1.300M $2.075M $1,443 $1,748

21% 7% -1% -4%

$630K $925K $1.875M $4.516M 1Q17

-10% 6% -4% -13% % Chg (yr)

$570K $912K $1.850M $3.450M 4Q17

-1% 7% -3% 14% % Chg (qtr)

$1.668M $3.862M $1,608 $2,361

68% -20% 11% -22%

$2.460M $3.076M $1,696 $1,940

14% 0% 5% -5%

N/A $1.102M $2.665M $8.039M

N/A 15% 13% -38%

$841K $1.420M $2.577M $4.663M

12% -11% 16% 7%

Resale condo median and average price figures were mixed. Median price rose 2% to $1.575M, but average price fell 6% to $2.223M. A decreased market share of apartments over $5M and fewer apartments with Central Park and East River views caused the decrease in average price figures. New development price figures fluctuated significantly versus last year. Median price increased by 68% to $2.803M and median price per square foot increased 11% to $1,782 due to reduced market share for less expensive rental conversion developments. Concurrently, fewer closings at high-end developments like 20 East End Avenue caused a 20% drop in average new development price to $3.071M and a 22% drop in average price per square foot to $1,833.

citihabitats.com | 12

CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

WEST SIDE The West Side had a 4% increase in closed sales year-over-year. Median and average price figures fell, to $1.100M and $1.960M, respectively. Inventory increased by 9%, but months of supply remained level due to the increase in closings over the last twelve months.

Annual Change

478 Sales

Inventory

Months of Supply

Days on Market

97

$1.1M Median Price

$1,752 Average PPSF

+4%

+9%

0%

-6%

-8%

-8%

962

The West Side and East Side were the only areas to see sales rise in First Quarter 2018. West Side closings increased 4% year-over-year, complimenting the increase in East Side sales. Inventory rose 9% versus last year to just under 1,000 available listings. Months of supply was stable at 4.8 months, the second lowest of any submarket, due to an uptick in closings over the last twelve months. Average days on market fell by 6% to 97 days, the lowest in Manhattan. Resale co-op median price metrics were stable or increased versus last year. While median price was essentially unchanged at $885K, average price increased 10% to $1.602M. Median price per square foot noted a slight 2% increase, but average price per square foot increased 16%. An increase in the price and number of closings along Central Park forced overall co-op average price figures higher. At the same time, an increase in available inventory available for purchase under $1M at the end of 2017 helped to improve the market share at the low-end in First Quarter 2018, balancing the luxury uptick to keep median price figures stable. Resale condo pricing fell for most metrics. Median price declined 13% to $1.275M and average price fell a significant 32% to $1.988M. While the market share of sales at buildings proximate to Central Park actually noted a small increase, the buildings that did log transactions were notably older, and traded for lower prices. Meanwhile, the share of studio and one bedroom transactions increased almost 10% which brought median figures downward. New development pricing figures registered double-digit decreases for most statistics. Median and average price fell by 47% and 41%, respectively. Median and average price per square foot fell 13% and 12%, respectively. One West End claimed the lion’s share of closings, most of which were below the median price point in First Quarter 2017, causing average and median price to register declines.

4.8

West Side Overview Closed Sales Average Days on Market Inventory Months of Supply

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

478 97 962 4.8

459 104 884 4.8

4% -6% 9% 0%

714 105 979 4.9

-33% -8% -2% -3%

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

$887K $1.459M $1,083 $1,284

0% 10% 2% 16%

$1.107M $1.672M $1,167 $1,242

-20% -4% -5% 20%

$442K $717K $1.476M $2.830M 1Q17

4% 4% 6% 8% % Chg (yr)

$478K $720K $1.483M $2.350M 4Q17

-4% 4% 6% 29% % Chg (qtr)

$1.470M $2.913M $1,515 $2,323

-13% -32% -1% -22%

$1.555M $2.523M $1,495 $1,965

-18% -21% 1% -8%

$670K $1.094M $1.999M $3.759M 1Q17

-3% -10% -13% 41% % Chg (yr)

$775K $1.048M $1.985M $3.450M 4Q17

-16% -6% -12% 54% % Chg (qtr)

$5.900M $6.345M $2,311 $2,342

-47% -41% -13% -12%

$2.835M $3.745M $1,826 $1,882

11% 1% 10% 10%

N/A N/A $2.726M $6.711M

N/A N/A 9% -28%

$793K $1.489M $2.700M $4.317M

N/A -32% 10% 13%

Resale Co-op 1Q18 Prices Median Price $885K Average Price $1.602M Median PPSF $1,109 Average PPSF $1,490 Median Price by Bedroom Studio $459K 1 Bedroom $748K 2 Bedroom $1.570M 3+ Bedroom $3.042M Resale Condo 1Q18 Prices Median Price $1.275M Average Price $1.988M Median PPSF $1,503 Average PPSF $1,807 Median Price by Bedroom Studio $650K 1 Bedroom $980K 2 Bedroom $1.745M 3+ Bedroom $5.300M New Development 1Q18 Prices Median Price $3.140M Average Price $3.771M Median PPSF $2,007 Average PPSF $2,072 Median Price by Bedroom Studio N/A 1 Bedroom $1.017M 2 Bedroom $2.982M 3+ Bedroom $4.863M

citihabitats.com | 13

CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

MIDTOWN Midtown closed sales fell 14% year-over-year to 417 closings. Inventory rose 5% to about 1,200 available listings. Average and median price fell 9% and 17%, respectively, while months of supply rose 5% to 6.4 months.

Annual Change

417 Sales

1,218 Inventory

Months of Supply

Days on Market

98

$896K Median Price

$1,579 Average PPSF

-14%

+5%

+5%

-14%

-9%

-14%

6.4

Midtown had 417 closed sales during First Quarter 2018, down 14% year-over-year. Inventory increased moderately, up 5% 1,218 active listings. The decrease in closings and the increase in inventory combined to increase months of supply 5% to 6.4 months. Days on market decreased 4% despite buyers had more available inventory to choose from before deciding to buy.

Midtown Overview Closed Sales Average Days on Market Inventory Months of Supply

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

417 98 1,218 6.4

487 114 1,155 6.1

-14% -14% 5% 5%

592 106 1,180 6.0

-30% -8% 3% 6%

Resale Co-op Prices

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

Resale co-op price figures mostly increased. Median price rose 5% to $681K and average price increased 8% to $866K. A decrease in market share of sales under $1M and an increase in sales in Sutton, many with East River views, brought resale co-op price figures up. Alternatively, resale condo pricing mostly decreased. Median price fell 21% to $1.012M and average price fell 9% to $1.463M. In addition to significant discounting and negotiability, the share of sales transacting under $1M increased by 20% year-over-year.

Median Price $681K Average Price $866K Median PPSF $932 Average PPSF $946 Median Price by Bedroom Studio $404K 1 Bedroom $675K 2 Bedroom $1.300M 3+ Bedroom $2.050M Resale Condo 1Q18 Prices Median Price $1.012M Average Price $1.463M Median PPSF $1,359 Average PPSF $1,518 Median Price by Bedroom Studio $625K 1 Bedroom $960K 2 Bedroom $1.663M 3+ Bedroom $3.663M New Development 1Q18 Prices Median Price $2.554M Average Price $4.881M Median PPSF $2,104 Average PPSF $2,702 Median Price by Bedroom Studio N/A 1 Bedroom $1.437M 2 Bedroom $2.162M 3+ Bedroom $7.690M

$650K $799K $882 $894

5% 8% 6% 6%

$670K $880K $958 $992

2% -2% -3% -5%

$405K $650K $1.048M $2.325M 1Q17

0% 4% 24% -12% % Chg (yr)

$410K $693K $1.230M $2.725M 4Q17

-1% -3% 6% -25% % Chg (qtr)

$1.280M $1.616M $1,441 $1,541

-21% -9% -6% -1%

$1.091M $1.554M $1,417 $1,672

-7% -6% -4% -9%

$652K $1.068M $1.780M $3.175M 1Q17

-4% -10% -7% 15% % Chg (yr)

$651K $985K $1.815M $3.413M 4Q17

-4% -3% -8% 7% % Chg (qtr)

$1.862M $5.047M $1,796 $3,297

37% -3% 17% -18%

$2.266M $5.238M $2,038 $3,138

13% -7% 3% -14%

$1.119M $1.259M $2.170M $5.300M

N/A 14% 0% 45%

$1.456M $1.278M $2.266M $5.756M

N/A 12% -5% 34%

Median new development price figures increased, while average figures decreased. Similar to recent quarters, average price and price per square foot decreased 3% to $4.881M and 18% to $2,702, respectively, at fewer closings over $5M occurred at luxury developments like 432 Park. Simultaneously, less expensive conversion properties claimed 25% fewer sales versus last year, causing a 37% increase in median price to $2.554M. Median price per square foot in new developments also increased by double-digits annually, rising 17% to $2,104 per square foot.

citihabitats.com | 14

CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

DOWNTOWN Downtown closings fell 17% to 750 sales. Median price was relatively stable, falling less than 1% to $1.525M while average price fell 11% to $2.599M. Listed inventory increased by 6% which combined with the double-digit drop in sales to push months of supply up 1.3 months into supply-demand equilibrium.

Annual Change

750 Sales

1,900 Inventory

Months of Supply

Days on Market

112

$1.525M Median Price

$2,065 Average PPSF

-17%

+6%

+24%

+9%

-1%

-10%

Downtown closed sales fell 17% in First Quarter 2018 to 750 sales, driven by a decrease in new development sales. Inventory rose by single-digits, up 6% to 1,900 available listings. With the increase in inventory and drop in sales, months of supply finaly reached the supply-demand equilibrium at 6.3 months of supply. Resale co-op pricing was mixed. Average and median price figures increased by 21% and 23%, respectively. However, median price per square foot fell 3% to $1,200 and average price per square foot was level at $1,356. An increase in co-op sales transacting above $5M combined with price growth in less expensive neighborhoods like Chinatown, the Lower East Side, and Murray Hill to push average and median price statistics. Resale condo price figures rose for all metrics, except for two bedroom median price. Median price increased 29% to $2.360M and average price increased 44% to $3.332M. Average and median price per square foot figures rose too, by 4% and 14%, respectively. An increase in high-priced closings, assisted by an increase in expensive closings at riverfront properties, pushed pricing in First Quarter 2018. Most Downtown new development price figures decreased in First Quarter 2018. Median price and average price fell, by 47% and 32%, to $2.729M and $4.583M, respectively. Price per square foot metrics also declined by double-digits. Fewer closings at luxury developments such as 56 Leonard and The Greenwich Lane lowered average price statistics while an increase in closings at midrise developments on the east side of Fifth Avenue such as Steiner East Village and 100 Norfolk reduced median price figures.

6.3

Downtown Overview Closed Sales Average Days on Market Inventory Months of Supply Resale Co-op Prices

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

750 112 1,900 6.3

903 103 1,788 5.1

-17% 9% 6% 24%

706 94 1,909 6.1

6% 19% 0% 4%

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

$808K $1.133M $1,238 $1,352

21% 23% -3% 0%

$870K $1.279M $1,223 $1,300

12% 9% -2% 4%

$550K $816K $1.600M $2.863M 1Q17

1% 3% -6% 6% % Chg (yr)

$585K $854K $1.297M $2.620M 4Q17

-5% -2% 16% 16% % Chg (qtr)

$1.830M $2.308M $1,680 $1,819

29% 44% 4% 14%

$1.900M $2.725M $1,664 $2,018

24% 22% 5% 3%

$680K $1.295M $2.500M $4.198M 1Q17

6% 4% -2% 25% % Chg (yr)

$925K $1.315M $2.400M $4.200M 4Q17

-22% 2% 2% 25% % Chg (qtr)

$5.140M $6.749M $2,462 $2,919

-47% -32% -15% -10%

$4.582M $5.715M $2,142 $2,717

-40% -20% -3% -3%

$725K $1.591M $3.663M $7.757M

69% -12% -33% -4%

$1.143M $1.270M $2.396M $7.723M

7% 10% 3% -4%

Median Price $975K Average Price $1.395M Median PPSF $1,200 Average PPSF $1,356 Median Price by Bedroom Studio $557K 1 Bedroom $840K 2 Bedroom $1.500M 3+ Bedroom $3.047M Resale Condo 1Q18 Prices Median Price $2.360M Average Price $3.332M Median PPSF $1,753 Average PPSF $2,074 Median Price by Bedroom Studio $720K 1 Bedroom $1.345M 2 Bedroom $2.450M 3+ Bedroom $5.250M New Development 1Q18 Prices Median Price $2.729M Average Price $4.583M Median PPSF $2,081 Average PPSF $2,633 Median Price by Bedroom Studio $1.225M 1 Bedroom $1.400M 2 Bedroom $2.471M 3+ Bedroom $7.450M

citihabitats.com | 15

CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

FINANCIAL DISTRICT & BATTERY PARK CITY The Financial District & Battery Park City had significant 49% decrease in closed sales and a 12% increase in inventory. Average days on market fell by 9%, one of three neighborhoods to note a drop. The decrease in closings worked alongside the increase in inventory to push months of supply to 7.6 months.

Annual Change

100 Sales

Inventory

Months of Supply

Days on Market

109

$1.206M Median Price

$1,444 Average PPSF

-49%

+12%

+13%

-9%

-15%

-13%

404

Closed sales in Financial District & Battery Park City declined 49% year-over-year, falling to 100 closed sales. A large drop in new development closings caused the decrease. Inventory increased 12% yearover-year to 404 active listings. The 12% increase, like Fourth Quarter 2017, was driven by newly listed inventory at 125 Greenwich. Months of supply rose 13% to 7.6 months due to a decrease in sales over the last twelve months versus the same period last year. Average days on market, however, fell 9% to 109 days. Resale co-op median price fell 6% to $704K and average price was stable at $802K. Due to the limited number of resale co-ops in this submarket, price figures are largely dependent on available inventory. Resale condo median price rose 16% to $1.158M and average price increased 15% to $1.461M. An increase in both the number of sales in Battery Park City with full Hudson River views caused average and median price figures to rise. New development price statistics in the Financial District & Battery Park City can fluctuate dramatically based on the limited number of currently selling new developments delivering units. This was the case in First Quarter 2018. Median new development price fell 36% to $1.625M and average new development price declined 30% to $1.823M. Price statistics dropped as most high priced new development contracts at 50 West and The Beekman Residences have already closed, and less expensive developments like 15 William and 101 Wall took their place.

7.6

Financial District & Battery Park City Overview Closed Sales Average Days on Market Inventory Months of Supply

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

100 109 404 7.6

197 120 361 6.7

-49% -9% 12% 13%

146 131 407 6.7

-32% -16% -1% 14%

Resale Co-op Prices

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

$750K $804K $1,051 $984

-6% 0% -4% 2%

$725K $866K $1,149 $1,231

-3% -7% -12% -18%

$475K $750K $1.100M N/A 1Q17

18% -6% -12% N/A % Chg (yr)

$545K $723K $1.447M N/A 4Q17

3% -2% -33% N/A % Chg (qtr)

$998K $1.266M $1,191 $1,300

16% 15% 9% 6%

$983K $1.423M $1,246 $1,331

18% 3% 4% 3%

$680K $940K $1.551M $3.088M 1Q17

7% 8% -6% 11% % Chg (yr)

$2.545M $2.605M $1,816 $1,926

-36% -30% -11% -12%

$2.475M $2.359M $1,738 $1,905

-34% -23% -7% -11%

N/A $1.756M $2.810M $4.740M

N/A -27% -24% N/A

$702K $1.265M $3.525M $3.750M

N/A 1% -40% N/A

Median Price $704K Average Price $802K Median PPSF $1,012 Average PPSF $1,008 Median Price by Bedroom Studio $562K 1 Bedroom $704K 2 Bedroom $969K 3+ Bedroom $1.600M Resale Condo 1Q18 Prices Median Price $1.158M Average Price $1.461M Median PPSF $1,300 Average PPSF $1,373 Median Price by Bedroom Studio $729K 1 Bedroom $1.013M 2 Bedroom $1.465M 3+ Bedroom $3.438M New Development 1Q18 Prices Median Price $1.625M Average Price $1.823M Median PPSF $1,612 Average PPSF $1,693 Median Price by Bedroom Studio N/A 1 Bedroom $1.275M 2 Bedroom $2.131M 3+ Bedroom N/A

$725K 0% $780K 30% $1.650M -11% $2.898M 19% 4Q17 % Chg (qtr)

citihabitats.com | 16

CITI HABITATS

Manhattan Residential Sales Market Report First Quarter 2018

UPPER MANHATTAN Upper Manhattan had an 11% decrease in closed sales. Meanwhile, inventory declined 7% due to minimal availability in new developments. Despite the decrease in inventory, fewer sales during the most recent twelve month period pushed months of supply up 2% to 4.1 months. Average days on market declined 1% to 98 days.

Annual Change

402

4.1

$876

241 Sales

Inventory

Months of Supply

Days on Market

98

$625K Median Price

Average PPSF

-11%

-7%

+2%

-1%

+1%

+6%

Upper Manhattan closed sales in First Quarter 2018 fell 11% year-over-year to 241 closings, due to the timing of new development closings. For related reasons, inventory fell 7% as very few largescale new developments have recently come to market. The decrease in sales overpowered the decrease in inventory, however, causing months of supply to rise 2% to 4.1 months of inventory. Upper Manhattan remained the least supplied submarket in Manhattan. The resale co-op market saw median price rise a moderate 3% to $536K and average price rise slightly more, up 8% to $638K. Average and median price per square foot rose as well for resale co-ops, by 10% to $669 and 13% to $708, respectively. Demand for apartments in less-expensive northern neighborhoods like Inwood and Hamilton Heights contributed to price increases. Resale condo pricing also increased as buyers sought value in neighborhoods like Harlem and Morningside Heights. Median price rose 7% to $886K and average price rose 28% to $1.244M. Median price per square foot increased 1% but average price per square foot increased 16%. Some resale condominiums broke the $2,000 per square foot price threshold as well. New development price figures were down across the board. More expensive new developments which supported price statistics in First Quarter 2017 have largely closed all their units, with closings in First Quarter 2018 occurring mostly under $1M at less expensive developments. These factors caused median price to fall by 2% to $665K and average price to decline 1% to $680K.

Upper Manhattan Overview Closed Sales Average Days on Market Inventory Months of Supply

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

241 98 402 4.1

270 99 434 4.0

-11% -1% -7% 2%

247 97 469 4.6

-2% 1% -14% -12%

Resale Co-op Prices

1Q18

1Q17

% Chg (yr)

4Q17

% Chg (qtr)

$523K $591K $610 $624

3% 8% 10% 13%

$583K $652K $712 $782

-8% -2% -6% -9%

$312K $470K $635K $720K 1Q17

-7% -9% 4% 30% % Chg (yr)

$313K $445K $670K $780K 4Q17

-7% -3% -1% 20% % Chg (qtr)

$827K $971K $950 $972

7% 28% 1% 16%

$823K $901K $951 $979

8% 38% 1% 15%

$728K $588K $925K $1.525M 1Q17

-37% 6% 24% 55% % Chg (yr)

$455K $545K $987K $1.152M 4Q17

1% 15% 16% 105% % Chg (qtr)

$676K $688K $990 $918

-2% -1% -30% -21%

$503K $887K $838 $967

32% -23% -18% -25%

$465K $640K $775K $788K

N/A -57% 4% N/A

$363K $515K $547K $3.062M

N/A -46% 47% N/A

Median Price $536K Average Price $638K Median PPSF $669 Average PPSF $708 Median Price by Bedroom Studio $290K 1 Bedroom $430K 2 Bedroom $661K 3+ Bedroom $933K Resale Condo 1Q18 Prices Median Price $887K Average Price $1.244M Median PPSF $960 Average PPSF $1,126 Median Price by Bedroom Studio $460K 1 Bedroom $625K 2 Bedroom $1.145M 3+ Bedroom $2.363M New Development 1Q18 Prices Median Price $665K Average Price $680K Median PPSF $690 Average PPSF $729 Median Price by Bedroom Studio $382K 1 Bedroom $276K 2 Bedroom $802K 3+ Bedroom N/A

citihabitats.com | 17

Manhattan Corcoran Report Manhattan Corcoran Report

Methodology METHODOLOGY

Manhattan Residential Sales Market Report First Quarter 2018

1Q CITI || 2018 HABITATS 1Q 2018

Source – Figures reportareare based publicly reported sales – Figuresin in this this report based on on publicly reported closedclosed sales information SOURCE – Figures in this report are based on publicly reported closed sales information SOURCE information via the Automated City Register System (ACRIS) via the Automated City Register Information SystemInformation (ACRIS) and PropertyShark, an and via the Automated City Register Information System (ACRIS) and PropertyShark, an compiled using PropertyShark, an independent research firm, as well as from Corcoran’s proprietary listings database.

Metrics

Metrics Metrics

PREVIOUS QUARTER statistics for sales Previous Quarter statistics for for sales PREVIOUS QUARTER statistics and prices are revised in the subsequent sales and prices are revised in the and prices are revised in the subsequent report once data are available for the full report once data are available for the full subsequent quarter period. quarteronce period. report data are available for the full quarter period. CLOSED AND CONTRACTS SIGNED CLOSED AND CONTRACTS SIGNED

Closed and Contracts figures on reported transactionsSigned at the time the on reported transactions at the time the for the iscurrent quarter are based on report prepared and projected through report is prepared and projected through the end of the quarter taking into account reported transactions at the time the the end of the quarter taking into account typical is seasonality. report prepared and projected typical seasonality. through the end of the quarter taking DAYS ON MARKET averages how into account typical seasonality. DAYS ON MARKET averages how

long a unit takes to sell and is calculated long a unit takes to sell and is calculated by subtracting contract date from list Days on market averages by subtracting contract datehow from long list a date. Units on the market longer than unit is calculated date.takes Unitsto onsell the and market longer than by three years and shorter than one day are three years and shorterdate than from one day subtracting contract listare considered outliers and removed from the considered outliers and removed from the date. Units on the market longer than

three years and than one day developments areshorter excluded because many developments are excluded because many available, unsoldoutliers units are and held removed off the are considered available, unsold units are held off the market fordata longto periods of time. from the prevent significant market for long periods of time. skewing. New developments are AVERAGE PRICE PER SQUARE FOOT excluded because many available, AVERAGE PRICE PER SQUARE FOOT is the average price divided by the unsold units are held off the market is the average price divided by the average square footage. In prior Corcoran for long periods of time. average square footage. In prior Corcoran Reports this was calculated as an average Reports this was calculated as an average of all prices per square foot, which gives of all prices perper square foot, Foot whichisgives Average Price Square the a number less skewed by high price sales a number less skewed by high price sales average price divided by the average and more similar to a median price per and more similar In to aprior median price per square footage. Corcoran square foot. The two metrics are now square foot. The two metrics are now Reports this wasmore calculated an separated to give insight as to market separated to give more insight to market dynamics. average of all prices per square foot, dynamics.

which gives a number less skewed by high price sales and more similar to

a medianPRICE price AND per square MEDIAN PRICE foot. PER The MEDIAN PRICE AND PRICE PER theseparated middle or to give SQUARE FOOT two metrics areare now SQUARE FOOT are the middle or midpoint price where half of dynamics. sales fall more insight to market midpoint price where half of sales fall below and half fall above this number. below and half fall above this number.

Median Price and Price per Square Foot are the middle midpoint price INVENTORY is a or count of all currently INVENTORY is a count of all currently listed units and is measured two weeks where half of sales fall below and half listed units and is measured two weeks before the end of number. the quarter. It does not fall above this before the end of the quarter. It does not include unsold yet unlisted units in new include unsold yet unlisted units in new developments (“shadow” inventory). Inventory is (“shadow” a count ofinventory). all currently developments

listed units and is measured two MONTHS OF SUPPLY is an estimate of weeks before the endisofanthe quarter. MONTHS OF SUPPLY estimate of how long it would take to sell all currently how longnot it would take unsold to sell allyet currently It does include unlisted listed units based on the average closed listed units based on the average(“shadow” closed units inmonth new developments sales per over the last twelve sales per month over the last twelve inventory). months. Six-to-nine months is considered months. Six-to-nine months is considered supply-demand equilibrium. supply-demand equilibrium.

Months of Supply is an estimate of how long it would take to sell all currently listed units based on the average closed sales per month over the last three months. Six to nine months is considered supply-demand equilibrium.

Average price per square foot (SF): Average price perAbove square$2,500 foot (SF): SF $2,000 Above - $2,500 $2,500 $1,500 $2,000 -- $2,000 $2,500 $1,250 $1,500 -- $1,500 $2,000 $1,000 $1,250 -- $1,250 $1,500 $750 $1,000 -- $1,000 $1,250 $500 $750 -- $750 $1,000 Below $500 - $500 $750 No SF Available Below $500 No SF Available

SF SF SF SF SF SF SF SF SF SF SF SF SF SF SF

Number of sales Number of sales per building: per building:

Above 20 Units Above 20 Units Units 10 to 20 to 920 Units Units 310 to to 29 Units Units 13 to 1 to 2 Units

Real estate agents affiliated with Citi Habitats are independent contractor sales associates and are not employees of Citi Habitats. Citi Habitats is a licensed real estate broker located at 387 Park Avenue South, 4th Floor, New York, NY 10016. All listing phone numbers indicate listing agent direct line unless otherwise noted. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. All dimensions are approximate. Equal The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065. Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065.

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