HST - INVESTOR INSIDER - DECEMBER EDITION

CITI HABITATS HON SING TSUN

DESIGNED BY ROBERT A.M. STERN ARCHITECTS & DEVELOPED BY ZECKENDORF DEVELOPMENT

Do you want to own in Robert Stern & Zackendorf project?

Last time they did this, the prices quadrupled

This is a rare opportunity to make

money with the Stern & Zeckendorf

Kevin Tsun Licensed as Hon Sing Tsun Licensed Real Estate Salesperson T: + (212)-685-7777 Ext. 293 M: + (516)-316-1951 E: [email protected]

250 Park Avenue South, 12th Floor New York, NY 10003

关于国际买家购买纽约市房地产的信息

纽约是一座与众不同的城市，而且没有其他房地产公司像 CITI HABITATS 公司那样了解纽约。我们可以与您分享我

们的专业知识，以帮助您找到合适的物业，无论对于您自己还是您的生活。在国际买家进入纽约房地产市场之前，有

几件事情是需要了解的。

单元公寓屋 (Condominiums) 与股东屋 (Co-operative Apartments)

一般而言，单元公寓屋是国际买家的首选。股东屋通常会要求买家在美国持有实质性的境内资产，有广泛的当地人际

关系，从其中可以获得社会保荐人，并在美国拥有较长久的纳税记录。而且股东屋会给业主带来诸多限制：业主往往

不许将他们的股东屋用作第二住址，也很少被允许出租他们的股东屋。与此相反，单元公寓屋开放给任何符合资格的

购买者，而无论其在纽约的社会交往和经济关系如何。此外，单元公寓屋的业主通常可以自由出租其作为投资的房产

而获取收入。

外国买家的融资方案

大多数美国银行已制定有方案以适应国际买家的需要。根据情况的不同，外国买家通常可以最高获得购房金额 60%

至 75% 的融资，包括必要的贷款数额。文件准备的要求可能会比较严格，但有的借出方愿意免除这些要求，以获取

一个稍高的回报利率，进而抵消无证明贷款所增加的风险。但至少，外国买家将需要提供证明他们合法进入美国的证

据（例如护照或签证）、信用备询人、过去租金或抵押金的查验，以及就业的证明。有利的是，CITI HABITATS 公司

在纽约与抵押贷款出借方和抵押贷款经纪人保持着很稳定的关系，他们也很高兴能与外国买家开展合作。

外国买家的税负

外国买主必须知悉在美国拥有和出售房地产的某些税负的影响。外国公民与房地产出售相关的长期收益率的联邦税率

为 30%。另外，外国国民在最终出售房地产时，州政府和联邦政府会要求基于出售收入的某些部分征收所得税。

专门的专业团队

为了确保购买过程的顺利进行，雇用能干的顾问是必不可少的。房地产经纪的佣金通常是由其卖方来支付。您的

CITI HABITATS 代理人可以推荐一位律师以协助进行交易，从订立合同直到交易结束，确保您的利益得到保护。我们

还可以协助您联系到会计师，其会与您的律师合作，通过优化您的房产交易结构，最大程度地帮助减少上述各种税负。

购买流程

您的代理人可以告诉您符合您要求的任何在售的房地产。与世界其他地方不同，这是美国房地产公司通常的做法，代

表买家展示和出售相互竞争的公司所列出的房地产；我们不局限于只展示 CITI HABITATS 公司代理的房产。一旦我

们确定您喜欢的房产，我们可以帮助您准备报价，并确保其出现在关注中尽可能最佳的位置上。这些报价是不具有法

律约束力的，您可以尽可能多地就您喜欢的房地产自由地提交报价。一旦您的报价被接受并且合同定稿后，为了使交

易“有保障”，您必须交一笔至少为售价 10% 的定金。这些资金必须汇至托管代理方（通常是卖方的律师），或一

个美国银行帐户上。这些定金只有在买卖合同规定的特定情况下才予以退还。一旦签订合同和支付定金，您和您的代

理人将需要制定并提交适用的建筑板材申请并准备收楼。在交易结束时，您将需要支付购买金额的尾款，无论是贷款

资金或个人资金，卖方将把房产的所有权连同钥匙交给您！即使收楼后，CITI HABITATS 还可以继续为您提供服务。

如果您正在寻求出租房产，CITI HABITATS 可以帮助您去寻找租户。如果您打算使用该公寓作为第二住址，CITI

HABITATS 可以帮助你找到一个临时代理人，以处理可能出现的紧急情况，并确保按时支付所有的账单，包括税单和

公用事业收费单。

CITI HABITATS 集团是一家经批准的房地产经纪公司。由 NRT LLC. 拥有和经营。

Manhattan Residential Sales Market Report

Third Quarter 2014

CITI HABITATS

citihabitats.com | 2

Manhattan Residential Sales Market ReportThird Quarter 2014

CITI HABITATS

West Side

Closings at One57 caused significantprice gains on the West Side. Resaleprice per square foot was up 15% and16% respectively for condos and co-ops.

Midtown

Median Midtown resale price was up just 1% versus last year for both condos and co-ops. Smaller units saw higher resale growth in Midtown this quarter; studiossaw the biggest gains by unit size in both submarkets. New developments south of 57th Street were very limited.

Financial District and Battery Park City

There were few new development sales inthe Financial District / Battery Park Citythis quarter. Resale condos showed strongannual growth with an 18% increase inaverage price per square foot and a 24%increase in median price.

Market Trends

The Manhattan market shows stability withoverall strong but steady price gains in allbedroom types and within most submarkets. New developments showed very significant price increases. Resale co-ops showed price gains in nearly all bedroom types and submarkets. Resale condo prices showed more volatility but overall exhibited positive year-over-year trends.

Downtown

The Downtown resale marketshowed strong growth in most

unit types. Resale co-ops saw an 8% gain in average price per square foot while resale condos saw a 10% gain. In both resale

submarkets one and two bedroom units saw the largest annual gains.

East Side

The East Side had another very strong quarter, doubling its median

new development price since last year. A higher proportion of

three-plus bedrooms sold this quarter versus last year, partially

contributing to median price gains.

Uptown

Resale co-op price per squarefoot was up 11% versus last year

and resale condo price per squarefoot was up 21%. An increase in

closings of small units and units inWashington Heights brought down

the new development averages,however median prices withinbedroom categories increased.

Interactive map online at

propertyshark.com/maps

PropertyShark.com’s map of Manhattan plots sales in the Fourth Quarter according to their numbers and their prices per square foot.

Number of unit sales per building:

Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units

Average unit sales per square foot (SF):

Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available

The Manhattan Residential Sales Market Report is based on data collected by The Corcoran Group from internal and external resources including the public records of the City of New York. The Corcoran Group and Citi Habitats are a licensed real estate brokers owned and operated by NRT LLC. Equal Housing Opportunity. 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 250 Park Avenue South, NY, NY 10003.



CITI HABITATS

5,000

4,000

3,000

2,000

1,000

0

Q4‘

09

Q1‘

10

Q2‘

10

Q3‘

10

Q4‘

10

Q1‘

11

Q2‘

11

Q3‘

11

Q4‘

11

Q1‘

12

Q2‘

12

Q3‘

12

Q4‘

12

Q1‘

13

Q2‘

13

Q3‘

13

Q4‘

13

Q1‘

14

Q2‘

14

Q3’

14

Closed Sales Average

MANHATTAN MARKET WIDESales - Closings

There were 4,293 closed sales during Third Quarter 2014, the second highest number of closings in over 5 years. This quarter saw 10% fewer sales year-over-year, but Third Quarter 2013 was the highest quarter for closings since before the downturn. Compared to last quarter sales are up 1%.

Sales - Contracts Signed

Contract signed figures are derived from the number of listings reported as in contract during the quarter. Most of these contracts will close eight to twelve weeks later, often in the following quarter. However, with the return of a new development pre-sale market, contracts may close as many as three years after signing. The number of contracts signed offers a more immediate measure of the market. With 2,961 contracts signed, Third Quarter was down 16% versus last year. Condo units made up 46% of signed contracts and saw a 21% year-over-year decrease while co-ops saw a 12% decrease. Contracts signed were down 24% versus last quarter, but were just at the average of the past five years.

* Current quarter sales figures are estimated based on the number of sales as of report preparation plus the typical number of sales reported after publication.

Nu

mbe

r of

Con

trac

ts S

ign

ed

5,000

4,000

3,000

2,000

1,000

0

Q4‘

09

Q1‘

10

Q2‘

10

Q3‘

10

Q4‘

10

Q1‘

11

Q2‘

11

Q3‘

11

Q4‘

11

Q1‘

12

Q2‘

12

Q3‘

12

Q4‘

12

Q1‘

13

Q2‘

13

Q3‘

13

Q4‘

13

Q1‘

14

Q2‘

14

Q3’

14Condo Contracts Co-op Contracts Average

Nu

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r of

Clo

sed

Sal

es



CITI HABITATSN

umbe

r of

Lis

ting

s

Q4‘08 Q1‘09 Q2‘09 Q3‘09 Q4‘09 Q1‘10 Q2‘10 Q3‘10 Q4‘10 Q1‘11 Q2‘11 Q3‘11 Q4‘11 Q1‘12 Q2‘12 Q3‘12 Q4‘12 Q1‘13 Q2‘13 Q3‘13 Q4‘13 Q1‘14 Q2‘14 Q3’14

Total Listings 11,231 12,336 11,216 9,718 7,942 9,068 9,406 9,243 8,829 9,181 9,171 8,989 7,787 8,438 7,948 7,187 6,010 6,557 6,034 5,771 5,397 5,519 5,912 6,223

New Listings 5,172 7,229 5,821 4,904 4,369 6,005 6,156 5,501 4,603 6,406 5,957 5,316 4,292 6,000 5,687 4,546 3,871 4,760 5,227 4,376 3,594 4,504 5,177 4,665

Percent New Listings 46% 46% 51% 52% 55% 66% 66% 60% 52% 70% 65% 59% 55% 71% 71% 63% 64% 73% 87% 76% 67% 82% 89% 75%

Q3‘12Q3‘12

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

MANHATTAN MARKET WIDEInventory - Total and New Listings

With 6,223 active listings, inventory this quarter was 10% above last year and 8% above last quarter. Inventory appears to have hit a trough in Fourth Quarter 2013 and has been slowly climbing since; all three quarters of 2014 have shown quarter-over-quarter inventory gains.

Co-op Listings

Q3‘13

Q2‘14

Q3‘14

Co-op Inventory

Co-op listings are still down slightly year-over-year. At 2,882 currently listed co-ops there are 2% fewer on the market than Third Quarter 2013 but 5% more listings than last quarter. As most co-ops offer a relative bargain versus resale condos and new developments, inventory continues to be absorbed from the market at a quick pace.

Condo Inventory

At 2,637 listings, condo inventory is up 22% since last year and 5% versus last quarter. The inventory trough for condos occurred during Third Quarter 2013 and listings have begun to replenish, with new development feeding supply.

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

Condo Listings

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

Q3‘13

Q2‘14

Q3‘14



CITI HABITATS

Neighborhood Sales Comparison Property Type Sales Comparison

Aside from a 2% market share decrease in the Financial District and Battery Park City, all neighborhoods remained within 1% of their market share a year ago.

Resale co-ops showed another quarter with year-over-year growth in market-share, up from 57% in Third Quarter 2013 to 60% this quarter. New development market share shrank by 2% while resale condo market share shrunk by 1%.

Downtown West Side East Side Midtown FD/BPC Uptown Resale Condo Resale Co-op New Development

Q3 2013 Q3 2014 Q3 2013 Q3 2014

Percent of Sales

Qu

arte

r

Q3‘14

Q2‘14

Q3‘13

*Percentages may not total 100 due to rounding.

MANHATTAN MARKET WIDE

57%

8%

35%

60%

6%

34%

8%6%

17%

22%19%

28%

9%4%

15%

24%19%

28%

* Percentages may not total 100 due to rounding.

19% 37% 24% 9% 6% 5%

20% 34% 24% 9% 7% 5%

20% 37% 24% 9% 6% 3%

0% 20% 40% 60% 80% 100%

15% 25% 22% 11% 11% 17%

16% 25% 21% 11% 10% 16%

19% 26% 20% 10% 9% 16%

0% 20% 40% 60% 80% 100%

Percent of Sales

Qu

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Q3‘14

Q2‘14

Q3‘13

$0-$500K $500K-$1MM $1MM-$2MM $2MM-$3MM $3MM-$5MM $5MM+

Inventory by Price Category

Inventory has shifted slightly toward more expensive units. Units below $1M decreased in market share from 45% to 40% since last year. The biggest year-over-year change occurred in the under $500K category, which lost 4% of market share.

Sales by Price Category

There was slight growth in share of sales over $5M, from 3% in Third Quarter 2013 to 5% this quarter. Otherwise sales this quarter have remained similarly distributed over the past year. Sales have skewed toward higher prices but not to the same extent as has inventory; 66% of sales fell in the under $1M range, while just 40% of inventory currently does.



CITI HABITATS

MANHATTAN MARKET WIDEPrices – Resale Co-ops, Resale Condos and New Developments

Market-wide average price increased 15%, year-over-year to $1.645M. Median price increased 3% to $900K, which is still below the Second Quarter 2008 all-time high of $975K. Price per square foot continues to climb, up 12% to $1,305 market-wide. Overall prices remained very stable since last quarter; all metrics are within 2%. Market-wide larger units are still seeing higher price gains. Studio growth was 2% while three-plus bedrooms saw a 10% increase. The three-plus bedroom price growth is less pronounced, however, than in past quarters and in several submarkets three+ bedroom median prices saw declines this quarter.

AverageSale Price

Median Price

Avg Priceper sf Studio 1 BR 2 BR 3+ BR

Q3 2014 1.645M 900K 1,305 444K 735K 1.427M 3.125M

Change -1% -2% 2% 2% 2% -2% 1%

Q2 2014 1.666M 919K 1,276 435K 723K 1.459M 3.100M

Q3 2014 1.645M 900K 1,305 444K 735K 1.427M 3.125M

Change 15% 3% 12% 2% 7% 6% 10%

Q3 2013 1.431M 875K 1,164 435K 685K 1.350M 2.850M

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000

0

$1,300

$1,200

$1,100

$1,000

$900

$800

$700

Median Sale Price Average PPSF

Q3‘

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Q4‘

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Q1‘

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Q2‘

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Q3‘

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Q1‘

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Q2‘

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Q1‘

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Q1‘

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All

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Median Price

Market Wide Historical Sale Price

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CITI HABITATS

RESALE CO-OPSResale co-ops saw another quarter with double digit gains in average price as well as average price per square foot, up 13% and 12% respectively, compared to last year. Median price was $715K, a 4% gain over last year. By bedroom all unit sizes saw year-over-year growth with one and two bedroom units both up 9%. Quarter-over-quarter also saw positive growth in price per square foot and average price, however median price on two and three bedrooms fell, by 2% and 6% respectively.

Avg Sale

Price

Median Price

Avg Priceper sf Stu 1 BR 2 BR 3+ BR

Q3 2014 1.312M 715K 1,043 399K 635K 1.200M 2.498M

Change 5% -1% 5% 4% 2% -2% -6%

Q2 2014 1.244M 720K 994 385K 620K 1.225M 2.650M

Q3 2014 1.312M 715K 1,043 399K 635K 1.200M 2.498M

Change 13% 4% 12% 4% 9% 9% 6%

Q3 2013 1.158M 690K 935 385K 580K 1.100M 2.350M

$1,200

$1,100

$1,000

$900

$800

$700

$600

$500

Q3‘

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Q4‘

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Q1‘

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Q2‘

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Q3‘

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Q4‘

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Q1‘

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Q1‘

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Q1‘

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Q2‘

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Q3‘

14

Median Sale Price Average PPSF$900,000

$750,000

$600,000

$450,000

$300,000

$150,000

$0

$1,500

$1,400

$1,300

$1,200

$1,100

$1,000

$900

$800

$700

Q3‘

08

Q4‘

08

Q1‘

09

Q2‘

09

Q3‘

09

Q4‘

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Q1‘

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Q2‘

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Q3‘

10

Q4‘

10

Q1‘

11

Q2‘

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Q1‘

12

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Q1‘

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Q1‘

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Q2‘

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Q3‘

14

Median Sale Price Average PPSF$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000

$0

Co-

ops

Resale Condo Historical Sale Price

Resale Co-op Historical Sale Price

Avg Sale

Price

Median Price


Q3 2014 1.895M 1.225M 1,464 626K 937K 1.767M 3.440M

Change -6% -6% 0% 4% 0% 0% -2%

Q2 2014 2.016M 1.300M 1,459 600K 941K 1.775M 3.495M

Q3 2014 1.895M 1.225M 1,464 626K 937K 1.767M 3.440M

Change 8% 4% 7% 8% 7% 5% 1%

Q3 2013 1.748M 1.175M 1,364 579K 875K 1.675M 3.409M

Con

dos

RESALE CONDOSResale condo price per square foot remained nearly unchangedsince last quarter at $1,464, which is 7% above last year’s figure.Median price, this quarter at $1.225M, also showed an annual gain but quarterly decline, of 4% and -6%, respectively. Smaller units saw bigger gains in price; annually studios increased in median price 8% while three-plus bedrooms grew by just 1%. Versus last quarter only studios showed a median price increase.

Med

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$1,200

$1,100

$1,000

$900

$800

$700

$600

$500

Q3‘

08

Q4‘

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Q1‘

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Q2‘

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Q3‘

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Q4‘

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Q1‘

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Q3‘

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Q2‘

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Q1‘

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Q4‘

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Q1‘

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Q2‘

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Q3‘

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Median Sale Price Average PPSF$900,000

$750,000

$600,000

$450,000

$300,000

$150,000

$0

$1,500

$1,400

$1,300

$1,200

$1,100

$1,000

$900

$800

$700

Q3‘

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Q4‘

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Q1‘

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Q2‘

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Q1‘

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Q2‘

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Q3‘

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Median Sale Price Average PPSF$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000

$0

Median Price

Median Price



CITI HABITATS

AverageSale Price

Median Price

Avg Priceper sf Studio 1 BR 2 BR 3+ BR

Q3 2014 3.652M 1.721M 1,847 825K 935K 2.037M 7.419M

Change 2% -7% 0% 55% -20% 2% 88%

Q2 2014 3.587M 1.847M 1,855 531K 1.173M 1.997M 3.948M

Q3 2014 3.652M 1.721M 1,847 825K 935K 2.037M 7.419M

Change 77% 26% 30% 27% 10% 3% 106%

Q3 2013 2.060M 1.367M 1,418 650K 850K 1.972M 3.600M

Mar

ket w

ide

Median Price

Demand for new development continues to support increasingly high quality product and the associated year-over-year price growth.The new development market saw pricing remain nearly level since last quarter but versus last year average price increased 77%, priceper square foot increased 30%, and median price increased 26%, to $1.721M. Versus last quarter average price increased 2%, mediandecreased 7% and price per square foot remained level. New developments skewed larger again this quarter; 25% of all new developmentsales this quarter were in three-plus bedrooms compared to just 15% of the market overall. While all unit types showed annual medianprice gains, again the largest growth among new development units occurred in one bedroom and three bedroom-plus units.

New Developments

$2,000,000

$1,800,000

$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000

$0

$2,000

$1,850

$1,700

$1,550

$1,400

$1,250

$1,100

$950

$800

$650

$500

Median Sale Price Average PPSF

Q3‘

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Q4‘

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Q1‘

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Q2‘

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Q3‘

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Q1‘

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Q2‘

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Q4‘

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Q1‘

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Q2‘

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Historical New Development Sale Price

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CITI HABITATS

LUXURY MARKETManhattan’s luxury market is defined as the top 10% of all co-op and condo transactions and was set this quarter at sales above $3.150M, compared to $2.850M in Third Quarter 2013 and slightly lower than last quarter’s cut-off mark of $3.300M. Due primarily to high-end new product introduction the overall luxury market displayed strong growth again year-over-year. Average price increased by 32% and average price per square foot increased by 24%. Price per square foot reached $2,645, for the luxury submarket. High-end new developments made up 19% of luxury closings this quarter, compared to 12% last year. Price gains were strong in the resale luxury submarket as well, with double digit increases in both the co-op and condo markets’ average price and price per square foot. The co-op luxury subset saw larger gains than the condo subset. Median condo luxury price fell year-over-year by 5% while co-op median increased by 26%. Quarter-over-quarter luxury new development and condo resales prices increased in all categories. Co-op resales decreased in average and median price.

Average Sale Price

MedianPrice

Avg Price per sf

Q3 2014 7.003M 5.100M 2,645

Change 0% 3% 5%

Q2 2014 6.971M 4.930M 2,519

Q3 2014 7.003M 5.100M 2,645

Change 32% 24% 24%

Q3 2013 5.313M 4.100M 2,132

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Average Sale Price

MedianPrice

Avg Price per sf

Q3 2014 6.450M 5.000M 2,362

Change 8% 11% 17%

Q2 2014 5.947M 4.500M 2,021

Q3 2014 6.450M 5.000M 2,362

Change 30% 26% 29%

Q3 2013 4.977M 3.975M 1,824

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Average Sale Price

MedianPrice

Avg Price per sf

Q3 2014 15.417M 13.746M 4,034

Change -3% 0% -4%

Q2 2014 15.883M 13.700M 4,201

Q3 2014 15.417M 13.746M 4,034

Change 105% 138% 61%

Q3 2013 7.518M 5.779M 2,510

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MedianPrice

Avg Price per sf

Q3 2014 5.676M 3.880M 2,420

Change -8% -14% 1%

Q2 2014 6.148M 4.500M 2,393

Q3 2014 5.676M 3.880M 2,420

Change 11% -4% 10%

Q3 2013 5.094M 4.050M 2,205

Res

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TownhousesAverage townhouse pricing can be highly variable each quarter due to the low number of transactions. This quarter the East Side posted the largest gains, up 55% in average price and 47% in median price to $14.383M and $11.200M respectively. All submarkets showed double-digit annual gains in median price and average price. Versus last quarter the Eastside saw significant gains while the Westside increased slightly; Uptown stayed close to level and Downtown saw declines.

Average Price Median Average Price Median Average Price Median Average Price Median

Q3 2014 14.383M 11.200M 6.295M 5.050M 6.733M 5.850M 1.782M 1.700M

Change 69% 63% 10% -1% -16% -8% -3% -4%

Q2 2014 8.518M 6.863M 5.704M 5.125M 7.983M 6.338M 1.845M 1.763M

Q3 2014 14.383M 11.200M 6.295M 5.050M 6.733M 5.850M 1.782M 1.700M

Change 58% 47% 21% 12% 43% 34% 21% 39%

Q3 2013 9.091M 7.600M 5.198M 4.493M 4.709M 4.350M 1.476M 1.223M

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East Side West Side Downtown Uptown



CITI HABITATS

EAST SIDEResale Co-ops

East Side co-op prices increased compared to last year and last quarter. Median price was up 8% from Third Quarter 2013 and 3% from Second Quarter 2014. All bedroom categories saw annual gains in median price, except for three bedrooms. One and two bedroom units increased by 11% and 13% respectively year-over-year while studios grew by 9%. Average price per square foot of $1,096 was a 16% gain versus last year and up 8% versus last quarter.

Median Price


Q3 2014 875K 1,096 360K 599K 1.345M 2.915M

Change 3% 8% 7% 0% 0% -4%

Q2 2014 849K 1,015 335K 600K 1.350M 3.025M

Q3 2014 875K 1,096 360K 599K 1.345M 2.915M

Change 8% 16% 9% 11% 13% -3%

Q3 2013 811K 944 330K 539K 1.195M 2.995M

Co-

ops

Median Price

Median PriceMedian Price


Q3 2014 1.125M 1,392 481K 885K 1.589M 2.990M

Change -15% 0% -12% 18% -2% -13%

Q2 2014 1.323M 1,388 545K 750K 1.625M 3.450M

Q3 2014 1.125M 1,392 481K 885K 1.589M 2.990M

Change -8% 1% -12% 14% -2% -17%

Q3 2013 1.225M 1,376 548K 775K 1.560M 3.613M

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Median Price

Above $2,500 SF$2,000 - $2,500 SF$1,500 - $2,000 SF$1,250 - $1,500 SF$1,000 - $1,250 SF

$750 - $1,000 SF$500 - $750 SFBelow $500 SFNo SF Available

Average sales per square foot (SF):

Above 20 Units10 to 20 Units3 to 9 Units1 to 2 Units

Number of sales per building:

Interactive map online at Property shark.com/maps

New DevelopmentsDue to sales in several high-end buildings such as The Marquand,the East Side saw very large median price and price per squarefoot increases. Median price rose from $2.334M to $4.491M, a 112%increase. Price per square foot reached $2,383, the second highestnew development price per square foot among the submarkets. Oneand three-plus bedroom units saw gains of over 100% in medianand price per square foot versus last year.

Resale CondosResale condos showed a 1% increase year-over-year in price per square foot but a 8% decline in median price. The decline is due to an increase in market share of small unit sales this quarter. One bedrooms had the only median price increase, up 14%. Three-plus bedroom units saw a 17% decline in median price. Compared to last quarter, the East Side saw a 15% decline in median price but no change in average price per square foot.



Q3 2014 4.491M 2,383 N/A 1.769M 3.300M 9.000M

Change 21% 0% N/A 25% 3% 16%

Q2 2014 4.075M 2,376 N/A 1.420M 3.207M 7.751M

Q3 2014 4.491M 2,383 N/A 1.769M 3.300M 9.000M

Change 112% 47% N/A 113% 38% 121%

Q3 2013 2.334M 1,615 682K 832K 2.398M 4.068M

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CITI HABITATS

WEST SIDEResale Co-opsThird Quarter 2014 median price was similar to the median a year ago but average price per square foot grew 16%. Compared to last quarter, median price was up 3% and price per foot gained 5%. Larger West Side units had bigger year-over-year median price increases with the three-plus bedroom median price up 29% to $2.875M. The trend is less pronounced quarter-over-quarter.

Median Price


Q3 2014 901K 1,214 395K 682K 1.450M 2.875M

Change 3% 5% -1% 8% 6% 5%

Q2 2014 875K 1,153 400K 630K 1.368M 2.727M

Q3 2014 901K 1,214 395K 682K 1.450M 2.875M

Change 1% 16% 0% 10% 21% 29%

Q3 2013 895M 1,049 395K 620K 1.200M 2.225M

Co-

ops

Median Price



Q3 2014 1.446K 1,779 677K 933K 1.819M 3.593M

Change 11% 3% 8% -5% -5% -3%

Q2 2014 1.286M 1,688 630K 985K 1.925M 3.675M

Q3 2014 1.446K 1,779 677K 933K 1.819M 3.593M

Change 5% 15% 11% 1% 1% 6%

Q3 2013 1.382M 1,545 612K 921K 1.800M 3.375M

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Median Price







New Developments

The majority of West Side new development closings this quarter occurred at Mirabeau, a conversion at 165 West 91st Street, but the prices of the relatively small number of sales were most affected by closings at the super-luxury building One57, which drove large average increases. Average price per square foot increased 46% year-over-year, to $2,393, however this figure represents a 9% decline from last quarter, when there were significantly more sales at One57.

Resale Condos

Resale condos had significant year-over-year price growth. Median price increased 5% to $1.446M and average price increased 15% to $1,779 per square foot. Studios showed the largest price gains versus last year and last quarter, increasing to $677K. Relative to last quarter, median price increased 11% and average price per square foot increased 3%.



Q3 2014 2.600M 2,393 N/A 1.125M 1.721M 7.764M

Change -11% -9% N/A -10% -58% 163%

Q2 2014 2.909M 2,644 N/A 1.246M 4.061M 2.953M

Q3 2014 2.600M 2,393 N/A 1.125M 1.721M 7.764M

Change -8% 46% N/A N/A -18% 142%

Q3 2013 2.838M 1,644 N/A N/A 2.100M 3.210M

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Median Price

2.600M 2,393 N/A 1.125M 1.721M 7.764M

-11% -9% N/A -10% -58% 163%

2.909M 2,644 N/A 1.246M 4.061M 2.953M

2.600M 2,393 N/A 1.125M 1.721M 7.764M

-8% 46% N/A N/A -18% 142%

2.838M 1,644 N/A N/A 2.100M 3.210M



CITI HABITATS

MIDTOWN

Median Price


Q3 2014 595K 862 375K 586K 1.100M 2.000M

Change -4% 3% 4% 0% 5% 9%

Q2 2014 620K 839 360K 588K 1.050M 1.838M

Q32014 595K 862 375K 586K 1.100M 2.000M

Change 1% 7% 18% 9% 10% 6%

Q3 2013 588K 807 319K 540K 1.000M 1.895M

Co-

ops

Median Price Median PriceMedian Price


Q3 2014 955K 1,302 605K 900K 1.643M 2.238M

Change -25% -11% 7% -18% -6% -40%

Q2 2014 1.273M 1,459 565K 1.098M 1.750M 3.740M

Q3 2014 955K 1,802 605K 900K 1.643M 2.238M

Change 1% 1% 13% 2% 9% -14%

Q3 2013 950K 1,291 535K 880K 1.503M 2.595M

Con

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Median Price

Above $2,500 SF$2,000 - $2,500 SF$1,500 - $2,000 SF$1,250 - $1,500 SF$1,000 - $1,250 SF$750 - $1,000 SF$500 - $750 SFBelow $500 SFNo SF Available





New DevelopmentsThere are very few new developments currently closing residencesin Midtown south of 57th Street. There were not enough closingsthis quarter to draw any meaningful conclusions.

Resale Condos

The Midtown resale condo market showed level prices with an annual1% increase in both median price and average price per square foot. Compared to last quarter median price was down 25% while average price per square foot was down 11%. By unit size, studios saw the largest year-over-year median price increase at 13% while three-plus bedroom units declined by 14% versus last year.



Q3 2014 N/A N/A N/A N/A N/A N/A

Change N/A N/A N/A N/A N/A N/A

Q2 2014 N/A 997 N/A 835K N/A N/A

Q3 2014 N/A N/A N/A N/A N/A N/A

Change N/A N/A N/A N/A N/A N/A

Q3 2013 2.668M 1,768 N/A 1.950M 2.927M 2.967M

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Resale Co-ops

While strong overall, the resale co-op market in Midtown is one of the submarkets that showed larger price gains among smaller units; studios grew 18% in median price year-over-year while three-plus bedrooms grew 6%. Versus last quarter median price decreased 4%, but average price per square foot increased 3%. Annual gains were 1% in median and 7% in average price per square foot.



CITI HABITATS

DOWNTOWNResale Co-opsDowntown co-op resales showed consistent growth, with a 5% increase in median price and an 8% increase in average price per square foot. All unit types saw annual gains in median price but compared to last quarter three-plus bedrooms saw an 8% decline and one bedrooms saw a 1% decline.

Median Price







New Developments

The new development market Downtown saw some price declines compared to last year as well as last quarter. Year-over-year median price is down 28%, but average price per square foot is up 3% to $1,829. Several high priced sales at One Madison and Walker Tower helped buoy these figures but the majority of new development sales downtown were in less expensive buildings. Versus last quarter, median is down 22% and price per square foot declined 6%.

Resale Condos

Year-over-year average price of Downtown resale condos increased 10% to $1,707 per square foot. The median price of $1.770M, up 2% since last year, was again the highest median resale condo price in the city. One and two bedroom units saw price gains, up 20% and 24% year-over-year, while studio and three-plus bedroom units declined in median price by 2% and 4% respectively.



Q3 2014 1.450M 1,829 868K 1.153M 2.140M 7.419M

Change -22% -6% 10% -7% 0% -26%

Q2 2014 1.857M 1,951 789K 1.238M 2.151M 10.000M

Q3 2014 1.450M 1,829 868K 1.153M 2.140M 7.419M

Change -28% 3% 1% 2% -6% 61%

Q3 2013 2.000M 1,778 861K 1.130M 2.273M 4.622M

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Median Price

Median Price


Q3 2014 735K 1,143 466K 715K 1.525M 2.650M

Change 1% 6% 8% -1% 17% -8%

Q2 2014 730K 1,080 434K 720K 1.300M 2.878M

Q3 2014 735K 1,143 466K 715K 1.525M 2.650M

Change 5% 8% 3% 6% 5% 4%

Q3 2013 700K 1,060 453K 675K 1.448M 2.545M

Co-

ops

Median Price



Q3 2014 1.770M 1,707 689K 1.270M 2.1633M 4.065M

Change -4% 1% -5% -6% 13% -18%

Q2 2014 1.850M 1.692 734K 1.348M 2.325M 4.930M

Q3 2014 1.770M 1,707 689K 1.270M 2.1633M 4.065M

Change 2% 10% -2% 20% 24% -4%

Q3 2013 1.733M 1,549 705K 1.055M 2.126M 4.250M

Con

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Median Price

1.770M 1,707 689K 1.270M 2.1633M 4.065M

-4% 1% -5% -6% 13% -18%

1.850M 1.692 734K 1.348M 2.325M 4.930M

1.770M 1,707 689K 1.270M 2.1633M 4.065M

2% 10% -2% 20% 24% -4%

1.733M 1,549 705K 1.055M 2.126M 4.250M



CITI HABITATS

FINANCIAL DISTRICT AND BATTERY PARK CITYResale Condos

Resale condos in the Financial District and Battery Park City experienced strong year-over-year growth with a 24% and 18% increase in median price and average price per square foot respectively. Versus last quarter, median price increased 14% to $1.070M. The submarket showed annual gains in all unit sizes except two bedrooms.



Q3 2014 1.070M 1,189 690K 910K 1.310M 2.668M

Change 14% 4% 17% 16% -10% 3%

Q2 2014 935K 1,139 592K 786K 1.450M 2.600M

Q3 2014 1.070M 1,189 690K 910K 1.310M 2.668M

Change 24% 18% 24% 18% -3% 27%

Q3 2013 865K 1,009 555K 770K 1.350M 2.100M

Con

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Median Price







New DevelopmentsNew Developments in the Financial District and Battery Park Citysubmarket were very limited this quarter, making it difficult to draw market-wide conclusions. Median sale price increased by 16% compared to the sales during Third Quarter 2013 and was down 5% versus last year. Price per square foot was level with last year’s figure.

Resale Co-ops

There is very limited cooperative inventory in the Financial Districtand Battery Park City, and as a result there was not a statisticallysignificant number of sales to draw any meaningful conclusions.



Q3 2014 950K 1,170 N/A N/A N/A N/A

Change -5% -14% N/A N/A N/A N/A

Q2 2014 997K 1,357 667K 975K 1.998M N/A

Q3 2014 950K 1,170 N/A N/A N/A N/A

Change 16% 0% N/A N/A N/A N/A

Q3 2013 822K 1,169 596K 794K 1.436M 2.393M

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CITI HABITATS

UPTOWNResale Co-ops

Resale co-ops showed strong growth with a 21% increase in average price per square foot versus last year. Larger units saw greater gains with a 17% rise in three+ bedroom median price year-over-year.

Median Price


Q3 2014 396K 592 205K 330K 529K 780K

Change -2% 22% 3% 3% 11% 30%

Q2 2014 405K 487 200K 319K 475K 600K

Q3 2014 396K 592 205K 330K 529K 780K

Change 10% 21% -5% 11% 13% 17%

Q3 2013 360K 488 216K 299K 470K 665K

Co-

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Median Price

Median PriceMedian

PriceAvg Price

per sf Stu 1 BR 2 BR 3+ BR

Q3 2014 650K 717 N/A 459K 650K 1.548M

Change 11% 5% N/A 14% 0% 38%

Q2 2014 585K 683 315K 402K 652K 1.123M

Q3 2014 650K 717 N/A 459K 650K 1.548M

Change 17% 11% N/A -2% 5% 72%

Q3 2013 555K 647 425K 467K 618K 900K

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Median Price







New Developments

The Uptown market has very diverse new development product that can often skew comparisons. The proportion of all sales Uptown that were new developments shrank since last year. This quarter median price was $520K and average price per square foot was $725, representing a decrease of 5% and 4% respectively from Third Quarter 2013. Nearly half of all Uptown new development closings this quarter were at Edgecombe Parc, a condo in Washington Heights. Last year there was a higher volume of closings in Southern Harlem and Morningside Heights.

Resale Condos

Uptown resale condo price showed annual growth in two and three-plus bedroom units. Three-plus bedrooms saw a 72% gain in median price, up to $1.548M. One bedroom units saw a slight decline in median price versus last year but was up 14% versus last quarter. Prices often show more volatility in this submarket as condo inventory Uptown has historically been limited.



Q3 2014 520K 725 N/A 418K 668K N/A

Change -27% -8% N/A -17% -13% N/A

Q2 2014 717K 785 207K 501K 771K 1.146M

Q3 2014 520K 725 N/A 418K 668K N/A

Change -5% -4% N/A 19% 6% N/A

Q3 2013 550K 753 422K 350K 633K 1.785M

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Median Price

Kevin Tsun

Licensed as Hon Sing Tsun President & Founder of Tsun & Partners Equities LTD. Vice President & Founding Member of j+a equities LLC

CITI HABITATS Corporate & Headquarters

250 Park Avenue South 11th & 12th Floor

New York, NY 10003 Office: + (212)-685-7777 Ext. 293

Mobile: + (516)-316-1951 Fax: + (917)-262-7274

E-mail: [email protected]

Sales +. Development + Knowledge + Guidance

mailto:[email protected]

HST - INVESTOR INSIDER - DECEMBER EDITION

Real Estate

Transcript of HST - INVESTOR INSIDER - DECEMBER EDITION