New york city investment hon sing (kevin) tsun citi habitats

� � � � � � � � � � � � � � � �

Kevin Tsun Licensed as Hon Sing Tsun Licensed Real Estate Salesperson T: + (212).685.7777 Ext. 293 M: + (516).316-1951 E: [email protected]

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Hon Sing Tsun

Licensed Real Estate Salesperson

CITI HABITATS

CORPORATE & HEADQUARTERS

250 PARK AVENUE SOUTH, 12TH

FLOOR

NEW YORK, NY 1003

TEL: + (212) - 685 - 7777 ext. 293

Cel: + (516)- 316 - 1951

Fax: + (917)-262 - 7274

E-mail: [email protected]

Manhattan Residential Sales Market Report

Third Quarter 2014

CITI HABITATS

citihabitats.com | 2


Third 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 afliated 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.



Third Quarter 2014

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 ogers 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.

Number of Contracts Signed

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

Condo Contracts Co-op Contracts Average

Number of Closed Sales



Third Quarter 2014

CITI HABITATSNumber of Listings

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 oger 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



Third Quarter 2014

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

Quarter

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

Quarter

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.



Third Quarter 2014

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‘08

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

All Sales

Median Price

Market Wide Historical Sale Price

Median Price

Average Price Per Square Foot



Third Quarter 2014

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‘08

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


$900,000

$750,000

$600,000

$450,000

$300,000

$150,000

$0

Co-ops

Resale Condo Historical Sale Price

Resale Co-op Historical Sale Price

Avg Sale Price

Median Price

Avg Priceper sf

Stu 1 BR 2 BR 3+ BR

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

Condos

RESALE CONDOSResale condo price per square foot remained nearly unchanged

since 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.

Median Sale Price


Median Sale Price


$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‘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


$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



Third Quarter 2014

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

Market wide

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%, price

per square foot increased 30%, and median price increased 26%, to $1.721M. Versus last quarter average price increased 2%, median

decreased 7% and price per square foot remained level. New developments skewed larger again this quarter; 25% of all new development

sales this quarter were in three-plus bedrooms compared to just 15% of the market overall. While all unit types showed annual median

price 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


Q3‘08

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

Historical New Development Sale Price

Sale Price

Price Per Square Foot



Third Quarter 2014

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-og 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

Median

Price

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

All Sales

Average Sale

Price

Median

Price

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

Resale Co-ops

Average Sale

Price

Median

Price

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

New Developments

Average Sale

Price

Median

Price

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

Resale Condos

Townhouses

Average 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

All Sales

East Side West Side Downtown Uptown



Third Quarter 2014

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

Avg Price

per sf Stu 1 BR 2 BR 3+ BR

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

Avg 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

Condos

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 SF

Below $500 SF

No SF Available

Average sales per square foot (SF):

Above 20 Units

10 to 20 Units

3 to 9 Units

1 to 2 Units

Number of sales per building:

Interactive map online at Property shark.com/maps

New Developments

Due to sales in several high-end buildings such as The Marquand,

the East Side saw very large median price and price per square

foot increases. Median price rose from $2.334M to $4.491M, a 112%

increase. Price per square foot reached $2,383, the second highest

new development price per square foot among the submarkets. One

and three-plus bedroom units saw gains of over 100% in median

and 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.

Median PriceMedian

Price

Avg Price


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

New Developments

Median Price



Third Quarter 2014

CITI HABITATS

WEST SIDEResale Co-ops

Third 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

Avg 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

Median PriceMedian

Price

Avg 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

Condos

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 SF

Below $500 SF

No SF Available


Above 20 Units

10 to 20 Units

3 to 9 Units

1 to 2 Units



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 agected

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%.

Median PriceMedian

Price

Avg Price


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

New Developments

Median Price

2.600M

-11% -9%

2.909M

2.600M

-8% 46%

2.838M



Third Quarter 2014

CITI HABITATS

MIDTOWN

Median

Price

Avg 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

Avg 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

Condos

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 SF

Below $500 SF

No SF Available


Above 20 Units

10 to 20 Units

3 to 9 Units

1 to 2 Units



New Developments

There 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 annual

1% 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.

Median PriceMedian

Price

Avg Price


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

New Developments

Median Price

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.



Third Quarter 2014

CITI HABITATS

DOWNTOWNResale Co-ops

Downtown 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

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


Above 20 Units

10 to 20 Units

3 to 9 Units

1 to 2 Units



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.

Median PriceMedian

Price

Avg Price


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

New Developments

Median Price

Median

Price

Avg 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

Median PriceMedian

Price

Avg 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

Condos

Median Price

4.065M

-18%

4.930M

4.065M

-4%

4.250M



Third Quarter 2014

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.

Median PriceMedian

Price

Avg Price


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

Condos

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 SF

Below $500 SF

No SF Available


Above 20 Units

10 to 20 Units

3 to 9 Units

1 to 2 Units



New Developments

New Developments in the Financial District and Battery Park City

submarket were very limited this quarter, making it difcult 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 District

and Battery Park City, and as a result there was not a statistically

significant number of sales to draw any meaningful conclusions.

Median PriceMedian

Price

Avg Price


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

New Developments

Median Price



Third Quarter 2014

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

Avg 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-ops

Median Price

Median Price

Median

Price

Avg Price


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

Condos

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 SF

Below $500 SF

No SF Available


Above 20 Units

10 to 20 Units

3 to 9 Units

1 to 2 Units



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.

Median PriceMedian

Price

Avg Price


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

New Developments

Median Price

New york city investment hon sing (kevin) tsun citi habitats

Real Estate

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