MANHATTAN MARKET REPORT

Transcription

1 MANHATTAN MARKET REPORT Q1

2 MANHATTAN MARKET REPORT 1Q 2017 Manhattan s residential market is showing signs of improvement after a period of uncertainty leading up to the Presidential election, as it does whenever there is a change in administration. People at home and abroad were watching and waiting before making any big investments and the housing market felt the impact. The perception of a luxury slowdown heightened fears for many domestic and foreign buyers, but the first quarter of 2017 reveals a welcome change: sellers are rightsizing their expectations, and pricing properties more appropriately, which in turn is drawing in more buyers. It s as if the entire market is catching its breath after a bout of anxiety, and the recovery phase is taking hold. Stribling & Associates newly-designed Q Manhattan Market Report analysis paints a promising picture supported by three main themes: Downtown is up, but Uptown is rising The highest prices, highest price-per-square foot and largest share of inventory were all achieved Downtown in Q1. This reflects the growing preference for new developments and conversions the bulk of that area s new inventory. It should be no surprise that Downtown also had the most Q1 closings. However, upper Manhattan condos yielded Q1 double-digit gains in inventory, contracts signed, and recorded sales. We attribute this to the fact that Upper Manhattan remains the most affordable, and has the greatest potential for development as overall building costs uptown are more cost effective. Luxury is not lost, but buyers are taking their time The rush to pay big money for big apartments has slowed down, which is good for overall affordability. 53% of $10M+ properties took more than 180 days to enter contract. Properties in this same price category comprised just 3% of total Q1 closings. From this we glean that luxury properties are moving, just not at the rapid pace of years prior. With more inventory at better prices, people have the ability to shop around for something special. Still setting records New York is as resilient as the people who live here, and even the housing market reflects that. Across Manhattan, we saw new records in ($1,220,000), ($2,198,916) and Per Square Foot ($1,575). These numbers show the city is thriving. Wealth continues to flock to New York; in fact, numerous studies show there are now more billionaires living in New York than in any other major city in the world. Lastly, when reading Stribling & Associates Q Manhattan Market report, you will notice some big changes. We ve added more content, more metrics, and more infographics to present the most accurate and complete state of the Manhattan residential market. With so much information out there, our hope is to cut through the noise and bring you real data that you can use to make better informed real estate decisions. Sincerely, Elizabeth Ann Stribling-Kivlan President Researched and Written by Garrett Derderian Director of Data & Reporting Elizabeth F. Stribling Chairman The Right Broker Makes All the Difference. The highest prices, highest price-per-square foot and largest share of inventory were all achieved Downtown

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4 TABLE OF CONTENTS MARKET HIGHLIGHTS TOTAL INVENTORY MONTHS OF SUPPLY CONTRACTS SIGNED TIME ON MARKET CLOSED SALES PRICE PER SQUARE FOOT METHODOLOGY CONTACT

5 5 1Q 2017 STRIBLING QUARTERLY MARKET REPORT MARKET HIGHLIGHTS MANHATTAN WIDE STATS $1,220,000 (record) $2,198,916 (record) 32%share of total inventory was over $3M 57days $1,575 median days on market average price per square foot (record) 53%of $10M+ properties took more than 180 days to enter contract 56%of Upper Manhattan properties entered contract in 59 days

6 6 1Q 2017 STRIBLING QUARTERLY MARKET REPORT TOTAL INVENTORY BY UNIT TYPE There were 6,483 units listed on the market in 1Q17, a 35% year-over-year increase and the highest 1Q total since 2009 when 9,144 units were on the market. 2BR units comprised the largest share at 32%, with an average PP of $1,841 and size of 1,422 square feet. 1BR units captured 29% of inventory, with an average PP of $1,578 and size of 854 square feet. All other bedroom categories logged less than a 20% share, with studios generating a mere 9% of listings. Condo prices were down year-over-year across all bedroom categories, with 3BRs and 4+BRs recording the steepest median price declines at -8% and -9%, respectively. These drops are attributed to the sheer number of larger condo apartments that have come to market, particularly in the new development space, resulting in a more competitive market. The only year-over-year price growth across condo unit type was in the PP category; 1BR units were up 3% to $1,764 and 2 BRs improved 3% to $2,022. Co-op prices fared better than Condos in the first quarter. prices were up for studio (4%), 1 BR (3%), and 4+BR (0.4%) units. 3BR units had a precipitous decline, with the median down 8%, average down 17%, and PP down 9%. However, 3BR units averaged a 9% drop in size, resulting in lower prices overall. 1Q 2017 PERCENTAGE OF UNITS STUDIO 1 BEDROOM 9% 29% 2 BEDROOM 32% 3 BEDROOM 4+ BEDROOM 17% Q 2017 AVERAGE PP STUDIO 1 BEDROOM 1,346 1,578 2 BEDROOM 1,841 3 BEDROOM 4+ BEDROOM 2,206 2, ,000 1,500 2,000 2,500 3,000 1Q 2017 AVERAGE SIZE STUDIO BEDROOM 2 BEDROOM 3 BEDROOM 4+ BEDROOM 854 1,422 2,226 4,

7 7 1Q 2017 STRIBLING QUARTERLY MARKET REPORT 1Q 2017 TOTAL INVENTORY 12ꢂ 9ꢂ 1Q 2017 CONDO INVENTORY STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 4+ BEDROOM % Units 7% 28% 34% 20% 11% 17ꢂ 29ꢂ $770,000 $1,300,000 $2,550,000 $4,600,000 $8,900,000 YoY -6% -2% -4% -8% -9% STUDIO 1BR 2BR 3BR 4+BR 32ꢂ $851,467 $1,492,786 $2,994,349 $5,636,879 $12,605,974 YoY -5% -5% -3% -16% -8% PP $1,528 $1,764 $2,022 $2,364 $3,039 YoY -3% 3% 3% -7% -2% ,436 2,256 3,814 YoY 4% -0.6% -0.2% -3% 0.2% 1Q 2017 NEWLY LISTED INVENTORY 1Q 2017 CO-OP INVENTORY 1ꢃꢂ 9ꢂ 11ꢂ STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 4+ BEDROOM % Units 33% 31% 15% 8% $469,000 $770,000 $1,500,000 $2,900,000 $5,995,000 STUDIO 1BR 2BR 3BR 4+BR 32ꢂ 32ꢂ YoY 4% 3% -3% -8% 0.4% $499,601 $888,442 $1,896,423 $3,553,045 $8,829,893 YoY 2% 0.5% -8% -17% -10% PP $1,032 $1,057 $1,219 $1,441 $2,001 YoY 4% -2% -9% ,364 2,069 3,343 YoY -1% 2% 3% -9% 8%

8 8 1Q 2017 STRIBLING QUARTERLY MARKET REPORT TOTAL INVENTORY BY PRICE POINT Of available listings, the $1-3M bracket held the largest share of any category, with 39%. $500K-1M followed with 22%, while $3-5M took. These figures remained considerably flat year-over-year. Notably, there were 113 properties (2%) priced above $20M, representing a 56% increase over the 10-year 1Q average of 72, but a 10% drop from 125 units one year ago. A commanding 45% of Condo listings were priced between $1-3M, where the median price dipped a minimal 0.2% year-over-year to $1,795,000 with a PP of $1,745. The second highest share was 18% in the $3-5M bracket; the median price was up a modest 1% to $3,850,000, while the PP ticked up 2% to $2,217. Remarkably, properties priced over $20M had the largest increase: the median was up 11% to $33,000,000 and the average size jumped 15% to 6,110 square feet. Those priced under $500K had a 28% surge in PP to $954; the average size dropped 5% to 564 square feet. Co-ops priced between $500K-1M and $1-3M each measured 34% share of inventory. Those priced less than $500K took, while only 18% of properties were listed above $3M. This is a stark contrast to Condo listings, where 40% were listed above $3M. Co-op units priced above $20M mirrored Condos in terms of size, up 11% to 6,125 square feet. Conversely, the median price dropped 11%to $29,000,000. Those priced $20M+ also had a 17% PP drop to $4,773, while listings priced between $500K-1M had the largest PP increase: up 10% to $958. 1Q 2017 PERCENTAGE OF UNITS <500K 6% 500K-1M 22% 1M-3M 3M-5M 39% 5M-10M 10M-20M 20M+ 4% 2% Q 2017 AVERAGE PP <500K K-1M 1,126 1M-3M 3M-5M 1,641 2,111 5M-10M 2,602 10M-20M 20M+ 3,345 5, ,000 2,000 3,000 4,000 5,000,000 1Q 2017 AVERAGE SIZE <500K K-1M 729 1M-3M 1,186 3M-5M 5M-10M 10M-20M 20M+ 0 1,000 2,000 3,000 4,000 5,000,000 1,970 2,864 4,539 7,329 7,000 8,000

9 9 1Q 2017 STRIBLING QUARTERLY MARKET REPORT HISTORICAL INVENTORY 1Q 2017 CONDO INVENTORY 100% 90% 80% 70% 60% 50% 1% 1% 1% 0.4% 1% 1% 3% 3% 3% 2% 2% 2% 2% 1% 2% 3% 5% 5% 5% 4% 5% 5% 4% 5% 5% 7% 7% 7% 9% 8% 8% 11% 8% 10% 31% 32% 31% 37% 30% 41% 33% 33% 39% 38% <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20M+ % Units 1% 45% 18% 15% 4% 2% $463,500 $815,000 $1,795,000 $3,850,000 $6,810,000 $12,995,000 $33,000,000 YoY -1% 0.3% -0.2% 1% 1% 0% 11% $441,682 $804,786 $1,872,245 $3,920,891 $7,007,816 $13,901,353 $34,886,695 YoY 0.2% 0.9% -2% 0.3% 0.1% 1% 2% PP $954 $1,277 $1,745 $2,217 $2,742 $3,716 $5,960 YoY 28% 3% 1% 2% 4% 2% -4% ,101 1,823 2,652 3,881 6,110 YoY -5% -0.2% 1% 2% -0.1% 4% 15% 40% 30% 20% 10% 0% 34% 34% 33% 31% 34% 34% 26% 23% 22% 22% 20% 22% 20% 19% 8% 7% 7% ꢂ500K 500Kꢃ1M 1Mꢃ3M 3Mꢃ5M 5Mꢃ10M 10Mꢃ20M 20Mꢄ 1Q 2017 CO-OP INVENTORY <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20M+ % Units 34% 34% 9% 6% 2% 1% $420,000 $724,998 $1,695,000 $3,895,000 $6,500,000 $12,750,000 $29,000,000 YoY 8% 0.7% -3% 0% 0.1% -15% -11% $408,720 $735,452 $1,799,175 $3,902,333 $6,872,590 $13,485,204 $36,458,824 YoY 6% 0.5% -3% -1% 0.1% -7% -8% PP $848 $958 $1,254 $1,675 $2,139 $3,295 $4,773 YoY 5% 10% 3% 7% 5% -9% -17% ,417 2,361 3,353 4,564 6,125 YoY -0.4% -3% 1% 3% 3% 28% 11%

10 10 1Q 2017 STRIBLING QUARTERLY MARKET REPORT TOTAL INVENTORY SUBMARKET The Downtown submarket continued to capture the largest share of available listings in 1Q17, with 27%. Midtown closely followed with 25%, and the Upper East Side rounded out the top 3 with 23%. Downtown also commanded the highest PP at $2,168; it was the only submarket averaging above $2,000/sf. The Upper West Side closely followed, with an average PP of $1,987, while Midtown hit $1,888. The least expensive submarket was Upper Manhattan, averaging $983 PP. The largest apartments were also Downtown, averaging 2,040 square feet. The smallest apartments could be found in the Financial District/Battery Park City submarket, where they averaged 1,255 square feet. Condo units across all submarkets witnessed median and average price declines, apart from Upper Manhattan, which posted strong year-over-year gains. In Upper Manhattan, the median condo price jumped 18% to $950,000 and the average price increased a staggering 38% to $1,308,041. The average PP hit $1,092, a 21% increase, while average size increased 18% to 1,203 square feet. One of the steepest declines was logged in Midtown, where the median dipped 7% to $1,950,000 and the average price fell 19% to $3,721,093. Co-op inventory, mostly down or flat, had median price increases in two submarkets: the Upper West Side and Upper Manhattan. On the Upper West Side, the median price was up year-over-year to $1,337,500, whereas the average price was down 26% to $2,024,425. Upper Manhattan logged a 6% median price increase to $487,500, while the average price decreased 2% to $528,466. The sharpest decline came in the Financial District/Battery Park City submarket, where the Co-op median price fell 21% to $775,000, average price dropped 36% to $984,444, PP dipped 11% to $950, and the average size measured 1,088 square feet, down 28%. 1Q 2017 SUBMARKET PERCENTAGE OF UNITS 1Q 2017 PERCENTAGE OF UNITS EAST SIDE 23% WEST SIDE MIDTOWN 25% DOWNTOWN 27% FIDI/BPC MANHATTAN 6% 6% Q 2017 AVERAGE PP EAST SIDE 1,809 WEST SIDE MIDTOWN 1,987 1,888 DOWNTOWN 2,168 FIDI/BPC MANHATTAN 1, ,000 1,500 2,000 2,500 1Q 2017 AVERAGE SIZE EAST SIDE 1,939 WEST SIDE MIDTOWN 1,852 1,425 DOWNTOWN 2,040 FIDI/BPC MANHATTAN 1,255 1, ,000 1,500 2,000 2,500

11 11 1Q 2017 STRIBLING QUARTERLY MARKET REPORT NUMBER OF UNITS ON MARKET 1Q 2017 CONDO INVENTORY EAST SIDE WEST SIDE MIDTOWN DOWNTOWN FiDi/BPC MANHATTAN MANHATTAN 390 UNITS 6% WEST SIDE 842 UNITS EAST SIDE 1,491 UNITS 23% MIDTOWN 1,598 UNITS 25% % Units 16% 27% 30% 10% 5% $2,555,000 $2,585,000 $1,950,000 $3,497,500 $1,628,000 $950,000 YoY -7% -8% -7% -9% -4% 18% $3,901,793 $4,358,893 $3,721,093 $5,159,685 $2,370,642 $1,308,041 YoY -3% -10% -19% -10% -10% 38% PP $2,033 $2,256 $2,142 $2,338 $1,738 $1,092 YoY 3% -0.2% -5% -0.2% -2% 21% 1,705 1,745 1,429 1,997 1,260 1,203 YoY 1% 1% -3% -4% -2% 18% 1Q 2017 CO-OP INVENTORY EAST SIDE WEST SIDE MIDTOWN DOWNTOWN FiDi/BPC MANHATTAN % Units 31% 15% 23% 24% 1% 6% $1,495,000 $1,337,500 $850,000 $1,150,000 $775,000 $487,500 YoY - -6% -15% -21% 6% DOWNTOWN 1,780 UNITS 27% FIDI/BPC 382 UNITS 6% $3,136,469 $2,024,425 $1,477,193 $2,067,741 $948,444 $528,466 YoY - -26% -9% - -36% -2% PP $1,265 $1,281 $1,044 $1,469 $950 $650 YoY -1% -8% 0.4% 4% -11% 3% 1,414 1,278 1,196 1,593 1,088 1,278 YoY -3% -8% -9% 6% -28% 33%

12 12 1Q 2017 STRIBLING QUARTERLY MARKET REPORT MONTHS OF SUPPLY 1Q Q ,483 contracts signed per month inventory 965 4,859 contracts signed per month inventory 7.5 Months of Supply 5Months of Supply

13 13 1Q 2017 STRIBLING QUARTERLY MARKET REPORT

14 14 1Q 2017 STRIBLING QUARTERLY MARKET REPORT CONTRACTS SIGNED BY UNIT TYPE Overall, there were 2,607 contracts signed to date in 1Q17, a 10% decrease from 2,896 one year ago and a 10.2% decrease from the 10-year 1Q average of 2,903. 1BR units comprised the largest share signed at 36%, while 2BR units followed closely at 31%. 4+BR units were priced the highest, with an average PP of $2,087, and were the largest at 3,737 square feet. 3BR units were priced closely at $1,917 PP, but were measurably smaller averaging 2,089 square feet. Studios were the most affordable, with a PP of $1,183 and an average of 516 square feet. Studio and 1BR units spent the shortest amount of time on the market, with 56% and 57%, respectively, entering contract in the first 59 days; only 38% of 4+BR entered contract within that amount of time. Markedly, only 5% of studios took more than 180 days to enter contract, compared to 30% of 4+BR units. Studio and 1BR Condos were the only unit types to rise across all price measurements: year-over-year, the studio median price was up 2% to $707,500 and the average price was up 1% to $765,635. Studio PP also ticked up 3% to $1,430, while unit size hit 542 square feet, a 3% increase. The median price of a 1BR unit rose 6% to 1,195,000, while the average was up 5% to $1,270,600. 1BR PP hit $1,559, a 3% increase, and square footage was up 4% to 817. Co-op units signed had various fluctuations in 1Q17: 1BR units logged the highest PP increase, up to $1,018, followed by studios, up 8% to $961. 3BR PP fell 7% to $1,200, although 4+BR units were up 6% to $1,430 PP. 3BR units also had a 9% drop in median price to $2,450,000 and a 19% drop in average price to $2,862,165. Meanwhile, the average price of 1BRs increased 7%, hitting $780,434. 1Q 2017 PERCENTAGE OF UNITS STUDIO 1 BEDROOM 36% 2 BEDROOM 31% 3 BEDROOM 4+ BEDROOM 6% Q 2017 AVERAGE PP STUDIO 1 BEDROOM 1,183 1,378 2 BEDROOM 1,531 3 BEDROOM 4+ BEDROOM 1,917 2, ,000 1,500 2,000 2,500 1Q 2017 AVERAGE SIZE STUDIO 1 BEDROOM BEDROOM 1,310 3 BEDROOM 4+ BEDROOM 2,089 3, ,000 2,000 3,000 4,000

15 15 1Q 2017 STRIBLING QUARTERLY MARKET REPORT PERCENTAGE OF MARKET 4+BEDROOM 147 UNITS 6% 3 BEDROOM 368 UNITS 1Q 2017 CONDO CONTRACTS SIGNED STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 4+ BEDROOM % Units 8% 33% 35% 18% 6% $707,500 $1,195,000 $2,032,000 $4,372,500 $6,775,000 YoY 2% 6% -5% -5% -6% $765,635 $1,270,600 $2,279,727 $4,685,304 $8,737,386 YoY 1% 5% -3% - -3% PP $1,430 $1,559 $1,697 $2,105 $2,524 YoY 3% 3% -1% -4% -0.5% ,318 2,154 3,244 2 BEDROOM 801 UNITS 31% 2,607 total contracts signed YoY 3% 4% -0.06% -1% -3% 1Q 2017 CO-OP CONTRACTS SIGNED STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 4+ BEDROOM % Units 19% 39% 28% 10% 4% $440,000 $699,000 $1,275,000 $2,450,000 $4,500,000 YoY -2% 2% -2% -9% 0% $463,157 $780,434 $1,439,888 $2,862,165 $5,764,547 1 BEDROOM 931 UNITS 36% STUDIO 360 UNITS YoY 1% 7% 0.03% -19% 1% PP $961 $1,018 $1,035 $1,200 $1,430 YoY 8% 1% -7% 6% ,269 1,870 2,771 YoY 1% 5% 4% -5% 7%

16 16 1Q 2017 STRIBLING QUARTERLY MARKET REPORT CONTRACTS SIGNED BY PRICE POINT The most active price range in 1Q17 continued to be the $1-3M bracket, which captured 38% of all contracts signed. The $500K-1M range accounted for 33%, while under $500K took. Only 17% of contracts were above $3M. Units signed above $20M, totaling 0.2%, had the highest cost: an average PP of $4,497 and size of 6,666 square feet. On the opposite end of the spectrum, units priced under $500K averaged a PP of $741 and measured 591 square feet. The $1-3M bracket also saw the most activity in the first 29 days, with 36% entering contract in that period. 35% of those under $500K and 33% between $500K-1M were signed in the same amount of time. Only 21% of units priced above $10M entered contract in the first 29 days, whereas an outsized 53% took more than 180 days to get signed. In a sign of strength, Condo units that entered contract above $20M saw remarkable year-over-year gains. The median price jumped 22% to $27,500,000, and the average was up an equally impressive 16% to $29,550,000. The average PP hit $5,486, a 4% increase, and average square footage was up 7% to 5,348. Co-ops priced above $10M were equally well-positioned in the first quarter: the median price jumped to $12,000,000, while the average PP was up 44% to $3,068. The average price fell slightly by 4% to 12,879,500. The $5-10M bracket also fared well, with the median up 6% to $6,700,000, average up 3% to $7,063,333, and PP up to $2,176. 1Q 2017 PERCENTAGE OF UNITS <500K 500K-1M 33% 1M-3M 3M-5M 38% 9% 5M-10M 6% 10M-20M 20M+ 1% 0.2% Q 2017 AVERAGE PP <500K K-1M 1,093 1M-3M 3M-5M 1,557 2,014 5M-10M 2,486 10M-20M 20M+ 3,060 4, ,000 2,000 3,000 4,000 5,000 1Q 2017 AVERAGE SIZE <500K K-1M 737 1M-3M 3M-5M 1,201 2,048 5M-10M 2,782 10M-20M 20M+ 5,404 6, ,000 2,000 3,000 4,000 5,000,000 7,000

17 17 1Q 2017 STRIBLING QUARTERLY MARKET REPORT 1Q 2017 CONTRACTS SIGNED BY PRICE POINT 1Q 2017 CONDO CONTRACTS SIGNED <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20M+ % Units 1% 23% 50% 11% 1% 0.3% $450,000 $799,000 $1,650,000 $3,869,990 $6,435,000 $12,750,000 $27,500,000 5M-10M 163 UNITS 6% <500K 325 UNITS YoY 1% 2% -0.1% -1% 1% -10% 22% $451,077 $789,438 $1,787,151 $3,907,125 $6,786,615 $13,079,333 $29,550,000 YoY 5% 2% -0.4% -2% 2% -8% 16% 10M-20M 36 UNITS 1% PP $785 $1,227 $1,650 $2,105 $2,534 $3,482 $5,486 YoY -5% 1% -1% -4% -1% -2% 4% 3M-5M 225 UNITS 9% 2,607 total units 500K-1M 847 UNITS 33% ,115 1,913 2,711 3,874 5,348 YoY 2% 2% 2% 2% 2% -5% 7% 1Q 2017 CO-OP CONTRACTS SIGNED 1M-3M 1,005 UNITS 38% 20M+ 6 UNITS 0.2% <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20M+ % Units 22% 42% 29% 4% 2% 1% - $399,000 $700,000 $1,595,000 $3,685,000 $6,700,000 $12,000,000 - YoY 0% 0.1% 1% 4% 6% - $393,217 $731,141 $1,715,989 $3,828,262 $7,063,333 $12,879,500 - YoY 0.4% 3% 2% -1% 3% -4% - 17%of contracts signed were above $3M. PP $738 $944 $1,242 $1,575 $2,176 $3,068 - YoY -3% 8% 8% -2% 44% ,457 2,619 3,165 4,110 - YoY 10% 2% 9% - -25% -

18 18 1Q 2017 STRIBLING QUARTERLY MARKET REPORT CONTRACTS SIGNED SUBMARKET Three major markets continued to hold a commanding share of contracts signed: Downtown (26%), Midtown (25%), and the Upper East Side (22%). The most expensive market was Downtown, with an average PP of $1,851 and unit size of 1,569 square feet. The Upper West Side logged the second highest PP at $1,565 and had the largest units averaging 1,588 square feet. The Financial District/Battery Park City submarket generated the smallest portion of contracts, 5%, averaging a PP of $1,500, and a unit size of 1,150 square feet. Midtown units spent the most time on the market: 58% took 60 days or more to enter contract. In the Financial District/Battery Park City submarket, 57% were executed in the same amount of time. Units in Upper Manhattan were signed in the shortest time; 56% entered contract in the first 59 days on market. Condo units on the Upper East Side and in Upper Manhattan had the strongest price gains in 1Q17. The Upper East Side median price was up 22% to $1,795,000, while the average PP logged an 8% increase to $1,708. Upper Manhattan had double digit gains in every metric, with the median price up 26% to $799,000, average price up 20% to $910,311, average PP up 11% to 944, and average square footage up 10% to 1,001. The Co-op market was equally strong in Upper Manhattan. The median price ticked up 2% to $398,500 and the average jumped 15% to $485,971. Midtown was the only other market with double-digit gains across prices: the average price was up 11% to $930,827 and PP up to $944. The Upper East Side posted the highest Co-op losses with the median down to $925,000, and average down to $1,675,249. However, the Upper East Side average PP was up 10% to $1,096. 1Q 2017 PERCENTAGE OF UNITS EAST SIDE 22% WEST SIDE MIDTOWN 15% 25% DOWNTOWN 26% FIDI/BPC MANHATTAN 5% 8% Q 2017 AVERAGE PP EAST SIDE 1,424 WEST SIDE MIDTOWN 1,565 1,539 DOWNTOWN 1,851 FIDI/BPC MANHATTAN 1, ,000 1,500 2,000 1Q 2017 AVERAGE SIZE EAST SIDE 1,430 WEST SIDE MIDTOWN 1,588 1,132 DOWNTOWN 1,569 FIDI/BPC MANHATTAN 1,150 1, ,000 1,200 1,400 1, 00 1,800

19 19 1Q 2017 STRIBLING QUARTERLY MARKET REPORT NUMBER OF UNITS ON MARKET MANHATTAN 198 UNITS 8% WEST SIDE 395 UNITS 15% EAST SIDE 577 UNITS 22% 1Q 2017 CONDO CONTRACTS SIGNED EAST SIDE WEST SIDE MIDTOWN DOWNTOWN FiDi/BPC MANHATTAN % Units 11% 28% 29% 10% 8% $1,795,000 $1,620,000 $1,550,000 $2,795,000 $1,495,000 $799,000 YoY 22% - 8% 21% 26% $2,715,469 $2,718,833 $2,278,357 $3,675,332 $1,871,825 $910,311 YoY 3% 1% 9% -3% 9% 20% PP $1,708 $1,774 $1,776 $2,061 $1,525 $944 YoY 8% 2% 4% -5% 8% 11% 1,433 1,421 1,164 1,709 1,138 1,001 YoY 4% 3% 11% 8% 1% 10% 1Q 2017 CO-OP CONTRACTS SIGNED MIDTOWN 644 UNITS 25% DOWNTOWN 668 UNITS 26% FIDI/BPC 125 UNITS 5% EAST SIDE WEST SIDE MIDTOWN DOWNTOWN FiDi/BPC MANHATTAN % Units 28% 19% 22% 23% 1% 7% $925,000 $875,000 $650,000 $899,000 $862,000 $398,500 YoY - 0% 2% 6% 8% 2% $1,675,249 $1,535,133 $930,827 $1,317,267 $950,688 $485,971 YoY - 8% 11% 2% 4% 15% PP $1,096 $1,171 $944 $1,255 $828 $525 YoY 10% 6% -6% 2% 1,182 1,101 1,049 1,112 1, YoY 2% 4% 29% 15% 51%

20 20 1Q 2017 STRIBLING QUARTERLY MARKET REPORT TIME ON MARKET OVERALL 33% 11% 18% 11% CONDO 32% 17% 10% 11% 17% CO-OP 33% 18% 9% STUDIO 32% 24% 15% 5% 1 36% 21% 11% 11% 9% 2 36% 9% 15% 3 28% 10% 15% 17% 17% 4+ 20% 18% 6% 30% <500K 34% 28% 11% 7% 5% 500K-1M 33% 22% 11% 8% 1M-3M 36% 3M-5M 30% 15% 10% 10% 22% 5M-10M 27% 10% 16% 5% 27% 10M+ 21% 16% 5% 5% 53% EAST SIDE 39% 17% 10% 9% WEST SIDE 34% 20% 15% 11% 11% 9% MIDTOWN 24% 19% 17% DOWNTOWN 37% 9% FIDI/BPC 31% 7% 19% 17% MANHATTAN 29% 27% 8% 11% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 29 DAYS DAYS 0 89 DAYS DAYS DAYS 180ꢂ DAYS

21 21 1Q 2017 STRIBLING QUARTERLY MARKET REPORT

22 22 1Q 2017 STRIBLING QUARTERLY MARKET REPORT RECORDED SALES BY UNIT TYPE There were 1,722 recorded sales to date in 1Q17. The largest share of closings was 1BR units, which accounted for 41% of all deals. 2BR units followed with 31% and 3 BR units took. 4+BR units, with only 5% of closings, were the most expensive ($2,770 PP), and the largest (measuring an average of 3,744 square feet). Studios, with an 11% share, were the most affordable averaging $1,147 PP and an efficient 516 square feet. Notably, Condo studio units were the only unit type to decrease in median (-10%) and average (-27%) price. Condo studios also dropped 15% in average size to 539 square feet, contributing to the lower prices. Condo 4+BR units dipped 1% in median price to $7,950,000 but increased 35% in average price, reaching $12,136,056. The average 4+BR PP was also up 18% to $3,046, while the average square footage rose 5% to 3,553. Co-op units showed a similar pattern, with studios median price down 7% to $450,000 and average price dropping 30% to $456,472. However, studio average PP was up to $979. Co-op 3BR units logged the largest gains, with the median price up 11% to $2,375,000 and average price up 6% to $2,766, BR units had the second highest median price increase, up 8% to $4,572,500, but had a PP drop of 8% to $1,415. 1Q 2017 PERCENTAGE OF UNITS STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 4+ BEDROOM 1Q 2017 AVERAGE PP STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 4+ BEDROOM 1Q 2017 AVERAGE SIZE STUDIO 1 BEDROOM ,000 1,500 2,000 2,500 3,000 11% 41% 31% 5% 1,147 1,333 1,632 1,985 2, BEDROOM 3 BEDROOM 4+ BEDROOM ,000 1,500 2,000 2,500 3,000 3,500 4,000 1,370 2,097 3,744

23 23 1Q 2017 STRIBLING QUARTERLY MARKET REPORT 1Q 2017 TOTAL SALES BY UNIT TYPE 2BR 532 3BR BR 86 0BR 195 1Q 2017 CONDO RECORDED SALES STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 4+ BEDROOM % Units 7% 37% 36% 7% $712,000 $1,198,000 $2,477,495 $4,189,990 $7,950,000 YoY -10% 10% 5% -1% $730,819 $1,302,825 $2,654,213 $5,520,253 $12,136,056 YoY -27% 9% 10% 15% 35% PP $1,339 $1,510 $1,797 $2,260 $3,046 YoY 2% 1% 2% 6% 18% ,423 2,212 3,553 YoY -15% 7% 7% 8% 5% 1Q 2017 CO-OP RECORDED SALES 1BR 700 STUDIO 1 BEDROOM 2 BEDROOM 3 BEDROOM 4+ BEDROOM % Units 16% 45% 27% 10% 2% $450,000 $699,000 $1,250,000 $2,375,000 $4,572,500 YoY -7% 0.3% 1% 11% 8% $456,472 $775,313 $1,447,375 $2,766,747 $5,430,500 YoY -30% 3% 2% 6% 1% PP $979 $999 $1,047 $1,090 $1,415 YoY 5% -3% -10% -8% ,178 1,689 2,758 YoY -4% -4% -5% -6% 7%

24 24 1Q 2017 STRIBLING QUARTERLY MARKET REPORT RECORDED SALES BY PRICE POINT Closed sales in the $1-3M price bracket continued to be the most active in 1Q 2017, capturing 39% of total closings. The $500K-1M bracket logged 34%, while both the <$500K and $3-5M segments captured 10% shares. This was the first measured quarter where the <$500K and $3-5M brackets absorbed equal market share, and $3-5M recorded a double-digit percentage of closings. Additionally, this is the lowest percentage level of recorded closings under $500K. The most notable price gains in the Condo market occurred at either end of the spectrum: the median price for closings under $500K rose 20% to $474,900; their average was also up 20% to $453,968. For Condo closings above $20M, the median price ticked up 5% to $27,500,000 while the average surged 26% to $30,765,833. This comes as the average size for a $20M+ property dropped 27% to 5,575 square feet. The Co-op market remained relatively flat year-over-year, with minor adjustments at the high and low end of the market. However, while the $10-20M bracket did see significant gains in median and average price, both up 64%, this was due to scarcity of properties rather than a dynamic shift in the marketplace. 1Q 2017 PERCENTAGE OF UNITS <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20M+ <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20M Q 2017 AVERAGE PP ,000 2,000 3,000 4,000 5,000,000 1Q 2017 AVERAGE SIZE 45 10% 34% 39% 10% 5% 2% 1% 837 1,065 1,550 2,011 2,608 3,972 5,043 <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20M+ 0 1,000 2,000 3,000 4,000 5,000, ,165 2,011 2,713 3,467 6,165 7,000

25 25 1Q 2017 STRIBLING QUARTERLY MARKET REPORT RECENT TRENDS IN RECORDED SALES 1Q 2017 CONDO RECORDED SALES 100% 90% 80% 1% 3% 7% 2% 2% 1% 1% 2% 1% 2% 1% 2% 4% 4% 4% 5% 4% 5% 4% 4% 5% 6% 6% 6% 6% 6% 8% 6% 7% 10% <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20M+ % Units 2% 21% 49% 15% 9% 3% 1% $474,900 $799,000 $1,695,000 $3,739,990 $6,750,000 $12,075,000 $27,500,000 YoY 20% 2% -4% 4% 4% -3% 5% $453,968 $788,869 $1,824,090 $3,858,026 $6,853,584 $13,267,279 $30,765,833 YoY 20% 2% -1.8% 5% 1% 3% 26% 70% 36% 34% 35% 35% 37% 36% 37% 36% 36% PP $817 $1,205 $1,633 $2,066 $2,647 $4,069 $5,361 YoY -6% -1% -2% -7% 2.7% 17% 61% 60% 39% ,112 1,925 2,650 3,313 5,575 YoY -4% 2% -1% 0.2% -18% -27% 50% 40% 30% 20% 34% 35% 35% 34% 33% 35% 36% 38% 38% 34% 1Q 2017 CO-OP RECORDED SALES <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20M+ % Units 18% 48% 28% 4% 2% 0.2% - $417,000 $699,000 $1,450,000 $3,625,000 $6,895,000 $17,500,000 - YoY 0% -5% -1% 2% 64% - $404,502 $720,158 $1,652,425 $3,724,844 $6,968,667 $17,500,000-10% 0% 19% 19% 20% 17% 16% 16% 15% 15% 15% 10% ꢂ500K ꢂ500Kꢃ1M 1Mꢃ3M 3Mꢃ5M 5Mꢃ10M 10Mꢄ YoY 11% 0.2% -1% 1% -0.2% 64% - PP $835 $936 $1,212 $1,593 $1,973 $5,000 - YoY 5% 4% 4% -10% -19% ,336 2,127 3,633 3,200 - YoY -33% -10% -7% 8% 8% - -

26 26 1Q 2017 STRIBLING QUARTERLY MARKET REPORT RECORDED SALES SUBMARKET Downtown and Midtown dominated closings in 1Q17. Downtown, capturing 26% of all deals, was also the most expensive market with an average PP of $2,014. The Upper East Side and Upper West Side followed close behind, with 19% and 16% of closings, respectively. The Financial District/Battery Park City and Upper Manhattan markets each accounted for 7% of closings, although Fidi/BPC was considerably more expensive, averaging $1,469 PP compared to Upper Manhattan s $749 PP. Condo sales in the Downtown and Upper West Side submarkets notched significant gains in the first quarter. Downtown registered 30% of closings, with a median price of $3,223,250 (27% increase) and average of $4,942,974 (44% rise). The PP also jumped 7%, hitting $2,252, a neighborhood record. The Upper West Side, with 11% of closings, also logged substantial gains, with a median price increase of 17% to $1,819,500, average price rise of 41% to $3,427,477, and 22% PP increase to a record $2,083. The Upper East Side housed the most Co-op sales, with 25%. The median price ticked up 0.4%, while the average moved 6% to $1,514,085, the highest of any submarket. However, the strongest gains were felt in the Financial District/Battery Park City submarket, where the median price was up 23% to $799,000 and the average up 24% to $856,385. Markedly, the average size was also up 26% to 921 square feet. 1Q 2017 PERCENTAGE OF UNITS EAST SIDE 19% WEST SIDE MIDTOWN 16% 25% DOWNTOWN 26% FIDI/BPC MANHATTAN 7% 7% Q 2017 AVERAGE PP EAST SIDE 1,396 WEST SIDE MIDTOWN 1,652 1,439 DOWNTOWN 2,014 FIDI/BPC MANHATTAN 1, ,000 1,500 2,000 2,500 1Q 2017 AVERAGE SIZE EAST SIDE 1,369 WEST SIDE 1,322 MIDTOWN DOWNTOWN FIDI/BPC MANHATTAN ,052 1,618 1,086 1, ,000 1,200 1,400 1, 00 1,800

27 27 1Q 2017 STRIBLING QUARTERLY MARKET REPORT NUMBER OF UNITS SOLD MANHATTAN 126 UNITS 7% WEST SIDE 281 UNITS 16% EAST SIDE 320 UNITS 19% 1Q 2017 CONDO RECORDED SALES EAST SIDE WEST SIDE MIDTOWN DOWNTOWN FiDi/BPC MANHATTAN % Units 11% 27% 30% 7% $1,675,000 $1,819,500 $1,594,990 $3,223,250 $1,540,000 $680,000 YoY 8% 17% 6% 27% 15% 21% $2,634,532 $3,427,477 $1,981,413 $4,942,974 $1,800,720 $765,869 YoY 11% 41% 4% 44% -2% 6% PP $1,666 $2,083 $1,663 $2,252 $1,514 $815 YoY -0.5% 22% -4% 7% 4% -1% 1,445 1,493 1,103 1,877 1, YoY 9% 17% 4% 23% -4% 4% 1Q 2017 CO-OP RECORDED SALES MIDTOWN 426 UNITS 25% DOWNTOWN 449 UNITS 26% FIDI/BPC 120 UNITS 7% EAST SIDE WEST SIDE MIDTOWN DOWNTOWN FiDi/BPC MANHATTAN % Units 25% 22% 22% 22% 2% 8% $850,000 $870,000 $668,000 $899,500 $799,000 $525,000 YoY 0.4% -0.6% 4% 23% 32% $1,514,085 $1,331,708 $922,498 $1,232,353 $856,385 $541,292 YoY 6% -6% 3% 21% 24% 17% PP $1,021 $1,038 $888 $1,286 $944 $572 YoY 3% 3% 1% 11% -1% -7% 1, YoY -0.4% -8% 2% -7% 26% 4%

28 28 1Q 2017 STRIBLING QUARTERLY MARKET REPORT PRICE PER SQUARE FOOT $1,220,000 $1,600 $998,776 $1,500,000 $1,400 $1,200 ꢄ1,2ꢃ1 Per Sꢅuare ꢂoot Since 1 08 $1,250,000 $1,000,000 $1,000 $750,000 $800 $500, ꢃ 2017 AVERAGE PPSꢂ MEDIAN PRICE

29 29 1Q 2017 STRIBLING QUARTERLY MARKET REPORT

30 30 1Q 2017 STRIBLING QUARTERLY MARKET REPORT METHODOLOGY SOURCES: Stribling & Associates proprietary database, ACRIS (Automated City Register Information System). MANHATTAN GEOGRAPHY covered in this report is Manhattan. INVENTORY is calculated based on all properties actively listed during the quarter at the time the report is prepared. CONTRACT SIGNED figures for the current quarter are based on publicly reported transactions at the time the report is prepared. The signed price reflects the latest available asking price. RECORDED SALES figures for the current quarter are based on known closings recorded at the time the report is prepared. MONTHS OF SUPPLY is an estimated time it would take to sell all current active listings based on the current sales rate. TIME ON MARKET is calculated by how many properties entered contract during the quarter in the given period. MEDIAN PRICE is the middle price of a given dataset. AVERAGE PRICE is the sum of all prices divided by the total number of properties. CURRENT QUARTER is reflective of the initial day of the quarter until the 20th day of the closing month of the quarter. These numbers will be updated in subsequent reports to reflect the dataset of the entire quarter. QUARTERS: 1Q: January 1 March 31 3Q: July 1 September 30 2Q: April 1 June 30 4Q: October 1 December 31 WEST SIDE EAST SIDE MIDTOWN DOWNTOWN FINANCIAL DISTRICT/ BATTERY PARK CITY

31 RESEARCH Garrett Derderian Director of Data & Reporting MEDIA Ashley Murphy Director of Public Relations To view more of our reports, visit The Right Broker Makes All the Difference. Over the past 37 years, Stribling brokers have successfully represented the world s most discerning clients, offering an exceptional level of service, integrity and sophistication coupled with an in-depth understanding of the ever-changing real estate market. Stribling professionals embrace a wide range of tastes and styles, ensuring that each client is matched with the broker who can best assist them in buying or selling their home. UPTOWN CHELSEA TRIBECA BROOKLYN A SAVILLS INTERNATIONAL ASSOCIATE The information complied by Stribling & Associates is produced and analyzed from sources deemed to be reliable. Stribling & Associates makes no representations or warranties, express or implied, with respect to future market conditions or prices of residential product at the time the subject property or any competitive property is complete and ready for occupancy or with respect to any report, study, finding, recommendation, or other information provided by Stribling & Associates herein. Moreover, no warranty, express or implied, is made or should be assumed regarding the accuracy, adequacy, completeness, legality, reliability, merchantability, or fitness for a particular purpose of any information, in part or whole, contained herein. All material is presented with the understanding that Stribling & Associates shall not be deemed to provide legal, accounting, or other professional services. This is not intended to solicit the purchase or sale of any property. Any and all such warranties are hereby expressly disclaimed. 2017, Stribling & Associates. This report and the information provided in this report are proprietary to Stribling & Associates and may not be sold, used or reprinted, in whole or in part, without the prior written consent in each instance of Stribling & Associates. Equal Housing Opportunity. All Rights Reserved.