RPX Manhattan Neighborhood Prices

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1 RPX Manhattan Neighborhood Prices RPX Manhattan Neighborhood Prices Radar Logic continually reviews new information products as part of its effort to enable real estate and financial professionals to buy, sell and analyze residential real estate as a tradable asset class. Our latest offerings are the RPX Manhattan Neighborhood Prices, which track home prices in the following eight Manhattan neighborhoods: the Upper West Side, the Upper East Side, Midtown/Clinton, Murray Hill/Gramercy, Chelsea/West Village, East Village/Lower East Side, SoHo/Tribeca, and the Financial District. These prices are calculated using data from condominium sales, which make up a sizable and increasing percentage of residential property transactions in Manhattan. Neighborhood boundaries are defined according to a neighborhood s constituent zip codes and align closely with widely recognized boundaries. RPX Manhattan Neighborhood Prices are calculated for each trading day using 28-day prices from the Manhattan Condominium data set. They will be published at the end of each month and will be supported by RPX analytics. Neighborhood Constituent Zip Codes Upper West Side 10023, 10024, Upper East Side 10021, 10028, 10065, 10075, Midtown / Clinton 10017, 10018, 10019, 10020, 10022, Murray Hill / Gramercy 10010, Chelsea / West Village 10001, 10011, East Village / Lower East Side 10002, 10003, SoHo / Tribeca 10007, 10012, Financial District 10004, 10005, 10006, 10038, The Manhattan Condominium Price has consistently ranked at the top of RPX markets in terms of median price per square foot (PPSF). Many of the Manhattan Neighborhoods have even higher PPSF levels. On July 1, 2008, for example, Manhattan condos had a 28-day PPSF of $1, while Chelsea/West Village had a PPSF of $1, and East Village/Lower East Side had a PPSF of $1, The charts on the following pages depict historical pricing and transaction counts for all eight RPX Manhattan Neighborhoods.

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6 A Valuable New Source of Market Information Radar Logic is dedicated to advancing the use of property derivatives as a tool for financial and real estate professionals. Manhattan is a large and diversified real estate market, making neighborhood data important and useful. Developers, brokers and homebuyers will be able to use this information to better understand closingbased valuations for specific neighborhoods. Financial firms will be able to use this information to evaluate investment opportunities and manage risks in existing portfolios. A Basis for Innovative Investment Strategies RPX Manhattan Neighborhood Prices capture neighborhood-level price dynamics that are frequently masked by metro-level dynamics in indices with broader geographic scope. As a result, the Neighborhood Prices will enable financial and real estate professionals to use RPX-based financial instruments in investment strategies focused on individual neighborhoods and individual real estate assets. Investors and developers will have greater flexibility to act upon information about specific neighborhoods. Developers will be able to use RPX-based instruments to manage their exposure to the neighborhood housing market. As a result, they will be able to harvest the premiums they can command relative to market returns even if prices in the neighborhood decrease. Investors will be able to use RPX-based financial instruments to manage their real estate exposure in ways that are not possible in bricks-and-mortar property markets. Investors and developers will be able to take advantage of near-term price appreciation that otherwise might have passed them by while they were searching for properties or assembling parcels. To learn more about these and other uses of RPX-based financial products, contact a licensed RPX dealer. A list of licensed dealers is available at

7 About Radar Logic Radar Logic Incorporated, a real estate data and analytics company, calculates and publishes the Radar Logic Daily Prices. The prices track housing values for major U.S. metropolitan areas and are the basis of the Residential Property Index (RPX ), a market that enables real estate to be traded as a liquid asset, via property derivatives marketed by major financial institutions. RPX allows real estate and financial professionals to manage opportunity and risk, invest in real estate values without owning physical assets and effectively analyze markets using a consistent metric: price per square foot. The price per square foot metric significantly reduces the influence of property sizes on overall housing price trends, which can skew results. The Daily Prices for each MSA are not adjusted for seasonal variations. In some cases, Daily Prices may vary based on reporting characteristics within individual MSAs. The RPX Monthly Housing Market Report, published 63 days after the last transaction date of every month, provides insight and detailed analysis of Radar Logic s 25 MSAs and the Manhattan Condominium market. This study is based on the premise that there is no unitary national housing market; rather, each MSA, while having some economic influences in common, is influenced primarily by local conditions. RPX Analytics & Research Radar Logic offers specialized analytic services which allow real estate and financial professionals to view current and historical price per square foot and transaction count trends for all markets and sub-markets we track. MSAs can be segmented by location (zip code and county), property type (single family, multi-family and condo), property size, date range, and sale price. The database is derived from our neutral, public source records. Historical and daily price and transaction counts are available through our website at Our web-based tools provide a means for all entities associated with or affected by housing prices to maintain market data streams on a constant, neutral and daily updated basis. For more information about research or analytic products, please contact: Radar Logic Incorporated. 379 West Broadway, Suite 401 New York, New York (212) info@radarlogic.com