1 Q M A NH AT TA N M A R K E T R E P O R T

Transcription

1 1Q2018 MANHATTAN M A R K E T R E P O R T

2 INTRODUCTION M A N H A T T A N S A L E S R E P O R T Q : THE NECESSITY OF BALANCE

3 The first quarter of 2018 was a balancing act supported by declines in overall sale and contract prices, while some neighborhoods bucked the trend and produced significant gains. To be sure, there were a few head-spinning transactions, such as the alleged $180 million purchase of the 5-story penthouse at the Crown Building, but by and large Manhattan appears to be undergoing a period of much needed reflection and correction. Aspirational pricing is no longer the norm, and the numbers show that buyers and sellers are meeting on middle ground to make deals happen. For the past several years, closings in luxury new developments skewed the average prices to soaring heights. However, with the slowdown in new development construction and closings, we are left with a much more accurate picture of what is going on across borough. This phenomenon is especially apparent in the Downtown and Financial District/ Battery Park City area where there were no large-scale developments to initiate closings. Meanwhile, the Upper West Side saw a 40% surge in median condo contract prices this past quarter spurred by several high-profile new developments and conversions. The magnetic pull that new developments had on overall closed sales prices produced a rosecolored view of Manhattan's luxury market, but reality now is setting in. The market isn't altogether heading south; it's evening out after a long period of inflated growth. It's imperative to look at all the factors when considering how to price or when to buy a property. Strictly looking at closed sales provides you with a whisper of what happened in the recent past, while contract activity shows what's going on right here and now. The truth lies somewhere in the middle. Of course, events on the national level had an impact on real estate buying patterns this past quarter, including the implementation of a new tax policy, a 3,000 point swing in the stock market, and rising mortgage rates. On the flip side, this was the first quarter since 2011 where the $500k - $1 million price bracket increased in market share year-over-year a very positive indicator for first-time homebuyers and others who may have been priced out of Manhattan previously. Like the city itself, New York's real estate market thrives on diversity and extremes. When the pendulum swings too far one way, it's only a matter of time before it reverses course. We are creeping our way back to a new normal the result of a necessary balancing act that will likely continue. ELIZABETH ANN STRIBLING-KIVLAN President ELIZABETH F. STRIBLING Chairman 3

4 MARKET HIGHLIGHTS 06 RECORDED SALES 08 PRICE PER SQUARE FOOT 14 CONTR ACTS SIGNED 16 TIME ON THE MARKET 22 TOTAL INVENTORY 24 MONTHS OF SUPPLY 30 SOURCES Stribling & Associates proprietary database, ACRIS (Automated City Register Information System) RESEARCHED & WRITTEN BY: GARRETT DERDERIAN Director of Data & Reporting

5 METHODOLOGY MANHATTAN GEOGRAPHY covered in this report is Manhattan. TIME ON MARKET is calculated by how many properties entered contract during the quarter in the given period. 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 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. WEST SIDE C E N T R A L P A R K EAST SIDE report is prepared. The signed price CURRENT QUARTER is reflective 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. 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 MIDTOWN WEST MIDTOWN EAST DOWNTOWN MONTHS OF SUPPLY is an estimated 1Q: January 1 March 31 time it would take to sell all current 2Q: April 1 June 30 active listings based on the trailing 12-months sales rate. 3Q: July 1- September 30 4Q: October 1 December 31 FINANCIAL DISTRICT/ BATTERY PARK CITY 5

6 MARKET HIGHLIGHTS 6

7 AS THE IMPACT OF NEW DEVELOPMENT DEALS BECOMES MORE EVIDENT, SELLERS ADJUST PRICE EXPECTATIONS. 53% AVER AGE SALES PRICE $2,029,685 OF $10 M + PROPERTIES TOOK MORE THAN 180 DAYS TO ENTER CONTR ACT MEDIAN PRICE $1,100,000 AVER AGE PRICE PER SQUARE FOOT $1,490 AVER AGE DAYS 106 ON THE MARKET 32% SHARE OF INVENTORY CLOSINGS OVER $ 3M OVER $ 3M SHARE OF 7

8 RECORDED SALES BY UNIT TYPE There were 2,008 recorded sales in 1Q18, an 11% decrease from this time last year. 1BR units captured 39% of all transactions, with an average PPSF of $1,324 and size of 791 square feet. 2BR units took 32%, with averages of $1,506/SF and 1,300 square feet. Studios, the most affordable unit type, averaged $1,178/SF and 516 square feet, with a 12% share. 3BR units captured 13%, averaging $1,863/SF and 2,170 square feet. 4+BR units, with only 5% of closings, were the most expensive and largest. They averaged $2,030/SF, 9% higher than 3BR units. 4+BRs also averaged 4,028 square feet, making them 86% larger than the average 3BR unit. Condo prices experienced varied declines year-over-year, apart from studios and 1BR units, which both saw their average PPSFs increase 3%, to $1,399 and $1,542, respectively. 4+BR units recorded the steepest declines across all measures. Here, the median price dropped 18% to $6,915,904, and the average price fell 19% to $8,948,948, while the average PPSF shrunk by to $2,458. 3BR units saw similar losses, with their median price down 13%, average price down 11%, and average PPSF down 10%. Co-op units fared slightly better than condos. Here, the biggest declines were for 3BR units, which saw a median price decline of 13% to $2,100,000 and average price drop of 6% to $2,560, BR units, with a 17% drop in median price to $3,200,000, actually saw a 9% rise in average price to $5,134,798, fueled by several high-priced outlier deals. 1BRs were the only unit type to see increases across all metrics, with the median price up 2% and the average price up 0.4%. 1Q 2018 PERCENTAGE OF UNITS STUDIO 12% 1-BR 39% 2-BR 32% 3-BR 13% 4+ BR 5% 0% 8% 24% 32% 40% 1Q 2018 AVERAGE PPSF STUDIO $1,178 1-BR 2-BR $1,324 $1,506 3-BR 4+ BR $1,863 $2,030 $0 $500 $1,000 $1,500 $2,000 $2,500 1Q 2018 AVERAGE SIZE STUDIO 516 SF 1-BR 791 SF 2-BR 1,300 SF 3-BR 2,170 SF 4+ BR 4,028 SF 0 1,000 2,000 3,000 4,000 5,000 8

9 1Q 2018 TOTAL SALES BY UNIT TYPE 1Q 2018 CONDO RECORDED SALES STUDIO % 3-BR % 2-BR % 4+BR 106 5% STUDIO 1-BR 2-BR 3-BR 4+BR % UNITS 8% 37% 35% 5% MEDIAN PRICE $682,500 $1,100,000 $2,235,058 $4,075,750 $6,915,904 YOY -0.4% -4% -3% -13% -18% AVERAGE PRICE $733,020 $1,215,914 $2,319,661 $5,058,376 $8,948,948 YOY 4% -2% -9% -11% -19% AVERAGE PPSF $1,399 $1,542 $1,717 $2,118 $2,458 YOY 3% 3% -4% -10% - AVERAGE SF ,349 2,266 3,409 YOY -1% -4% -3% -1% -5% 1Q 2018 CO-OP RECORDED SALES STUDIO 1-BR 2-BR 3-BR 4+BR % UNITS 15% 41% 30% 10% 3% MEDIAN PRICE $440,000 $702,500 $1,350,000 $2,100,000 $3,200,000 1-BR % YOY -4% 2% 4% -13% -17% AVERAGE PRICE $463,125 $760,089 $1,468,587 $2,560,323 $5,134,798 YOY -2% 0.4% -1% -6% 9% AVERAGE PPSF $994 $1,010 $1,132 $1,135 $1,537 YOY 2% 0.1% -2% -5% 4% AVERAGE SF ,216 1,894 3,238 YOY -1% 4% -1% 10% -5% 9

10 RECORDED SALES BY PRICE POINT The $1-3M range was the most active bracket in the third quarter, with 37% of all closings. Units priced between $500K-1M made up 35% of deals, while those sold under $500K comprised 12%. Closings at $3M and above all recorded single digit shares of the market, with $20M+ properties taking 0.4%. Over the past several quarters, the considerable amount of luxury inventory has given buyers more negotiating power when purchasing. This has resulted in downward price adjustments for the more expensive brackets. Additionally, the shrinking size of units priced under $500K has also put downward pressure on those prices, as buyers will only pay so much for a smaller space. The condo market saw price adjustments at both ends of the spectrum. Units priced $20M+ saw the biggest decline, with their median falling 17% to $23,000,000, average price dropping 23% to $25,775,699, and average PPSF down 8% to $4,707. Properties below $500K also recorded drops, with the median price down 10% to $402,500 and average price down 5% to $397,297. Here, size also diminished by 13%, contributing to the loss. Co-op units had a more-positive year-over-year change. The strongest gains were in the $5-10M bracket, where both the median price and average price improved 5%, reaching $6,250,000 and $6,835,417, respectively. Only the $3-5M bracket logged multiple declines: its median price fell 10% to $3,300,000, while its average dropped 4% to $3,561,830. Meanwhile, units priced between $10-20M recorded the biggest single drop, with a median loss of to $12,827,500; however, their average price was up by 1%. 1Q 2018 PERCENTAGE OF UNITS <500K 12% 500K-1M 1M-3M 35% 37% 3M-5M 8% 5M-10M 5% 10M-20M 20M+ 2% 0.4% 0% 10% 20% 30% 40% 1Q 2018 AVERAGE PPSF <500K $ K-1M 1M-3M $1,097 $1,502 3M-5M 5M-10M $2,015 $2,328 10M-20M $3,140 20M+ $4,336 $0 $1,000 $2,000 $3,000 $4,000 $5,000 1Q 2018 AVERAGE SIZE <500K 594 SF 500K-1M 1M-3M 3M-5M 734 SF 1,239 SF 2,006 SF 5M-10M 3,255 SF 10M-20M 4,655 SF 20M+ 6,921 SF 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 10

11 HISTORICAL TRENDS IN RECORDED SALES 1Q 2018 CONDO RECORDED SALES 100% 90% 0.1% 0.2% 0.1% 0.2% 0.1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 2% 1% 2% 2% 3% 3% 3% 3% 3% 4% 5% 6% 6% 7% 5% 6% 5% 6% 7% 7% 0.4% 2% 5% 9% 9% 8% <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20+M % UNITS 4% 26% 47% 13% 8% 3% 1% MEDIAN PRICE $402,500 $798,000 $1,705,000 $3,750,000 $6,550,000 $12,500,000 $23,000,000 YOY -10% 4% 3% 1% -3% -4% -17% AVERAGE PRICE $397,297 $786,076 $1,825,098 $3,830,908 $6,814,052 $12,977,067 $25,775,699 80% 70% 60% 33% 30% 29% 28% 30% 33% 34% 35% 35% 37% YOY -5% 2% 4% 1% -3% -4% -23% AVERAGE PPSF $708 $1,255 $1,639 $2,113 $2,532 $3,409 $4,707 YOY -0.1% 3% 3% -2% -6% -10% -8% AVERAGE SF ,151 1,912 2,738 3,900 5,191 YOY -13% -2% 3% 3% 3% 9% -7% 50% 40% 36% 38% 39% 37% 37% 1Q 2018 CO-OP RECORDED SALES <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20+M % UNITS 19% 44% 30% 5% 2% 1% 0.1% 30% 35% 35% 33% 35% 35% MEDIAN PRICE $400,000 $715,000 $1,550,000 $3,300,000 $6,250,000 $12,827,500 $35,000,000 YOY -2% 3% 3% -10% 5% - - AVERAGE PRICE $402,302 $727,024 $1,674,250 $3,561,830 $6,835,417 $13,929,000 $35,000,000 20% YOY 1% 2% 0% -4% 5% 1% - 10% 20% 23% 23% 25% 23% 19% 17% 13% 12% 12% AVERAGE PPSF $833 $968 $1,199 $1,585 $1,788 $3,329 $4,187 YOY 0.5% 2% -8% 0.4% -7% - - AVERAGE SF ,376 2,288 4,189 3,992 8,360 0% 1Q09 1Q09 1Q10 1Q10 1Q11 1Q11 1Q12 1Q12 1Q13 1Q13 1Q14 1Q14 1Q15 1Q15 1Q16 1Q16 1Q17 1Q17 1Q18 1Q18 YOY 2% -1% 9% -6% 22% - - <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20M+ 11

12 RECORDED SALES SUBMARKET Downtown captured the most closings of any submarket, at 30%, with an average PPSF of $1,797 and size of 1,483 square feet. The Upper East Side followed, taking 21% of all deals, with averages of $1,319/SF and 1,424 square feet. The Upper West Side took the third spot with 18% of closings, with an average PPSF of $1,563 and size of 1,345 square feet. Midtown West and the FiDi/BPC submarkets both captured 4% shares. In Midtown West, the averages were $1,526/SF and 975 square feet, while FiDi/BPC had averages of $1,359/SF and 984 square feet. New development closings in Midtown West continued to push prices up, while a slowdown in FiDi/BPC new development closings caused prices there to slip. Condos in the Downtown and FiDi/BPC markets recorded significant price declines. Downtown, the median price toppled 24% to $2,352,157, the average dropped 23% to $3,608,532, and the average PPSF was down 9% to $2,033 square feet. In FiDi/BPC, the median price decreased 20% to $1,205,501, while the average price fell 19% to $1,477,624, and the average PPSF shrunk 12% to $1,373. Significantly fewer new development closings resulted in the striking losses. Co-op units performed better in the first quarter, with the Upper East Side noting the biggest gains. There, the median price was up to $925,000, while the average price jumped 25% to $1,788,571. Downtown co-ops also saw modest gains, with their median price up 12% to $906,750 and average price up 13% to $1,297,787. Upper Manhattan continued to show improvements, with its median price up to $580,000 and average price up 4% to $620,749. 1Q 2018 PERCENTAGE OF UNITS MANHATTAN 9% EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST 4% DOWNTOWN FIDI/BPC 4% 18% 21% 30% 0% 7% 21% 28% 35% 1Q 2018 AVERAGE PPSF MANHATTAN $838 EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWNTOWN FIDI/BPC 1Q 2018 AVERAGE SIZE MANHATTAN EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWNTOWN FIDI/BPC $1,319 $1,368 $1,359 $1,563 $1,526 $1,797 $0 $400 $800 $1,200 $1,600 $2, SF 984 SF 1,209 SF 1,213 SF 1,424 SF 1,345 SF 1,483 SF ,200 1,600 2,000 12

13 NUMBER OF RECORDED SALES MANHATTAN 1Q 2018 CONDO RECORDED SALES EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWN- TOWN FiDi/ BPC MANHATTAN 177 UNITS: 9% % UNITS 6% 17% 6% 35% 8% MEDIAN PRICE $745,000 $1,730,000 $1,440,000 $1,397,000 $1,189,896 $2,352,157 $1,205,501 YOY 5% 5% -4% -12% -7% -24% -20% AVERAGE PRICE $894,876 $2,425,278 $2,485,241 $2,809,571 $1,575,980 $3,608,532 $1,477,624 YOY 4% -18% -20% -1% 8% -23% -19% AVERAGE PPSF $964 $1,589 $1,790 $1,668 $1,609 $2,033 $1,373 YOY 8% -7% -3% 2% 3% -9% -12% WEST SIDE 366 UNITS: 18% AVERAGE SF 1,017 1,302 1,393 1, , YOY 7% -7% 2% 7% 1% -15% -12% EAST SIDE 413 UNITS: 21% MIDTOWN WEST 76 UNITS: 4% MIDTOWN EAST 288 UNITS: DOWNTOWN 603 UNITS: 30% MANHATTAN 1Q 2018 CO-OP RECORDED SALES EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWN- TOWN % UNITS 10% 26% 20% 15% 2% 26% 1% FiDi/ BPC MEDIAN PRICE $580,000 $925,000 $867,500 $725,000 $605,000 $906,750 $743,888 YOY 1% 7% -5% 12% -4% AVERAGE PRICE $620,749 $1,788,571 $1,601,980 $935,742 $730,180 $1,297,787 $815,308 YOY 4% 25% 19% -3% 8% 13% -5% AVERAGE PPSF $739 $1,075 $1,193 $944 $1,110 $1,279 $974 YOY 10% 6% 9% 6% 25% -1% -5% FIDI/BPC 85 UNITS: 4% AVERAGE SF 979 1,254 1, ,074 1,100 1,275 YOY 4% 22% 0.3% 4% - 22% - 13

14 14 PRICE PER SQUARE FOOT

15 $1,700 PRICE TRENDS $1,100,000 $2,213,721 $2,029,685 $2,500,000 $1,600 $1,115,000 $2,250,000 $1,500 $2,000,000 $1,750,000 $1,400 $1,500,000 $1,300 $1,200 $1,250 Average Price Per Square Foot Since 1Q09 $1,250,000 $1,000,000 $1,100 $750,000 $1,000 $500,000 $900 $250,000 $800 $1,137 $1,020 $995 $1,009 $1,056 $1,034 $1,058 $1,083 $1,045 $1,040 $1,063 $1,075 $1,053 $981 $1,090 $1,134 $1,109 $1,148 $1,180 $1,244 $1,285 $1,281 $1,304 $1,361 $1,373 $1,382 $1,435 $1,516 $1,523 $1,513 $1,513 $1,531 $1,585 $1,566 $1,540 $1,493 $1,490 $ Average PPSF Median Price Average Price 15

16 CONTR ACTS SIGNED BY UNIT TYPE There were 2,405 contracts signed in 1Q18, a 6% decrease from one year ago, driven by a slow start to the year. Notably, contract activity picked up in March 2018, with 12% more deals signed than in March BR units made up the largest share of all signings with 36%, followed by 2BR units at 30%. In total, 18% of all 1BRs entered contract within 29 days. An outsized 30% of 4+BRs took more than 180 days to enter contract. 4+BR units, representing 7% of all contracts, were the most expensive with an average PPSF of $2,278, and largest, averaging 3,871 square feet. Only 30% were signed in their first 59 days on the market. In contrast, studios were the most affordable with a PPSF of $1,265, and the smallest, averaging 513 square feet. 47% of all studio contracts were signed in the first 59 days. Co-ops spent slightly less time on the market than condos, with 45% entering contract in 59 days or less. Condos saw 38% enter contract in the same time. Only 10% of co-ops took more than 180 days to sign, compared to 19% of condos. Amongst the condos, 4+BR units saw the strongest price gains, with their median price up 7% to $7,900,000 and their average price up 2% to $10,243,282. 3BR units were the only condo size range with an average PPSF increase; they were up 0.2%, to $2,204. Co-op prices mirrored condos, with 4+BR units experiencing the biggest gains. Their median price jumped 21%, while their average price surged 13%, fueled by a increase in average size. 1Q 2018 PERCENTAGE OF UNITS STUDIO 13% 1-BR 36% 2-BR 30% 3-BR 4+ BR 7% 0% 10% 20% 30% 40% 50% 1Q 2018 AVERAGE PPSF STUDIO $1,265 1-BR 2-BR $1,395 $1,562 3-BR $1, BR $2,278 $0 $500 $1,000 $1,500 $2,000 $2,500 1Q 2018 AVERAGE SIZE STUDIO 513 SF 1-BR 785 SF 2-BR 1,277 SF 3-BR 2,158 SF 4+ BR 3,871 SF 0 1,000 2,000 3,000 4,000 16

17 PERCENTAGE OF MARKET 4+BEDROOM 171 UNITS: 7% 1Q 2018 CONDO CONTRACTS SIGNED STUDIO 1-BR 2-BR 3-BR 4+BR % UNITS 9% 35% 31% 8% 3 BEDROOM 328 UNITS: MEDIAN PRICE $731,500 $1,150,000 $2,195,000 $4,235,000 $7,900,000 YOY 2% -8% -2% -4% 7% AVERAGE PRICE $776,683 $1,241,359 $2,339,096 $5,116,820 $10,243,282 YOY -2% -5% -7% 2% 2% AVERAGE PPSF $1,478 $1,595 $1,767 $2,204 $2,642 YOY -3% -1% -2% 0.2% -4% AVERAGE SF ,300 2,215 3,550 YOY -1% -3% -4% 3% 5% 2 BEDROOM 732 UNITS: 30% 2,405 TOTAL CONTRACTS SIGNED 1Q 2018 CO-OP CONTRACTS SIGNED STUDIO 1-BR 2-BR 3-BR 4+BR % UNITS 37% 31% 12% 4% MEDIAN PRICE $462,500 $715,000 $1,350,000 $2,395,000 $4,822,500 YOY 3% 1% 4% -4% 21% AVERAGE PRICE $481,779 $789,789 $1,532,671 $2,940,946 $5,963,640 1 BEDROOM 869 UNITS: 36% YOY 2% -0.1% 4% -0.3% 13% AVERAGE PPSF $1,014 $1,039 $1,110 $1,356 $1,840 YOY 0% 1% -2% -3% 23% STUDIO 305 UNITS: 13% AVERAGE SF ,214 2,011 3,216 YOY -0.8% -3% -2% 6% 17

18 CONTR ACTS SIGNED BY PRICE POINT Properties priced between $1-3M saw the most activity in the third quarter, capturing 39% of all deals. Units priced between $500K-1M followed closely, with 34% of contracts, while only 10% occurred below $500K. The remaining brackets all captured single-digit shares. The $20M+ bracket captured 1% of the market. These units, with an average PPSF of $5,541, were 68% more expensive than those priced between $10-20M, and 40% larger, at 6,132 square feet. Of those properties that entered contract priced $10M and above, 30% took more than 180 days to get signed, far surpassing all other brackets. Only 6% were signed in under 30 days. Condos priced above $20M saw the strongest average PPSF gain, increasing to $6,571. Properties priced under $500K saw the greatest price gains overall, with their median price up 5% to $474,500, average price up 3% to $445,071, and average PPSF up 7% to $929. This comes as their average size decreased 6%, to 594 square feet. Units priced between $3-5M saw similar changes, with their median price up 6% and average price up 2%. Co-ops saw the strongest gains in the $10-20M price bracket. Here, the median price surged 33% to $14,995,000 while the average increased 13% to $13,971,364. Accordingly, the average size grew by 18%. The $5-10M bracket saw a median increase of 6% to $6,650,000 and an average increase of 5% to $7,092,108. Like those priced between $10-20M, their average size was also up 18%. 1Q 2018 PERCENTAGE OF UNITS <500K 10% 500K-1M 34% 1M-3M 39% 3M-5M 9% 5M-10M 6% 10M-20M 20M+ 2% 1% 0% 9% 18% 27% 36% 45% 1Q 2018 AVERAGE PPSF <500K $ K-1M 1M-3M 3M-5M 5M-10M $1,116 $1,589 $2,060 $2,371 10M-20M $3,303 20M+ $5,541 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 1Q 2018 AVERAGE SIZE <500K 560 SF 500K-1M 1M-3M 739 SF 1,196 SF 3M-5M 2,127 SF 5M-10M 3,184 SF 10M-20M 4,387 SF 20M+ 6,132 SF 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 18

19 1Q 2018 CONDO CONTRACTS SIGNED 2,405 TOTAL UNITS <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20+M % UNITS 1% 25% 48% 9% 3% 1% MEDIAN PRICE $474,500 $799,000 $1,680,000 $4,010,000 $6,750,000 $12,850,000 $27,700,000 YOY 5% 1% -1% 6% 3% -4% 1% AVERAGE PRICE $445,071 $798,302 $1,802,278 $3,989,959 $7,021,968 $13,077,333 $32,485,000 YOY 3% 2% -1% 2% 2% -4% 8% 5M-10M 143 UNITS 6% 3M-5M 214 UNITS 9% 10M-20M 45 UNITS 2% <500K 234 UNITS 10% AVERAGE PPSF $929 $1,241 $1,704 $2,187 $2,522 $3,369 $6,571 YOY 7% 1% 0.3% 1% -5% -5% AVERAGE SF ,098 1,908 2,847 4,073 5,181 YOY -6% 1% -0.3% 3% 7% 4% -5% 1M-3M 1Q 2018 CONTRACTS SIGNED BY PRICE POINT 500K-1M 816 UNITS 34% 1Q 2018 CO-OP CONTRACTS SIGNED <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20+M % UNITS 18% 42% 32% 4% 3% 1% 0.1% 938 UNITS 39% 20M+ 15 UNITS 1% MEDIAN PRICE $400,000 $725,000 $1,599,000 $3,950,000 $6,650,000 $14,995,000 $20,000,000 YOY 0% 4% 0.3% 3% 6% 33% - AVERAGE PRICE $407,422 $735,085 $1,752,052 $3,920,000 $7,092,108 $13,971,364 $20,000,000 17% OF CONTRACTS SIGNED WERE ABOVE $3M YOY 1% 1% 2% 1% 5% 13% - AVERAGE PPSF $844 $980 $1,261 $1,644 $1,987 $3,495 - YOY 2% 0.1% 0% 3% -6% - AVERAGE SF ,424 2,549 3,722 4,836 - YOY -7% 1% -0.5% -2% 18% 18% - 19

20 CONTR ACTS SIGNED SUBMARKET The Downtown submarket captured the greatest share of contracts, with 32%. This was the most expensive market, with an average PPSF of $1, % of these units were in contract within 29 days. The Upper East Side, with 19% of all contracts, recorded the largest units signed, averaging 1,765 square feet. of these units were signed within 29 days. Upper Manhattan remained the most affordable market, with an average PPSF of $906. It saw 15% contracted within 29 days, while only 12% took 180 days or more. FiDi/BPC was the slowest moving market: only of properties entered contract in the first 29 days, while took more than 180. Condo prices slid across all submarkets, except on the Upper West Side. There, the median price jumped 40% to $2,300,000 while the average price grew by 33% to $3,853,783. These were the highest median and average prices of any submarket, fueled by new development contracts. The biggest losses were in FiDi/BPC: its median price plunged 36%, while its average dropped 32%. Downtown also saw steep declines. The median price there fell 25%, while the average lost 20%. Considerably less new developments went into contract than one year ago. Co-op prices saw the greatest appreciation on the Upper East Side, where the median price increased 30% to $1,285,000 and the average price jumped 15% to $2,003,073. Size was also a contributing factor, growing by 25%. The Upper West Side also saw a healthy median price increase, up 22% to $1,175,000, despite a 7% drop in size. 1Q 2018 PERCENTAGE OF UNITS MANHATTAN 10% EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST 4% DOWNTOWN FIDI/BPC 4% 0% 7% 1Q 2018 AVERAGE PPSF MANHATTAN $906 EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWNTOWN FIDI/BPC 1Q 2018 AVERAGE SIZE MANHATTAN EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWNTOWN FIDI/BPC 19% 18% 32% 21% 28% 35% $1,342 $1,499 $1,697 $1,584 $1,558 $1,844 $0 $400 $800 $1,200 $1,600 $2, SF 1,124 SF 1,029 SF 1,242 SF 1,551 SF 1,437 SF 1,765 SF ,200 1,600 2,000 20

21 NUMBER OF UNITS SIGNED MANHATTAN 1Q 2018 CONDO CONTRACTS SIGNED EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWN- TOWN FiDi/ BPC MANHATTAN 248 UNITS: 10% % UNITS 11% 10% 15% 13% 7% 38% 6% MEDIAN PRICE $799,500 $1,800,000 $2,300,000 $1,487,500 $1,245,000 $2,275,000 $1,095,000 YOY -3% -9% 40% % -36% AVERAGE PRICE $926,571 $3,238,936 $3,853,783 $3,082,634 $1,500,932 $3,391,517 $1,416,239 YOY -8% 4% 33% 5% -7% -20% -32% AVERAGE PPSF $1,011 $1,723 $2,047 $1,906 $1,665 $2,073 $1,359 YOY -1% -4% 18% -0.1% -5% -6% - WEST SIDE 434 UNITS: 18% AVERAGE SF 918 1,561 1,709 1, ,535 1,010 YOY -8% 5% 15% -1% 0.1% -11% -17% EAST SIDE 452 UNITS: 19% MIDTOWN WEST 101 UNITS: 4% MIDTOWN EAST 327 UNITS: DOWNTOWN 758 UNITS: 32% MANHATTAN 1Q 2018 CO-OP CONTRACTS SIGNED EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWN- TOWN % UNITS 10% 26% 21% 2% 26% 1% FiDi/ BPC MEDIAN PRICE $520,000 $1,285,000 $1,175,000 $700,000 $549,000 $827,000 $958,450 YOY 4% 30% 22% 4% 5% -1% 24% AVERAGE PRICE $636,530 $2,003,073 $1,617,169 $1,088,346 $695,569 $1,260,667 $1,011,494 YOY -3% 15% 4% 11% -2% 4% 2% AVERAGE PPSF $710 $1,264 $1,227 $1,015 $1,050 $1,230 $1,103 YOY 2% 11% -3% 7% 0% -1.3% 23% FIDI/BPC 85 UNITS: 4% AVERAGE SF 913 1,546 1,146 1, ,103 1,292 YOY -6% 25% -7% 5% 1% 9% -10% 21

22 22 TIME ON THE MARKET

23 OVERALL 17% 25% SUBMARKET PRICE BRACKET BEDROOMS TYPE CONDO CO-OP STUDIO 1-BR 2-BR 3-BR 4+ BR <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M+ MANHATTAN EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWNTOWN 17% 17% 18% 11% 23% 17% 19% 13% 6% 15% 15% 19% 17% 22% 28% 30% 25% 27% 21% 19% 10% 25% 29% 25% 19% 13% 12% 6% 17% 21% 26% 27% 24% 30% 25% 15% 19% 10% 19% 13% 9% 12% 18% 10% 12% 15% 11% 13% 23% 12% 18% 30% 12% 9% 19% 13% 13% 9% 15% 9% 17% 21% 12% 35% 28% 30% 17% 19% 12% 15% 17% 13% 10% 18% 13% 13% 12% 15% 15% FIDI/BPC 25% 18% 11% 0% 20% 40% 60% 80% 100% 0-29 DAYS DAYS DAYS DAYS DAYS 180+ DAYS 23

24 TOTAL INVENTORY BY UNIT TYPE There were 6,612 units listed on the market at the end of 1Q18, a 7% increase from last quarter, but a 2% decrease year-over-year. 2BR units captured a 29% share with an average PPSF of $1,841. 1BR units also took 29%, with an average PPSF of $1,576. All other bedroom brackets totaled less than 20% shares, with studios comprising 10%, the least of any unit type. 4+BR units totaled. Studios remained the most affordable option, with an average PPSF of $1,422, and the smallest, at 560 square feet. 4+BR units were the most expensive choice with an average PPSF of $2,467, as well as the largest at 4,489 square feet. Condo unit prices showed mixed results compared to this time last year. Studios saw the greatest average price increase, at 4%. They also had the highest average PPSF increase, up 5%. 3BR units were the only bedroom bracket to record increases across all measures, with the median price up 5%, and the average price and average PPSF both up 2%. 4+BR units saw the steepest declines, with the average price falling 4%, median price down 3%, and average PPSF sliding 6%, despite a 7% increase in average size. Co-op prices remained relatively flat year-over-year. Like condos, studio and 3BR units both saw increases. Studio average and median prices were both up 1%, while 3BR average prices were up 3%. 4+BR units saw the biggest losses, with both the median and average prices dropping 3%. Similarly, 1BR units saw their median price slip 1%, and their average price decrease 4%, the most of any bedroom type. 1Q 2018 PERCENTAGE OF UNITS STUDIO 10% 1-BR 2-BR 29% 29% 3-BR 18% 4+ BR 0% 5% 10% 15% 20% 25% 30% 1Q 2018 AVERAGE PPSF STUDIO $1,422 1-BR $1,576 2-BR $1,841 3-BR 4+ BR $2,312 $2,467 $0 $600 $1,200 $1,800 $2,400 $3,000 1Q 2018 AVERAGE SIZE STUDIO 560 SF 1-BR 832 SF 2-BR 1,403 SF 3-BR 2,320 SF 4+ BR 4,489 SF 0 1,000 2,000 3,000 4,000 5,000 24

25 4+BR STUDIO 10% 1Q 2018 CONDO INVENTORY STUDIO 1-BR 2-BR 3-BR 4+BR % UNITS 8% 28% 32% 20% 12% MEDIAN PRICE $775,000 $1,305,000 $2,499,000 $4,950,000 $9,175,000 YOY 0% -1% -6% 5% -4% 3-BR 18% 1Q 2018 TOTAL INVENTORY 1-BR 29% AVERAGE PRICE $907,423 $1,522,206 $2,940,307 $6,181,587 $13,108,589 YOY 4% -2% -5% 2% -3% AVERAGE PPSF $1,621 $1,775 $2,016 $2,509 $2,970 YOY 5% -2% -3% 2% -6% 2-BR 29% AVERAGE SF ,426 2,334 4,066 YOY 1% -0.4% 0.3% 1% 7% 1Q 2018 CO-OP INVENTORY 4+BR 10% STUDIO 12% STUDIO 1-BR 2-BR 3-BR 4+BR % UNITS 13% 33% 29% 9% 3-BR 15% 1Q 2018 NEWLY LISTED INVENTORY 1-BR 34% MEDIAN PRICE $482,500 $740,000 $1,525,000 $2,999,000 $5,697,500 YOY 1% -1% 0% 0.1% -3% AVERAGE PRICE $539,089 $850,023 $1,886,793 $3,894,057 $8,553,278 YOY 1% -4% -1% 3% -3% AVERAGE PPSF $1,049 $1,080 $1,275 $1,637 $1,759 2-BR 29% YOY 2% 2% 3% 10% -11% AVERAGE SF ,342 2,151 3,682 YOY 5% -1% -3% 2% 9% 25

26 TOTAL INVENTORY BY PRICE POINT Overall, 38% of active inventory was priced between $1-3M, the highest level to date. The $500K-1M bracket followed with 23%, with $3-5M taking. Notably, this was the first 1Q since 2011 where the $500K-1M bracket increased market share year-over-year. At the same time, this was also the first 1Q since 2011 where both the $3-5M and $5-10M brackets decreased market share. 1Q17 was the first 1Q since 2011 where the $10-20M bracket decreased, a phenomenon which was repeated in 1Q18. Inventory under $500K is at its lowest 1Q level-to-date. In total, properties priced under $500K offered the best value, with an average PPSF of $874, and were the smallest, averaging 605 square feet. Units priced above $20M had an average PPSF of $5,253 and size of 6,722 square feet, making them 63% more expensive and 37% larger than units priced between $10-20M. The biggest positive condo price adjustments were for units priced under $500K, which saw their median price jump 6% to $449,000 and their average price increase 1% to $408, M+ units saw the biggest losses, with their median price falling 8% to $28,000,000, average price dropping 7% to $33,549,668, and average PPSF down 6% to $5,990. This comes as their average size increased 4% to 5,852 square feet. Co-ops displayed similar changes to condos, apart from the $10-20M bracket, which recorded healthy increases. Here, the median price jumped to $15,000,000, while the average was up 9% to $15,201,727. Like condos, the 20M+ co-op bracket logged the biggest declines, with the median price falling 15% to $24,750,000 and the average price plunging 25% to $28,874,423. 1Q 2018 PERCENTAGE OF UNITS <500K 6% 500K-1M 23% 1M-3M 38% 3M-5M 5M-10M 12% 10M-20M 5% 20M+ 2% 0% 10% 20% 30% 40% 1Q 2018 AVERAGE PPSF 500K $ K-1M 1M-3M 3M-5M 5M-10M $1,155 $1,668 $2,080 $2,550 10M-20M $3,225 20M+ $5,253 $0 $1,500 $3,000 $4,500 $6,000 1Q 2018 AVERAGE SIZE <500K 605 SF 500K-1M 1M-3M 738 SF 1,218 SF 3M-5M 2,087 SF 5M-10M 2,977 SF 10M-20M 4,907 SF 20M+ 6,722 SF 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 26

27 HISTORICAL INVENTORY 1Q 2018 CONDO INVENTORY 100% 1% 2% 6% 1% 2% 5% 1% 2% 5% 1% 3% 5% 1% 5% 7% 2% 6% 3% 6% 3% 6% 2% 5% 2% 5% <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20+M % UNITS 1% 15% 44% 18% 15% 5% 3% MEDIAN PRICE $449,000 $829,000 $1,799,000 $3,885,000 $6,555,000 $12,894,000 $28,000,000 9% 8% 7% 9% 9% 10% 11% 12% 13% 12% YOY 6% 2% -1% -1% -2% -1% -8% AVERAGE PRICE $408,370 $804,375 $1,880,033 $3,924,240 $6,944,604 $13,731,738 $33,549,668 80% 37% 33% 32% 33% 30% 10% 12% 13% 15% YOY 1% -0.3% -1% -0.2% -0.3% -2% -7% AVERAGE PPSF $803 $1,312 $1,778 $2,210 $2,706 $3,589 $5,990 YOY -3% 3% -0.5% -3% -3% -3% -6% AVERAGE SF ,104 1,879 2,726 4,105 5,852 YOY 15% -3% -0.4% 4% 4% 5% 4% 60% 31% 32% 35% 38% 38% 1Q 2018 CO-OP INVENTORY 40% <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20+M 34% 34% 33% 32% % UNITS 35% 32% 10% 7% 2% 1% MEDIAN PRICE $399,500 $725,000 $1,747,000 $3,800,000 $6,662,500 $15,000,000 $24,750,000 33% 27% YOY -1% 4% -0.2% -2% 3% -15% 24% AVERAGE PRICE $401,836 $733,057 $1,836,916 $3,925,677 $6,926,119 $15,201,727 $28,874,423 20% 22% YOY 0.5% 1% -1% -0.1% 1% 9% -25% 21% 23% AVERAGE PPSF $857 $980 $1,334 $1,629 $1,990 $3,540 $4,956 0% 13% 1Q09 17% 1Q10 20% 1Q11 18% 1Q12 18% 1Q13 15% 1Q14 12% 1Q15 9% 1Q16 7% 1Q17 6% 1Q18 YOY 2% -0.4% 1% -4% -8% -6% -21% AVERAGE SF ,425 2,664 3,626 4,673 5,980 YOY 1% 2% -1% 11% 3% 15% -25% <500K 500K-1M 1M-3M 3M-5M 5M-10M 10M-20M 20M+ 27

28 TOTAL INVENTORY SUBMARKET The Downtown submarket captured 31% of all inventory, the most of any area. The Upper East side followed with 21%, while Midtown East took 18%. Downtown had the highest average PPSF at $2,121, just above Midtown East at $2,108. Upper Manhattan remained the most affordable submarket, with an average PPSF of $948. The largest properties were located Downtown, where the average size was 2,059 square feet. The Upper East Side followed at 1,994 square feet, while the Upper West Side averaged 1,990 square feet. The smallest units, averaging 1,128 square feet, were in the Financial District/Battery Park City market. Midtown West closely mirrored at 1,164 square feet. Condo inventory saw yearly price declines across all markets, with the only exception being the median price in Midtown West, which was up 2% to $1,725,000. The steepest median price decline was in FiDi/BPC, where the price fell 17% to $1,399,000. Here, the average price was down 10% to $2,280,100. The Upper West Side also saw double-digit losses, with the median price falling 13% to $2,495,000 and the average price dropping to $4,204,042. The Upper East Side and Midtown East also experienced double-digit median price declines. Co-op inventory prices fared better than their condo counterparts. The strongest gains were in Upper Manhattan, where the median price jumped 12% to $549,900 and the average price grew 9% to $827,325. The Upper East Side, while remaining the most expensive co-op market, was the only area to record declines across all metrics. There, the median price dropped 11% to $1,595,000 and the average price fell 4% to $3,205,956. 1Q 2018 PERCENTAGE OF UNITS MANHATTAN 8% EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST 4% DOWNTOWN FIDI/BPC 6% 13% 18% 21% 31% 0% 8% 24% 32% 40% 1Q 2018 AVERAGE PPSF MANHATTAN $948 EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWNTOWN FIDI/BPC 1Q 2018 AVERAGE SIZE MANHATTAN EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWNTOWN FIDI/BPC $1,784 $1,788 $1,691 $1,985 $2,108 $2,121 $0 $500 $1,000 $1,500 $2,000 $2,500 1,164 SF 1,128 SF 1,675 SF 1,673 SF 1,994 SF 1,990 SF 2,059 SF ,000 1,500 2,000 2,500 28

29 NUMBER OF UNITS ON MARKET MANHATTAN 1Q 2018 CONDO INVENTORY EAST SIDE WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWN- TOWN FiDi/ BPC MANHATTAN 522 UNITS: 8% % UNITS 6% 12% 12% 18% 6% 36% 10% MEDIAN PRICE $949,000 $2,522,500 $2,495,000 $2,282,500 $1,725,000 $3,300,000 $1,399,000 YOY -5% -11% -13% -12% 2% -6% -17% AVERAGE PRICE $1,305,082 $4,129,825 $4,204,042 $5,281,566 $2,417,351 $5,079,265 $2,280,100 YOY -6% -6% - -1% -9% -4% -10% AVERAGE PPSF $1,086 $2,053 $2,172 $2,483 $1,896 $2,284 $1,709 YOY -4% -2% -5% -3% -0.5% -5% -2% WEST SIDE 867 UNITS: 13% AVERAGE SF 1,265 1,759 1,811 1,673 1,115 2,007 1,130 YOY 1% -4% 0% 0% -6% 3% -10% EAST SIDE 1,356 UNITS: 21% MIDTOWN WEST 291 UNITS: 4% MIDTOWN EAST 1,159 UNITS: 18% DOWNTOWN 2,052 UNITS: 31% MANHATTAN EAST SIDE 1Q 2018 CO-OP INVENTORY WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWN- TOWN % UNITS 9% 31% 15% 18% 2% 25% 1% FiDi/ BPC MEDIAN PRICE $549,900 $1,595,000 $1,250,000 $949,000 $585,000 $1,100,000 $875,000 YOY 12% -11% -2% 3% -12% -5% 13% AVERAGE PRICE $827,325 $3,205,956 $2,621,761 $1,663,539 $989,419 $2,151,177 $1,137,596 YOY 9% -4% 7% 1% 4% -7% -12% AVERAGE PPSF $741 $1,300 $1,532 $1,144 $1,025 $1,471 $1,198 YOY -2% -5% 8% 5% 1% 0% -0.3% FIDI/BPC 365 UNITS: 6% AVERAGE SF 1,105 1,458 1,422 1,485 1,234 1,568 1,094 YOY 6% -4% 10% 15% 8% 4% 1% 29

30 MONTHS OF SUPPLY 30

31 1 Q CONTR ACTS SIGNED PER MONTH 1 Q ,612 INVENTORY 6.8 MONTHS OF SUPPLY 1,031 6,767 CONR ACTS SIGNED PER MONTH INVENTORY 6.6 MONTHS OF SUPPLY 31

32 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. RESEARCH GARRETT DERDERIAN Director of Data & Reporting GDerderian@stribling.com UPTOWN CHELSEA TRIBECA BROOKLYN MEDIA ASHLEY MURPHY Director of Public Relations AMurphy@stribling.com 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 is not providing any legal, accounting, or other professional services. Nothing in this report shall constitute an offer or solicitation with respect to purchase, sale or rental of any property. Any and all such warranties are hereby expressly disclaimed. 2018, 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.