NOVEMBER 2015 Cityrealty Is the Website for NYC Real Estate
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SEMI-ANNUAL REPORT | NOVEMBER 2015 THE 100 CityRealty is the website for NYC real estate, providing high-quality listings and tailored agent matching for prospective apartment buyers, as well as in-depth analysis of the New York real estate market. Q2 2015 - Q3 2015 THE CITYREALTY 100 REPORT Additions to the CityRealty 100 The CityRealty 100 is an index comprised of the top 100 condominium buildings in Manhattan. Several factors—including a building’s sales history, prominence and CityRealty’s rating for the property—are used to determine which buildings are included in the index. This report tracks the performance of those buildings through September 30, 2015. Three buildings have been added to the index as of the third quarter of this year, reflecting the changing landscape of the city’s luxury housing market. The additions are as follows: 150 Charles Street The 91-unit condominium at 150 Charles Street, in the far West Village, was developed by the Witkoff Group and sold out while still under construction in 2013. The building, designed by CookFox, includes a 12-story addition to an existing three-story storage facility. Its many amenities include a landscaped courtyard and a 75-foot-long pool. https://www.cityrealty.com/nyc/west-village/150-charles-street 50 United Nations Plaza The 42-story 50 United Nations Plaza sits across First Avenue from the United Nations complex. The 88-unit building, developed by Zeckendorf Development and designed by Foster & Partners and SLCE, has amenities that include a waterfall in the lobby and on-site valet parking. https://www.cityrealty.com/nyc/turtle-bay-united-nations/50-united-nations-plaza One Riverside Park, 50 Riverside Boulevard This 33-story apartment tower at 50 Riverside Boulevard is the southernmost building of the Riverside South development, which stretches from 72nd to 59th streets. The building contains 219 apartments and was built by Extell Development and designed by Goldstein, Hill & West. The amenity-rich building includes a climbing wall and bowling alley in addition to a doorman and concierge. https://www.cityrealty.com/nyc/riverside-dr-west-end-ave/one-riverside-park-50-riverside-boulevard About CityRealty Established in 1994, CityRealty offers the most comprehensive data, analysis, and content available for the New York City real estate market, covering both sales and rentals. Additionally, CityRealty provides a free, personalized service for New York City apartment buyers and sellers, matching each customer to an agent with the precise expertise needed to find his or her perfect home. Further information about CityRealty is available at www.cityrealty.com. 2 Q2 2015 - Q3 2015 THE CITYREALTY 100 REPORT Summary During the six month period starting April 1, 2015 and ending September 30, 2015, 438 apartments were sold in buildings that are part of the CityRealty 100. The average price per square foot was $2,384, which represents a year-over-year price decrease of 8%. The median price per square foot was $2,121, a year- over-year decrease of 3%. The price decreases are largely attributable to there being fewer sponsor sales at One57 over the past two quarters following a crush of extremely high-priced sales in the new building. Prices are expected to rise in the CityRealty 100 over the next year as closings in several noteworthy new developments begin—including 432 Park Avenue, The Greenwich Lane and 30 Park Place—and those buildings are added to the index. Average and Median Price Per Square Foot $3,000 $2,500 $2,384 AVG PRICE / FT2 $2,000 $2,121 MEDIAN PRICE / FT2 SIX MONTHS ENDING SEPTEMBER 30, 2015 $1,500 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 2014 2015 KEY: AVG PRICE MEDIAN PRICE Transaction Volume 250 200 150 100 438TOTAL SALES SIX MONTHS ENDING 50 SEPTEMBER 30, 2015 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 2014 2015 3 Q2 2015 - Q3 2015 THE CITYREALTY 100 REPORT Historical Investment Comparison Since April 2005, the average price per square foot of properties in the CityRealty 100 has increased at a Compound Annual Growth Rate (CAGR) of 4.5% per year (non-inflation adjusted). This is slightly below the ten-year CAGR for the S&P 500 (+5.4%), and well above the CAGR for oil (-1.1%), which has experienced significant volatility in the past year. By contrast, the ten-year CAGR for gold (+10.1%), is well above the buildings covered in the CityRealty 100. Ten Year Price Change of the CityRealty 100 $3,250 $2,750 2 $2,250 +4.5% AVG PRICE / FT / PRICE AVG 10 YEAR COMPOUND ANNUAL $1,750 GROWTH RATE (CAGR) (USD) $1,250 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 KEY: THE CITYREALTY 100 ALL MANHATTAN CONDOS(1) Other Markets and Measures of Wealth Wealth of Forbes' Top S & P 500 Oil Gold 100 Billionaires* +5.4% -1.1% +10.1% +8.1% 10 YEAR COMPOUND 10 YEAR COMPOUND 10 YEAR COMPOUND 10 YEAR COMPOUND ANNUAL GROWTH RATE ANNUAL GROWTH RATE ANNUAL GROWTH RATE ANNUAL GROWTH RATE '05 '15 '05 '15 '05 '15 '05 '15 Data from April 1, 2005 to September 30, 2015. * Based on the top 100 Billionaires in the world included in Forbes' annual ranking from 2005-2015. 4 Q2 2015 - Q3 2015 THE CITYREALTY 100 REPORT Buildings in the CityRealty 100 12-MONTH SALES / PAST 12-MONTH SALES / PAST BUILDING PRICE AVG 12 MONTHS BUILDING PRICE AVG 12 MONTHS One57 $6,010 (18.5%) 37 Olympic Tower $2,327 (15.9%) 13 15 Central Park West $5,726 (-9.5%) 7 Bristol Plaza $2,282 (13.5%) 3 Residences at the Mandarin Oriental $5,629 (22.0%) 5 Superior Ink $2,258 (-20.9%) 5 Time Warner Center $4,831 (-11.6%) 6 The Aldyn $2,244 (27.1%) 8 Walker Tower $4,632 (34.7%) 10 101 Warren Street $2,239 (3.5%) 17 The Plaza $4,470 (24.2%) 11 The Olcott $2,192 (21.2%) 9 One Beacon Court $4,399 (2.5%) 2 SoHo Mews $2,182 (-17.4%) 3 Trump International $3,925 (15.5%) 4 Manhattan House $2,164 (11.3%) 34 Baccarat Hotel & Residences $3,803 (-17.1%) 32 1 Morton Square $2,154 (0%) 4 135 East 79th Street $3,777 (20.2%) 2 The Harrison $2,114 (4.1%) 8 40 Mercer Street $3,740 (15.1%) 2 The Siena $2,092 (22.6%) 2 Millenium Tower $3,585 (-1.5%) 2 456 West 19th Street $2,085 (2.4%) 4 200 Eleventh Avenue $3,398 (n/a) 1 HL23 $2,079 (n/a) 1 18 Gramercy Park South $3,196 (-17.3%) 3 Devonshire House $2,058 (5.0%) 4 737 Park Avenue $3,167 (1.3%) 11 The Laurel $2,048 (13.7%) 4 279 Central Park West $3,157 (n/a) 2 100 Eleventh Avenue $2,041 (-16.2%) 2 15 Union Square West $3,112 (n/a) 1 166 Perry Street $2,008 (n/a) 1 500 Park Tower $3,051 (n/a) 1 Apple Bank Building $1,984 (9.1%) 4 The Mayfair $2,993 (-10.2%) 2 W New York Downtown $1,981 (0.8%) 22 530 Park Avenue $2,991(9.5%) 17 3 Lincoln Center $1,975 (-0.5%) 12 Centurion $2,936 (14.0%) 4 The Grand Millennium $1,957 (6.6%) 6 Linden 78 $2,865 (n/a) 1 The Porter House $1,949 (n/a) 1 Sky Lofts at 145 Hudson $2,864 (n/a) 1 Place 57 $1,947 (5.7%) 3 40 Bond $2,863 (n/a) 1 The Park Laurel $1,944 (n/a) 2 Trump Park Avenue $2,854 (26.3%) 6 Metropolitan Tower $1,925 (3.1%) 12 535 West End Avenue $2,764 (n/a) 1 The Loft $1,919 (n/a) 1 The Park 900 $2,725 (43.9%) 2 520 West Chelsea $1,914 (3.9%) 3 One Lincoln Square $2,705 (6.6%) 4 45 Park Avenue $1,892 (13.2%) 4 Liberty Lofts $2,695 (12.7%) 2 Sheffield 57 $1,892 (12.4%) 27 Trump Tower $2,688 (18.7%) 6 The Park Belvedere $1,845 (1.5%) 7 The Park Imperial $2,680 (0.6%) 2 The Centria $1,834 (5.0%) 10 Park Millenium $2,674 (13.6%) 8 The Heritage at Trump Place $1,767 (16.7%) 4 150 Charles Street $2,637 (n/a) 20 The Rushmore $1,759 (-3.8%) 14 299 West 12th Street $2,623 (11.7%) 3 Trump World Tower $1,714 (3.3%) 19 Caledonia $2,615 (10.5%) 12 The Ritz-Carlton, Battery Park City $1,706 (-10.6%) 5 240 Park Avenue South $2,612 (25.1%) 5 Central Park Place $1,685 (-14.5%) 15 The Chatham $2,528 (-15.6%) 5 The Empire $1,672 (-17.2%) 2 One Madison $2,525 (-22.8%) 18 Museum Tower $1,662 (-3.5%) 14 50 United Nations Plaza $2,521 (n/a) 35 The Apthorp $1,630 (-19.6%) 16 141 Fifth Avenue $2,474 (n/a) 1 One Riverside Park $1,619 (n/a) 55 400 Fifth Avenue $2,457 (-1.2%) 6 The Galleria $1,589 (-6.2%) 15 30 East 85th Street $2,456 (14.7%) 4 Trump Palace $1,546 (-10.8%) 9 One Jackson Square $2,451 (12.0%) 2 The Visionaire $1,467 (2.3%) 17 Essex House $2,413 (-0.7%) 5 170 East End Avenue $1,421 (n/a) 1 The Lucida $2,402 (10.1%) 6 The Greenwich Street Project $1,233 (n/a) 1 One York Street $2,401 (34.1%) 4 Laureate n/a n/a 250 West Street $2,396 (29.7%) 10 Park Avenue Place n/a n/a One Kenmare Street $2,382 (-2.8%) 3 515 Park Avenue n/a n/a The Century $2,380 (-16.3%) 13 1049 Fifth Avenue n/a n/a 200 East 79th Street $2,344 (n/a) 1 165 Charles Street n/a n/a Percentage changes based on current 12-month period, ending September 30, 2015 vs.