The Corcoran Report 4Q16 ContentsFourth Quarter 2016 3 Overview 4/7 Market Wide 2 Sales / Days on Market 3 Inventory / Months of Supply 4 Prices 5 Market Share 8 Resale Co-ops 9 Resale Condos 10 New Developments 11 Luxury 12/23 Neighborhoods 12/13 East Side 14/15 West Side 16/17 Midtown 18/19 Downtown 20/21 Financial District & Battery Park City 22/23 Upper Manhattan 24 Methodology

The following members of the The Corcoran Group made significant contributions to this report:

Kristy Hoffman I Geoffrey Martell I Madison Rosenwald I Ryan Schleis 4Q Corcoran Report Overview 2016 2016 ended much as it began – with a variety Manhattan 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) of mixed signals indicative of shifting market Overview conditions. Average price per square foot was up 6% year-over-year. But its 1% quarter- Closed Sales 3,104 3,641 -15% 3,584 -13% over-quarter change is reflects the steadying Contracts Signed 2 ,748 3,220 -15% 2,567 7% of price per square foot since the beginning of Average Days on Market 95 88 8% 87 9% the year. Median price dropped 8%, and has Inventory 5,865 5,060 16% 5,861 0% had declines every quarter since its peak in Months of Supply 5.5 4.2 31% 4.9 12% First Quarter 2016, as fewer larger apartments Prices closed as compared to earlier quarters. Yet Median Price $1.024M $1.108M -8% $1.050M -2% median price per square foot dropped less, at Average Price $1.991M $1.927M 3% $2.034M -2% 2% year-over-year, and was up 1% quarter- Median PPSF $1,324 $1,350 -2% $1,314 1% over-quarter, again indicative of steadying Average PPSF $1,851 $1,746 6% $1,833 1% pricing. Similar to the previous quarter, the Median Price by Bedroom number of closed sales and contracts signed Studio $520K $488K 7% $516K 1% both decreased versus Fourth Quarter 2015. However, versus a quiet Third Quarter 2016, 1 Bedroom $832K $825K 1% $803K 4% contracts signed rose. Both active inventory 2 Bedroom $1.636M $1.677M -2% $1.600M 2% and months of supply increased. 3+ Bedroom $4.150M $3.898M 6% $3.663M 13%

Manhattan market once Average price rose to $1.991M in Fourth Median apartment price by size was mixed. again experienced year-over- Quarter 2016. This increase was influenced Studio apartments had the largest increase, heavily by a large number of high-priced new up 7% from last year to a median of $520K, year price growth. development closings throughout followed by a 6% increase in the 3+ BR Manhattan overall closed sales decreased the quarter. The median Manhattan sale price, median to $4.150M. Price per square foot 15% year-over-year in Fourth Quarter 2016, however, fell by 8% year-over-year to $1.024M, metrics followed absolute pricing metrics, with dropping to 3,104 closings. Signed contracts reflecting the fact that the market share of the average increasing to $1,851 per square were also down, decreasing 15% year-over- closings achieving $1.00M or more fell by 3% foot and the median falling to $1,324 per year. A combination of factors has influenced from Fourth Quarter 2015, to 50%. square foot.. changes in the market such as record high prices, the continued undersupply of lower- CLOSED SALES priced and efficiently sized condominium and 5,000 cooperative units, and the cyclical political 4,000 and economic uncertainty that comes with election years. 3,000

Inventory increased by 16% from Fourth 2,000 Quarter 2015 to 5,865 active listings. The 1,000 increase in available inventory combined with the year-over-year fall in sales led to a 0 31% increase in months of supply, and units 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 spending on average 95 days on market a The Corcoran Group I p 3 week longer than a year ago. MANHATTAN CORCORAN REPORT Market Wide 4Q 2016

Sales Manhattan 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) Decreases in both the resale and new Sales development markets in Fourth Quarter 2016 Closed Sales 3,104 3,641 -15% 3,584 -13% led to an overall drop of 15% to 3,104 closings. Contracts Signed 2 ,748 3,220 -15% 2,567 7% Along with the drop in closed sales, contracts Average Days on Market were also down this quarter, dropping Market Wide 95 88 8% 87 9% 15% from Fourth Quarter 2015 to 2,748 Studio 77 96 -20% 76 1% contracts. Contracts signed figures have now experienced year-over-year decreases for 1 Bedroom 89 79 13% 83 8% five consecutive quarters. 2 Bedroom 98 87 12% 84 17% 3+ Bedroom 125 104 20% 119 5% New development experienced the largest drop of any submarket, falling by 41% to 435 closings. While a large drop, new development closings are not necessarily Days on Market Two bedrooms and three+ bedroom indicative of larger market forces due to The average number of days a listing residences were both on the market the fact that many of these units went into was on the market until entering for a longer number of days than this contract over a year ago and unit delivery is contract increased was 95 days, non-seasonal. Resale activity, accounting for increasing by 8% year-over-year. DAYS ON MARKET BY BEDS 86% of closings, was more representative of This quarter’s average was up 9% 150 marketwide trends with closed sales falling by compared to Third Quarter 2016, 120 8% year-over-year. however, as available inventory 3+ BR decreased over the summer months. Resale condos experienced a 11% year-over- 90 2 BR 1 BR year decrease to 933 closings. In step with Studios were the only category with a 60 Studios last quarter, resale co-ops declined less than year-over-year drop in days on market 30 condos, with co-ops falling by roughly half versus Fourth Quarter 2015, down that of condos, down 6% year-over-year to 20%, and the lowest figure of any 0 1,719 closings. Interestingly, for both resale bedroom type at 77 days. One bedroom condos and resale co-ops, the largest drops in residences had the next lowest time time last year, increasing by 11 days closings were in the under $500K and over from listing to sale, at 89 days, which and 21 days respectively. Increases $5.00M price categories. was up 13% from Fourth Quarter 2015. paralleled increases in inventory for both product types with buyers CONTRACTS SIGNED having more options to choose from.

5,000

4,000

3,000

2,000

1,000

0 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16

The Corcoran Group I p 4 MANHATTAN CORCORAN REPORT Market Wide 4Q 2016

Inventory All Sales 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) Manhattan inventory reached Inventory 5,865 units in Fourth Quarter 2016, Market Wide 5,865 5,060 16% 5,861 0% increasing year-over-year for the Studio 434 500 -13% 571 -24% fifth consecutive quarter. This was 1 Bedroom 1 ,742 1,502 16% 1,778 -2% a 16% increase year-over-year, with 2 Bedroom 1,873 1,517 23% 1,819 3% no from last quarter. Inventory is 3+ Bedroom 1,809 1,528 18% 1,683 7% still well below post-recession highs registering over 8,000 units in First Months of Supply Quarter 2009. Market Wide 5.5 4.2 31% 4.9 12% Studio 2.2 2.7 -17% 3.6 -39% Studios were the only bedroom type 1 Bedroom 3.4 3.3 4% 4.2 -20% that saw a decrease in inventory in 2 Bedroom 4.4 4.2 5% 5.2 -15% Fourth Quarter 2016, falling by 13%. 3+ Bedroom 7.5 7.7 -2% 8.5 -11% All other bedroom types experienced double-digit inventory growth, with one bedrooms, two bedrooms and MONTHS OF SUPPLY BY TYPE three+ bedrooms increasing by 16%, Months of Supply 9.0

23% and 18%, respectively. Months of supply is an estimate of how long 8.0 it would take to sell all current active listings Inventory changes varied by product 7.0 Resale at the rate of sales recorded during the type and price point. Resale condo 6.0 Condos previous twelve months, if no new listings inventory grew the most, with a 33% 5.0 entered the market. Six to nine months is increase, followed by resale co-ops 4.0 considered supply-demand equilibrium. Resale New 3.0 at 11% year-over-year. Contrastingly, Co-ops Dev new development inventory declined Manhattan market wide was still under- 2.0 by 10% year-over-year to 828 supplied in Fourth Quarter 2016 with 5.5 1.0 listings. This is the first decline in new months of supply. This represents a 31% 0.0 development listings in ten quarters. increase from a year ago fueled by the large year-over-year increase in inventory, and an 12% increase quarter-over-quarter.

CO-OP & CONDO INVENTORY Resale co-ops remained undersupplied

12,000 at 4.1 months, with resale condos rising last quarter to 7.6 months of supply. New 10,000 development months of supply fell by 4% year over year to 6.2 months due to 8,000 both the drop in inventory and strong new development closing figures earlier in 2016. 6,000 Smaller bedroom type remained most 4,000 undersupplied, with studios registering 2.2 months, one bedrooms at 3.4 months. 2,000 Two bedrooms neared the supply-demand equilibrium at 4.4 months of supply and 0 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 three+ bedrooms registering 7.5 months. Condo Listings Co-op Listings

The Corcoran Group I p 5 MANHATTAN CORCORAN REPORT Market Wide 4Q 2016

Prices Manhattan 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) Manhattan pricing in Fourth Quarter Prices 2016 was mixed for metrics compared Median Price $1.024M $1.108M -8% $1.050M -2% to a year ago, but still remains relatively Average Price $1.991M $1.927M 3% $2.034M -2% stable. While average price continued to Median PPSF $1,324 $1,350 -2% $1,314 1% rise in Manhattan, the rate of growth has Average PPSF $1,851 $1,746 6% $1,833 1% been decreasing for several quarters in Median Price by Bedroom tandem with rising inventory and months of supply. Studio $520K $488K 7% $516K 1% 1 Bedroom $832K $825K 1% $803K 4%

MEDIAN PRICE CHANGE BY BEDROOM 2 Bedroom $1.636M $1.677M -2% $1.600M 2% 3+ Bedroom $4.150M $3.898M 6% $3.663M 13% 8% Median PPSF by Bedroom 6% Studio 3+ BR Studio $1,157 $1,058 9% $1,075 8% 7% 6% 4% 1 Bedroom $1,179 $1,209 -2% $1,184 0%

2% 2 Bedroom $1,404 $1,457 -4% $1,365 3% 2 BR -2% 0% 3+ Bedroom $1,969 $1,905 3% $1,887 4% 1 BR -2% 1%

-4% Median pricing in Fourth Quarter 2016 largest increase of 6% to $4.150MM. was up or level year-over-year for One bedroom residences increased 1% The Fourth Quarter 2016 median most bedroom types, but down for from Fourth Quarter 2015 to $832K, Manhattan sale price was down 2% from two bedrooms. Studios had the largest while two bedrooms were down year- last quarter at $1.024M, but down 8% increase from last year, up 7% to $520K, over-year to $1.636M. year-over-year. This year-over-year drop in while three+ bedrooms had the second market wide median price is reflective of the large drop in new development market MANHATTAN HISTORICAL PRICES share, despite median price increasing for $1.2 $2,000 new development, resale condos and resale co-ops. The average Manhattan sale price, though down slightly from last quarter, was $0.9 $1,500 up 3% year-over-year to $1.991M. Foot $0.6 $1,000 Median price per square foot fell 2% millions ) (in year-over-year to $1,324, but was up Square Per Price slightly from last quarter. Average price $0.3 $500 dian per square foot rose slightly by 6% year- Price Me over-year to $1,851, bolstered by a large number of high priced new development $0.0 $0 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 closings. Median PriceAverage PPSF

The Corcoran Group I p 6 Unit Type Unit Type Unit Type Unit Type Unit Type Unit Type Unit Type Unit Type Unit Type Studio Studio Studio Studio Studio Studio 7% 16% 15% 16% 7% Studio Studio 15% Studio 1 BR 1 BR 3+ BRs 7% 16% 15% 30% 3+ BRs 30% 1 BR 3+ BRs 3+ BRs 17% 17% 17% 30% 3+ BRs 17% 3+ BRs 17% 3+ BRs 3+ BRs 17% 1 BR 1 BR 1 BR 1 BR 31% 31% 3+ BRs 37% 37% 37% 1 BR 37% 31% 1 BR 37% 37% 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 30% 31% 2 BRs 30% 2 BRs 31% 2 BRs 32% 32% 2 BRs 30% 31% 32%

Uptown East Side Uptown 8% East Side 24% 8% 15% 24% Uptown MANHATTANStudio 1 Be CORCORANd 2 Bed 3+ REPORTBeds Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds East Side 8% 15% Studio 1 Bed 242% Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds 15% Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood 4QNeighborhood 2016 Financial District Financial District Financial District Financial District Financial District Financial District Unit Type Unit Type Unit Type & Battery Park City Uptown & Battery Park City & Battery Park City UptoUnitwn Type Financial District & Battery Park City Unit Type Financial District Unit Type Financial District East Side Uptown Uptown East Side Uptown Uptown 6% 6% 5% East Side 5% East Side 6% & Battery Park City UptoUnitwn TypeEast Side East &Si Badettery Park City UptoUnitwn Type East Side UptownUnit Type 21% 10% 9% 6% 21% 5% 10% East Side 5% 9% 18% 22% 6% 6% 21% 18% 5% 10% 22% 5% 9% East Side 18% Studio 22% Studio Studio 16% Studio Studio Studio 7% 15% 1 BR 7% StMarketudio 16% WideStudio 15% Studio 30% 3+ BRs 1 BR 7% 16% 15% West Side 3+ BRs West Side 3+ BRs 17% West Side 30% 1 BR West Side West Side 3+ BRs 15% 17% 15% West Side 30% 17% 3+ BRs 3+ BRs 16% 15% 16% Downtown17% 3+ BRs Downtown West Side 17% 16% West Side Downtown 1 BR Downtown 17% West Side Downtown 24% 201 BR% 3+ BRs Downtown 24% 20% 31% Downtown 1 BR 1 BR 24% Downtown 20% 32% 37% 37% 31% 3+Down BRtos wn 32% 37% 32% 1 BR 37% 31% 1 BR 31% 31%31% Market Share 37% Mi37dt%own Midtown Midtown Midtown Midtown 21% 2 BRs 2 BRs 21% Midtown 2 BRs 19% Midtown 21% 2 BRs 19% 2 BRs Midtown Midtown 30% 31% 2 BRs 19% 32% 20% Comparing the market share30% of sales to active listings 2yields BRs notable differences that can31% affect20% buyers’ searches2 andBRs 20 %sellers’ sales 32% 2 BRs 30% 31% efforts,32% as supply and demand may not match. Here we compare market share of sales and inventory by various measures. Uptown East Side Uptown East Side Uptown East Side Uptown East Side Uptown East SideUptown East SideUptown East Side Uptown East SiUpdetown East Side Uptown East Side 8% West Side Midtown West Side Midtown West Side Midtown Uptown West Side Midtown West Side Midtown West Side Mi24%dtown East Side West Side Midtown West Side Midtown West Side Midtown 15% 8% Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds 24% Uptown East Side Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Downtown 8% Financial District and Battery Park City 15%Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Studio 1 Bed 242% Bed 3+ BeDownds town Financial District and Battery Park CiSttyudio 1 Bed 2 Bed Down3+ Betodswn Financial District and Battery Park City Studio 1 Bed 2 BedDown3+townBeds Financial District and Battery Park City Studio 1 Bed 2 Bed 3+ Beds 15% Studio 1 Bed 2 Bed 3+ Beds PRICE POINT Studio 1 Bed 2 Bed 3+ Beds Price PricePrice Point Price Price Price PricNeighborhoode Price NeighborhoodPrice NeighborhoodPrice Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood The largest annual change in market Financial District Financial District Financial District Financial District 500K-1M Financial District Financial District 500K-1M 0-500K 0-500K 500K-1M 0-500K 0-500K 0-500K & Battery Park City 0-Up0-500Kto500Kwn East Side & Battery Park City Up0-town500K Up0-to500Kwn & Battery Park City Financial District & Battery Park City Financial District Financial District 23% East Side Uptown East23% Side 3%- 23% Uptown12% 12% Uptown15% 6% 156%%3%- 5% 10%12% 5% 9%15% East Side 3%- & Battery Park City Uptown East &Si deBattery Park City Uptown Uptown 21% 18% 6% 6% 21% shareEa stby Side price point5% occurred5M10%+ 5M+ East Side 5% 5M+9% East Side 5M+ 5M+ 5M+ 22% 6% 6% 18% 5% 10% 5% 9% East Side 7% 21% 7% 7% 18% 8% 22% 8% 8% 500K-1M 500K-1M 500K-1M 500K22% -1M 500K-1M 500K-1M 5M+for apartments priced between 32% 5M+ 32% 32% 5M+ 3M-5M 37% 3M-5M 37% 3M-5M 3M-5M 3M-5M 37% 3M-5M 19% 19% 8% 8% 19% 8% 1M-2M 1M-2M 4Q15 4Q164Q15 8% 4Q15 8% INVENTORY 1MWe-2Mst Side 4Q15 8% We25%st Side $500K-$1.00M,25% increasing from 32% to 25% West Side West Side West Side 2M-3M 15% 15% 2M-3M West Side 2M-3M 2M-3M 2M-3M 16% Down2Mtown-3M 15% 16% 11% West Side 11% 16% Downtown11% 11% 11% 3M-5M37%. The increase in market share for West Side Downtown Downtown 24%11% 20% 3M-5M Downtown 24% Downtown3M-5M West Side Downtown 20% 24% 32% Downtown 15% 15% 2M-3M 32% 1M-2M 1M-2M 15%1M-2M 20% 1M-2M 2M-3M Downtown 1M-2M 32% 31% 2M-3M 1M-2M 31% 15% 25% 26% 26% 26% 15% 31% lower priced units was reflected in25% the 15%Midtown 25% Midtown Midtown 21% Midtown Midtown 19% Midtown 21% Midtown Midtown slight decrease21% in median pricing year-19% Midtown 20% 19% 20% 20% 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2M$0-500KM-3MM 3MM-5MM$500K-1M5MM+ $1M-2M $2M-3M0-500K 500K-1MM$3M-5M1MM-2MM $5M+2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ over-year. 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 0-5003MM-5MK M 500K5M-1M+MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Uptown East Side Uptown East Side Uptown East Side Uptown East Side Uptown East Side Uptown East Side Uptown PropertyEastType Side Uptown PropertyEaTypest Side UptownWest Side Property TypeEast SiMidedtown West Side Midtown West Side Midtown West Side PropertyMidtTypeown West Side PropertyMidtTypeown West Side PropertyMiTypedtown Property Type Property Type Property Type West Side Midtown West Side Midtown WestDownSide town MidtowFinnancial District and Battery Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City BEDROOMSDowntown Financial District and Battery Park City Unit Type BedroomsUnit Type Unit Type Unit Type Unit Type Unit UnitType Type Unit Type Unit Type Condo RePricsale e Price Price Price Price Condo Resale CoPricndoe Resale Price Condo Resale Price Pric29%e Condo Resale Condo Resale Condo Resale 30% 29% Condo Resale Studi30%o 30% 29% Studio TheStudio share44% of sales by bedroom type was Studio Studio StStudioudio Condo Resale Studio Studio 7% 44% New Dev 16% New Dev 16% 15% 44% 16% New Dev 7% New Dev 157%% 500K-1M 15% 500K-1M 1 BR 14% 1 BR 14% New0- De500Kv 1 BR New Dev 0-500K 0-500K 0-500K 500K-1M 14% 0-500K 0-500K New Dev 14% 30% 0-500Knearly identical30% to this time last3+ BR syear. Active 3+ BRs0-500K New Dev 14%0-500K 23% 3+14 BR%s 12% 15% 23% 23% 12% 3+ BRs 15% 213+% BRs 3%- 30% 3+New BRs Dev 3%- 3%- 17% 17% 12% 21% 15% 17%5M+ 5M+ 5M+ 5M+ 5M17+% 17% 17%21% listings were significantly different7% than 5M+ 7% 8% 3+ BRs 3+ BRs 7% 8% 500K-1M 8%3+ BRs 500K-1M 500K-1M 500K1 BR-1M 500K1 BR-1M 1 BR 5M+ 500K1 BR-1M 1 BR 1 BR 32% 5M31%+ 31% 3M-5M 4Q16 4Q15 32% 31% INVENTORY 3M-5M 37% 3M-5M 5M+ 3737%% 3M-5M 37%37% 3M-5M 37% Co-op Resale3732%% 37% 37% 19% recentCo-op Re sasalesle for two types: one bedroom Co-op Resale 3M-5M 19% 8% 8% 1M-2M 19% 8% 4Q15 8% 8% Co-op Resale 50% 1M-2M 4Q15 Co-op Resale Co-op Resale 42% 1M-2M Co-op Resale 4Q1556% 50% 8% Co-op Resale 25% Co-op Resale 42% 25% 25% 56% 50% units comprised 37% of sales2M-3M 2this BRs quarter 2 BRs 2 BRs 2 BRs 42% 2M2 -3MBRs 56% 22M BR-3Ms 2 BRs 2 BRs 2M-3M 2M-3M 2 BRs 11% 30% 30% 31% 2M-3M31% 11%30% 31%11% 32% 32% 11% 11% 11% 3M-5M 32% 3M-5M 3M-5M but only 30% of active listings, while three+ 15% 15% 15% 1M-2M 2M-3M 1M-2M 1M-2M 2M-3M Condo Resale Co2M-op-3M Resale New Dev 1M-2M 1M-2M Condo Resale Co-op1 ReM-2Msale New Dev Condo Resale Co-op Resale New Dev 26% 15% 25% 26% Condo Resale Co-o15%p Resale New Dev 15% Condo Resale Co25%-op Resale New Dev 25% Condo Resale Co-op Resale New Dev 26% bedroom units claimed 17% of sales but a Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Uptown Uptown Uptown East Side East Side East Side 8% 8% 8% 24% 24% Studio 1 Bedroom 2 Bedroom24% 3+ Bedroom Studio 1 Bed 2 Bed 3+ Beds Studio notably1 Bed 2 Belargerd 3+15%Be 31%ds of activeSt udilistings.o 1 Bed 2 Be15d % 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds StudioStudio1 Bed1 Be2d Bed2 Be3+d Be3+ds Beds 15% Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 0-5003MKM-5M500KM -15MMMM+ 1MM-2MM 2MM-3MM 3M0-500M-5MK M 500K5M-1M+MM 1MM-2MM 2MM-3MM 0-5003MKM-5M500KM -1MM5MM+ 1MM-2MM 2MM-3MM 3M0-500M-5MKM 500K5MM+-1MM 1MM-2MM 2MM-3MM0-5003MK M-5M500KM -1MM5MM+1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood NeighborhoodNeighborhood Neighborhood Neighborhood

PROPERTYProperty Type TYPE Property Type Property Type Property Type Financial District Property Type Financial District Property Type Financial District Property Type Financial District Property Type Financial District FinancFinancial Diiastril Dictstrict Property Type Financial District Financial District & Battery Park City Uptown & Battery Park City UpPropertytown & Batte Typery Park City & Battery Park City Uptown & Battery Park City UptoUpwntown & Battery Park City East Side East Side Uptown East Side Uptown East Side Uptown Uptown 6% 6% 6% 6% 5% East Side 5% 10% 5% East Side 5% 6% 9% 6% East Side 5% East Side 5% East Side 21% 21% 10% 18% 9% 21% 10% 9% 18% 22% 22% 18% 22% New development market shareCo fellndo Re sale Condo Resale Condo Resale Condo Resale Condo Resale Condo Resale 29% 29% Condo Resale Condo Resale 30% 30% 29% Condo Resale 30% 44% Unit Type 44% Unit Type Unit Type Unit Type to 14% of44% salesUnit Type from 21% in Fourth Unit Type Unit Type Unit Type Unit Type New Dev West Side New Dev West Side New Dev New Dev New Dev West Side New Dev West Side West Side West Side 14% 15% 14% 15% 14% 14% New Dev New Dev14% 15% 14% New Dev 16% 16% 16% Quarter 2015, in addition to a 3% drop in Downtown Downtown Studio Downtown Studio Studio Studio 21% Studio West Side 21% Studio West Side Studio 21% West Side Studio Downtown 4Q16 4Q15 St24udio% INVENTORY Down16%town 7% Downtown 16% 16% 24% 15% 20% 7% 20% 15% 24% 20% Downtown 7% 32% 15% 1 BR Downtown 1 BR 1 BR 32% Downtown 32% 31%30inventory% share. Resale condos claimed3+ BRs 31% 30% 3+ BRs 3+ BRs 31% 30% 3+ BRs 3+ BRs 3+ BRs 17% 17% 17% Midtown 17% 17% 17% Midtown Midtown Midtown Co-op Resale Co-op Resale Midtown Co-op Resale Co-op Resale 21% Midtown Co-op Resale 3+ BRs Co-op Resale 21% 3+ BRs 30% of3+ BRsaless and 44% of inventoryCo-op Re sale 19% Midtown50% MiCodt-oowp nRe50sa%le 21% 1 BR Co-op Resale 1 BR Midtown 19% 1 BR 1 BR 1 BR 31%1 BR 19% 50% 42% 31% 42% 31% 56% 56% 20%42% 37% 56% 37% 20% while resale co-ops claimed a large 56% 37% 37% 20% 37% 37% 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 30% 31% 30% 31% Uptown East SideUptown East Side Uptown East SiUpdetown 30% East Side Uptown East SiUpdetownUptown 31% East SiEa32%dest Side Uptown East Side Uptown East Side 32% of sales but only32% 42% of inventory. Resale Condo Resale Co-op New Dev West Side Midtown West Side Midtown West Side Midtown West Side Condo Resale Co-op ReMisadtleown New Dev Condo Resale Co-op Resale NewWest DeSivde Condo Resale Co-op ReMidtsaowle n New Dev Condo Resale Co-op Resale NewWe DestvSide Condo Resale Co-op MiRedtsaowlen NeWewst DeSivde CondoCo Rendosa leResaleCo-opCo Re-osap leMiRedtsaowleNen w DeNewv Dev West Side Condo Resale CoMi-odtp owRensale New Dev West Side Condo Resale MiCodt-oowp nResale New Dev Downtown FinancialDownDistritoctwn and Battery Park City Financial DiDownstrict toanwnd Battery Park City FinancialDownDisttoriwnct and Battery Park City Financial DistrictDown andto Bawnttery Park City FinancDownial DitostDownriwnct antownd Battery Park City FinancFiialnancial DistrictDi anstdri Bact antterdy Ba PattrkeryCi Paty rk City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City

Uptown Uptown Uptown East Side East Side East Side 8% 8% 8% 24% 24% 24% 15% 15% Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds PricSteudio 1 Bed 2 Bed 3+ Beds Studio 1 Be15d % 2 Bed 3+ Beds Studio 1 BePricd 2e Bed 3+ Beds Studio 1 BedPric2 Bee d 3+ Beds Studio 1 Bed 2 Bed Studio3+ BePricds1 BeedPric2 eBed 3+ Beds Studio 1 Bed 2 Bed 3+ BePricds e Price Price Neighborhood Price NEIGHBORHOOD Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood 0-500K 500K-1M 0-500K 0-500K 500K-1M 0-500K 500K-1M 0-500K 0-500K 0-500K 0-500K 0-500K Financial District Downtown23% had the most Finotablenancial District annual 12% Financial District Financial District 23% Financial District Financial District 23% Financial Di3%stri- ct 12% Financial District Financial District 153%-% 12% 15% 3%- & Battery Park City & Battery Park City 5M+ 15% & Battery Park City Uptown & Battery Park City Uptown & BaEasttter Siyde Park City Uptown East Side Uptown & Battery Park City Uptown Uptown Uptown 5M+ East Side Uptown 5M+ Uptown 5M+ 5M+ East Side East Side 5M+ East Side East Side 6% 6% 21%6% 6% 5% 10% 5% 7% 10% 5% 9% East5% Side 9%6% Ea8%st Side 6% 21% 5% 10% 7% 5% 9% 21% 7% 18% 18% 8% 500K-1M 18% 8% change in share of sales, increasing from 500K-1M 22% 500K-1M 22% 500K-1M 22% 500K-1M 5M+ 500K-1M 3M-5M 32% 5M+ 3M-5M 37% 32% 3M-5M 5M+ 3M-5M 37% 32% 19% 37% 8% 3M-5M 3M-5M 19% 1M-2M 4Q15 8% 19% 8% 1M-2M 24% last year to 32% this quarter.8% 4Q15On the 8% 1M-2M 4Q15 8% West Side 25% We25%st Side 25% West Side West Side West Side 15% 2M-3M West Side 15% 2M-3M 15% 2M-3M 2M-3M INVENTORY 16% 2M-3M East Side, the share of sales decreased 16% 11% 4Q16 16% Down2Mtown-3M 4Q15 Downtown 11% West SiDownde town 11% West Side 11% West Side11% 3M-5M Downtown Downtown 24%11% 24% Downtown 24% 3M-5M 20% 3M-5M20% 20% Downtown 15% Downtown 32% 32% Downtown 1M-2M 32% 15% 31% from 22%2M31%-3M last year to 18% this year. 1M-2M 31% 15% 1M-2M 1M-2M 2M-3M 1M-2M 1M-2M 26% 2M-3M Midtown 15% Midtown 25% Midtown 25% 26% 15% 25% Midtown Midtown 26% 15% Midtown 21% 21% 21% East Side also had the biggest difference 19% 19% Midtown Midtown 19% Midtown 20% 20% 20%

between sales and inventory, claiming 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MUpMtown 2MM-3MM 3MM-5MM Up5MEatownM+st Side Ea0-500st SideK 500KUp-1MMtown 1MM-2MM 2MM-3MMUptoEawn3Mst SiM-de5MM 5MM+ East Side 0-500UptownK 500K-1MM 1MM-2MUpMtoEawnst2M SideM-3MM 3MUptoM-wn5MM 5MEaM+st Side East Side Uptown East Side Uptown East Side West Side WeMistdtSiowden21% of availableMi dtlistings.own West Side WeMist dtSiowde n East Side WestMi dtSideown MidtownWest Side Downtown WestMiFinancialSidtdeown DistrictWest Side & BatteryMidtown Park CityMidtown Uptown West Side Midtown West Side Midtown Downtown DownFinancialtown District and Battery Park City Financial District and BaDownttertoy Pawnrk City DownFinancialtown District and Battery Park City Financial District and BattDownery PatorkwnCity DownFinatownncial District and BaDowntteryto Pawnrk City Financial District and BatterFiy nancialPark CityDistrict and Battery Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Property Type Property Type Property Type Property Type Property Type Property Type Property Type Property Type Property Type Price Price Price Price Price Price Price Price Price The Corcoran Group I p 7 Condo Resale Condo Resale Condo Resale 500K-1M 500K-1M Condo Resale 500K-1M Condo Resale 0-500K 0-500K Condo Resale0-500K 0-500K 30% 0-500K 0-500K 0-500K29% 0-500K 0-500K 23% Condo Resale 23% 23% 30% 29% Condo Resale 3%- 3%- 30% 12% 12% 15% 29% 15% 3%- Condo Resale 12% 15% 44% 5M+ 5M+ 5M+ 5M+ 44% 5M+ 5M+ 44% New Dev 7% New De7%v 7% 8% 8% New500K Dev-1M New Dev 8% New Dev 14% New Dev 500K-1M 14% 500K-1M 500K-1M 500K-1M 500K-1M 5M+ 5M+ 3M-5M 3M-5M 32% New Dev145M%32%+ 14% 32%New Dev 14% 14% 37% 37% New3M-5M Dev 3M-5M 3M-5M 37% 3M-5M 19% 19% 8% 8% 21% 19% 8% 21% 1M-2M 1M-2M 4Q15 4Q15 218%% 8% 1M-2M 4Q15 8% 25% 25% 25% 2M-3M 2M-3M 2M-3M 2M-3M 2M-3M 2M-3M 11% 11% 11% 11% 11% 11% 3M-5M 3M-5M 3M-5M Co-op Resale 15% 15% 1M-2M Co-op Resale 2M-3M Co-op Resale 2M-3M 1M-2M Co1M-o-2Mp Resale 1M-2MCo-op Resale 15%Co-op Re502Msa%-3Mle 1M-2M Co-op Resale 1M-2M Co-op Resale 15% Co-op Resale 25% 25%56% 26% 26% 26% 50% 15% 42% 50% 42% 15% 25% 56% 42% 56%

0-500K 500K-1MM 1MM-2MM 2M0-500M-3MK M 500K3M-1M-MM5MM 1M5MM-M+2MM 2MM-3MM 3MM-5MM 0-5005MKM+ 500K-1MM 1MM-2MM 2M0-500M-3MK M 500K3M-1M-MM5MM 1MM-5M2MM+M 2MM-3MM 3MM-5MM 0-5005MM+K 500K-1MM 1MM-2MM 0-5002MM-K3MM500K3M-1MMM-5MM0-5001MM-5MK2MM+M500K2M-1MMM-3MM 1MM-3M2MM-M5MM 2MM-5M3MM+M 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Property Type Property Type Property Type Property Type Property Type Property Type Property Type Property Type Property Type

Condo Resale Condo Resale Condo Resale Condo Resale Condo Resale Condo Resale 30% 29% 29% Condo Resale Condo Resale 30% Condo Resale 30% 29% 44% 44% 44% New Dev New Dev New Dev New Dev New Dev New Dev 14% 14% 14% New Dev 14% New Dev 14% 14% New Dev 21% 21% 21%

Co-op Resale Co-op Resale Co-op Resale Co-op Resale Co-op Resale Co-op Resale Co-op Resale 50% 50% Co-op Resale Co-op Resale 42% 56% 50% 42% 56% 42% 56%

Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev MANHATTAN CORCORAN REPORT Resale Co-ops 4Q 2016

The Manhattan resale co-op market Resale Co-ops 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) had a year-over-year decrease in Overview sales, an increase in inventory and Closed Sales 1,719 1,826 -6% 2,001 -14% increases in pricing metrics year-over- Average Days on Market 87 85 2% 80 9% year. Consequently, months of supply remained well below equilibrium, but Inventory 2,456 2,212 11% 2,438 1% rising along with days on market. Months of Supply 4.1 3.2 28% 3.9 5% Prices Sales were down 6% from last year Median Price $780K $725K 8% $800K -3% and down 14% from last quarter to 1,719 Average Price $1.229M $1.228M 0% $1.260M -2% closings. Inventory grew by 11% to reach Median PPSF $999 $983 2% $1,040 -4% 2,456 listings in the Fourth Quarter. The drop in sales combined with the Average PPSF $1,223 $1,189 3% $1,270 -4% inventory increase lead to a 28% jump in Median Price by Bedroom Studio $455K $415K 10% $440K 3% NEIGHBORHOOD MEDIAN PRICES 1 Bedroom $715K $670K 7% $705K 1%

$1.0 2 Bedroom $1.300M $1.300M 0% $1.300M 0%

$0.8 3+ Bedroom $2.310M $2.801M -18% $2.345M -1%

$0.6 WEST SIDE

$0.4 EAST SIDE AVAILABLE CO-OP RESIDENCES Millions FIDI/BP C $0.2 DOWNTOWN MIDTOWN UPTOWN $0.0 months of supply compared to last year, hitting 4.1 months. Despite the substantial increase, the figure was still well below the six to nine month equilibrium range indicating an undersupplied market.

Resale co-op pricing was up for nearly all metrics compared to last year. Median price increased 8% year-over-year to 1111 I WEB# 3716293 180 Riverside Drive I WEB# 3722522 $780K, and median price per square foot was up 2% to $999. Average price RESALE CO-OP HISTORICAL PRICES increased just 0.5% from last year to $0.9 $1,600 $1.229M, and average price per square $0.8

$0.7 foot was up 3% to $1,223. $1,200

$0.6 Median prices were up year-over-year and quarter-over-quarter for all but $0.5 $800 three+ bedrooms. Three+ bedroom $0.4 residences decreased by 18% from $0.3 Price Per Square Foo t Median Price (in millions ) last year and 1% from last quarter to $0.2 $400 $2.310M. Two bedrooms stayed flat at $0.1 $1.300M year-over-year. Studios had the $0.0 $0 largest annual increase, up 10% from last 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 year, followed by one bedrooms at 7%. Median PriceAverage PPSF Median PPSF The Corcoran Group I p 8 MANHATTAN CORCORAN REPORT Resale Condos 4Q 2016

The resale condo market saw another Resale Condos 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) drop in sales and large inventory growth Overview in Fourth Quarter 2016. Pricing was mixed Closed Sales 933 1,048 -11% 1,119 -17% both year-over-year and quarter-over- Average Days on Market 109 92 19% 101 8% quarter metrics. Inventory 2,580 1,933 33% 2,454 5% Resale condos had a 11% drop in sales, Months of Supply 7.6 5.1 49% 6.9 10% down to 933 closings, compared to Fourth Prices Quarter 2015. Meanwhile, inventory Median Price $1.395M $1.345M 4% $1.375M 1% increased 33% from last year to 2,580 Average Price $2.061M $2.119M -3% $2.171M -5% available listings. The drop in sales Median PPSF $1,498 $1,448 3% $1,463 2% combined with the growth in inventory drove months of supply up 49% from last Average PPSF $1,749 $1,794 -3% $1,759 -1% year to 7.6 months, well within the six to Median Price by Bedroom nine month equilibrium range. Studio $698K $646K 8% $670K 4% 1 Bedroom $1.033M $998K 3% $995K 4% NEIGHBORHOOD MEDIAN PRICES 2 Bedroom $2.050M $1.935M 6% $1.885M 9% 3+ Bedroom $3.698M $3.735M -1% $3.638M 2% $2.0 town

$1.5 wn AVAILABLE CONDO RESIDENCES Do n Millions

$1.0 UPTOWN East Side DOWNTOWN EAST SIDE $0.5 WEST SIDE Midtow MIDTOWN $0.0 FIDI / BP C

Median prices increased 4% year-over year to $1.394M. Average prices fell by 3% during the same period to $2.061M. Price per square foot figures followed the same pattern, with the median up 3% to $1,498 and the average down 3% to $1,749. 170 East End Avenue I WEB# 3608845 12 East 80th Street I WEB# 3783134 Downtown claimed the highest median price of any neighborhood during Fourth RESALE CONDO HISTORICAL PRICES Quarter 2016 at $1.866M, and was joined $1.5 $2,000 by the East Side and West Side with medians over $1.000M. Financial District $1.2 $1,600 & Battery Park City posted a resale condo median price of $918K. $0.9 $1,200

Median prices were up year-over-year $0.6 $800 Price Per Square Foo t

for all bedroom types except three+ Median Price (in millions ) bedrooms, which dropped by just 1%. $0.3 $400 Studios increased by 8%, with one bedrooms increasing by 3% and two $0.0 $0 bedrooms increasing by 6%. 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 Median PriceAverage PPSF Median PPSF

The Corcoran Group I p 9 MANHATTAN CORCORAN REPORT New Developments 4Q 2016

Fourth Quarter 2016 new development New Developments 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) sales decreased by 43% year-over- Closed Sales 435 767 -43% 453 -4% year, falling to 435 closings, continuing Inventory 828 915 -10% 968 -14% a trend that started in Fourth Quarter Months of Supply 6.2 6.5 -4% 4.5 39% 2015. After combining the drop in closings with a smaller number of new Prices development launches in 2016, both Median Price $2.965M $2.108M 41% $3.368M -12% inventory and months of supply fell Average Price $4.887M $3.327M 47% $5.112M -4% year-over-year. Median PPSF $2,022 $1,747 16% $2,054 -2% Average PPSF $2,791 $2,174 28% $2,813 -1% New development inventory was down Median Price by Bedroom by 10% year-over-year, falling to 828 Studio $780K $736K 6% $792K -2% active listings. Months of supply fell 1 Bedroom $1.352M $1.072M 26% $1.336M 1% NEIGHBORHOOD MEDIAN PRICES 2 Bedroom $2.673M $2.171M 23% $3.051M -12%

$6.0 3+ Bedroom $6.299M $5.494M 15% $6.300M 0%

$5.0

$4.0 NEW DEVELOPMENTS CURRENTLY IN CLOSINGS EAST SIDE $3.0 Millions FIDI / BPC $2.0 DOWNTOWN MIDTOWN UPTOWN

$1.0 WEST SIDE

$0 year-over-year due to strong average number of closings per month over the past twelve months. This quarter’s figure of 6.2 months was down 4% from last year.

The median new development price rose significantly year-over-year, The Chatsworth One Hundred Barclay as large residences in Midtown and Downtown continued to be delivered, NEW DEVELOPMENT HISTORICAL PRICES similar to Third Quarter 2016. Median $4.0 $3,000 price was up 41% year-over-year to $3.5 $2.965M, and average price was up $2,400 $3.0 47% to $4.887M. $2.5 $1,800 West Side and Downtown had yet again $2.0

the highest median prices by far, with Price Per Square Foot $1,200 medians of $3.253M and $4.918M, Median Price (in millions ) $1.5 respectively. The East Side had a median $1.0 $600 of $3.200M and Midtown had a median of $0.5 $1.625M. The Financial District & Battery $0.0 $0 Park City was at $1.549M and Uptown was 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 at $688K. Median PriceAverage PPSF Median PPSF

The Corcoran Group I p 10 MANHATTAN CORCORAN REPORT Luxury 4Q 2016

The luxury market is defined as the Luxury 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) top 10% of closed sales in terms of Median Price $6.100M $6.263M -3% $6.350M -4% price. In Fourth Quarter 2016 the luxury Average Price $8.647M $7.830M 10% $8.959M -3% threshold, which marks the entry point Median PPSF $2,474 $2,539 -3% $2,696 -8% into the luxury category, was $4.193M. This quarter’s threshold was essentially Average PPSF $3,051 $2,835 8% $3,042 0% unchanged from either Fourth Quarter Luxury Threshold $4.193M $4.200M 0% $4.200M 0% 2015 or the previous quarter. SELECTED LISTINGS MARKET SHARE OF LUXURY SALES

FIDI / BPC 1% EAST SIDE UPTOWN 19% 0%

WEST SIDE 15% DOWNTOWN 53% MIDTOWN 12% The median price for a luxury sale this quarter was $6.100M, down 3% from 435 East I WEB# 3485374 51 West 83rd Street I WEB# 3532068 last year and 4% from last quarter. The average price for a luxury sale, at $8.647M during Fourth Quarter 2016, was up 10% from last year but down 3% from last quarter. Median and average price per square foot for luxury sales were mixed versus last year, with median price per square foot down 3% to $2,474 and average price per square foot up 8% to $3,051. 21 East 61st Street I WEB# 3715016 Downtown continues to stake its claim as a destination for luxury buyers, and this LUXURY HISTORICAL PRICES quarter the submarket claimed 53% of $7.0 $3,000 all luxury sales in Manhattan. The East $6.0 Side had the second largest share, at $2,400 19%, and the West Side claimed 15% of $5.0 luxury sales. The remaining submarkets $1,800 $4.0 each claimed a combined 13% of luxury $3.0 sales this quarter. $1,200 Price Per Square Foo t Median Price (in Millions ) While luxury sales represent 10% of $2.0 $600 market activity, luxury listings (those $1.0 over the minimum price threshold of $0 $4.193M) accounted for a considerable 4Q11 4Q12 4Q13 4Q14 4Q15 4Q16 25% of available listings in Manhattan. Median PriceAverage PPSF

The Corcoran Group I p 11 East Side The East Side had the second highest number of sales in Manhattan during Fourth Quarter 2016, with 550 closings. Median price was up 2% to $1.163M, and average price per square foot was down 4% to $1,569.

550 1,235 4.8 102 $1.163M $1,569 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change -30% +6% +10% +2% +2% -4%

40 East 62nd Street I WEB# 3674358 on corcoran.com MANHATTAN CORCORAN REPORT 4Q 2016 East Side

The East Side had 550 sales in Fourth East Side 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) Quarter 2016, a 30% decrease from a year Overview ago. Inventory rose 6% year-over-year to Closed Sales 550 782 -30% 761 -28% 1,235 listings as days on market nudged Average Days on Market 102 100 2% 90 13% above 100 to 105 days, a 5% increase. Inventory 1,235 1,169 6% 1,284 -4% Median price was up 2% to $1.163M, and average price increased by 5% to $2.031M. Months of Supply 4.8 4.4 10% 5.0 -4% The drop in sales caused months of supply to jump 10% year-over-year to 4.8 months. Resale Co-op 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr)

Resale co-op pricing increased year-over- Prices year, with the median price up 6% to $880K Median Price $880K $832K 6% $874 K 1% and the average price up 4% to $1.786M. Average Price $1.786M $1.673M 7% $1.503M -19% Studios and three+ bedrooms saw the Median PPSF $994 $958 4% $990 0% largest gains, with studio median price rising Average PPSF $1,383 $1,400 -1% $1,307 6% 9% and three+ bedroom median up 5%. Median Price by Bedroom One and two bedroom residences remained Studio $415K $380K 9% $399K 4% almost level versus a year ago. 1 Bedroom $655K $640K 2% $649K 1% 2 Bedroom $1.365M $1.385M -1% $1.418M -4% The new development 3+ Bedroom $3.474M $3.313M 5% $3.148M 10% median price was up 106% Resale Condo 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) Prices year-over-year to $3.200M. Median Price $1.695M $1.610M 5% $1.410M 20% Average price increased Average Price $2.417M $2.318M 4% $2.111M 14% Median PPSF $1,530 $1,407 9% $1,385 10% 63% to $3.892M. Average PPSF $1,808 $1,772 2% $1,776 2% Resale condos experienced a 5% year-over- Median Price by Bedroom year increase in median price to $1.695M. Studio $623K $600K 4% $606K 3% Median price per square foot increased 9% 1 Bedroom $963K $901K 7% $950K 1% to $1,530. Average price increased 4% to 2 Bedroom $2.100M $1.973M 6% $1.740M 21% $2.417M and average price per square foot 3+ Bedroom $4.400M $3.225M 36% $3.390M 30% was up 2% to $1,808. New Development 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) Prices The new development median price was up Median Price $3.200M $1.554M 106% $2.172M 47% 106% year-over-year to $3.200M. Average Average Price $3.892M $2.386M 63% $3.285M 18% price increased 63% to $3.892M. These significant increases are because a relatively Median PPSF $1,928 $1,453 33% $1,701 13% small number of East Side new development Average PPSF $2,035 $1,879 8% $2,139 -5% closings, so figures were skewed by high Median Price by Bedroom priced sales, specifically at 20 East End Studio NA $695K NA $567K NA Avenue and 200 East 94th Street. Last year, 1 Bedroom $1.404M $950K 48% $1.311M 7% a large number of closings at Carnegie Park 2 Bedroom $2.247M $1.652M 36% $2.196M 2% skewed figures lower. 3+ Bedroom $6.100M $4.330M 41% $3.930M 55%

The Corcoran Group I p 13 West Side The West Side had the second highest median price in Manhattan in Fourth Quarter 2016, at $1.300M. At 3.5 months of supply, this neighborhood had the second lowest supply.

493 872 3.5 90 $1.300M $1,860 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change -31% +7% +6% +18% -4% -4%

150 Charles Street I WEB# 3788502 on corcoran.com MANHATTAN CORCORAN REPORT 4Q 2016 West Side

The West Side had a decrease in West Side 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) sales year-over-year, down 31% Overview to 493 closings in Fourth Quarter Closed Sales 493 714 -31% 630 -22% 2016. Inventory increased 7% from Average Days on Market 90 76 18% 74 22% Fourth Quarter 2015, to 872 units. Inventory 872 816 7% 873 0% This decrease in sales combined with a growth in inventory caused a 6% Months of Supply 3.5 3.3 6% 4.2 -17% increase in months of supply, to 3.5 months, but remaining undersupplied. Resale Co-op 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) Days on market increased a significant Prices 8% to 90 days. Median Price $942K $828K 14% $989K -5% Average Price $1.483M $1.444M 3% $1.451M 2% West Side New Median PPSF $1,054 $1,056 0% $1,146 -8% development pricing Average PPSF $1,488 $1,229 21% $1,415 5% Median Price by Bedroom increased significantly, Studio $423K $423K 0% $448K -5% with the median 1 Bedroom $783K $721K 9% $783K 0% increasing 45% from 2 Bedroom $1.550M $1.403M 11% $1.400M 11% 3+ Bedroom $2.348M $2.800M -16% $2.360M -1% last year to $3.253M Resale Condo 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) and the average Prices Median Price $1.715M $1.575M 9% $1.432M 20% increasing 28% to Average Price $2.575M $3.271M -21% $2.057M 25% $3.470M. Median PPSF $1,593 $1,613 -1% $1,505 6% Average PPSF $2,068 $2,558 -19% $1,883 10% The median resale co-op price Median Price by Bedroom increased 14% from last year to $942K, Studio $768K $675K 14% $710K 8% while average price rose by 3% to 1 Bedroom $1.075M $1.173M -8% $1.100 -2% $1.483M. Resale condo pricing showed mixed trends, with the median up 9% 2 Bedroom $2.270M $2.250M 1% $1.695M 34% to $1.715M and the average down 21% to 3+ Bedroom $3.400M $4.810M -29% $3.680M -8% $2.575M. This trend indicates that there New Development 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) were fewer number of sales on the high Prices end, while pricing of units it the less Median Price $3.253M $2.240M 45% $5.041M -35% expensive price points inched higher. Average Price $3.470M $2.718M 28% $5.960M -42% Median PPSF $1,942 $1,619 20% $1,871 4% New development pricing increased Average PPSF $2,037 $1,886 8% $2,280 -11% significantly, with the median increasing Median Price by Bedroom 45% from last year to $3.253M and the average increasing 28% to $3.470M. Studio NA $677K NA NA NA These jumps are mainly due to large 1 Bedroom $1.867M $875K 113% NA NA apartments closing at 210 West 77th 2 Bedroom $2.177M $2.210M -2% $3.263M -33% Street and 270 Riverside Drive. 3+ Bedroom $4.931M $3.940M 25% $5.162M -4%

The Corcoran Group I p 15 MidtownAverage price per square foot was up 48% in Midtown year-over-year, reaching $2,220 per square foot. Inventory was up 19% while median price fell 9% to $990,000.

606 1,198 4.6 99 $900K $2,220 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change -18% +19% +4% +2% -9% +48%

211 East I WEB# 3825173 on corcoran.com MANHATTAN CORCORAN REPORT Midtown 4Q 2016

Midtown had 606 closed sales in Fourth Midtown 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) Quarter 2016, down 18% year-over-year. Overview Inventory increased by 19% from last Closed Sales 606 742 -18% 565 7% year to 1,198 listings, and months of supply Average Days on Market 99 97 2% 96 3% also increased by 4% to 4.6 months. As expected, units spent a slightly longer Inventory 1,198 1,007 19% 1,167 3% amount of time before going into contract, Months of Supply 4.6 4.4 4% 5.5 -17% rising 2% to 99 days. Average price increased by 53% to $2.102M fueled by new Resale Co-op 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) development closings, while median price Prices fell by 9% to $900K. Median Price $645K $620K 4% $640K 1% Resale market pricing varied during the Average Price $828K $826K 0% $869K -5% Fourth Quarter. Resale co-op median price Median PPSF $938 $887 6% $939 0% increased 4% year-over-year to $645K, Average PPSF $925 $892 4% $1,002 -8% and average price increased less than a Median Price by Bedroom percent to $828K. More efficiently sized Studio $405K $380K 7% $405K 0% co-ops posted median price increases 1 Bedroom $665K $630K 6% $662K 1% of at least 6%, while two and three+ 2 Bedroom $1.125M $1.205M -7% $1.238M -9% bedroom residences declined by 7% and 3+ Bedroom $2.233M $2.625M -15% $1.950M 14% 15%, respectively. Resale condos had a 9% increase in median price to $1.140M and a Resale Condo 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) 19% increase in average price to $1.727M Prices caused almost solely by one expensive Median Price $1.140M $1.050M 9% $1.085M 5% resale at . All bedroom types except Average Price $1.727M $1.450M 19% $1.355M 27% three+ bedrooms posted at least a 3% Median PPSF $1,414 $1,397 1% $1,414 0% increase in median price. Average PPSF $1,734 $1,523 14% $1,554 12% Median Price by Bedroom The Midtown average price Studio $650K $599K 9% $650K 0% increased by 53% to $2.102M 1 Bedroom $990K $965K 3% $978K 1% 2 Bedroom $1.925M $1.858M 4% $1.743M 10% fueled by new development 3+ Bedroom $3.150M $3.925M -20% $4.223M -25% closings, while median price fell New Development 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) by 9% to $900K. Prices Median Price $1.600M $1.716M -7% $1.925M -17% New development pricing showed mixed Average Price $5.634M $2.196M 157% $7.432M -24% trends. Median price fell by 7% year-over- Median PPSF $1,792 $1,748 2% $1,940 -8% year to $1.600M, but average price rose Average PPSF $3,74 0 $1,919 95% $4,269 -12% 157% to $5.634M, thanks in large part to Median Price by Bedroom closings at higher priced developments such as and One57. Pricing Studio $785K $799K -2% $890K -12% by bedroom was led by three+ bedroom 1 Bedroom $1.161M $1.247M -7% $1.194M -3% residences, which had a 448% increase in 2 Bedroom $2.412M $1.996M 21% $2.000M 21% median price year-over-year to $18.967M. 3+ Bedroom $18.968M $3.464M 448% $12.480M 52%

The Corcoran Group I p 17 DowntownAmong Manhattan submarkets, Downtown again had the highest number of sales at 983 closings, the highest median price at $1.378M. Inventory rose 33% year-over-year to 1,826 listings.

983 1,826 4.2 95 $1.378M $2,057 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change +11% +33% +1% +21% -8% -3%

127 I WEB# 3830718 on corcoran.com MANHATTAN CORCORAN REPORT Downtown 4Q 2016

Downtown was the only submarket Downtown 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) that had a year-over-year growth in Overview sales in Fourth Quarter 2016, Closed Sales 983 883 11% 1,088 -10% increasing 11% to 983. Meanwhile, Average Days on Market 95 78 21% 85 11% average price and median price both receded by 7% and 8%, respectively, Inventory 1,826 1,377 33% 1,758 4% with units on average units spending Months of Supply 4.2 4.2 1% 5.0 -16% 17 days longer on the market. The increase in sales combined with a Resale Co-op 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) 33% increase in inventory to 1,826 Prices listings meant that months of supply Median Price $850K $813K 5% $853K 0% remained level at 4.2 months. Average Price $1.127M $1.187M -5% $1.353M -17% The median price for resale co-ops Median PPSF $1,193 $1,171 2% $1,252 -5% in Fourth Quarter 2016 was up 5% to Average PPSF $1,313 $1,301 1% $1,444 -9% $850K, with all bedroom types except Median Price by Bedroom two bedrooms seeing increases in Studio $541K $514K 5% $520K 4% median price. Resale condo pricing 1 Bedroom $832K $815K 2% $810K 3% was down substantially this quarter, 2 Bedroom $1.404M $1.400M 0% $1.838M -24% with the median down 10% to 3+ Bedroom $3.595M $3.512M 2% $2.850M 26% $1.867M and the average down 12% Resale Condo 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) to $2.449M. All bedroom sizes had Prices annual median price decreases. Median Price $1.867M $2.075M -10% $2.300M -19% Downtown was the only Average Price $2.449M $2.794M -12% $3. 374 M -27% Median PPSF $1,694 $1,792 -6% $1,784 -5% submarket that had a year- Average PPSF $1,817 $1,922 -5% $2,054 -12% over-year growth in sales Median Price by Bedroom Studio $778K $820K -5% $840K -7% in Fourth Quarter 2016. 1 Bedroom $1.248M $1.372M -9% $1.433M -13% 2 Bedroom $2.600M $2.608M 0% $2.750M -5% Downtown new development pricing 3+ Bedroom $4.338M $4.652M -7% $5.150M -16% fell slightly this quarter, decreasing by 4% year-over-year for the median New Development 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) price and 6% for the average price. Prices Median price per square foot was Median Price $4.918M $5.145M -4% $4.773M 3% flat at $2,498 and average price Average Price $6.012M $6.401M -6% $5.758M 4% per square foot fell by 3% to $2,719. Median PPSF $2,498 $2,504 0% $2,623 -5% Studios registered the greatest Average PPSF $2,719 $2,810 -3% $2,766 -2% decrease in median price, falling by Median Price by Bedroom 32% to $1.024M, while one bedrooms Studio $1.024M $1.500M -32% $805K 27% realized the greatest increase, up 1 Bedroom $3.004M $1.894M 59% $1.957M 54% 59% to $3.004M year-over-year 2 Bedroom $4.279M $3.971M 8% $4.361M -2% due, supported in large part by units 3+ Bedroom $6.388M $6.955M -8% $7.092M -10% delivered at 30 Park Place.

The Corcoran Group I p 19 Financial District & Battery Park City The Financial District & Battery Park City had a 4% annual decrease in average price per square foot, to $1,434, in Fourth Quarter 2016. Median price also fell, down 35% to $939K this quarter.

145 363 5.2 106 $939K $1,434 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change -18% +16% +1% +11% -35% -4%

333 Rector Place I WEB# 3847352 on corcoran.com MANHATTAN CORCORAN REPORT Financial District & 4Q 2016 Battery Park City

Closed sales in Financial District & Battery Financial District & 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) Park City decreased by 18% year-over-year, Battery Park City down to 145 this quarter. Inventory increased Overview 16% year-over-year to 363 active listings, Closed Sales 145 176 -18% 166 -13% and months of supply rose by just 1% to Average Days on Market 106 96 11% 103 3% 5.2 months. Available inventory remained Inventory 363 314 16% 374 -3% on the market for a longer amount of Months of Supply 5.2 5.1 1% 6.4 -20% time versus last year, with average days on market increasing 11% to 106 days. Resale Co-op 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) Resale co-ops had median and average price Prices decreases of 13% each, with the median Median Price $730K $842K -13% $800K -9% falling to $730K and the average falling Average Price $793K $912K -13% $887K -11% to $793K. Resale condo price per square Median PPSF $955 $949 1% $1,036 -8% foot metrics increased, with the median Average PPSF $1,107 $978 13% $1,013 9% rising by 2% to $1,267 and the average by Median Price by Bedroom 4% to $1,349. Resale condo median price Studio $482K $1.115M -57% $530K -9% decreased by 14% to $918K while average 1 Bedroom $742 K $612K 21% $671K 11% price decreased 6% to $1.199M compared to last year. Studio and one bedroom resale 2 Bedroom $1.615M $1.010M 60% $980K 65% 3+ Bedroom NA NA NA NA NA Resale Condo 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) Price per square foot metrics Prices posted gains, with the Median Price $918K $1.065M -14% $1.110M -17% Average Price $1.199M $1.275M -6% $1.628M -26% median rising by 1% to Median PPSF $1,267 $1,237 2% $1,327 -5% $1,267 and the average by Average PPSF $1,349 $1,293 4% $1,415 -5% Median Price by Bedroom 13% to $1,349. Studio $635K $748K -15% $735K -14% 1 Bedroom $883K $899K -2% $889K -1% condo median pricing decreased year-over- 2 Bedroom $1.770M $1.690M 5% $1.875M -6% year, while larger two bedroom and three+ 3+ Bedroom $3.797M $2.875M 32% $3.200M 19% bedroom median pricing increased during New Development 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) the same period. Prices Median new development price was down Median Price $1.778M $2.597M -32% $1.910M -7% 32% year-over-year to $1.778M and average Average Price $2.045M $2.892M -29% $3.072M -33% price fell by 29% to $2.045M. Such large Median PPSF $1,679 $1,709 -2% $1,638 2% fluctuations are due to the relatively small size of the submarket in general, which Average PPSF $2,713 $1,746 -2% $2,020 -15% creates volatility in the new development Median Price by Bedroom statistics in this area of Manhattan. This is Studio NA $909K NA NA NA illustrated by the 44% increase in median 1 Bedroom $1.680M $1.165M 44% $1.335M 26% price for one bedrooms since 75% of one 2 Bedroom $2.075M $2.093M -1% $2.354M -12% bedroom closings were at one development, 3+ Bedroom $4.060M $4.450M -9% $5.595M -27% 5 Beekman. The Corcoran Group I p 21 Upper Manhattan

Upper Manhattan the lowest supply in all of Manhattan, at only 2.6 months. Average price increased 16% to $610K, while average price per square foot rose 4% to $828. 328 371 2.6 81 $610K $828 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change -5% -2% -15% +1% +16% +4%

2098 Frederick Douglass Blvd I WEB# 3838390 on corcoran.com MANHATTAN CORCORAN REPORT Upper Manhattan 4Q 2016

Upper Manhattan sales in Fourth Quarter Upper Manhattan 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) 2016 were down 5% year-over-year to Overview 328 closings. It was the only submarket Closed Sales 328 344 -5% 374 -12% where inventory decreased, falling by Average Days on Market 81 80 1% 91 -11% 2% from last year to 371 listings. This decrease, combined with a relatively Inventory 371 377 -2% 404 -8% small decrease in sales year-over-year, Months of Supply 2.6 3.0 -15% 3.5 -26% led to a 15% fall in months of supply to 2.6 months. This was the only submarket Resale Co-op 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) where months of supply fell year-over- Prices year and quarter-over-quarter. Median Price $525K $423K 24% $532K -1% Average Price $584K $525K 11% $601K -3% The Upper Manhattan Median PPSF $643 $580 11% $647 -1% resale market had increases Average PPSF $667 $648 3% $702 -5% Median Price by Bedroom in nearly all pricing metrics Studio $288K $258K 12% $292K -2% compared to last year. 1 Bedroom $415K $363K 14% $379K 9% 2 Bedroom $613K $625K -2% $595K 3% The Upper Manhattan resale market had 3+ Bedroom $821K $635K 29% $965K -15% increases in nearly all pricing metrics compared to last year. Median and Resale Condo 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) average resale co-op prices were each Prices up year-over-year, with the median rising Median Price $845K $689K 23% $789K 7% 24% to $525K and the average rising Average Price $991K $807K 23% $1.000M -1% 11% to $584K. Studio, one bedroom and Median PPSF $956 $821 16% $906 6% three+ bedroom resale co-op bedroom Average PPSF $953 $861 11% $943 1% types had double-digit annual increases Median Price by Bedroom in median prices, while two bedroom Studio $390K $375K 4% $445K -12% median prices fell by only 2%. 1 Bedroom $707K $546K 29% $589K 20%

Resale condo median and average price 2 Bedroom $834K $860K -3% $953K -13% both increased by 23%, with median price 3+ Bedroom $1.400M $1.120M 25% $1.524M -8% per square foot and average price per New Development 4Q16 4Q15 % Chg (yr) 3Q16 % Chg (qtr) square foot increasing respectively by Prices 16% and 11%. Like resale co-ops, median Median Price $688K $690K 0% $660K 4% prices for all bedroom types except two Average Price $753K $1.096M -31% $733K 3% bedrooms had year-over-year gains. Median PPSF $1,053 $854 23% $927 14% Average PPSF $1,038 $1,104 -6% $903 15% The new development median price Median Price by Bedroom was essentially the same as last year at $688K despite a drop in median price for Studio $469K $521K -10% $414K 13% studio and three+ bedroom residences. 1 Bedroom $670K $473K 41% $560K 20% One bedroom residence median prices 2 Bedroom $1.034M $878K 18% $742 K 39% increased by 41%, while two bedroom 3+ Bedroom $1.010M $2.200M -54% $721K 40% residences rose by 18%. The Corcoran Group I p 23 MANHATTAN CORCORAN REPORT 4Q 2016 Methodology

Source – Figures in this report are based on publicly reported closed sales information via the Automated City Register Information System (ACRIS) and compiled using PropertyShark, an independent research firm, as well as from Corcoran’s proprietary listings database.

Metrics Closed Sales figures for the current Median Price and Price per Square quarter are based on known closings Foot are the middle or midpoint price recorded at the time the report is where half of sales fall below and half prepared and projected through the fall above this number. end of the quarter taking into account typical seasonality and public Inventory is a count of all currently reporting timing. listed units and is measured two weeks before the end of the quarter. Contracts Signed figures for the It does not include unsold yet unlisted current quarter are based on reported units in new developments (“shadow” signed contracts at the time the report inventory). is prepared and projected through the end of the quarter taking into account Months of Supply is an estimate of how typical seasonality. long it would take to sell all currently listed units based on the average Days on market averages how long a closed sales per month over the last unit takes to sell and is calculated by twelve months. Six to nine months is subtracting contract date from list considered supply-demand equilibrium. date. Units on the market longer than three years and shorter than one day Previous Quarter statistics for are considered outliers and removed sales and prices are revised in the from the data to prevent significant subsequent report once data is skewing. New developments are available for the full quarter period. excluded because many available, unsold units are held off the market for long periods of time.

Average Price per Square Foot is the Average price per square foot (SF): average price divided by the average Above $2,500 SF square footage. In prior Corcoran $2,000 - $2,500 SF $1,500 - $2,000 SF Number of sales Reports this was calculated as an $1,250 - $1,500 SF per building: $1,000 - $1,250 SF average of all prices per square foot, $750 - $1,000 SF Above 20 Units $500 - $750 SF 10 to 20 Units which gives a number less skewed by Below $500 SF 3 to 9 Units No SF Available 1 to 2 Units high price sales and more similar to a median price per square foot. The two metrics are now separated to give more insight to market dynamics.

The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065.

The Corcoran Group I p 24