MARKET AREA UPDATE Year: 2017 Report as of 1Q x 2Q 3Q 4Q

Market Area (, State): City ( , NY

Provided by (Company / Companies): The Corcoran Group Provided by RDC Member(s): Carol A.Kelly

What are the most significant trends in your current real estate market? (Attach addenda, charts, graphs, etc. as appropriate) *

REAL ESTATE MARKET DATA

Define Market Area: x Urban (city limit area only) Metro Area (as defined by MSA) Other: Please explain: * Single Family Condominiums / Townhomes (detached) (attached) **Sales Price (current) Choose one: x Average Median $ 2.16 $ **Sales Price (same time prior year) Choose one:x Average Median $ 2.015 $

# 110 # Average Days on Market – list to contract (current) x Increase Decreasing Stable Increase Decreasing Stable

Absorption – Months of Inventory (last 3 months) Number of active listings divided by the average # of sales per month (for the last 3 months) = # of months needed to sell existing inventory Example: Active Listings = 4500 Closed sales in the past 3 months = 4000 # 5.8 # RIGHT: 4,000/3 (months)=1,333 (sales per month) 4,500/1,333=3.37 months of inventory WRONG: 4,500/4,000=1 month of inventory Absorption – Months of Inventory (same time prior year) # 5.2 #

Active Listings # 6421 #

Closed ( total last 3 months) # 3753 #

Expired Listings ( total last 3 months if available) # N/A #

% %

Change in Home Values Increase in past 3 months Increase in past 3 months x Stable Stable Decreasing in past 3 months Decreasing in past 3 months Sold LP/SP Ratio (last 3 months) % 3.5% %

**Average = the result by adding all sales prices and dividing by the number of units sold Median = denoting the middle of the range of values

GENERAL ECONOMY

How would you rate the overall economic conditions in area as defined above: Mixed x Stable Healthy Shrinking Depressed

Supply of Listings: (Single family) x Shortage Oversupply Balanced ~ (Condo/Town home) Shortage Oversupply Balanced

Overall Market Conditions: x Active Stable Sluggish Flat Depressed

Unemployment Rate: % % 4.8 Average – Please check trend: Increasing x Decreasing Same

Please describe local economic conditions/climate: (draw upon newspaper articles concerning the coming and going of corporations, layoffs, etc.) *

RENTAL INFORMATION Is There a Charge for Rental Assistance: Yes x No Outsourced Is Home/Condo Rental Information Available in Your MLS: Yes No Single Family Housing Availability: (3+Bedrooms) Shortage Oversupply Balanced Average Rent 1BR: $ 3061 Condo/Townhome Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent 2BR: $4134 Apartment Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent 3BR: 5231 The Corcoran Report 2Q17 MANHATTAN ContentsSecond Quarter 2017 3 Overview 4/7 Market Wide 4 Sales / Days on Market 5 Inventory / Months of Supply 6 Prices 7 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 2Q Corcoran Report

Overview 2017

Second Quarter 2017 closed sales Manhattan 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) increased by 2% year-over-year, the first Overview increase in closed sales since Fourth Quarter 2015. With the increase in closed Closed Sales 3,753 3,682 2% 2,875 31% sales also came record high price figures Contracts Signed 3,258 3,531 -8% 2,886 13% that surpassed previous records set in Average Days on Market 110 93 19% 109 1% First Quarter 2016. Inventory 6,421 6,409 0% 5,897 9% Months of Supply 5.8 5.2 11% 5.4 8% In addition to being up 2% year-overyear, closed sales rose 31% versus First Prices Quarter 2017. Resale co-op and new Median Price $1.193M $1.100M 8% $1.127M 6% development sales drove the increase, Average Price $2.163M $2.015M 7% $2.138M 1% with closed sales rising year-over-year Median PPSF $1,392 $1,344 4% $1,374 1% by 8% and 2%, respectively. Average PPSF $1,913 $1,833 4% $1,917 0% Similar to First Quarter 2017, there were Median Price by Bedroom annual gains in contract activity in the Studio $520K $515K 1% $520K 0% resale co-op a and $5M plus market, 1 Bedroom $850K $844K 1% $845K 1% however, overall condo contract activity 2 Bedroom $1.600M $1.665M -4% $1.715M -7% took a step back from last year. A few 3+ Bedroom $4.391M $3.900M 13% $4.288M 2%

Manhattan closed sales Price figures increased from both decelerating for the past year and this last year and last quarter. The median quarter was nearly level with last year. were up 2% in Manhattan sale price was $1.193M in Despite minimal inventory growth and Second Quarter 2017. Second Quarter 2017, up 8% versus a year an increase in closed sales, months of ago a nine-year high for the borough. The supply rose by 11% due to fewer closed factors contributed to this trend. In average sale price increased by 7% from sales in preceding quarters, inching the addition to active inventory being last year to $2.163M, also a record high. market closer to the six-to-nine month expensive, while overall economic supply-demand equilibrium metric. sentiment has been cautiously Meanwhile, inventory growth has been optimistic, interest rates rose in March CLOSED SALES and there were some mixed signals in 5,000 job and financial markets. The timing of combined school and religious holidays 4,000 caused buyers to pause purchasing 3,000 decisions during much of April. Additionally, some new developments 2,000 that were expected to launch in the 1,000 first half of the year either opened later than expected, or will not launch 0 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 until the fall. The Corcoran Group I p 3 MANHATTAN CORCORAN REPORT Market Wide 2Q 2017

Sales Manhattan 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Closings increased 2% year-over-year Sales to 3,753 sales. Signed contracts were Closed Sales 3,753 3,682 2% 2,875 31% down 8% year-over-year, retreating Contracts Signed 3,258 3,531 -8% 2,886 13% 3+ BR from the annual increase posted during Average Days on Market First Quarter 2017. A number of factors 2 BR Market Wide 110 89 19% 109 1% contributed to this reversal, including 1 BR Studio 79 82 -4% Studio84s -6% the high prices of active inventory and the burn off of pent-up demand that 1 Bedroom 100 79 26% 100 0% built up prior to the election. 2 Bedroom 116 90 29% 117 0% 3+ Bedroom 154 124 24% 142 8% The marketwide increase in closings was largely driven by an 8% increase in resale co-op sales, as resale Days on market for all of Manhattan DAYS ON MARKET BY BEDS condominiums posted an 8% decrease averaged 110 days this quarter, up a 180 in sales. This was the sixth consecutive significant 19% from last year’s figure quarter that the number of resale condo of 89 days, however time on market 150 3+ BR closings decreased year-over-year. New remains more subdued for smaller 120 2 BR development closed sales increased residences. 90 2%, the first annual increase since 1 BR All bedroom types, except studios, 60 Studios Second Quarter 2016. This increase saw double-digit increases in days was prompted by the delivery of units 30 on market versus a year ago. One that entered contract in 2015 and 2016 0 bedroom, two bedroom and three+ as well as a notable uptick in units bedroom residences all had days that closed this quarter that went into on market figures increase by more bucked the trend by spending 4% contract in First Quarter 2017 in new than 25%, averaging 100 days on less time on market than last year, at developments that were available for market or more. Studio apartments an average of 79 days. immediate occupancy.

CONTRACTS SIGNED Days on Market 5,000 Average days on market during First Quarter 2017 was higher across three 4,000 out of four bedroom types compared to this time last year; studio 3,000 apartments were the only exception. The increase in inventory and less 2,000 buyer urgency throughout 2016 into 2017 pushed the average higher. 1,000

0 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17

The Corcoran Group I p 4 MANHATTAN CORCORAN REPORT Market Wide 2Q 2017

Inventory All Sales 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Manhattan inventory has steadily Inventory increased since 2013, however that Market Wide 6,421 6,409 0% 5,897 9% trend nearly ended in Second Quarter Studio 593 585 1% 530 12% 2017. Overall listed inventory reached 1 Bedroom 1,853 1,953 -5% 1,689 9% 6,421 units during the second quarter, 2 Bedroom 2,038 1,979 3% 1,875 9% less than 1% above last year’s figure. 3+ Bedroom 1,937 1,892 2% 1,791 8% Inventory varied by product type Months of Supply as well. Resale co-ops saw a 2% Market Wide 5.8 5.2 11% 5.4 8% increase in inventory, likely buffered Studio 4.0 3.5 13% 3.5 14% by improved contract activity for 1 Bedroom 4.8 4.4 8% 4.3 11% that product type. Resale condo 2 Bedroom 6.3 5.5 15% 5.8 8% inventory was flat, dropping by just a handful of listings to 2,654 units. 3+ Bedroom 10.1 9.3 8% 9.7 4% New development inventory also decreased slightly, down 2%, to just MONTHS OF SUPPLY BY TYPE over 1,000 listed units. Months of Supply Months of supply is an estimate of how long it 9.0 All bedroom types except one would take to sell all current active listings at 8.0 bedrooms had year-over-year the rate of sales recorded during the previous 7.0 Resale Condos increases in inventory during Second twelve months, if no new listings entered the 6.0 Quarter 2017. One bedrooms had a market. Six to nine months is considered 5.0 New 5% drop in inventory compared to a supply demand equilibrium. 4.0 Resale Dev year ago. Two bedroom residences 3.0 Manhattan marketwide is currently under- Co-ops had the largest increase, up 3% 2.0 supplied with 5.8 months of supply. This was compared to a year ago, while studios 1.0 an increase of more than half-a-month from and three+ bedrooms were each up 0.0 a year ago, largely due to slower sales in the 1% and 2%, respectively. twelve months including Second Quarter 2017. point of six months. Resale condos were the Months of supply has been steadily rising over only residence type within equilibrium, with 8.1 the past year, and is nearly at the equilibrium months of supply. Resale co-ops continue to CO-OP & CONDO INVENTORY be under-supplied, while the new development

12,000 market is at 5.6 months of supply, excluding unsold inventory that is unlisted.

10,000 Two of the four bedroom types were within equilibrium, while two others were under- 8,000 supplied. As might be expected, smaller and

6,000 generally less-expensive studio and one bedrooms were undersupplied, each with 4,000 less than five months of listings available to be purchased. Two bedrooms and three 2,000 bedrooms, on the other hand, each had more than six months of supply, with three+ 0 2Q05 2Q06 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 bedrooms having nearly a year’s worth. Condo Listings Co-op Listings

The Corcoran Group I p 5 MANHATTAN CORCORAN REPORT Market Wide 2Q 2017

Prices Manhattan 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Marketwide Manhattan price figures Prices have been on a general upward trend Median Price $1.193M $1.100M 8% $1.127M 6% over the last several years, and Second Average Price $2.163M $2.015M 7% $2.138M 1% Quarter 2017 was no different. Price Median PPSF $1,392 $1,344 4% $1,374 1% metrics were up year-over-year across Average PPSF $1,913 $1,833 4% $1,917 0% the board; however, relative to Second Median Price by Bedroom Quarter 2016, the magnitudes of increases were smaller. Still, high priced Studio $520K $515K 1% $520K 0% new developments like 30 Park Place 1 Bedroom $850K $844K 1% $845K 1% and 56 Leonard that are now in the 2 Bedroom $1.600M $1.665M -4% $1.715M -7% midst of delivering units pushed pricing 3+ Bedroom $4.391M $3.900M 13% $4.288M 2% upwards. Additionally, First Quarter 2017 Median PPSF by Bedroom saw a large number of contracts signed Studio $1,167 $1,127 4% $1,142 2% on apartments over $5M that closed in 1 Bedroom $1,250 $1,215 3% $1,220 2% Second Quarter 2017. 2 Bedroom $1,378 $1,432 -4% $1,478 -7% 3+ Bedroom $1,997 $1,942 3% $2,002 0% MEDIAN PRICE CHANGE BY BEDROOM 15% level with last quarter. Average price per share for apartments priced above square foot was also up 4% from last $1M. Studios and one bedrooms each 10% 3+ BR year to $1,913 per square foot. increased 1% annually. Median price 13% for two bedrooms decreased 4% 5% Median price figures during Second Studio 1 BR annually, as Second Quarter 2016 saw 1% 1% Quarter 2017 increased for all bedroom a greater number of two bedroom new 0% types, except two bedrooms. Three+ 2 BR development units closing over $5M at -4% bedroom residences had the largest developments like The Greenwich Lane -5% increase, with the median up 13% to compared to this past quarter. $4.391M due to an increase in market The Second Quarter 2017 median Manhattan sale price increased year- over-year to $1.193M, up 8% from last MANHATTAN HISTORICAL PRICES year, an all-time high. The average $1.2 $2,000 Manhattan sale price was up from last year, increasing 7% to $2.163M, also a $0.9 $1,500 record high. Foot Despite price records and high-single- $0.6 $1,000 millions )

digit increases in purchase price figures, (in Square Per the low-single-digit annual increases in Price $0.3 $500 dian price per square foot metrics are more Price indicative of flat pricing as they are Me less skewed by purchase price outliers. $0.0 $0 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 Median price per square foot was up just Median PriceAverage PPSF 4% year-over-year to $1,392, and was

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 9% 13% 14% 13% 9% Studio Studio 14% Studio 1 BR 1 BR 29% 9% 13% 14% 3+ BRs 3+ BRs 29% 1 BR 3+ BRs 3+ BRs 20% 18% 29% 20% 3+ BRs 1 BR 1 BR 18% 1 BR 3+ BR3+s BRs 1 BR 20% 36% 37% 3+ BRs 37% 18%30% 36% 1 BR 1 BR 30% 3+ BRs 37% 30% 36%

2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 32% 31% 31% 32% 2 BRs 31% 2 BRs 31% 2 BRs 32% 31% 31%

East Side 24% East Side 15% 24% Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds East Side 15% Studio 1 Bed 2 24Be% d 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 MANHATTANNeighborhood CORCORAN REPORT Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Uptown Neighborhood Uptown Unit Type Unit Type Unit Type Unit Type Uptown Unit Type Unit Type Financial District Financial District Financial District Financial District Financial District Financial District Unit Type Unit Type & Battery Park City Unit Type & Battery Park City & Battery Park City Uptown & Battery Park City Financial District & Battery Park City Financial District & Battery Park City Financial District Uptown East Side Uptown Uptown East Side Uptown Uptown 7% 6% East Side 4% East Side & Battery Park City & Battery Park City Uptown East Si& deBattery Park City Uptown6% 22% 8% Studio 9% 7% 6% 22% Uptown East Side 6% 8% East Side 4% 9% 2QSt udi2017o 23% Studio 21% East Side 7% 6% 22% Studio 23% 6% 8% East Side Studio 21% 4% 9% 13% 14% Studio 23% 9% 21% 9% Studio 13% Studio 14% Studio 1 BR 1 BR 13% 14% 29% 9% 3+ BRs 3+ BRs 29% 1 BR 3+ BRs 3+ BRs 20% 29% West Side 18% 1 BR West Side 20% 3+ BRs 18% 3+ BRs 1 BR West Side 1 BR 3+ BRs 16% We37st% Side 16% 1 BR 20% West Side 18% We36st% Side 3+ BRs Market16% WideWest Side 37% 30% We1 stBR Side 17% 1 BR 30% 3+ BRs 36% West Side 17% 14% Downtown 14% Downtown 3717% 30% 36%14% DownDotownwntown Downtown 32% Downtown Downtown 32% Downtown Downtown 32% 30% 31% 30% 31% 31% 30% 2 BRs 2 BRs Market Share Midtown 2 BRs Midtown 2 BRsMidtown Midtown 2 BRs Midtown 2 BRs Midtown Midtown Midtown Midtow32%n 19% 31% 31% 32% 19% 2 BRs 19% 2 BRs 31% 2 BRs 18% 17% 31% 18% 18% 17% 17% Comparing32% the market share of sales to active listings yields31% notable differences that can affect buyers’ searches and31% sellers’ sales efforts, as supply and demand may not match. Here we compare market share of sales and inventory by various measures. East Side Uptown East Side Uptown East Side Uptown East Side Uptown East Side Uptown 24%East Side East Side Uptown East Side Uptown East Side Uptown East Side Uptown East Side 15% 24% Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds East Side West Side Midtown West Side Studio 1 Bed 2 BeMid dtow3+n Beds 15%West Side Studio 1 Bed 2 MiBedtdown3+ Beds West Side Studio 1 Bed 2Mi Bedtdown 3+We Bestds Side Midtown West Side Midtown 24% West Side Midtown 15%West Side Midtown West Side Midtown Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Downtown Studio 1 Bed 2 BeFidnancial3+ BeDistdsrict and Battery Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Downtown Financial DiDostriwnct antownd Battery Park City FinancialDo Diwnstritoctwn and Battery Park City Financial DoDistwnritoctwn and Battery Park City Financial DistDorictwn antod wnBattery Park City FinanciaDol Diwnsttoriwnct and Battery Park City Financial District and Battery Park City Price Point Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood PRICENeighborhoo POINTd Price NeighborhoodPrice Price NeighborhoodPrice Price Uptown NeighborhooPricPrice e d Price Price Uptown The largest shift in market share by price Uptown Financial District Financial District Financial District Financial District Financial District Financial District Financial District Financial District & FiBanattnceriayl PaDistrirk Cityct Uptown East Side & Battery Park City Uptown & Battery Park City Uptown & Battery Park City point was& aBa tt2%ery Pa decreaserk City inUp markettown share & Battery Park City Uptown East Side Uptown East Side & Battery Park City & Battery Park City & Battery7% Park City 6% 50022%K-1M 6% 8%0-500K East Side 4% 9% 7% 0-500K 500K-1M Upto0-wn500K Ea500st SiK-1Mde 6% 0-500K East Side Upto0-wn500K 4% 9%0-500K East Side Up0-0-to500Kwn500K - 0-500K 21% 6% 22% 7% 8% - 6% - East Side 4% East22% Side 23% --6% 22% 6% --6% 22%22% 12% 23% 8% 12% 13% 21% 9%13%--6% 12% 13% for both price categories under $1M, with 23% 21% 5M+ 5M+ 5M+ 5M+ 5M+ 5M+ 9% 9% 9% 500K-1M 500K-1M 500K-1M 8% 500K-1M 8% 500K-1M 8% 500K-1M 5M+ 5M+ market share increasing for units over that32% 32% 5M+ 32% 34% 34% 34% West Side 18% West Side 18% 3M-5M 3M-5M 3M-5M 3M-5M18% 3M-5M 3M-5M We1Mst-2M Side 4Q15 8% 2Q174Q15 8% 2Q16 8% INVENTORY 1M-2M16% 8% 4Q15 8% West Side 16%1M-2M price point. Similar to the shift8% in sales, active West Side West Side 25% 16%25% West Side West25% Side 17% West Side 17% 14% Downtown 14% Downto2Mwn-3M 2M-3M 17% 2M-3M 2M-3M 2M-3M 14% DownDotownwntown Down2Mtown-3M 32% Downtown 3M-5M 3M-5Mlistings below $1M lost 2%Down toofwn market share 32% 11% 11% 3M-5M 11% Downtown 11% Downtown11% 32%30% 31%11% 30% 14% 14% 31% 14% 31% 1M-2M 1M-2M 1M-2M 1M-2M 2M-3M 30% 2M-3M 1M-2M 1M-2M 2M-3MMidtown Midtown versus last year. The market share for 28% 26% 26% 28Midt%own 26%Midtown 15% 15%Midtown Midt28ow%n Midtown 15% 19% 19% Midtown Midtown 18% 17% 19% 18% 17% apartments under $1M continues to 18% 17%

0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ $0-500K $500K-1M $1M-2M $2M-3M0-500K 500K$3M-5M-1MM 1MM-2MM$5M+2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ decline as strong0-500K demand500K-1MM for1M entrylevelM-2MM 2MM-3MM 0-503M0KM-5M50M 0K-15MMMM+ 1MM-2MM 2MM-3MM 3M0-M-505M0KM 505M0KM+-1MM 1MM-2MM 2MM-3MM 0-3M500M-K5MM500K5M-1MMM+ 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 SideUptown East Side Uptown East Side Uptown East Side Uptown East Side Uptown East Side Uptown East Side West Side Midtown West Side Midtown West Side Midtown West Side Midtown West Side Midtown West Side Midtown West Side and mid-marketMidtown properties and West Side Midtown West Side Midtown Property TypeDowntown Financial District and Battery Park City Property Type Downtown Financial DiDostwnrictto anwnd Battery Park City Property TypeFinancial District and Battery Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Downtown PropertyFinan Typecial DiDostriwnct toanwnd Battery Park City Financial District and Battery Park City Property TypeDowntown Financial District and Battery Park City Property Type Downtown PropertyFina Typencial District and Battery Park City Property Type Property Type Unit Type theUnit increasingType number of new Unit Type Unit Type BEDROOMSUnit Type Unit Type UnitPric Tyepe Unit PricTypee Unit TypePrice Price Price Price Price Price Price development introductions above Resale Condo Resale Condo Resale Condo Resale Condo 28% Resale Condo 31% Resale Condo Resale Condo Studio Studio Studio Studio Studio Resale Condo Studio 41% 28% 31% Studio Resale Condo Studio28% Studio 31% 9% 41% 9% 13% 13% 14% 14% 13% 500K-1M $2,400 per square foot drive listing0-500K 0-500K9% 500K-1M41% 0-500K 14%0-500K 0-500K 1 BR 0-500K 500K-1M 1 BR - 0-500K 0-500K 0-500K - 22% New Dev New Dev - New Dev --6% 22% 1 BR 12% 13% New --6%Dev 29% -6% 22% 29% New Dev 12% 12% 13% New Dev 13% 16%- 3+5M BR+ s 3+18 %BRs Ne3+w DeBRvs 183+% BRs 29% 3+Ne wBR 5MDes v+ New De5Mv+ 16% prices higher. 18% 5M+ 5M+ 5M16%+ 3+ BRs 9%20% 20% 1818%% 18% 20%18%9% 500K-1M 18% 8% 500K-1M 9% 500K-1M 8% 500K1 BR-1M 8% 1 BR 18% 1 BR500K-1M 3+ BRs 1 BR 1 BR 5M+ 500K-1M 1 BR32% 5M3++ BRs 5M+ 32% 32% 34%37% 3+ BRs 37% 37% 34% 30% 36% 2Q17 36% 2Q16 18% INVENTORY 34% 3M-5M 36% 3M-5M 1830%% 18% 3M-5M 3M-5M 3M-5M 3M-5M30% 1M-2M Bedrooms 8% 4Q15 4Q15 8% 1M-2M 8% 4Q15 8% 1M-2M 8% Co-op Resale 8% 25% Co-op Resale Co-op Resale 25% 25% Co-op Resale 54% Co-op Resale Co-op Resale Co-op Resale The share43% of sales by bedroom type was 2M-3M Co51-op% Resale 2M-3M Co-op Resale 2M-3M 54% 51% 2M-3M 2M-3M 54% 3M-5M 43%2 BRs 2 BRs 2 BRs 2M-3M2 BRs 11% 2 BRs 3M-5M2 BRs 2 BRs 211 BR%s 51% 3M-5M 11% 11% 43% 11%2 BRs 14% 32% 32% 31% 11% 31% 31% 1431%% 32% 31% 31% 14% relatively consistent year-over-year, but 1M-2M 1M-2M 1M-2M 2M-3M 2M-3M 1M-2M 1M-2M 1M-2M2M-3M 26% 28% 26% 15% 15% 28% 28% 26%15% Condo ResaleoneCo -obedroomsp Resale New Dedidv decrease while three+ 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 East Side Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev East Side East Side Condo Resale Co-op Resale New Dev 24% Studio 1 Bedroom 2 Bedroom 3+ Bedroom 24% 15% 24% Studio 1 Bed 2 Bed 3+ Beds Studio 1bedrooms Bed 2 Bed 153+ increased.% Beds ActiveStudio listings1 Bed 2 were Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds StudioStudio 1 Be1 Bed d 2 Be2 Bed d 3+3+ Be Bedsds 15% Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds 0-500K 500K-1MM 1MM-2MM 2MM-3MM 0-3M500M-K5MM500K5M-1MMM+ 1MM-2MM 2MM-3MM 0-3M500KM-5MM500K5M-1MMM+ 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 0-0-505003M0KM-K 5M50M500K0K-1-15MMMMMM+ 1M1MM-M-2M2MMM 2M2MM-M-3M3MM M 3M3MM-M-5M5MM M 5M5MM+M+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ significantly different than recent sales for0- 500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood NeNeighborhooighborhoodd Neighborhood Neighborhood Uptown Property Type Uptown Propertytwo types:Type one bedroom unitsProperty comprised Type Property Type PROPERTYProperty Ty peTYPEUptown PropertPropertyy Ty Typepe Property Type Property Type Financial District Financial District Financial District Financial District Financial District FiFinanancnciaial lDi Distristrictct Financial District Financial District & Battery Park City & Battery Park City Uptown East Side & Battery Park City & Battery Park City Uptown & Battery Park City && Ba Batttterery yPa Parkrk City City Uptown & Battery Park City & Battery Park City Uptown East Side 36% of sales this quarter butUp toonlywn 29% of Uptown Uptown EaEastst SiSidede Uptown Uptown 7% 7% 6% 22% 6% East Side 6% 8% East Side 4% East Side 4%7% 9% 6% East Side 4% East Side 6% 22% 8% 9% 6% 2122%% 8% 9% Resale Condo23% Resale Condo23% Resale Condo21% Resale Condo Resale Condo23% Resale21% Condo Resale Condo active Resa listings,le Condo while three+ bedroom28% units 28% 31% 31% Resale Condo 28% 31% 41% Unit Type 41% Unit Type Unit Type Unit Type 41% Unit Type Unit Type claimed 20%Unit Ty peof sales yet claimed 30% of Unit Type Unit Type New Dev West Side New Dev West Side New Dev New Dev New Dev NeNew wDe Dev v West Side New Dev New Dev 16% 16% 16% Studio 16% Studio 18% Studio 18% Studio 18% Studio 1816%% Studio West 16%Side 18% Studio 18% Studio West Side West Side Studio 13% West Side 9% active listings. We13%st Side 2Q1713% 2Q1614% INVENTORY9% 17% West Side 14% 9% 14% 17% 14% 1 BR 17% 1 BR 1 BR 14% Downtown Downtown 14% Downtown 29% Downtown 29% 3+ BRs Downtown 29% Downtown 3+ BRs 3+ BRs 3+ BRs 32% Downtown 3+ BRs Downtown 31% 32% 3+ BRs Downtown 20% 32% 30% 31% 20% 20% 18% 31% 18% 30% 1 BR 18% 30% 1 BR 1 BR Property Type 1 BR 1 BR 3+ BRs1 BR 3+ BRs 3+ BRMis dtown Co-op Resale Co-op Resale 37% 36% 37% Co op ResaleMidtown Co-op Resale 36% Midtow36n % Co-op Resale 30% 37% Co-opMi RedtowsaMilendtown Co-op Resale Co-op Resale - 30% 30% 19% 54Midt%own 54% Midtown Co-op Resale Midtown Midtown 19% 18% 51% 5117%% 19% 54% 43% New43% development captured the same18% 17% 43% 18% 17%51%

2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 18% of sales compared to a year ago. 32% 31% 32% 32% 31% 31% 31%Resale Co-op 31% 31% Uptown East Side Uptown East Side Resale Condo UpUptowntown New Dev EastEa Sistde Side Uptown East Side Uptown East Side Uptown East Side Condo Resale Co-op Resale UpNetowwn Dev East Side Condo Resale Co-op Resale NeUpwto Dewnv Condo Resale Co-op ReEasast leSide New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale NeWewst De Sivde The highMidtow nprice of resaleCondo Recondosale Co listed-op Resale WeNest wSi Dedev Midtown West Side Condo Resale Co-oMipdt Reowsan le New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev West Side Midtown West Side Midtown West Side Midtown West Side Midtown West Side Midtown West Side Midtown Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City Downtown Financial District and Battery Park City East Side East Side 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 EaBast Sidettery Park City Downtown Financial District and Battery Park City Downtown Financ24ia% l District and Battery Park City 24% 24% 15% 15% Studio 1 Bed 2 Bed 3+ Beinventoryds Studio 1 Becontinuesd 2 Bed 3+ Beds to affect sales,Studio as 1 Bed15%2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 BeStdudio3+ Be1 Bedsd 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Price Price Price Price resale co-ops gained 3% of marketPrice NEIGHBORHOODPrice Price Price Price Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Uptown Uptown share while resale condos lost 3%. Uptown Financial District Financial District 500K-1M Financial District Financial District 0-500K Financial District Financial District Financial District 0-500K Financial District Financial District 0-500K - & Battery Park City 500K-1M & Battery Park City 0-500K & Battery Park City 0-500K& Batt500ery PaK-1Mrk City & Battery Park City & Battery Park City0-500K Uptown & Battery Park City & Battery Park City Upto0-wn500K& Battery Park City Uptown Up0-to500Kwn East Side Uptown - Uptown 0-500K Uptown East Side --6% 22%Uptown East Side - Uptown12% 13% East Side 7%22% 7% 6% East6% Side East Side 4% 9% East 4%Side 7% East Side--6% 22% 6% 8% East Side12% 4% 9% 13% --6% 6% 22% 6% 22% 12% 8% 5M+8% 13% 9% 5M+ 6% 22% 5M+ 23% 23% 21% 21% 5M+23% 21% 5M+ 9% 500K-1M 5M+ 8% Neighborhood 9% 500K-1M 9% 500K-1M 8% 5M+ 500K-1M 32% 8% 500K-1M 500K-1M 5M+ 34% 32% 5M+ 18% 32% 3M-5M 34% 3M-5M 34% 3M-5M 18% 3M-5M 3M-5M 18% WeThest Side West Side1M-2M postedWest Si dethe3 M-5Mlargest change 8% 4Q15 8% West Side 4Q15 1M16%-2M 8% 4Q15 8% 1M-2M 16% 16% 8% 8% West Side WeINVENTORYst Side West Side 25% West Side 2Q17 West Side 2Q16 West Side 25% 17% 17% 25% 17% in market share, falling 3% annually. 14% 14% Downtown Downtown 2M-3M 14% Downtown 2M-3M 2M-3M Downtown 2M-3M Downtown 3M-5M Downtown 2M-3M Downtown Downtown 32% 32% Do11wn%town 2M-3M 32% 3M-5M 31% 31%11% 11% 3M-5M 31% 11% 30% 14% 30% 11% 30% 11% 14% 1M-2M 14% 1M-2M Midtown Downtown,2M-3M whichMidtow hadn trended upward in Midtown 1M-2M 1M-2M 2M-3M 1M-2M Midtown Midt28ow%n 1MiM-2Mdtown Midtown 262M%-3M Midtown Midtown 19% 15% 19% 19% 28% 26% 15% the past few quarters, saw market share28% 18% 18% 2617% 17% 15% 18% 17% fall 1%. The East Side and the Financial Uptown 0-500K 500KUp-1EaMMtostwn Side 1MM-2MM 2MM-3MM Ea3Mst SiM-de5MM 5MUpM+town UpEatownst Side East Side Uptown UpEatownst Side 0-50Up0Ktown 500K-1MMEast Si1MdeM-2MM Ea2MstM- Si3Mde M 3MM-5MM 5MM+ Uptown East Side Uptown East Side 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-2MWeMst Side2MM-3MM 3MM-5MM We5MMistdtM+ owSiden Mi0-dt50ow0Kn 500KWe-1MMst Side 1MM-2MM 2MM-3MM WeMistdt3M SiowdeM-n 5MEastM 5MSideM+ WestMi dtSideown MidtownWe0-50st 0KSide 500KDowntown-1MM 1MM-2MMWeMiFinancialstdt Siow2MdenM-3MM DistrictWe3Mst SiM-de5M &M Battery5MMiM+dtown Park CityMidtown Uptown West Side 0-500K 500K-1MMMidtow1MnM-2MM 2MM-3MM 3MM-5MM 5MM+ West Side Midtown Downtown DoFiwnnantocialwn DistDistrictrict and Battery Paandrk City BatteryFinancial Dist Parkrict andDo Bawn tteCitytorywn Park Cisawty market DoFiwnnantowncial District and Battery Park City Financial District and BaDotterwny Patownrk City DoFiwnnatoncwnial District andDo Bawnttertoywn Park City Financial District and BaFitternany Pacialrk Di Cisttyrict 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 Price share increasePrice 2%. Property Type Price Price PropertPricye Type Price PropertyPrice Type Price Property Type Price Property Type

500K-1M 0-500K 500K-1M 0-500K 0--500K 0--500KResale Condo 0-500K 0-500K 0-500KResale 500CondoK-1M 0--500K 0-500K 22% 22% The Corcoran Group I p 7 Resale Condo Resale Condo --6% Resale--6% Condo Resale Condo12% 12% 28% 13%Resale Condo 13% --6% 31% 22% 12% 13% 5M+ 5M+ 5M+ 5M+ Resale Condo 5M+ 28% 5M+ 31% Resale Condo 41% 28% 9% 31% 9% 500K-1M 500K-1M 8% 8% 500K-1M 41% 9% 500K-1M 8% 41% 500K-1M 500K-1M 5M+ 5M+ 32% 32% 34% 5M+34% 32% 34% New Dev 18% Ne3M-5Mw Dev 3M-5M 3M-5M New Dev 18% 3M-5M New18 De%v 3M-5M New Dev 3M-5M New Dev New Dev 16%1M-2M 1M-2M New Dev 8% 4Q15 188%% 4Q15 New8% Dev 8% 18% 8% 4Q15 8% 16% 1M-2M 18% 18% 16% 25% 25% 18% 18% 25% 2M-3M 2M-3M 2M-3M 2M-3M 2M-3M 3M-5M 3M-5M 11% 11% 2M-3M 11% 11% 3M-5M 11% 14% 14% 11% 1M-2M 1M-2M 14% 2M-3M 2M-3M 1M-2M 1M-2M 2M-3M 1M-2M 1M-2M 26% 15% 15% 28% Co28-o%p Resale 26% 28% 26% Co-op Resale Co-op15% Resale Co-op Resale Co-op Resale 54% Co-op Resale Co-op Resale Co-op Resale 43% Co-op Resale 51% 54% 54% 43% 51% 43% 51% 0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ 0-500K 500K-1MM 1MM-2MM 2M0-M-5003MKM 503M0KM--15MMMM 1M5MM-M+2MM 2MM-3MM 3MM-5MM0-500K5MM+500K-1MM 1MM-2MM 2M0-M-503M0KM 503M0K-1M-MM5MM 1M5MM-M+2MM 2MM-3MM 3MM-5MM 0-505M0KM+ 500K-1MM 1MM-2MM 2MM-3MM 3MM-5M0-M500K5MM+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+

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 PropertCoynd Tyo peResale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Property Type 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

Resale Condo Resale Condo Resale Condo Resale Condo Resale Condo Resale Condo Resale Condo 31% Resale Condo 28% 28% 31% Resale Condo 28% 31% 41% 41% 41% New Dev New Dev New Dev New Dev New Dev New Dev New Dev New Dev New Dev 16% 18% 18% 16% 18% 18% 16% 18% 18%

Co-op Resale Co-op Resale Co-op Resale Co-op Resale Co-op Resale Co-op Resale Co-op Resale 54% Co-op Resale Co-op Resale 43% 54% 51% 51% 54% 43% 43% 51%

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 2Q 2017

The Manhattan resale co-op market Resale Co-ops 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) had year-over-year increases in sales Overview in Second Quarter 2017, and had Closed Sales 2,015 1,874 8% 1,443 40% increases in price metrics across the Average Days on Market 106 91 17% 95 11% board. Inventory increased slightly. Sales were up 8% from last year to Inventory 2,763 2,719 2% 2,566 8% 2,015 closings. Inventory increased Months of Supply 4.7 4.3 9% 4.4 6% 2% to 2,763 listings. Despite the Prices increase in sales, the rise in inventory Median Price $825K $772K 7% $757K 9% as well as the softening of sales in Average Price $1.380M $1.300M 6% $1.201M 15% 2016 led months of supply to increase Median PPSF $1,035 $1,002 3% $1,014 2% 9% to 4.7 months. The lower price of Average PPSF $1,437 $1,292 11% $1,189 21% resale co-op inventory relative to the Median Price by Bedroom condominium market, however, has Studio $448K $436K 3% $450K -1% kept the market in a continuous state 1 Bedroom $703K $683K 3% $703K 0% of under-supply. 2 Bedroom $1.300M $1.275M 2% $1.300M 0% NEIGHBORHOOD MEDIAN PRICES 3+ Bedroom $2.598M $2.700M -4% $2.615M -1%

$1.2 $1.0 AVAILABLE CO-OP RESIDENCES $0.8

$0.6 FIDI/BP C $0.4 WEST SIDE Millions EAST SIDE

$0.2 DOWNTOWN MIDTOWN

$0.0 UPTOWN

Resale co-op price metrics were up for all metrics in Second Quarter 2017 compared to last year and last quarter. The median price rose 7% to $825K and median price per square foot was up 3% year-over-year to 35 East 76th Street I WEB# 3420148 1001 I WEB# 3949363 $1,035. Average price increased RESALE CO-OP HISTORICAL PRICES 6% from last year to $1.380M, and $0.9 $1,600 average price per square foot was up $0.8 11% from last year to $1,437. $0.7 $1,200

Median price was up year-over- $0.6 year and quarter-over-quarter for $0.5 nearly all bedroom types except $800 three+ bedrooms. Studios, one and $0.4

$0.3 Price Per Square Foo t two bedrooms all saw median price Median Price (in millions ) increase by low single-digits. Three+ $0.2 $400 bedrooms saw median price fall 4%, $0.1 to $2.598M. $0.0 $0 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 Median PriceAverage PPSF Median PPSF

The Corcoran Group I p 8 MANHATTAN CORCORAN REPORT Resale Condos 2Q 2017

Resale condo sales decreased 8% year- Resale Condos 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) over-year to 1,048 closings. There was Overview a quarter-over-quarter increase due Closed Sales 1,048 1,139 -8% 839 25% mostly to typical seasonality seen with Average Days on Market 118 97 22% 128 -7% the spring selling season. Inventory remained nearly level while days on Inventory 2,654 2,661 0% 2,297 16% market increased 22%. Months of Months of Supply 8.1 7.4 24% 6.8 18% supply was well within the six-to-nine Prices month equilibrium due to slower sales Median Price $1.475M $1.247M 18% $1.385M 6% and the general upward inventory trend. Average Price $2.207M $1.880M 17% $2.048M 8% Median PPSF $1,518 $1,442 5% $1,464 6% NEIGHBORHOOD MEDIAN PRICES Average PPSF $1,809 $1,683 2% $1,753 -7% Median Price by Bedroom $2.5 Studio $714K $650K 10% $663K 8% $2.0 1 Bedroom $1.063M $980K 8% $1.089M -2% $1.5 FIDI / BP C n Millions

East Side 2 Bedroom $1.810M $1.861M -3% $1.910M -5% $1.0 UPTOWN

DOWNTOWN 3+ Bedroom $4.503M $3.498M 29% $3.650M 23% $0.5 Midtow EAST SIDE WEST SIDE $0.0 MIDTOWN AVAILABLE CONDO RESIDENCES Median sale price increased 18% annually to $1.475M. This was caused mostly by falling market share of units priced under $1M. Average price rose 17% year-over-year, to $2.207M. Average price was pushed upward by several high priced resales at 15 West, , and Time Warner Center.

Median price by bedroom type stayed relatively varied, with studios and three+ 56 Leonard Street I WEB# 3792192 110 East 71st Street I WEB# 5113802 bedroom residences posting double- digit increases, rising 10% and 29%, RESALE CONDO HISTORICAL PRICES $1.8 $2,000 respectively. One bedroom residences posted an 8% increase year-over-year $1.5 $1,600 while two bedroom homes posted a 3% decrease in median price. $1.2 $1,200

Downtown claimed the highest median $0.9 price of any neighborhood during First $800 Price Per Square Foo t

Quarter 2016, and was joined by the Median Price (in millions ) $0.6

East Side, West Side, Midtown, and the $400 $0.3 Financial District & Battery Park City with medians over $1M. $0.0 $0 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 Median PriceAverage PPSF Median PPSF

The Corcoran Group I p 9 MANHATTAN CORCORAN REPORT New Developments 2Q 2017

Second Quarter 2017 Manhattan new New Developments 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) development sales increased 2% year- Closed Sales 680 669 2% 478 42% over-year, bucking the trend experienced Inventory 1,004 1,029 -2% 1,034 -3% during the last three quarters of annual Months of Supply 5.6 4.5 24% 5.8 -3% decreases in closed sales figures. Prices NEIGHBORHOOD MEDIAN PRICES Median Price $2.854M $2.560M 11% $2.918M -2%

$4.5 Average Price $4.406M $4.250M 4% $4.787M -8%

$4.0 Median PPSF $2,070 $1,975 5% $1,962 6%

$3.5 Average PPSF $2,508 $2,565 -2% $2,703 -7%

EAST SIDE Median Price by Bedroom $3.0

DOWNTOWN Studio $1.362M $815K 67% $541K 152% $2.5

FIDI / BPC 1 Bedroom $1.248M $1.319M -5% $1.217M 3% WEST SIDE

Millions $2.0

MIDTOWN 2 Bedroom $2.737M $2.562M 7% $3.000M -9% $1.5 3+ Bedroom $5.986M $6.659M -10% $7.164M -16%

$1.0 UPTOWN

$0.5 NEW DEVELOPMENTS CURRENTLY IN CLOSINGS $0.0

Listed inventory fell 2% year-over-year and 3% from last quarter. Despite the slight fall in listed inventory, softer sales in the previous nine months led to an increase in months of supply compared to last year. At 5.6 months this quarter the figure was up 1.1 months from last year. New development posted annual increases in average price and median price, up 11% and 4%, respectively. Price per square 20 East End Avenue The Greenwich Lane foot metrics were split, as median price per square foot up rose 5% while average NEW DEVELOPMENT HISTORICAL PRICES price per square foot actually fell, for the first time in over a year, by 2%. $4.0 $3,000

$3.5 Median price changes diverged sharply by $2,400 bedroom. Studios increased a significant $3.0 67% due to high floor units closing at $2.5 $1,800

Manhattan View at MiMA. Alternatively, $2.0 three+ bedrooms decreased 10%. This $1,200 Price Per Square Foot Median Price (in millions ) $1.5 annual decrease was affected by the timing of move-ins at ultra-luxury and $1.0 $600 tower developments such as 432 Park $0.5 and 150 Charles which had large numbers $0.0 $0 of closings in the first half of 2016. 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 Median PriceAverage PPSF Median PPSF

The Corcoran Group I p 10 MANHATTAN CORCORAN REPORT Luxury 2Q 2017

The luxury market is defined as the top 10% Luxury 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) of closed sales in terms of price. In Second Median Price $6.700M $5.651M 19% $6.900M -3% Quarter 2017 the luxury threshold, which Average Price $9.158M $7.605M 20% $9.321M -2% marks the entry point into the luxury category, Median PPSF $2,614 $2,441 7% $2,835 -8% hit a record high at $4.686M. This quarter’s threshold was 13% higher than Second Average PPSF $3,018 $2,856 6% $3,179 -5% Quarter 2016 and up 5% from last quarter. Luxury Threshold $4.686M $4.149M 13% $4.450M 5% The median price for a luxury sale this quarter SELECTED LISTINGS MARKET SHARE OF LUXURY SALES

FIDI / BPC 1% EAST SIDE UPTOWN 33% 0%

WEST SIDE 13% DOWNTOWN 48% MIDTOWN 13% was $6.700M, up a significant 19% from last year. Second Quarter 2017 had a 3 East 89th Street I WEB# 5100917 166 East 81st Street I WEB# 5131182 larger number of sales over $5M versus a slow start to the luxury market in 2016. The average price for a luxury sale was $9.158M during Second Quarter 2017, 20% higher than last year. Downtown claimed nearly half of all luxury sales in First Quarter 2017, with a market share of 48%; this represents a 6% decrease from Second Quarter 2016. The East Side had the second largest share, at 33%, and Midtown claimed 1083 Fifth Avenue I WEB# 5101020 13% of luxury sales, which was also the LUXURY HISTORICAL PRICES submarket with the greatest increase in $8.0 $3,600 market share year-over-year. $7.0 While luxury sales represent 10% of market $3,000 $6.0 activity, luxury listings (those over the $2,400 minimum price threshold of $4.502M) $5.0 accounted for a substantial 20% of $4.0 $1,800 Price Per Square Foo t available units in Manhattan. Compared Median Price (in Millions ) $3.0 $1,200 to the closed sales luxury threshold of $2.0 $4.686M, the luxury threshold for the $600 $1.0 top 10% of listings in terms of price was $0.0 $0 $7.515M, 60% higher than for closed sales, 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 highlighting the disconnect between closed Median PriceAverage PPSF sales prices and listed inventory prices. The Corcoran Group I p 11 East Side The East Side had 851 closings in Second Quarter 2017, a 12% increase from a year ago and a 52% increase from First Quarter 2017.

851 1,440 6.3 121 $1.100M $1,741 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change +12% +2% +18% +16% -8% -2%

300 East 77th Street I WEB# 5102779 on corcoran.com MANHATTAN CORCORAN REPORT 2Q 2017 East Side

The East Side had 851 closed sales East Side 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) in First Quarter 2017, a 12% increase Overview compared to a year ago. Inventory Closed Sales 851 757 12% 559 52% was up a slight 2% year-over-year Average Days on Market 121 104 16% 111 8% to 1,440 units. Months of supply Inventory 1,440 1,408 2% 1,247 15% increased to 6.3 months, which puts it within the six-to-nine month supply- Months of Supply 6.3 5.3 18% 5.6 12% demand equilibrium. With the increase in inventory came a 16% increase in Resale Co-op 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) the average time listings spent on the Prices market, up to 121 days. Median Price $900K $900K 0% $864K 4% Pricing metrics were mixed by product Average Price $1.819M $1.813M 0% $1.537M 18% type and residence size. Overall, the Median PPSF $1,000 $986 1% $968 3% median price on the East Side fell 8% Average PPSF $1,452 $1,528 -5% $1,294 12% annually, while average price increased Median Price by Bedroom 2%. Both median price per square foot Studio $425K $387K 10% $425K 0% and average price per square foot fell 1 Bedroom $675K $660K 2% $670K 1% 2%. Resale co-op prices stayed level 2 Bedroom $1.355M $1.400M -3% $1.403M -3% with last year, while average price per 3+ Bedroom $3.400M $3.288M 3% $3.200M 6% square foot for resale co-ops fell 5%. Resale Condo 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) For resale condos, pricing metrics were up across the board, as average price Prices rose 23% and median price 9%. Median Price $1.550M $1.425M 9% $1.550M 0% Average Price $2.249M $1.823M 23% $2.356M -5% Median PPSF $1,455 $1,404 4% $1,426 2% East Side average price Average PPSF $1,771 $1,600 11% $1,735 2% increased 2% annually. Median Price by Bedroom Studio $585K $628K -7% $630K -7% The new development median 1 Bedroom $800K $950K -16% $925K -14% price was up 24% year-over-year 2 Bedroom $1.740M $1.820M -4% $1.875M -7% to $2.406M, and the average price 3+ Bedroom $4.446M $3.250M 37% $4.658M -5% dropped 4% to $4.542M. These year- New Development 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) over-year fluctuations were caused by Prices a shift in the type of developments in Median Price $2.406M $1.941M 24% $1.695M 42% closings away from developments with Average Price $4.542M $4.712M -4% $4.089M 11% moderate pricing, which comprised a Median PPSF $1,635 $1,590 3% $1,813 -10% large number of closings during Second Average PPSF $2,393 $2,592 -8% $2,421 -1% Quarter 2016. However, average price Median Price by Bedroom decreased due to fewer closings above the luxury threshold. Studio NA $680K NA NA NA 1 Bedroom $1.153M $1.009M 14% $1.113M 4% 2 Bedroom $2.432M $1.941M 25% $2.683M -9% 3+ Bedroom $5.646M $10.300M -45% $8.039M -30%

The Corcoran Group I p 13 West Side The West Side saw median price and average price increase 16% and 37%, respectively.

541 1,015 5.7 95 $1.250M $2,204 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change -14% +11% +37% +8% +16% +31%

220 Riverside Boulevard I WEB# 5118358 on corcoran.com MANHATTAN CORCORAN REPORT 2Q 2017 West Side

West Side sales decreased year-over- West Side 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) year, down 14% to 541 closings in Overview Second Quarter 2017. However, this Closed Sales 541 627 -14% 459 18% was an 18% increase from last quarter. Average Days on Market 95 88 8% 105 -9% Inventory increased 11% from Second Inventory 1,015 915 11% 884 15% Quarter 2016, exceeding 1,000 active listings. This decrease in sales coupled Months of Supply 5.7 4.2 37% 4.8 19% with an increase in inventory led to a 37% jump in months of supply when Resale Co-op 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) compared to Second Quarter 2016, Prices to 5.7 months, inching closer to the Median Price $1.010M $880K 15% $889K 14% supply-demand equilibrium range of six Average Price $1.784M $1.413M 26% $1.462M 22% to nine months. There was an increase Median PPSF $1,165 $1,079 8% $1,083 8% in the average time on market, which rose 8% from Second Quarter 2016 to Average PPSF $1,869 $1,377 36% $1,284 46% 95 days. Median Price by Bedroom Studio $435K $428K 2% $442K -2% 1 Bedroom $715K $749 K -5% $717K 0% Average price increased 2 Bedroom $1.400M $1.320M 6% $1.476M -5% by 37% year-over-year. 3+ Bedroom $2.600M $2.605M 0% $2.830M -8% Resale Condo 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) The resale co-op median price Prices increased 15% year-over-year and the Median Price $1.530M $1.350M 13% $1.470M 4% average price increased 26% due to Average Price $3.218M $2.193M 47% $2.913M 10% listings under $1M losing market share Median PPSF $1,598 $1,471 9% $1,515 5% and several high priced closings at The Average PPSF $2,481 $1,898 31% $2,323 7% San Remo. Resale condo price metrics Median Price by Bedroom also increased, with median price up Studio $785K $715K 10% $670K 17% 13% and average price up 47% due to 1 Bedroom $1.140M $997K 14% $1.094 4% an increase in sales at Time Warner 2 Bedroom $1.845M $2.050M -10% $1.999M -8% Center and . 3+ Bedroom $4.538M $3.799M 19% $3.759M 21% New development average price New Development 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) and average price per square foot Prices had significant year-over-year Median Price $3.252M $3.479M -7% $6.619M -51% increases this quarter. The West Side Average Price $6.673M $3.950M 69% $6.691M 0% neighborhood includes the blocks Median PPSF $2,339 $1,990 18% $2,313 1% between Central Park South and the Average PPSF $2,290 $2,038 12% $2,394 -4% north side of and high Median Price by Bedroom priced closings at One57 and One Riverside Park pushed average price Studio $1.190M $560K NA NA NA up 69%. 1 Bedroom $3.176M $1.337M NA NA NA 2 Bedroom $1.660M $3.052M -46% $3.462M -52% 3+ Bedroom $11.268M $5.524M 104% $6.907M 63%

The Corcoran Group I p 15 Midtown had a 5% increase in sales compared to last quarter, as listing inventory fell by 13%.

677 1,210 6.5 117 $1.065M $1,747 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change +5% -13% +4% +23% +9% -13%

305 East I WEB# 5129169 on corcoran.com MANHATTAN CORCORAN REPORT Midtown 2Q 2017

Midtown had 677 closed sales during Midtown 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Second Quarter 2017, up 5% year- Overview over-year. Inventory decreased 13% Closed Sales 677 643 5% 487 27% from last year to 1,210 listings, and Average Days on Market 117 95 23% 117 1% months of supply also increased 4% to 6.5 months. This keeps the Midtown Inventory 1,210 1,396 -13% 1,183 2% neighborhood within the supply- Months of Supply 6.5 6.2 4% 6.3 3% demand equilibrium range of six-to- nine months. Average days on market Resale Co-op 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) increased compared to last year, as the Prices average time from listing to sale rose 23% to nearly 120 days. Median Price $663K $630K 5% $650K 2% Average Price $969K $846K 15% $795K 22% Median PPSF $970 $892 9% $882 10% Median new development Average PPSF $1,193 $930 28% $894 33% price rose by 25% Median Price by Bedroom Studio $399K $370K 8% $405K -1% year-over-year. 1 Bedroom $640K $652K -2% $650K -1% 2 Bedroom $1.300M $1.050M 24% $1.048M 24% Overall price statistics varied. Median 3+ Bedroom $2.325M $2.128M 9% $2.325M 0% price rose 9% while average price fell Resale Condo 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) 13%. Pricing also varied by residence Prices type, with resale co-op average price Median Price $1.175M $1.040M 13% $1.278M -8% up 15% to $969K compared to last Average Price $1.449M $1.326M 9% $1.618M -10% year. Average price for resale condos Median PPSF $1,474 $1,391 6% $1,441 2% was up 9% to $1.449M. Average price per square foot and median price per Average PPSF $1,537 $1,486 3% $1,541 0% square foot statistics increased across Median Price by Bedroom both resale product types. Studio $710K $629K 13% $652K 9% 1 Bedroom $1.027M $976K 5% $1.068 -4% The Second Quarter 2016 median new 2 Bedroom $1.703M $1.738M -2% $1.780M -4% development price was up 25% year- 3+ Bedroom $2.725M $4.251M -36% $3.175M -14% over-year to $3.643M, due partially to New Development 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) fewer closings in mid-market buildings on blocks further from Central Park. Prices Average price, however, decreased a Median Price $3.643M $2.905M 25% $1.803M 102% significant 31% as the market share of Average Price $3.925M $5.653M -31% $4.960M -21% apartments selling for more than $10M Median PPSF $2,288 $2,018 13% $1,789 28% fell from 11% in Second Quarter 2016 to Average PPSF $2,464 $3,204 -23% $3,378 -27% just under 4% this past quarter. Median Price by Bedroom Studio $1.472M $1.053M 40% $1.119M 32% 1 Bedroom $1.180M $1.466M -19% $1.255M -6% 2 Bedroom $3.544M $3.110M 14% $2.038M 74% 3+ Bedroom $5.414M $5.424M 0% $4.282M 26%

The Corcoran Group I p 17 Downtown again had the highest number of closed sales this quarter. Average days on market and months of supply both increased as inventory continued to trend upward.

1,146 1,902 5.5 106 $1.544M $2,159 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change -1% +4% +1% +23% -2% +4%

30 West Street I WEB# 5136947 on corcoran.com MANHATTAN CORCORAN REPORT Downtown 2Q 2017

Second Quarter 2017 closed sales Downtown 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Downtown decreased 1% from last Overview year to 1,146. This was coupled with Closed Sales 1,146 1,160 -1% 903 27% a 4% year-over-year increase in Average Days on Market 106 86 23% 104 2% inventory to 1,902 listings, leading to a 1% increase in months of supply Inventory 1,902 1,830 4% 1,788 6% to 5.5 months. The average days Months of Supply 5.5 5.4 1% 5.1 8% on market increased by 23% to 106 days as buyers had more options to Resale Co-op 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) choose from. Prices Median Price $860K $816K 5% $808K 6% Average new development Average Price $1.168M $1.235M -5% $1.135M 3% price was over $5 million. Median PPSF $1,225 $1,171 5% $1,238 -1% Average PPSF $1,479 $1,314 13% $1,352 9% The median price for resale co-ops in Median Price by Bedroom Second Quarter 2017 was up 5% to Studio $550K $525K 5% $550K 0% $860K, with smaller bedroom types 1 Bedroom $875K $765K 14% $816K 7% experiencing increases in median 2 Bedroom $1.505M $1.630M -8% $1.600M -6% price figures while larger residences 3+ Bedroom $2.475M $2.733M -9% $2.863M -14% registered decreases. Resale condo Resale Condo 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) price statistics mostly notched Prices decreases, as median price, average Median Price $1.938M $1.967M -1% $1.815M 7% price and average price per square Average Price $2.586M $2.706M -4% $2.291M 13% foot each decreased. Median price per Median PPSF $1,799 $1,759 2% $1,680 7% square foot rose just 2%. Average PPSF $1,861 $1,984 -6% $1,810 3% New development median and average Median Price by Bedroom price each rose 23% versus last year. Studio $849K $674K 26% $680K 25% The median price rose to $3.948M and 1 Bedroom $1.340M $1.250M 7% $1.295M 3% average price to $5.407M. Three out 2 Bedroom $2.347M $2.538M -8% $2.500M -6% of four new development bedroom 3+ Bedroom $5.275M $4.450M 19% $4.198M 26% types saw decreases in median prices, New Development 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) while one bedrooms remained level. Prices Average and median price metrics Median Price $3.948M $3.198M 23% $5.095M -23% rose largely due to the increase in the proportion of units being delivered at Average Price $5.407M $4.381M 23% $6.828M -21% tower developments like 56 Leonard Median PPSF $2,139 $2,194 -3% $2,544 -16% and 30 Park Place. Average PPSF $2,740 $2,518 9% $2 ,974 -8% Median Price by Bedroom Studio $1.044M $1.095M -5% $725K 44% 1 Bedroom $1.522M $1.516M 0% $1.537M -1% 2 Bedroom $2.911M $3.103M -6% $3.663M -21% 3+ Bedroom $6.670M $6.950M -4% $7.850M -15%

The Corcoran Group I p 19 Financial District & Battery Park City The Financial District & Battery Park City had the largest percentage increase in closed sales in Second Quarter 2017. However, an 11% increase in inventory pushed average days on market and months of supply higher.

226 442 7.5 119 $1.761M $1,864 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change +41% +11% +19% +8% +80% +35%

15 Broad Street I WEB# 5123445 on corcoran.com MANHATTAN CORCORAN REPORT Financial District & 2Q 2017 Battery Park City

Closed sales in Financial District & Financial District & 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) Battery Park City increased by 41% Battery Park City year-over-year, up to 226 closings. This Overview increase was driven primarily by new Closed Sales 226 160 41% 197 15% development activity at 50 West and Average Days on Market 119 111 8% 120 0% 101 Wall. Inventory increased by 11% Inventory 442 398 11% 361 22% compared with First Quarter 2017 to 442 Months of Supply 7.5 6.3 19% 6.7 11% apartments available for purchase. The average days on market increased by Resale Co-op 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) 8% year-over-year to 119 days. Months of supply increased 19% year-over-year Prices to 7.5 months, still within the supply Median Price $950K $757K 26% $750K 27% demand equilibrium range. Average Price $1.141M $899K 27% $804K 42% Median PPSF $969 $1,025 -5% $1,051 -8% Resale co-ops saw large increase in Average PPSF $1,457 $1,034 41% $984 48% median and average price statistics, while price per square foot metrics were Median Price by Bedroom mixed. These large fluctuations were Studio $875K $493K 77% $475K 84% due to the small number of sales of this 1 Bedroom $735K $710K 4% $750K -2% product type. Resale condo price figures 2 Bedroom $1.220M $1.058M 15% $1.100M 11% had increases across all metrics, with 3+ Bedroom NA NA NA NA NA the median price up 24% and average Resale Condo 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) price up 22%. This was largely due to Prices an increase in the median price for one Median Price $1.200M $970K 24% $970K 24% bedrooms and three bedrooms, up 17% Average Price $1.515M $1.245M 22% $1.143M 33% and 6%, respectively. Median PPSF $1,366 $1,233 11% $1,194 14% Resale condo price figures Average PPSF $1,414 $1,299 9% $1,307 8% Median Price by Bedroom increased across the board. Studio $685K $698K -2% $680K 1% 1 Bedroom $1.024M $875K 17% $940K 9% New development price figures were mixed this quarter. Both median and 2 Bedroom $1.880M $2.005M -6% $1.551M 21% average price fell, by 10% and 6%, 3+ Bedroom $2.920M $2.750M 6% $3.088M -5% respectively. However, average price New Development 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) per square foot and median price per Prices square foot both rose during the same Median Price $2.155M $2.405M -10% $2.589M -17% period. Median and average price fell Average Price $2.943M $3.134M -6% $2.642M 11% in Second Quarter 2017 due largely Median PPSF $1,801 $1,576 14% $1,843 -2% to fluctuations in the number of sales Average PPSF $2,168 $1,851 17% $1,939 12% versus last year. Second Quarter 2016 Median Price by Bedroom saw just 20 closed sales, all priced Studio $891K NA NA NA NA over $1M versus Second Quarter 2017 1 Bedroom $1.665M $1.135M 47% $1.760M -5% which saw more than 70 closed sales 2 Bedroom $2.670M $1.950M 37% $2.908M -8% with prices starting below $1M. 3+ Bedroom $6.045M $5.123M 18% $4.590M 32%

The Corcoran Group I p 21 Upper Manhattan

Upper Manhattan sales decreased compared to last year, but was the only neighborhood with a drop in months of supply year-over-year. At just 3.8 months, Upper Manhattan had the lowest months of supply of any neighborhood in Manhattan.

312 412 3.8 108 $660K $932 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change -7% -11% -6% +31% +13% +12%

138-140 West 124th Street I WEB# 5148323 on corcoran.com MANHATTAN CORCORAN REPORT Upper Manhattan 2Q 2017

Sales in Upper Manhattan were down Upper Manhattan 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) 7% versus last year to 312 closings. Overview Inventory was down from a year ago, Closed Sales 312 335 -7% 270 15% decreasing by 11% from last year. Average Days on Market 108 83 31% 103 5% Despite the drop in sales, the decline in inventory was even greater, leading to a Inventory 412 462 -11% 434 -5% 6% decrease in months of supply. Upper Months of Supply 3.8 4.1 -6% 4.0 -3% Manhattan was the only Manhattan submarket to experience a decrease Resale Co-op 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) in months of supply of any Manhattan Prices neighborhood. Median Price $485K $499K -3% $525K -8% Average Price $598K $527K 13% $595K 1% New development median Median PPSF $671 $588 14% $610 10% price increased 32% Average PPSF $861 $619 39% $624 38% Median Price by Bedroom compared to last year. Studio $239K $250K -4% $312K -23% 1 Bedroom $405K $365K 11% $470K -14% Price metrics varied considerably by 2 Bedroom $515K $571K -10% $635K -19% product type. Resale co-op median 3+ Bedroom $929K $815K 14% $720K 29% price was down 3% while average price increased by 13%. Median price Resale Condo 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) metrics decreased for studios and two Prices bedrooms. On the other hand, resale Median Price $899K $785K 15% $855K 5% condo median and average price Average Price $1.102M $1.043M 6% $992K 11% metrics increased, by 15% and 6%, Median PPSF $922 $894 3% $955 -3% respectively. Median price by bedroom Average PPSF $983 $1,002 -2% $981 0% type for resale condos fluctuated Median Price by Bedroom greatly, with studios falling 1%, while Studio $518K $525K -1% $728K -29% one bedrooms, two bedrooms and 1 Bedroom $598K $595K 0% $588K 2% three+ bedrooms all increased by 2 Bedroom $995K $854K 17% $925K 8% varying magnitudes. 3+ Bedroom $2.018M $1.420M 42% $1.525M 32% The median price of new New Development 2Q17 2Q16 % Chg (yr) 1Q17 % Chg (qtr) developments increased 32% year- Prices over-year to $864K, and the average Median Price $864K $656K 32% $676K 28% price was up 20% to $873K. This was Average Price $873K $727K 20% $694K 26% coupled by double-digit increases in Median PPSF $1,102 $907 22% $1,002 10% median and average price per square Average PPSF $974 $902 8% $934 4% foot, and double-digit increases in Median Price by Bedroom median prices for all new development Studio NA $576K NA $455K NA bedroom types except studios. 1 Bedroom $595K $503K 18% $664K -10% 2 Bedroom $1.002M $913K 10% $850K 18% 3+ Bedroom $1.311M $960K 37% $791K 66%

The Corcoran Group I p 23 MANHATTAN CORCORAN REPORT 2Q 2017 Methodology

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

Metrics Previous Quarter statistics for Median Price and Price per Square sales and prices are revised in the Foot are the middle or midpoint price subsequent report once data are where half of sales fall below and half available for the full quarter period. fall above this number.

Closed and Contracts Signed figures Inventory is a count of all currently for the current quarter are based listed units and is measured two on reported transactions at the time weeks before the end of the quarter. the report is prepared and projected It does not include unsold yet unlisted through the end of the quarter taking units in new developments (“shadow” into account typical seasonality. inventory).

Days on market averages how long a Months of Supply is an estimate of how unit takes to sell and is calculated by long it would take to sell all currently subtracting contract date from list listed units based on the average date. Units on the market longer than closed sales per month over the last three years and shorter than one day twelve months. Six-to-nine months is are considered outliers and removed considered supply-demand equilibrium. from the data to prevent significant skewing. New developments are 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 divided by the average square footage. In prior Corcoran

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