MANHATTAN ANNUAL REPORT 2003-2015 Manhattan Apartments, 2003-2015

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MANHATTAN ANNUAL REPORT 2003-2015 Manhattan Apartments, 2003-2015 We are pleased to present the most comprehensive annual report available on the Manhattan apartment market over the past thirteen years. Over 188,000 verified sales are included, a number of which were recorded after our quarterly market We have also provided a summary of relevant economic indicators, including data on employment, halstead.com WEB# 14296090 Wall Street, building permits and interest rates. Highlights of the report include: • The average apartment price reached a record $1,818,057 in Manhattan last year, an 8% increase from 2014. • A 41% jump in new development activity helped push this figure higher, as new developments typically sell for more than resale apartments as they tend to be larger and have more amenities. • The average price for just resale apartments rose 4% to $1,535,570, while the average new development price fell 2% to $3,043,168. • Total sales were virtually unchanged from 2014, with 14,004 closings reported. • The median price for all apartments rose 9% last year, reaching a record $999,395. • Downtown, south of 14th Street, posted the largest increase in average price in 2015 (28%), followed by Midtown East (19%). Both areas had sharp increases in new development activity last year. • While the Midtown West average price fell 21% in 2015, this was due to closings at One57 inflating the 2014 data. • Midtown West had 27% more sales than during 2014, the highest increase in sales in our report. halstead.com WEB# 13435041 Cover Property: halstead.com WEB# 14280057 AVERAGE NYC EMPLOYMENT (thousands) Source: NYS Department of Labor AVERAGE NYC UNEMPLOYMENT RATE Source: NYS Department of LaborLabor 10.0% 9.5% 9.3% 9.3% 9.1% 4,400 8.8% 9.0% 4,223.7 8.3% 4,200 4,104.7 8.0% Economic 7.1% 7.2% 3,974.9 7.0% 4,000 3,881.6 5.8% 5.7% 3,791.9 3,796.2 6.0% 5.6% 3,742.0 Indicators 3,800 3,709.3 5.0% 5.0% 3,664.7 3,691.2 3,600.6 5.0% 3,547.5 3,600 3,529.3 4.0% 3.0% 3,400 2.0% 3,200 1.0% 3,000 0.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 AVERAGE NYC SECURITIES INDUSTRY EMPLOYMENT (thousands) WALL STREET BONUSES (billions) Source: NYS Comptroller Source: NYS Department of Labor 195 $ 40 190 188.3 187.7 $34.3 $ 35 $33.0 185 180.8 $ 30 $27.6 $26.7 180 $25.6 $25.0 $ 25 $22.8 $23.2 175 172.4 $22.5 171.6 171.6 168.8 170 168.8 167.9 20 $18.6 $18.5 $ $17.6 165.8 165.7 165.5 $15.8 165 161.7 $ 15 160 $ 10 155 $ 5 150 145 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 MANHATTAN BUILDING PERMITS (number of units) Source: Census Bureau AVERAGE 30-YEAR CONFORMING MORTGAGE RATE Source: Freddie Mac 14,000 7.00% 12,613 6.41% 6.34% 6.03% 5.84% 5.87% 12,000 6.00% 5.83% 5.04% 9,520 9,700 10,000 5.00% 4.69% 8,493 8,790 4.45% 4.17% 3.98% 8,000 3.85% 4.00% 3.66% 6,000 5,232 5,435 3.00% 4,555 4,856 4,000 2.00% 2,535 2,328 2,000 1,363 1.00% 704 0 0.

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