Battery Park City Beekman Carnegie Hill South Chelsea Flatiron Clinton East Harlem East Village Financial District Gramercy Greenwich Village Hamilton Heights Morningside Heights Harlem Inwood Chinatown Lower East Side Midtown East Midtown West Murray Hill Roosevelt Island SoHo/Nolita Sutton Area TriBeCa Upper East Side Washington Heights West Village The Corcoran Report Battery Park City Beekman Carnegie Hill Central Park South Chelsea Flatiron Clinton East Harlem East Village Financial District Gramercy Greenwich Village Hamilton Heights Morningside Heights Harlem Inwood Chinatown Lower East Side Midtown East Midtown West Murray Hill Nolita Roosevelt Island SoHo Sutton TriBeCa Upper East Side Upper West Side Washington Heights West Village The Corcoran Report 3rd Quarter 2014 Battery Park City Beekman Carnegie Hill Central Park South Chelsea Flatiron Clinton East Harlem East Village Financial District Gramercy Greenwich Village A comprehensive analysis of the residential Hamilton Heights Manhattan real estate market in Manhattan. Morningside Heights Harlem Inwood Chinatown Lower The Corcoran Report Page 2 3rd Quarter 2014

Welcome to the Corcoran Report, our quarterly examination of Manhattan’s residential real estate market. This report uses market-wide data based on transactions that closed in the Third Quarter 2014 (July 1 through September 30) and compares it to closings that took place last quarter and during the same quarter last year. Closings typically occur eight to twelve weeks after a contract is signed in the resale market but can occur several years later for new developments. For that reason, the sales activity discussed trails actual market conditions.

Manhattan registered a solid Third Quarter 2014 performance as strong sales and persistently low inventory continued to drive prices ever-higher. But while price per square foot continues to rise across the market, other market dynamics are starting to shift.

The number of closed sales was the second highest figure seen in over five years. Because only Third Quarter 2013 was higher, Third Quarter 2014 registered a 10% year-over-year drop in sales. The number of sales is highly affected by two trends: limited inventory at low price points and the strength of the new development pre-sale market. Only 6% of closed sales this quarter were new development sponsor sales, a remarkably low market share, as most new developments today are still under construction.

Inventory is rising. Third Quarter 2014 was the third consecutive quarter to see a gain in active listings, the first sustained, non-seasonal upward trend in inventory since 2008. With 10% more listings available now versus the same time last year, buyers are finally seeing more options on the market. However, the shift in inventory is not consistent, as co-op listings are actually still down 2% year-over-year. It’s condo inventory that’s growing—up 22% year-over-year—driven by new developments entering the market. A rule to remember: a market in equilibrium has two times the number of available listings as quarterly sales. With about 4,000 closed sales per quarter in the past year, and only 6,223 listed available inventory, the market overall is still under-supplied. But right now not every neighborhood and price point is exhibiting the same relationship between supply and demand. Note that the market share of inventory in certain price categories diverges widely from the market share of sales. 17% of active listings are over $5M, but in Third Quarter 2014 only 5% of sales were above this price.

Average price per square foot continued to climb, up 12% annually to $1,305 market-wide (condo and co-op, new and resale combined). Average price per square foot has now risen year-over-year for eleven consecutive quarters. Resale price per square foot performed strongly year-over-year with co-ops increasing 12% and resale condos increasing 7%. But new development far outpaced the rest of the market, with a 30% rise year-over- year in price per square foot. The new developments closing this quarter tended to be larger residences, in more luxurious buildings and in prime locations.

If you have any questions regarding your specific needs, Corcoran agents are here to help you navigate the current market with expert knowledge and exceptional service.

For a digital copy of this report and more information on the New York real estate market please visit our website at www.corcoran.com/nyc/Advice. Sincerely,

Pamela Liebman Chief Executive Officer

The following members of the The Corcoran Group made significant contributions to this report: Rebecca Disbrow I Douglas LaMere I Kathleen Mejia I Ryan Schleis I Joshua Sachs I Brie Train

The following members of the PropertyShark team made significant contributions to this report: Matthew Haines I Lavinia Husar I Bodor Kalman I Robert Raiz I Mihai Palermo

The Corcoran Report is compiled using market-wide data aggregated by PropertyShark, an independent research firm. The Corcoran Report Page 3

3rd Quarter 2014 View all our current market reports at www.corcoran.com/nyc/Advice Market Trends The Manhattan market shows stability with overall strong but steady price gains in all bedroom types and within most submarkets. Uptown New developments showed very significant price Resale co-op price per square increases. Resale co-ops showed price gains in foot was up 11% versus last year nearly all bedroom types and submarkets. Resale and resale condo price per square condo prices showed more volatility but overall foot was up 21%. An increase in exhibited positive year-over-year trends. Page 4 closings of small units and units in West Side Washington Heights brought down the new development averages, Closings at caused significant however median prices within price gains on the West Side. Resale bedroom categories increased. price per square foot was up 15% and Page 16 16% respectively for condos and co- ops. Page 12

East Side The East Side had another very strong quarter, doubling its median new development price since last year. A higher Midtown proportion of three-plus bedrooms sold this quarter Median Midtown resale price was versus last year, partially up just 1% versus last year for contributing to median price both condos and co-ops. Smaller gains. Page 11 units saw higher resale growth in Midtown this quarter; studios saw the biggest gains by unit size in both submarkets. New developments south of Downtown were very limited. Page 13 The Downtown resale market showed strong growth in most unit types. Resale co-ops saw an 8% gain in average price per square foot while resale condos saw a 10% Financial District gain. In both resale submarkets and Battery Park City one and two bedroom units saw the largest annual gains. Page 14 There were few new development sales in the Financial District / Battery Park City this quarter. Resale condos showed strong annual growth with an 18% increase in average price per square foot and a 24% increase in median price. Page 15

Average price per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF Interactive map online at Number of sales $1,500 - $2,000 SF per building: $1,250 - $1,500 SF PropertyShark.com’s map of $1,000 - $1,250 SF Manhattan plots sales in the First Above 20 Units $750 - $1,000 SF Quarter according to the number 10 to 20 Units $500 - $750 SF of sales and their respective prices 3 to 9 Units Below $500 SF propertyshark.com/maps per square foot. 1 to 2 Units No SF Available The Corcoran Report Page 4 3rd Quarter 2014

Manhattan Market-wide Sales - Closings There were 4,293 closed sales during Third Quarter 2014, the second highest number of closings in over 5 years. This quarter saw 10% fewer sales year-over-year, but Third Quarter 2013 was the highest quarter for closings since before the downturn. Compared to last quarter sales are up 1%. Closed Sales Average 5,000

4,500

4,000

s 3,500

Sale 3,000

2,500

2,000

Number of Closed 1,500

1,000

500

0 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 14 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Sales - Contracts Signed Contract signed figures are derived from the number of listings reported as in contract during the quarter. Most of these contracts will close eight to twelve weeks later, often in the following quarter. However, with the return of a new development pre-sale market, contracts may close as many as three years after signing. The number of contracts signed offers a more immediate measure of the market. With 2,961 contracts signed, Third Quarter was down 16% versus last year. Condo units made up 46% of signed contracts and saw a 21% year-over-year decrease while co-ops saw a 12% decrease. Contracts signed were down 24% versus last quarter, but were just at the average of the past five years. Condo Contracts Co-op Contracts Average 5,000

4,500

4,000

3,500

3,000

2,500

2,000 Number of Contracts Signed

1,500

1,000

500

0 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 14 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

* Current quarter closed sales figures are estimates based on the number of sales as of report preparation plus the typical number of sales reported after publication. Contracts signed figures are estimates based on Corcoran data at time of report publication. The Corcoran Report Page 5 3rd Quarter 2014

Manhattan Market-wide Inventory - Total and New Listings With 6,223 active listings, inventory this quarter was 10% above last year and 8% above last quarter. Inventory appears to have hit a trough in Fourth Quarter 2013 and has been slowly climbing since; all three quarters of 2014 have shown quarter-over-quarter inventory gains.

12,000

10,000

8,000

of Listings 6,000 er mb Nu

4,000

2,000

0 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Total Listings 11,231 12,336 11,216 9,7187,942 9,0689,406 9,2438,241 9,0299,077 8,8757,726 8,2847,804 7,0825,877 6,0525,718 5,6384,913 5,3805,754 6,223 New Listings 5,1727,229 5,8214,904 4,3696,005 6,1565,432 4,6036,473 5,9575,316 4,2926,000 5,6874,546 3,8715,005 5,2274,567 3,5943,859 4,6944,665 Percent New Listing 62%54% 46%59% 52%50% 55%66% 65%59% 56%72% 66%60% 56%72% 73%64% 66%83% 91%81% 73%72%

Co-op Inventory Co-op listings are still down slightly year-over-year. At 2,882 currently listed co-ops there 3Q13 are 2% fewer on the market than Third Quarter 2013 but 5% 2Q14 more listings than last quarter. As most co-ops offer a relative bargain versus resale condos and 3Q14 new developments, inventory continues to be absorbed from the market at a quick pace. 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Co-op Listings Condo Inventory At 2,637 listings, condo inventory is up 22% since last 3Q13 year and 5% versus last quarter. The inventory trough for condos occurred during Third Quarter 2Q14 2013 and listings have begun to replenish, with new development feeding supply. 3Q14

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 CondoCondo Listings Listing s The Corcoran Report Page 6 3rd Quarter 2014

Manhattan Market-wide

$0-$500K $500K-$1MM $1MM-$2MM $2MM-$3MM $3MM-$5MM $5MM+ Inventory by Price Category Inventory has shifted slightly toward

2Q14 19% 35%25% 9% 7% 5% more expensive units. Units below $1M 3Q14 15%2 5% 22%11% 11%1 7% 20%22% decreased in market share from 45%

to 40% since last year. The biggest r 1Q14 22% year-over-year change occurred in the 2Q14 16%21% 25%134%221% 3%1% 10%19% 7%6% 5%

Quarter

under $500K category, which lost 4% of Quarte market share. 2Q13 21% 37% 23%10% 6% 3% 25% 3Q13 19%2 6% 20% 10% 9% 16%

0%0% 2020%%4400%%86060%8% 0% 100%

Percent of Sales Sales by Price Category 3Q14 Property Type Sales Comparison

There was slight growth in share of sales 9% 3Q14 19% 6% 37% 24%9%6%5% over 4% $5M, from 3% in Third Quarter 28% 2013 to 5% this quarter. Otherwise sales 34% this quarter have remained similarly 15% 2Q14 20% 34% 24%9%7%5%

distributed over the past year. Sales have Quarte r skewed toward higher prices but not to 3Q13 the same extent as has inventory; 66% 20% 60% 37% 24%9%6%3%

of sales fell in the under19 %$1M range, while 24% just 40% of inventory currently does. 2Q14 Neighborhood Sales Comparison 0% 20% 40% 60% 80%100% Resale Condo2Q14 PropertResaley Ty Co-opep Sales ComparisonNew De velopment Percent of Sales Downtown West Side East Side

Neighborhood9% Sales Comparison Property Type Sales Comparison

5% Q3 2013 27%Q3 2014 Q3 2013 10% Q33Q14 2014Property Type Sales Comparison

8% 32% 6% 9% 8% 6% 15 % 4% 28% 28% 35% 34%

17% 15%

24% 20% 58% 60%

57% 19% 19% 22% 24%

Resale Condo Resale Co-op New Development Downtown West Side East Side Midtown FIDI/BPC Uptown Resale Condo Resale Co-op New Development Downtown West Side East Side DoMidtwntoowwnnFWeIDI/stBP SiCUde Eaptowst Siden Aside from a 2% market share decrease in the Financial District Resale co-ops showed another quarter with year-over-year growth and Battery Park City, all neighborhoods remained within 1% of in market-share, up from 57% in Third Quarter 2013 to 60% this

their market2Q13 share Neighborhood a year ago. Sales Comparison quarter. New development market share shrank by 2% while

8% resale condo market share shrunk by 1%. 8% 6% 8% 28% 11% * Percentages may not total 100 due to rounding. 35% 6% 17% 28% 34%

16% 19% 57% 22%

55% Downtown West Side East Side MidtownFIDI/BPCUptown 23% 19%

Resale Condo Resale Co-op New Development

Downtown West Side East Side Midtown FIDI/BPC Uptown The Corcoran Report Page 7 3rd Quarter 2014

Manhattan Market-Wide Prices – Resale Co-ops, Resale Condos and New Developments

Market-wide average price increased 15%, year-over-year to $1.645M. Median price increased 3% to $900K, which is still below the Second Quarter 2008 all-time high of $975K. Price per square foot continues to climb, up 12% to $1,305 market-wide. Overall prices remained very stable since last quarter; all metrics are within 2%. Market-wide larger units are still seeing higher price gains. Studio growth was 2% while three-plus bedrooms saw a 10% increase. The three-plus bedroom price growth is less pronounced, however, than in past quarters and in several submarkets three+ bedroom median prices saw declines this quarter.

Average Median Avg Price Median Price Sale Price Price per sf Studio 1 BR 2 BR 3+ BR

Q3 2014 1.645M 900K 1,305 444K 735K 1.427M 3.125M Change -1% -2% 2% 2% 2% -2% 1% Q2 2014 1.666M 919K 1,276 435K 723K 1.459M 3.100M

Q3 2014 1.645M 900K 1,305 444K 735K 1.427M 3.125M ALL SALES Change 15% 3% 12% 2% 7% 6% 10% Q3 2013 1.431M 875K 1,164 435K 685K 1.350M 2.850M

Market-wide Historical Sale Price

Median Sale Price Average PPSF $1,400,000 $1,400

$1,200,000 $1,300 Foot $1,000,000 $1,200 e

$800,000 $1,100 Square Per

dian Pric $600,000 $1,000 Me Price

$400,000 $900 erage Av $200,000 $800

$0 $700 The Corcoran Report Page 8 3rd Quarter 2014

Resale Co-ops Average Median Avg Price Median Price Resale co-ops saw another quarter with double digit gains in Sale Price Price per sf Studio 1 BR 2 BR 3+ BR average price as well as average price per square foot, up 13% Q3 2014 1.312M 715K 1,043 399K 635K 1.200M 2.498M and 12% respectively, compared to last year. Median price was Change 5% -1% 5% 4% 2% -2% -6% $715K, a 4% gain over last year. By bedroom all unit sizes saw Q2 2014 1.244M 720K 994 385K 620K 1.225M 2.650M year-over-year growth with one and two bedroom units both up CO-OPS 9%. Quarter-over-quarter also saw positive growth in price per Q3 2014 1.312M 715K 1,043 399K 635K 1.200M 2.498M square foot and average price, however median price on two and Change 13% 4% 12% 4% 9% 9% 6% three bedrooms fell, by 2% and 6% respectively. Q3 2013 1.158M 690K 935 385K 580K 1.100M 2.350M

Resale Co-op Historical Sale Price

Median Sale Price Average PPSF

$900,000 $1,100

$750,000 $1,000 Foot e $600,000 $900 Pric Square Sale $450,000 $800 Per

$300,000 $700 Price Median

$150,000 $600 Average

$0 $500

Resale Condos Average Median Avg Price Median Price Resale condo price per square foot remained nearly unchanged Sale Price Price per sf Studio 1 BR 2 BR 3+ BR since last quarter at $1,464, which is 7% above last year’s figure. Q3 2014 1.895M 1.225M 1,464 626K 937K 1.767M 3.440M Median price, this quarter at $1.225M, also showed an annual gain Change -6% -6% 0% 4% 0% 0% -2% but quarterly decline, of 4% and -6%, respectively. Smaller units Q2 2014 2.016M 1.300M 1,459 600K 941K 1.775M 3.495M saw bigger gains in price; annually studios increased in median price 8% while three-plus bedrooms grew by just 1%. Versus last CONDOS Q3 2014 1.895M 1.225M 1,464 626K 937K 1.767M 3.440M quarter only studios showed a median price increase. Change 8% 4% 7% 8% 7% 5% 1% Q3 2013 1.748M 1.175M 1,364 579K 875K 1.675M 3.409M

Resale Condo Historical Sale Price

Median Sale Price Average PPSF $1,600,000 $1,500

$1,400,000 $1,400

$1,200,000 $1,300

$1,000,000 $1,200

$800,000 $1,100

Median Sale Price $600,000 $1,000

$400,000 $900 Average Price Per Square Foot $200,000 $800

$0 $700 The Corcoran Report Page 9 3rd Quarter 2014

New Developments Demand for new development continues to support increasingly high quality product and the associated year-over-year price growth. The new development market saw pricing remain nearly level since last quarter but versus last year average price increased 77%, price per square foot increased 30%, and median price increased 26%, to $1.721M. Versus last quarter average price increased 2%, median decreased 7% and price per square foot remained level. New developments skewed larger again this quarter; 25% of all new development sales this quarter were in three-plus bedrooms compared to just 15% of the market overall. While all unit types showed annual median price gains, again the largest growth among new development units occurred in one bedroom and three bedroom-plus units.

Average Median Avg Price Median Price Sale Price Price per sf Studio 1 BR 2 BR 3+ BR

Q3 2014 3.652M 1.721M 1,847 825K 935K 2.037M 7.419M Change 2% -7% 0% 55% -20% 2% 88% Q2 2014 3.587M 1.847M 1,855 531K 1.173M 1.997M 3.948M

Q3 2014 3.652M 1.721M 1,847 825K 935K 2.037M 7.419M

MARKET-WIDE Change 77% 26% 30% 27% 10% 3% 106% Q3 2013 2.060M 1.367M 1,418 650K 850K 1.972M 3.600M

Historical New Development Sale Price

Median Sale Price Average PPSF $2,000,000 $2,000

$1,800,000 $1,850

$1,600,000 $1,700

$1,400,000 $1,550

$1,200,000 $1,400

$1,000,000 $1,250 dian Sale Price $800,000 $1,100 Me

$600,000 $950 Average Price Per Square Foot

$400,000 $800

$200,000 $650

$0 $500

455 West 20th Street Baccarat Hotel & Residences Warren Lofts 101 West 87 The Corcoran Report Page 10 3rd Quarter 2014

Luxury Market Manhattan’s luxury market is defined as the top 10% of all co-op and condo transactions and was set this quarter at sales above $3.150M, compared to $2.850M in Third Quarter 2013 and slightly lower than last quarter’s cut-off mark of $3.300M. Due primarily to high-end new product introduction the overall luxury market displayed strong growth again year-over-year. Average price increased by 32% and average price per square foot increased by 24%. Price per square foot reached $2,645, for the luxury submarket. High-end new developments made up 19% of luxury closings this quarter, compared to 12% last year. Price gains were strong in the resale luxury submarket as well, with double digit increases in both the co-op and condo markets’ average price and price per square foot. The co-op luxury subset saw larger gains than the condo subset. Median condo luxury price fell year-over-year by 4% while co-op median increased by 26%. Quarter-over-quarter luxury co-op resales prices increased in all categories. Condo resales decreased in average and median price.

Average Median Avg Price Average Median Avg Price Sale Price Price per sf Sale Price Price per sf

Q3 2014 7.003M 5.100M 2,645 Q3 2014 6.450M 5.000M 2,362 Change 0% 3% 5% Change 8% 11% 17% Q2 2014 6.971M 4.930M 2,519 Q2 2014 5.947M 4.500M 2,021

Q3 2014 7.003M 5.100M 2,645 Q3 2014 6.450M 5.000M 2,362 ALL SALES Change 32% 24% 24% Change 30% 26% 29% RESALE CO-OPS RESALE Q3 2013 5.313M 4.100M 2,132 Q3 2013 4.977M 3.975M 1,824

Average Median Avg Price Average Median Avg Price Sale Price Price per sf Sale Price Price per sf Q3 2014 15.417M 13.746M 4,034 Q3 2014 5.676M 3.880M 2,420 FPO Change -3% 0% -4% Change -8% -14% 1% Q2 2014 15.883M 13.700M 4,201 Q2 2014 6.148M 4.500M 2,393

Q3 2014 15.417M 13.746M 4,034 Q3 2014 5.676M 3.880M 2,420 Change 105% 138% 61% Change 11% -4% 10% RESALE CONDOS RESALE Q3 2013 7.518M 5.779M 2,510 Q3 2013 5.094M 4.050M 2,205 NEW DEVELOPMENTS NEW

Townhouses Average townhouse pricing can be highly variable each quarter due to the low number of transactions. This quarter the East Side posted the largest gains, up 55% in average price and 47% in median price to $14.383M and $11.200M respectively. All submarkets showed double-digit annual gains in median price and average price. Versus last quarter the Eastside saw significant gains while the Westside increased slightly; Uptown stayed close to level and Downtown saw declines.

East Side West Side Downtown Uptown Average Price Median Average Price Median Average Price Median Average Price Median

Q3 2014 14.383M 11.200M 6.295M 5.050M 6.733M 5.850M 1.782M 1.700M Change 69% 63% 10% -1% -16% -8% -3% -4% Q2 2014 8.518M 6.863M 5.704M 5.125M 7.983M 6.338M 1.845M 1.763M

Q3 2014 14.383M 11.200M 6.295M 5.050M 6.733M 5.850M 1.782M 1.700M ALL SALES Change 58% 47% 21% 12% 43% 34% 21% 39% Q3 2013 9.091M 7.600M 5.198M 4.493M 4.709M 4.350M 1.476M 1.223M The Corcoran Report Page 11 3rd Quarter 2014

East Side EAST 96TH STREET Resale Co-ops East River East Side co-op prices increased compared to last year and last quarter. Median price was up 8% from Third Quarter 2013 and 3% from Second Quarter 2014. All bedroom categories saw annual gains in median price, except for three bedrooms. One and two bedroom units increased by 11% and 13% respectively year-over- year while studios grew by 9%. Average price per square foot of Park Central $1,096 was a 16% gain versus last year and up 8% versus last quarter.

Median Avg Price Median Price Price per sf Studio 1 BR 2 BR 3+ BR

Q3 2014 875K 1,096 360K 599K 1.345M 2.915M Change 3% 8% 7% 0% 0% -4% Q2 2014 849K 1,015 335K 600K 1.350M 3.025M

FDR DRIVE CO-OPS

Q3 2014 875K 1,096 360K 599K 1.345M 2.915M 5TH AVENUE oosevelt Island

R Change 8% 16% 9% 11% 13% -3% Q3 2013 811K 944 330K 539K 1.195M 2.995M

Resale Condos Resale condos showed a 1% increase year-over-year in price per square foot but a 8% decline in median price. The decline is due to an increase in market share of small unit sales this quarter. One bedrooms had the only median price increase, up 14%. Three-plus bedroom units saw a 17% decline in median price. Compared to last quarter, the East Side saw a 15% decline in median price but no change in average price per square foot. EAST 57TH STREET Median Avg Price Median Price Price per sf Studio 1 BR 2 BR 3+ BR

Q3 2014 1.125M 1,392 481K 885K 1.589M 2.990M Average price Change -15% 0% -12% 18% -2% -13% per square foot (SF): Q2 2014 1.323M 1,388 545K 750K 1.625M 3.450M Above $2,500 SF $2,000 - $2,500 SF Number of sales $1,500 - $2,000 SF

CONDOS per building: Q3 2014 1.125M 1,392 481K 885K 1.589M 2.990M $1,250 - $1,500 SF $1,000 - $1,250 SF Above 20 Units Change -8% 1% -12% 14% -2% -17% $750 - $1,000 SF 10 to 20 Units $500 - $750 SF Interactive map online at Q3 2013 1.225M 1,376 548K 775K 1.560M 3.613M Below $500 SF 3 to 9 Units No SF Available 1 to 2 Units PropertyShark.com/maps

New Developments

Due to sales in several high-end buildings such as The Marquand, Median Avg Price Median Price the East Side saw very large median price and price per square Price per sf Studio 1 BR 2 BR 3+ BR foot increases. Median price rose from $2.334M to $4.491M, a 112% Q3 2014 4.491M 2,383 N/A 1.769M 3.300M 9.000M increase. Price per square foot reached $2,383, the second highest Change 21% 0% N/A 25% 3% 16% new development price per square foot among the submarkets. One Q2 2014 4.075M 2,376 N/A 1.420M 3.207M 7.751M and three-plus bedroom units saw gains of over 100% in median and price per square foot versus last year. Q3 2014 4.491M 2,383 N/A 1.769M 3.300M 9.000M Change 112% 47% N/A 113% 38% 121% Q3 2013 2.334M 1,615 682K 832K 2.398M 4.068M NEW DEVELOPMENTS NEW The Corcoran Report Page 12 3rd Quarter 2014

WEST 110TH STREET West Side Resale Co-ops Central Third Quarter 2014 median price was similar to the median a year Park ago but average price per square foot grew 16%. Compared to last Hudson River quarter, median price was up 3% and price per foot gained 5%. Larger West Side units had bigger year-over-year median price increases with the three-plus bedroom median price up 29% to $2.875M. The trend is less pronounced quarter-over-quarter.

Median Avg Price Median Price Price per sf Studio 1 BR 2 BR 3+ BR

Q3 2014 901K 1,214 395K 682K 1.450M 2.875M Change 3% 5% -1% 8% 6% 5% Q2 2014 875K 1,153 400K 630K 1.368M 2.727M CO-OPS Q3 2014 901K 1,214 395K 682K 1.450M 2.875M

WEST SIDE HWY WEST Change 1% 16% 0% 10% 21% 29%

CENTRAL PARK WEST PARK CENTRAL Q3 2013 895M 1,049 395K 620K 1.200M 2.225M

Resale Condos Resale condos had significant year-over-year price growth. Median price increased 5% to $1.446M and average price increased 15% CENTRAL PARK to $1,779 per square foot. Studios showed the largest price gains SOUTH versus last year and last quarter, increasing to $677K. Relative to last quarter, median price increased 11% and average price per square foot increased 3%.

Median Avg Price Median Price Price per sf Studio 1 BR 2 BR 3+ BR WEST 57TH STREET 5TH AVE Q3 2014 1.446K 1,779 677K 933K 1.819M 3.593M Average price Change 11% 3% 8% -5% -5% -3% per square foot (SF): Q2 2014 1.286M 1,688 630K 985K 1.925M 3.675M Above $2,500 SF $2,000 - $2,500 SF Number of sales CONDOS $1,500 - $2,000 SF per building: Q3 2014 1.446K 1,779 677K 933K 1.819M 3.593M $1,250 - $1,500 SF $1,000 - $1,250 SF Above 20 Units Change 5% 15% 11% 1% 1% 6% $750 - $1,000 SF 10 to 20 Units Q3 2013 1.382M 1,545 612K 921K 1.800M 3.375M $500 - $750 SF Interactive map online at Below $500 SF 3 to 9 Units No SF Available 1 to 2 Units PropertyShark.com/maps

New Developments

The majority of West Side new development closings this quarter Median Avg Price Median Price occurred at Mirabeau, a conversion at 165 West 91st Street, but the Price per sf Studio 1 BR 2 BR 3+ BR prices of the relatively small number of sales were most affected by closings at the super-luxury building One57, which drove large Q3 2014 2.600M 2,393 N/A 1.125M 1.721M 7.764M average increases. Average price per square foot increased 46% Change -11% -9% N/A -10% -58% 163% year-over-year, to $2,393, however this figure represents a 9% Q2 2014 2.909M 2,644 N/A 1.246M 4.061M 2.953M decline from last quarter, when there were significantly more sales Q3 2014 2.600M 2,393 N/A 1.125M 1.721M 7.764M at One57. Change -8% 46% N/A N/A -18% 142% Q3 2013 2.838M 1,644 N/A N/A 2.100M 3.210M NEW DEVELOPMENTS NEW The Corcoran Report Page 13 3rd Quarter 2014

Midtown

Average price WEST 57TH STREET EAST 57TH STREET per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available

Number of sales

FDR DRIVE per building:

WEST SIDE HWY WEST Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units

WEST 34TH STREET EAST 34TH STREET Interactive map online at PropertyShark.com/maps

Resale Co-ops Resale Condos While strong overall, the resale co-op market in Midtown is one The Midtown resale condo market showed level prices with an annual of the submarkets that showed larger price gains among smaller 1% increase in both median price and average price per square units; studios grew 18% in median price year-over-year while foot. Compared to last quarter median price was down 25% while three-plus bedrooms grew 6%. Versus last quarter median price average price per square foot was down 11%. By unit size, studios decreased 4%, but average price per square foot increased 3%. saw the largest year-over-year median price increase at 13% while Annual gains were 1% in median and 7% in average price per three-plus bedroom units declined by 14% versus last year. square foot.

Median Avg Price Median Price Median Avg Price Median Price Price per sf Studio 1 BR 2 BR 3+ BR Price per sf Studio 1 BR 2 BR 3+ BR

Q3 2014 595K 862 375K 586K 1.100M 2.000M Q3 2014 955K 1,302 605K 900K 1.643M 2.238M Change -4% 3% 4% 0% 5% 9% Change -25% -11% 7% -18% -6% -40% Q2 2014 620K 839 360K 588K 1.050M 1.838M Q2 2014 1.273M 1,459 565K 1.098M 1.750M 3.740M CO-OPS Q3 2014 595K 862 375K 586K 1.100M 2.000M CONDOS Q3 2014 955K 1,802 605K 900K 1.643M 2.238M Change 1% 7% 18% 9% 10% 6% Change 1% 1% 13% 2% 9% -14% Q3 2013 588K 807 319K 540K 1.000M 1.895M Q3 2013 950K 1,291 535K 880K 1.503M 2.595M

New Developments There are very few new developments currently closing residences Median Avg Price Median Price Price per sf Studio 1 BR 2 BR 3+ BR in of 57th Street. There were not enough closings this quarter to draw any meaningful conclusions. Q3 2014 N/A N/A N/A N/A N/A N/A Change N/A N/A N/A N/A N/A N/A Q2 2014 N/A 997 N/A 835K N/A N/A

Q3 2014 N/A N/A N/A N/A N/A N/A Change N/A N/A N/A N/A N/A N/A Q3 2013 2.668M 1,768 N/A 1.950M 2.927M 2.967M NEW DEVELOPMENTS NEW The Corcoran Report Page 14 3rd Quarter 2014

Downtown

Resale Co-ops 34TH STREET Downtown co-op resales showed consistent growth, with a 5% increase in median price and an 8% increase in average price per square foot. All unit types saw annual gains in median price but compared to last quarter three-plus bedrooms saw an 8% decline FDR DRIVE and one bedrooms saw a 1% decline.

Median Avg Price Median Price Price per sf Studio 1 BR 2 BR 3+ BR

Q3 2014 735K 1,143 466K 715K 1.525M 2.650M

Change 1% 6% 8% -1% 17% -8 WEST SIDE HWY Q2 2014 730K 1,080 434K 720K 1.300M 2.878M CO-OPS Q3 2014 735K 1,143 466K 715K 1.525M 2.650M Change 5% 8% 3% 6% 5% 4% Q3 2013 700K 1,060 453K 675K 1.448M 2.545M

Resale Condos Year-over-year average price of Downtown resale condos increased 10% to $1,707 per square foot. The median price of $1.770M, up 2% BROOKLYN BRIDGE since last year, was again the highest median resale condo price BARCLAY STREET in the city. One and two bedroom units saw price gains, up 20% and 24% year-over-year, while studio and three-plus bedroom units declined in median price by 2% and 4% respectively.

Median Avg Price Median Price Hudson River East River Price per sf Studio 1 BR 2 BR 3+ BR

Q3 2014 1.770M 1,707 689K 1.270M 2.1633M 4.065M Change -4% 1% -5% -6% 13% -18% Q2 2014 1.850M 1.692 734K 1.348M 2.325M 4.930M Average price per square foot (SF): CONDOS Q3 2014 1.770M 1,707 689K 1.270M 2.1633M 4.065M Above $2,500 SF Change 2% 10% -2% 20% 24% -4% $2,000 - $2,500 SF Number of sales $1,500 - $2,000 SF per building: Q3 2013 1.733M 1,549 705K 1.055M 2.126M 4.250M $1,250 - $1,500 SF $1,000 - $1,250 SF Above 20 Units $750 - $1,000 SF 10 to 20 Units $500 - $750 SF Interactive map online at Below $500 SF 3 to 9 Units No SF Available 1 to 2 Units PropertyShark.com/maps

New Developments The new development market Downtown saw some price declines Median Avg Price Median Price compared to last year as well as last quarter. Year-over-year Price per sf Studio 1 BR 2 BR 3+ BR median price is down 28%, but average price per square foot is up 3% to $1,829. Several high priced sales at One Madison and Q3 2014 1.450M 1,829 868K 1.153M 2.140M 7.419M Walker Tower helped buoy these figures but the majority of new Change -22% -6% 10% -7% 0% -26% development sales downtown were in less expensive buildings. Q2 2014 1.857M 1,951 789K 1.238M 2.151M 10.000M Versus last quarter, median is down 22% and price per square foot Q3 2014 1.450M 1,829 868K 1.153M 2.140M 7.419M declined 6%. Change -28% 3% 1% 2% -6% 61% Q3 2013 2.000M 1,778 861K 1.130M 2.273M 4.622M NEW DEVELOPMENTS NEW The Corcoran Report Page 15 3rd Quarter 2014

Financial District and Battery Park City Resale Condos Resale condos in the Financial District and Battery Park City experienced strong year-over-year growth with a 24% and 18% increase in median price and average price per square foot respectively. Versus last quarter, median price increased 14% to $1.070M. The submarket showed annual gains in all unit sizes except two bedrooms.

Median Avg Price Median Price Price per sf Studio 1 BR 2 BR 3+ BR

Q3 2014 1.070M 1,189 690K 910K 1.310M 2.668M WEST STREET Change 14% 4% 17% 16% -10% 3% Q2 2014 935K 1,139 592K 786K 1.450M 2.600M

CONDOS Q3 2014 1.070M 1,189 690K 910K 1.310M 2.668M CHAMBERS STREET Change 24% 18% 24% 18% -3% 27% BROOKLYN BRIDGE Q3 2013 865K 1,009 555K 770K 1.350M 2.100M

BROADWAY BARCLAY STREET Resale Co-ops There is very limited cooperative inventory in the Financial District and Battery Park City, and as a result there was not a statistically significant number of sales to draw any meaningful conclusions.

Hudson FDR DRIVE East River River Average price per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF Number of sales $1,500 - $2,000 SF per building: $1,250 - $1,500 SF $1,000 - $1,250 SF Above 20 Units $750 - $1,000 SF 10 to 20 Units $500 - $750 SF Interactive map online at Below $500 SF 3 to 9 Units No SF Available 1 to 2 Units PropertyShark.com/maps

New Developments

New Developments in the Financial District and Battery Park City Median Avg Price Median Price submarket were very limited this quarter, making it difficult to Price per sf Studio 1 BR 2 BR 3+ BR draw market-wide conclusions. Median sale price increased by Q3 2014 950K 1,170 N/A N/A N/A N/A 16% compared to the sales during Third Quarter 2013 and was Change -5% -14% N/A N/A N/A N/A down 5% versus last year. Price per square foot was level with Q2 2014 997K 1,357 667K 975K 1.998M N/A last year’s figure. Q3 2014 950K 1,170 N/A N/A N/A N/A Change 16% 0% N/A N/A N/A N/A Q3 2013 822K 1,169 596K 794K 1.436M 2.393M NEW DEVELOPMENTS NEW The Corcoran Report Page 16 3rd Quarter 2014

Uptown Resale Co-ops Resale co-ops showed strong growth with a 21% increase in average price per square foot versus last year. Larger units saw greater gains with a 17% rise in three+ bedroom median price year-over-year.

Median Avg Price Median Price Price per sf Studio 1 BR 2 BR 3+ BR

Q3 2014 396K 592 205K 330K 529K 780K Change -2% 22% 3% 3% 11% 30% Q2 2014 405K 487 200K 319K 475K 600K Harlem River CO-OPS Q3 2014 396K 592 205K 330K 529K 780K Change 10% 21% -5% 11% 13% 17% Q3 2013 360K 488 216K 299K 470K 665K

Resale Condos Uptown resale condo price showed annual growth in two and three-plus bedroom units. Three-plus bedrooms saw a 72% gain in median price, up to $1.548M. One bedroom units saw a slight decline in median price versus last HARLEM RIVER DRIVE year but was up 14% versus last quarter. Prices often show more volatility in this submarket as condo inventory Uptown has historically been limited.

Median Avg Price Median Price Price per sf Studio 1 BR 2 BR 3+ BR

Q3 2014 650K 717 N/A 459K 650K 1.548M PKWY HUDSON HENRY Change 11% 5% N/A 14% 0% 38% Q2 2014 585K 683 315K 402K 652K 1.123M

CONDOS Q3 2014 650K 717 N/A 459K 650K 1.548M Change 17% 11% N/A -2% 5% 72% Q3 2013 555K 647 425K 467K 618K 900K

Average price WEST 110TH STREET per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF Number of sales $1,500 - $2,000 SF per building: Central $1,250 - $1,500 SF $1,000 - $1,250 SF Above 20 Units Park $750 - $1,000 SF 10 to 20 Units EAST 96TH STREET $500 - $750 SF Interactive map online at Below $500 SF 3 to 9 Units No SF Available 1 to 2 Units PropertyShark.com/maps

New Developments The Uptown market has very diverse new development product that Median Avg Price Median Price can often skew comparisons. The proportion of all sales Uptown that Price per sf Studio 1 BR 2 BR 3+ BR were new developments shrank since last year. This quarter median price was $520K and average price per square foot was $725, Q3 2014 520K 725 N/A 418K 668K N/A representing a decrease of 5% and 4% respectively from Third Change -27% -8% N/A -17% -13% N/A Quarter 2013. Nearly half of all Uptown new development closings Q2 2014 717K 785 207K 501K 771K 1.146M this quarter were at Edgecombe Parc, a condo in Washington Heights. Q3 2014 520K 725 N/A 418K 668K N/A Last year there was a higher volume of closings in Southern Harlem Change -5% -4% N/A 19% 6% N/A and Morningside Heights. Q3 2013 550K 753 422K 350K 633K 1.785M NEW DEVELOPMENTS NEW