The Corcoran Report 3Q17 ContentsThird 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 3Q Corcoran Report

Overview 2017 The Manhattan market has now Manhattan 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) experienced two consecutive quarters of annual growth in closed sales as a Overview result of improved contract activity Closed Sales 3,703 3,584 3% 3,700 0% during the first six months of 2017 Contracts Signed 2,468 2,567 -4% 3,424 -28% versus 2016. In Third Quarter 2017, the Average Days on Market 89 87 2% 107 -16% Manhattan market saw closings rise Inventory 5,930 5,861 1% 6,421 -8% by 3% year-over-year to 3,703 sales, Months of Supply 5.4 4.9 10% 5.3 2% primarily due to strong performances Prices in the new development and resale Median Price $1.150M $1.050M 10% $1.181M -3% co-op markets. Average Price $1.972M $2.034M -3% $2.146M -8% Signed contracts fell by 4% year- Median PPSF $1,339 $1,314 2% $1,375 -3% over-year, to 2,468 contracts signed. Average PPSF $1,741 $1,833 -5% $1,857 -6% An undersupplied co-op market, Median Price by Bedroom delayed new development launches, Studio $475K $515K -8% $520K -9% adjustments in foreign capital 1 Bedroom $835K $803K 4% $840K -1% controls, and the lack of lower-priced inventory in the resale condo market 2 Bedroom $1.658M $1.600M 4% $1.650M 0% have affected marketwide absorption. 3+ Bedroom $3.850M $3.663M 5% $4.253M -9%

price and price per square foot negotiability at the higher end of the Manhattan closed sales rose both experienced annual gains, market worked in tandem to apply 3% year-over-year. with the median price rising by downward pressure on average price 10% and median price per square and average price per square foot rising 2%. Conversely, the effects figures, which fell for the first time Listed inventory has stabilized this of rising inventory, widespread since Fourth Quarter 2013, by 3% and year. At 5,930 active listings, inventory price decreases, and marketwide 5%, respectively. was nearly level with last year, rising by just 1% annually. However, despite more closed sales and level CLOSED SALES inventory in Third Quarter 2017, fewer 5,000 sales in the preceding nine months 4,000 nevertheless pushed months of supply to 5.4 months, moving closer 3,000 to the six-to-nine month supply- 2,000 demand equilibrium threshold. 1,000 Pricing trends were mixed in Third

Quarter 2017. Marketwide median 0 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17

The Corcoran Group I p 3 MANHATTAN CORCORAN REPORT Market Wide 3Q 2017

Sales Manhattan 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) Manhattan marketwide closed sales Sales registered a year-over-year increase Closed Sales 3,703 3,584 3% 3,700 0% 3+ BR of 3% to 3,703 sales in Third Quarter Contracts Signed 2,468 2,567 -4% 3,424 -28% 2017. Signed contracts fell year-over- 2 BR Average Days on Market 1 BR year by 4% to 2,468 contracts signed. Market Wide 89 87 2% Studio107s -16% While marketwide closed sales Studio 70 76 -7% 75 -7% experienced an increase, not all 1 Bedroom 80 83 -3% 99 -19% product types trended in the same 2 Bedroom 92 84 10% 112 -17% direction. Resale co-ops saw closings 3+ Bedroom 119 118 1% 145 -18% increase by 5% to 2,098 sales – the most of any product type this quarter. Resale condos, however, over-year, up 2%, to 89 days in Third DAYS ON MARKET BY BEDS experienced a 9% decrease in closed Quarter 2017. This quarter’s average sales compared to last year, falling was down 16% compared to Second 150 to approximately 1,000 closed sales. Quarter 2017, as inventory in the 120 3+ BR Resale condo sales have suffered summer months decreased. Days on 90 market increased for resale co-ops 2 BR from both a lack of affordable 60 1 BR Studios inventory and lingering high-priced by 5% to 84 days, and was level 30 listings, which together have muted with last year at 101 days for resale buyer participation in the market for condos. 0 this product type. Similar to the same time last year, of 80 days on market. Two bedroom New development closings increased studios had both the largest year- and three bedroom residences 26% versus last year to 593 closed over-year drop in days on market, experienced increases in days on sales, the largest annual increase down 7%, and the lowest figure of market. Two bedrooms rose by 10%, of any product type this quarter. any bedroom type at 70 days. One the largest of any bedroom type, This increase was ushered in due bedroom residences also decreased to an average of 92 days. Three to the relatively limited number year-over-year, by 3%, to an average bedrooms rose by 1% to 119 days. of deliveries in Third Quarter 2016 versus previous years, when fewer CONTRACTS SIGNED than 500 new development units closed. Furthermore, the large new 5,000 developments that were in the midst 4,000 of delivering units during Third

Quarter 2016 were, on average, 3,000 further along in their respective closing cycles, therefore delivering 2,000 units at a slower pace compared to Third Quarter 2017. 1,000

Days on Market 0 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 The average number of days a listing was on the market before entering contract increased slightly year-

The Corcoran Group I p 4 MANHATTAN CORCORAN REPORT Market Wide 3Q 2017

Inventory All Sales 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) Manhattan inventory increased year- Inventory over-year for the seventh consecutive Market Wide 5,930 5,861 1% 6,421 -8% quarter, and registered 5,930 units Studio 595 571 4% 593 0% in Third Quarter 2017. This was just a 1 Bedroom 1,779 1,778 0% 1,848 -4% minimal 1% increase year-over-year, 2 Bedroom 1,874 1,819 3% 2,035 -8% however, indicative of a relatively 3+ Bedroom 1,670 1,683 -1% 1,936 -14% stable inventory climate compared to the double-digit increases Months of Supply experienced throughout 2016. Market Wide 5.4 4.9 10% 5.3 2% Studio 4.1 3.6 14% 3.6 15% Inventory trends also varied by product 1 Bedroom 4.5 4.2 5% 4.2 6% type. Resale co-ops saw inventory 2 Bedroom 5.7 5.2 11% 5.7 1% increase by just 3% to 2,516 listings. Resale condo inventory decreased by 3+ Bedroom 8.6 8.5 2% 9.5 -9% 1% to 2,421 residences on the market. New development listings (excluding MONTHS OF SUPPLY BY TYPE unlisted, yet unsold shadow inventory) Months of Supply Months of supply is an estimate of how grew by a modest 2% year over year 8.0 long it would take to sell all current to just under 1,000 listings. 7.0 Resale active listings at the rate of sales 6.0 Condos Inventory trends varied relative recorded during the previous twelve 5.0 to residence size, as well. Studio months, if no new listings entered the New 4.0 Dev inventory increased 4% compared Resale market. Six-to-nine months is considered 3.0 to last year, rising to 595 residences supply demand equilibrium. Co-ops 2.0 available for purchase. One bedrooms Manhattan market wide was under- 1.0 were level with last year, at 1,779 active supplied in Third Quarter 2017 with 5.4 0.0 listings. Two bedrooms rose by 3% to months of supply. This was an increase 1,874 listings while three+ bedrooms months have pushed months of supply of 10%, or half a month, versus a year saw inventory decrease by 1% to 1,670 figures higher. ago. Soft sales during the preceding nine apartments awaiting a buyer. Resale condos were the only residence type within equilibrium this quarter, while CO-OP & CONDO INVENTORY both resale co-ops and new development 12,000 (excluding unsold, unlisted inventory) were undersupplied. 10,000 Three of the four bedroom types were 8,000 undersupplied this quarter, but each bedroom type experienced annual 6,000 increases. Studios had 4.1 months of supply, one bedrooms were at 4.5 4,000 months, and two bedrooms were at 5.7

2,000 months. Three+ bedroom units were the only type within equilibrium, at 8.6 0 months of supply. 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 Condo Listings Co-op Listings

The Corcoran Group I p 5 MANHATTAN CORCORAN REPORT Market Wide 3Q 2017

Prices Manhattan 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) Manhattan pricing in Third Quarter Prices 2017 was up for median price metrics Median Price $1.150M $1.050M 10% $1.181M -3% but down for average price metrics. Average Price $1.972M $2.034M -3% $2.146M -8% Median price figures continue to be Median PPSF $1,339 $1,314 2% $1,375 -3% pushed higher due to competition Average PPSF $1,741 $1,833 -5% $1,857 -6% over limited affordable inventory. Median Price by Bedroom Average price fell for the first time since Fourth Quarter 2013 Studio $475K $515K -8% $520K -9% and average price per square foot 1 Bedroom $835K $803K 4% $840K -1% declined for the first time since Third 2 Bedroom $1.658M $1.600M 4% $1.650M 0% Quarter 2012. Widespread price 3+ Bedroom $3.850M $3.663M 5% $4.253M -9% reductions at new developments Median PPSF by Bedroom Studio $1,125 $1,075 5% $1,133 -1% MEDIAN PRICE CHANGE BY BEDROOM 1 Bedroom $1,236 $1,184 4% $1,227 1% 10% 2 Bedroom $1,406 $1,365 3% $1,391 1% 3+ Bedroom $1,820 $1,887 -4% $1,962 -7% 5% 3+ BR 1 BR 2 BR 5% 4% 4% $1,339, but was down by 3% from last apartments, which fell by 8% to 0% Studio quarter. Average price per square $475K. One bedroom median price -8% foot fell by 5% year-over-year and by increased by 4% to $835K. Two -5% 6% quarter-over-quarter to $1,741 per bedroom residences also experienced square foot. a 4% increase in median price, rising -10% to $1.658M. Three+ bedroom median Median price figures in Third Quarter price rose by 5% to $3.850M. and luxury resale listings, prevalent 2017 were up for all but studio negotiability (with buyers often negotiating further off already MANHATTAN HISTORICAL PRICES reduced asking prices), and fewer sales of apartments at the high-end $1.2 $2,000 of the market drove the decreases of average price figures. Third Quarter $0.9 $1,500 2017 median price rose by 10% year-

over-year to $1.150M. This quarter’s Foot $0.6 $1,000 figure was down slightly from the millions ) (in Square

record high of $1.181M reached Per Price $0.3 $500 dian in Second Quarter 2017. Average Price sale price decreased 8% from last Me quarter’s record high and 3% from $0.0 $0 Third Quarter 2016 to $1.972M. 3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 Median PriceAverage PPSF Median price per square foot was up by a modest 2% year-over-year to

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 10% 12% 15% 10% 12% Studio 15% Studio Studio 1 BR 3+ BRs 12% 15% 3+ BRs 1 BR 10% 3+ BRs 30% 18% 3+ BRs 18% 30% 1 BR 18% 3+ BRs 18% 3+ BR3+s BRs 1 BR 1 BR 30% 18% 1 BR 3+ BRs 1 BR 18%28% 38% 36% 36% 28% 3+ BRs 38% 1 BR 1 BR 28% 38% 36%

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

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% 5% 5% & Battery Park City & Battery Park City Uptown & Battery Park City Upto6%wn 21% 10% Studio East Side 10% East Side 7% 6% 21% Uptown East Side 5% 10% East Side 5% 10% East Side 3QSt udi2017o Studio 7% 5% East Side 5% 10% 24% 21% Studio 6% 21% Studio 24% 10% Studio 21% 10% East Side 12% 15% 10% Studio 12% Studio 24% 15% Studio 21% 1 BR 3+ BRs 10% 12% 15% 3+ BRs 1 BR 3+ BRs 30% 18% 3+ BRs 18% 30% 1 BR 18% 3+ BRs West Side West Side 18% 3+3+ BR BRs s 1 BR 30%West Side 18% 15% 1 BR 3+ BRs 15% 1 BR 1828%% 36% Market15% Wide1 BR 38% West Side 3+ BRs 36% 1 BR 28% 38% 1 BR West Side Downtown West Side Downtown 28% Downtown West Side Downtown Downtown West36 Si%de 18% Downtown Downtown We38%st Side 18% Downtown 28% 18% 30% Downtown 28% 30% 29% 18% 18% 28% 18% 30% 29% 29% 2 BRs 2 BRs Market Share 2 BRs 2 BRMisdtown Midtown Midtown 2 BRs 32% Midtown 31% Midtown 2 BRs 32% Midtown 2 BRs Midtown 2 BRs 32%22% 22% 2 BRs 22% Midtown 31% Midtown 15% 16% 32% Comparing the market share of 15%sales to active listings32% yields notable differences that can affect16% buyers’ searches31% and sellers’ sales 32% 15% 16% 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 Market share by price point saw the Uptown Financial District Financial District Financial District Financial District Financial District Financial District Financial District Financial District & FiBanattnceriayl PaDistrirk Cityct Uptown & Battery Park City Uptown & Battery Park City Uptown & Battery Park City low-end& ofBatt erthey Park market City decline in & Battery Park City Uptown East Side Uptown East Side & Battery Park City Uptown & Battery Park City & Battery7% Park City 5% 100-%500K East Side 5% 10% East Side 7% 0-500K Upto0-wn500K East Side 5% 0-500K Upto0-wn500K 5% 0-500K Up0-0-6%to500K500Kwn 50021%K-1M 0-500K 6% 21%500K-1M 500K-1M 10% East Side 10% East Side 24% - 7% 6% -6% 21% 12% 5% 10%12% East Side 13% 5% 1013%%--6% Ea23%st Side 12% 13% 21% -6% 23% -market23% share. Sales of apartments24% 21% 5M+ 5M+ 5M+ 24% 5M+ 5M+ 21% 5M+ 7% 7% 7% 500K-1M 500K-1M 500K-1M 7% 500K-1M 7% 500K-1M 7% 500K-1M 5M+ 5M+ 34% 5M+ 34% between $500K and $1MM3M-5M fell by 34% 3M-5M 36% 36% 3M-5M 36% 17% 17% 3M-5M 3M-5M17% West Side 3M-5M West Side 8% 8% 8% 4Q15 3Q174Q15 9% 3Q16 9% INVENTORY 15% 4Q15 9% 15% 2% from Welastst Side year, consistent with 1M-2M 1M15%-2M 1M-2M West Side 26% 2M-3M 2M-3M 2M-3M West Side 2M-3M 26% Down2Mtown-3M West Side Down2Mto-3wnM 26% Downtown West Side Downtown Downtown West Side 18% Downtown 3M-5M 11% Downtown11% West Side 9% 18% Downto9%wn3M-5M 28%11% 18% 30%9% 3M-5M Downtown the marketwide annual28% increase in 18% 30% 29% 18% 29% 14% 14% 28% 18% 30% 14% 29% 1M-2M 1M-2M 1M-2M 2M-3M 2M-3M 1M-2M 1M-2M 2M-3M 1M-2M median price. Meanwhile, apartments 26% 26% Midtown 26% 14Mi%dtown 14% 28% 28% 14% Mi28dtow%n Midtown Midtown Midtown Midtown 22% 22% Midtown Midtown 15% 16% 22% 15% 16% above $2MM claimed 45% of 15% 16%

0-500K 500K-1MM 1MM-2MM 2MM-3MM 3MM-5MM 5MM+ Under $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+ inventory but0-50 26%0K 50 0Kof-1 MMsales.1MM-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 Midtown 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 BedroomsFinancial 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 Unit Type Unit Type Unit Type BEDROOMSUnit Type Unit Type UnitPric Tyepe Unit PricTypee Unit TypePrice Price ThePric eshare of sales by bedroomPric typee Price Price Price Resale Condo Resale Condo Resale Condo Resale Condo 27% Resale Condo Resale Condo Resale Condo 27% 31% Studio Resale Condo wereStudio relatively41% similar to last year.Studio Studio Studio31% StStudiudioo Resale Condo Studio 27% Studio 31% 10% 41% 10% 12% 12% 15% 15% 41% 12% 15% 0-500K 0-500K New Dev 0-500K10% 500K-1M 0-500K 0-500K 0-500K 500K-1M Ne0-w 500KDev New Dev 0-500K 0-500K 500K-1M 12% New Dev 13% --6% 12% New Dev 13% New--6% Dev 23% 1 BR - Active listings1 BR were significantlyNe3+w BRDevs 3+16% BRs 12% 13% New Dev13% 23% 1 BR 3+Ne wBR Des v 17%-6% 23% 5M+ 3+13 %BRs 3+ BRs 5M+ 3+ BR13s%5M+ 17% 30% 30% 16%18% 185M%+ 5M+ 17% 30% 1816%% 7% 18% 185M%+ 7% 500K-1M 18% 500K-1M 7% 500K-1M 7% 500K-1M 7% 500K-1M 3+ BRs 3+ BRs different than recent sales for two 1 BR 5M7%+ 500K1 BR-1M 34% 1 BR 5M+ 5M+ 34%1 BR 34%1 BR 36% 3+ BRs 3M-5M 1 BR 36% 28% 28% 3M-5M 3M-5M 36% 17% 3636%% 3M-5M 36% 17% 17% 38% 3Q17 38% 3M-5M 3Q16 3M-5M28% INVENTORY 8% 38% 8% 8% 9% types: one bedroom units comprised4Q15 4Q15 9% 9% 4Q15 1M-2M Co-op Resale 1M-2M Co-op Resale Co-op Resale 1M-2M 2M-3M Co-op Resale 2M-3M Co-op Resale 2M-3M 2M-3M Co-op Resale 26% 42% 26% 2M-3M 57% 2M-3M Co56-%op Resale 26% Co-op Resale Co-op Resale 38% of sales this quarter11% but2 BR sonly57% 30% 2 BRs 9% 56% 3M-5M2 BRs 11%2 BRs 9% 3M-5M 42% 3M-5M 2 BRs 11% 2 BRs 9% 42% 57% 2 BRs 56% 2 BRs 32% 32% 1431%% 2 BRs 32% 14% 14% 32% 31% 31% 32% 1M-2M 1M-2M32% 1M-2M 2M-3M of 2Mactive-3M listings, while three+ bedroom1M-2M 1M-2M 2M-3M 1M-2M 26% 26% 26% 14% 14% 28% 28% 14% 28% Condo ResaleunitsCo-o pclaimed Resale New 18% Dev of sales but a notably 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 1larger Bed 2 Be 28%d 153+% Beofds active listings.Studio 1 Bed 2 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 0-3M500KM-5MM500K-15MMMM+ 1MM-2MM 2MM-3MM 0-3M50M-0K5MM 500K5M-1M+MM 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+ Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood NeNeighborhooighborhoodd Neighborhood Neighborhood Uptown Property Type Uptown PropertyProperty Type Type Property 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 Market share& Batt erofy Pa salesrk City by property type& Battery Park City & Battery Park City Uptown & Battery Park City Uptown East Side Uptown East Side Uptown Uptown & Battery Park City Uptown & Battery Park City Uptown East Side & Battery Park City Uptown & Battery Park City Uptown 7% 5% East Side 5% 10% 7% 6% 21% 6% 21% 5% 10% East Side 10% 5% 10% East Side 7% 6% Ea21%st Side 5% 10% East Side 5% 10% East Side Resale Condo Resale Condo Resale Condo saw resale condos lose market share 24% 24% Resale Cond21%o Resale Cond21%o 24% Resale21% Condo Resale Condo Resale Condo 27% 27% 31% 31% Resale Condo 27% 31% Unit Type Unit Type Unit Type 41% Unit Type 41% Unit Type Unit Type Unit Type Unit Type Unit Type 41% to new developments, while resale New Dev New Dev New Dev New Dev New Dev New Dev New Dev New Dev West Side 13% Ne13%w Dev 17% West Side 17% 16% 16% West Side 13% 15% Studio Studio 17% Studio Studio 16% Studio 15% Studio co-ops marketStudio share remained stable. Studio Studio 15% 12% 15% 10% 12% 15% 10% 10% 3Q1712% 3Q16 West Side 15% INVENTORY West Side West Side Downtown West Side Downtown Downtown Downtown Downtown1 BR Downtown 3+ BRs West Side 1 BR18% 3+ BRs Downtown West Side 18% Downtown 1 BR 28%3+ BRs 18% 3+ BRs 18% 30Do%wntown 3+ BRs 30% 29%30%Resale condos claimed 2827%% of sales18% 18% 30% 3+ BRs 30% 18% 28% 18% 29% 30% 18% 18% 29% 18% 18% 1 BR 3+ BRs 1 BR 3+ BRs1 BR 1 BR 3+ BRs 1 BR 1 BR 36% Co op Resale 28% butCo-op representedResaMiledtown 41% of inventory,Co-op Rewhilesale Co-op Resale Co-op Resale 36% 28% 36Co% -op Resale 38% Co-op Resale - Midtown 28% 38% Midtown 38% Co-Miopdt ReowsaMinledtown Co-op Resale 42% 22% Mi57%dtown 57% 56Mi%dtown 56% Midtown Midtown 42% 22% 15% 4216% 22% 57% 56% resale co-ops claimed 57% of sales15% but 16% 15% 16% 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 2 BRs 32% 2 BRs 32% 32% 31% 31% 31% 32% a much smaller32% 42% of inventory. Resale Co-op 32% 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 Midtown Condo Resale Co-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% Neighborhood15% 15% Studio 1 Bed 2 Bed 3+ Beds Studio 1 Bed 2 Bed 3+ Beds Studio 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 The East Side had the most notablePrice NEIGHBORHOODPrice Price Price Price Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Neighborhood Uptown Uptown annual change in share of sales, Uptown Financial District Financial District Financial District Financial District Financial District Financial District Financial District Financial District Financial District 0-500K 500K-1M 0-500K 0-500K 0-500K 0-500K& Battery Park City & Battery Park City & Battery Park City0-500K & Battery Park City & Battery Park City Upto0-wn500K& Battery Park City & Battery Park City 0-500K 500K-1M & Battery Park City Uptown & Battery Park City Uptown 0-500K 500K-1M Uptown East Side --6% Up23%town East Side Uptown Uptown12% Uptown Upto13%wn East Side 7% 7% 5% 12% Ea5%st Side 5% 10% 5% 7% --6% 5% 10% East Si12%de 5% 10% East Side 13% --6% 23% 6% 21% increasing6% from21% 21% last year to 24%10% 5M+10% East Side 13% East Side 10% 5MEast+ Side6% 21%23% 5M+ 5M+24% 21% 24% 7% 24%500K-1M 5M+ 21% 21% 5M+ 7% 7% 500K-1M 7% 500K-1M 5M+ 500K-1M 34% 7% 500K-1M 7% 500K-1M 5M+ this quarter. Downtown, the share of 3M-5M 5M+ 36% 34% 17% 3M-5M 34% 36% 3M-5M 3M-5M 36% 17% 8% 3M-5M 17% 3M-5M 8% 4Q15 9% West Side 8% Wesalesst Side slightly decreasedWest Side from 30%4Q15 9% 4Q15 9% 15% 1M-2M 15% 3Q17 3Q16 INVENTORY 15% 1M-2M 2M-3M West Side 2M-3M 1M-2M West Side 26% Downtown West Side 2M-3M Downtown 2M-3M Downtown West SideDowntown West Side 2M-3M Downtown 26% Downtown West Side 18% 2M-3M 26%Downtown 3M-5M Downtown 11% 18% Do9%wntown 18% 30% last year to 28% this year. Midtown28% 18% 28% 18% 30% 30% 3M-5M 28% 11% 18% 9% 3M-5M 29% 14% 29% 11% 9% 29% 14% 1M-2M 14% 2M-3M 1M-2M 1M-2M Midtown Midtown 1M-2M 262M%-3MMidtown 1M-2M 2M-3M again14% had the biggest difference1M -2M 28% Midtown Midtown Midtown Midtown 26% 22% 22% Midtown Midtown 26% 14%22% 28% 14% 28% 15% 16% 16% 15% 16% between sales and inventory, claiming 15%

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 22% of available listings, but only 15% 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 Distofrict an sales.d Battery Park City Financial District andDo Bawnttetorywn Park City 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 Price Property Type Price Price PropertPricye Type Price PropertyPrice Type Price Property Type Price Property Type

0-500K 500K-1M 0-500K 500K-1M 0-500K 0-500KResale Condo 0-500K 0-500K 0-500KResale500 CondK-1oM 0-500K 0-500K - - 12% The Corcoran12% Group I p 7 13% 12% Resale Condo Resale Condo -6% 23% Resa-6%le Condo 23% Resale Condo 27% 13%Resale Condo --6% 31%23% 13% 5M+ 5M+ 5M+ 5M+ Resale Condo 5M+ 27% 5M+ 31% Resale Condo 41% 27%7% 7% 31% 7% 500K-1M 500K-1M 7% 500K-1M 7% 500K-1M 41% 500K-1M 7% 500K-1M 41% 5M+ 5M+ 34% 34% New De5Mv + 3M-5M Ne3M-5Mw Dev 36% 36% 3M-5M 34% 36% 17% New Dev 17% 3M-5M 3M-5M 17% 3M-5M New Dev 8% 8% New Dev 13Ne%w Dev 8% New Dev New Dev 17% New Dev 4Q15 16% 4Q15 9% 9% 9% 13% 13% 17% 4Q1516% 17% 1M-2M 1M-2M 16% 1M-2M 2M-3M 26% 26% 2M-3M 2M-3M 2M-3M 26% 2M-3M 2M-3M 3M-5M 3M-5M 11% 11% 9% 9% 3M-5M 11% 9% 14% 14% 1M-2M 14% 2M-3M 1M-2M 1M-2M 1M-2M 1M-2M 2M-3M 26% 2M-3M 1M-2M 14% 28% 28% 26% 26% 14% Co-op Resale Co-op Resale Co-op 14Re%sale 28% Co-op Resale Co-op Resale Co-op Resale Co-op Resale 42% Co-op Resale 57% Co-op Resale 56% 42% 57% 56% 42% 57% 56% 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 27% Resale Condo Resale Condo 27% 31% 31% Resale Condo 27% 41% 31% 41% 41% New Dev New Dev New Dev New Dev New Dev New Dev New Dev 13% New Dev New Dev 17% 16% 13% 13% 17% 16% 17% 16%

Co-op Resale Co-op Resale Co-op Resale Co-op Resale Co-op Resale Co-op Resale Co-op Resale Co-op Resale Co-op Resale 42% 57% 57% 56% 56% 42% 42% 57% 56%

Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev Condo Resale Co-op Resale New Dev MANHATTAN CORCORAN REPORT Resale Co-ops 3Q 2017

Manhattan’s resale co-op market, Resale Co-ops 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) consistently the most robust of any Overview product type, had a 5% increase Closed Sales 2,098 2,001 5% 1,979 6% in closings to 2,098 sales in Third Average Days on Market 84 80 5% 103 -19% Quarter 2017. Inventory rose by 3% to reach 2,516 listings which led to an Inventory 2,516 2,438 3% 2,763 -9% increase in months of supply to 4.2 Months of Supply 4.2 3.9 9% 4.4 -3% months. This past quarter, 84% of Prices resale co-op sales were below $2M (a Median Price $835K $800K 4% $825K 1% very competitive and in-demand price Average Price $1.410M $1.260M 12% $1.399M 1% range within Manhattan), which Median PPSF $1,046 $1,040 1% $1,046 0% contributed to the under-supply of Average PPSF $1,271 $1,270 0% $1,371 -7% resale co-ops. Days on market also Median Price by Bedroom increased in tandem with the increase Studio $445K $440K 1% $454K -2% in inventory, with listings spending an 1 Bedroom $743K $705K 5% $715K 4% average of 84 days on the market. 2 Bedroom $1.295M $1.300M 0% $1.335M -3% NEIGHBORHOOD MEDIAN PRICES 3+ Bedroom $3.030M $2.345M 29% $2.700M 12%

$1.0 $0.8 AVAILABLE CO-OP RESIDENCES $0.6

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

$0.2 MIDTOWN UPTOWN $0.0

Resale co-op pricing was up for nearly all price metrics compared to last year, while price per square foot metrics were flat. Median price increased 4% year-over-year to $835K, and median price per square foot was up 1% to $1,046. Average 60 Gramercy Park North I WEB# 5144929 235 East 73rd Street I WEB# 3701761 price increased 12% from last year RESALE CO-OP HISTORICAL PRICES to $1.410M due to an increase in $0.9 $1,600 sales of large Park and $0.8 apartments closing for more than $0.7 $20M. Average price per square foot $1,200 was up less than a percent to $1,271. $0.6

$0.5 Median prices were up year-over-year $800 and quarter-over-quarter for nearly $0.4

$0.3 Price Per Square Foo t all bedroom types. Three+ bedroom Median Price (in millions ) experienced the greatest increase $0.2 $400 from last year, up 29%. Studios $0.1 increased by 1%. One bedrooms $0.0 $0 increased by 5%, and two bedrooms 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 were level with last year. Median PriceAverage PPSF Median PPSF The Corcoran Group I p 8 MANHATTAN CORCORAN REPORT Resale Condos 3Q 2017

The resale condo market was the only Resale Condos 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) market to experience decreases for Overview both closed sales and inventory versus Closed Sales 1,012 1,111 -9% 1,078 -6% last year, and is the only product type Average Days on Market 101 101 0% 114 -11% with more than six months of supply. Inventory 2,421 2,454 -1% 2,654 -9% Resale condos had a 9% drop in sales, Months of Supply 7.5 6.9 9% 7.4 2% falling to 1,012 sales, compared to Third Prices Quarter 2016, driven by a 10% decline Median Price $1.433M $1.350M 6% $1.490M -3% in resale condo sales under $2M. Average Price $2.167M $2.068M 5% $2.203M -1% Meanwhile, inventory decreased by 1% from last year to 2,421 available listings. Median PPSF $1,488 $1,455 2% $1,518 -2% The drop in sales exceeded the drop Average PPSF $1,774 $1,701 4% $1,781 0% of inventory, causing months of supply Median Price by Bedroom to increase by 9% year-over-year. The Studio $710K $670K 6% $700K 1% disconnect between sales and inventory 1 Bedroom $1.040M $995K 5% $1.045M 0% by price range continues to hinder 2 Bedroom $1.823M $1.875M -3% $1.893M -4% resale condo sales, where apartments 3+ Bedroom $3.699M $3.600M 3% $4.255M -12% under $3M make up 92% of sales but only 66% of inventory. AVAILABLE CONDO RESIDENCES NEIGHBORHOOD MEDIAN PRICES

$2.5

$2.0

$1.5 n Millions East Side FIDI / BP C

$1.0 UPTOWN DOWNTOWN

$0.5 Midtow EAST SIDE WEST SIDE $0.0 MIDTOWN

Both median and average price figures increased year-over-year. Median price 406 West 45th Street I WEB# 5174651 125 East 12th Street I WEB# 5117174 increased by 6% to $1.433M and median price per square foot increased by 2% RESALE CONDO HISTORICAL PRICES $1.8 $2,000 to $1,488 versus last year. Average price increased by 5% to $2.167M and $1.5 $1,600 average price per square foot increased by 4% to $1,774. $1.2 $1,200

Median price increased for all bedroom $0.9 types except two bedrooms, which $800 Price Per Square Foo t fell by 3%. Studios saw median price Median Price (in millions ) $0.6 increase by 6%, while one bedrooms $400 $0.3 and three+ bedrooms saw increases of

5% and 3%, respectively. $0.0 $0 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 Median PriceAverage PPSF Median PPSF

The Corcoran Group I p 9 MANHATTAN CORCORAN REPORT New Developments 3Q 2017

Similar to Second Quarter 2017, new New Developments 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) developments registered a year-over- Closed Sales 593 468 26% 640 -7% year increase in closed sales. Several Inventory 992 968 2% 1,004 -1% large new developments, like 45 East Months of Supply 5.3 4.5 19% 4.4 20% 22nd Street and 389 E 89, have begun closings, and the number of developments Prices delivering units in Third Quarter 2017 Median Price $2.225M $3.414M -35% $2.848M -22% actually exceeded last year’s number. Average Price $3.611M $5.257M -31% $4.363M -17% Additionally, this year’s annual increase Median PPSF $1,812 $2,073 -13% $2,027 -11% was exaggerated by the fact that the Average PPSF $2,320 $2,864 -19% $2,483 -7% number of closed sales in Third Quarter Median Price by Bedroom 2016 experienced a double-digit drop Studio $456K $764K -40% $1.329M -66% compared to 2015. 1 Bedroom $1.259M $1.357M -7% $1.200M 5% NEIGHBORHOOD MEDIAN PRICES 2 Bedroom $2.410M $3.151M -24% $2.725M -12% 3+ Bedroom $6.449M $6.442M 0% $6.150M 5% $6.0

$5.0 NEW DEVELOPMENTS CURRENTLY IN CLOSINGS $4.0

$3.0 DOWNTOWN Millions

$2.0 WEST SIDE

$1.0 UPTOWN MIDTOWN FIDI / BPC $0.0 EAST SIDE Third Quarter 2017 had nearly 600 closed sales, up a significant 26% from last year but down 7% from last quarter. New development inventory was up slightly year- over-year to just under 1,000 active listings. Despite this quarter’s increase in sales, fewer 520 West 28th Four Seasons Private Residences – , Downtown closings over the last twelve months and level inventory pushed months of supply upward NEW DEVELOPMENT HISTORICAL PRICES compared to a year ago. This quarter’s figure of 5.3 months was up 19% from last year. $4.0 $3,000 New development price figures decreased $3.5 $2,400 significantly year-over-year. Median price $3.0 fell by 35% to $2.225M and average price $2.5 $1,800 fell by 31% to $3.611M. Median and average $2.0 price per square foot figures fell by 13% and $1,200 19% respectively. These decreases occurred $1.5 Price Per Square Foot for a few reasons. Most notably, multiple Median Price (in millions ) $1.0 $600 developments with premium pricing like 432 $0.5 Park, 30 Park Place, and 56 Leonard had $0.0 $0 fewer closings versus last year. Secondly, this 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 past quarter saw a greater number of new Median PriceAverage PPSF Median PPSF developments in Upper Manhattan begin closings on apartments priced under $500K. The Corcoran Group I p 10 MANHATTAN CORCORAN REPORT Luxury 3Q 2017

The luxury market is defined as the top 10% of Luxury 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) closed sales in terms of price. In Third Quarter Median Price $6.399M $7.400M -14% $6.205M 3% 2017 the luxury threshold, which marks the Average Price $8.003M $9.927M -19% $8.217M -3% entry point into the luxury category, was Median PPSF $2,566 $2,832 -9% $2,447 5% $4.100M. This quarter’s threshold fell for the first time since First Quarter 2013, and was 2% Average PPSF $2,780 $3,154 -12% $2,820 -1% lower than Third Quarter 2016. Pricing in the Luxury Threshold $4.100M $4.200M -2% $4.700M -13% luxury market has been particularly impacted by over-supply and aspirational pricing, as 52% SELECTED LISTINGS of luxury sales sold below ask at an average discount of 8%. In fact, the percent of luxury sales as well as the average discount is likely understated as recorded prices do not include other concessions, such as closing credits. MARKET SHARE OF LUXURY SALES

FIDI / BPC 0% EAST SIDE UPTOWN 24% 0%

25 I WEB# 4698421 3 East 89th Street I WEB# 5100917 WEST SIDE 15% DOWNTOWN 54% MIDTOWN 7% The median price for a luxury sale this quarter was $6.399M, down a 14% from last year. The average price for a luxury sale, at $8.003M during Third Quarter 2017, was down nearly 20% from last year. Median price per square foot fell by 9% to $2,566 and average price per square foot fell by 12% to $2,780, as there were fewer sales in luxury tower 829 I WEB# 5194107 developments large residences closing for high prices per square foot. LUXURY HISTORICAL PRICES $8.0 $3,600 Downtown continues to draw the majority of $7.0 luxury buyers, claiming 53% of all luxury sales. $3,000 $6.0 The East Side had the second largest share, $2,400 at 23%, and the West Side had 14% of luxury $5.0 sales. The remaining submarkets each claimed $4.0 $1,800 less than 8% of luxury sales this quarter. Price Per Square Foo t Median Price (in Millions ) $3.0 $1,200 While luxury sales represent 10% of market $2.0 $600 activity, luxury listings (those over the $1.0 minimum price threshold of $4.100M) $0.0 $0 accounted for a considerable 21% of available 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 Median PriceAverage PPSF listings, with a price threshold of $7.300M, 70% higher than for closed sales. The Corcoran Group I p 11 East Side The East Side had the second highest number of sales in Manhattan during Third Quarter 2017, with 882 closings. Median price was up 20% to $1.200M, and average price was up 17% to $2.062M.

882 1,267 5.4 87 $1.200M $1,577 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change +16% -1% +8% -3% +20% -7%

1060 Park Avenue I WEB# 5132700 on corcoran.com MANHATTAN CORCORAN REPORT 3Q 2017 East Side

The East Side had 882 closed sales East Side 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) in Third Quarter 2017, 16% higher Overview compared to last year. Inventory was Closed Sales 882 761 16% 818 8% steady, falling by just 1% year-over- Average Days on Market 87 90 -3% 120 -27% year to 1,267 units. Fewer sales in Inventory 1,267 1,284 -1% 1,440 -12% the preceding nine months caused months of supply to rise 8% to 5.4 Months of Supply 5.4 5.0 8% 5.5 -2% months. The average time from listing to sale dropped 3% from last year Resale Co-op 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) and 27% from last quarter, settling at Prices 87 days. Median Price $890K $874 K 2% $965K -8% Most resale co-op price figures Average Price $1.870M $1.503M 24% $1.842M 2% increased this quarter, with the Median PPSF $989 $990 0% $1,017 -3% median price increasing 2% to Average PPSF $1,314 $1,307 1% $1,391 -6% $890K while average price was up a Median Price by Bedroom significant 24% to $1.870M. The sale Studio $405K $399K 2% $430K -6% of several expensive Park and Fifth 1 Bedroom $703K $649K 8% $725K -3% Avenue co-ops over $20M (versus 2 Bedroom $1.303M $1.418M -8% $1.405M -7% none this time last year) drove 3+ Bedroom $3.580M $3.148M 14% $3.258M 10% the increases. Accordingly, three+ Resale Condo 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) bedrooms posted a 14% increase in median price, while other bedroom Prices median price metrics were mixed. Median Price $1.620M $1.410M 15% $1.453M 12% Average Price $2.415M $2.111M 14% $2.340M 3% East Side days on Median PPSF $1,521 $1,385 10% $1,439 6% Average PPSF $1,815 $1,776 2% $1,872 -3% market decreased 3% Median Price by Bedroom year-over-year Studio $550K $606K -9% $647K -15% 1 Bedroom $958K $950K 1% $843K 14% Resale condo price figures generally 2 Bedroom $1.750M $1.740M 1% $1.748M 0% rose as well, with median price 3+ Bedroom $4.210M $3.390M 24% $4.598M -8% increasing by 15% to $1.620M due to New Development 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) fewer sales between $500K and $1M. Prices Similarly, median price per square Median Price $2.047M $2.172M -6% $2.428M -16% foot increased 10% to $1,521. Average Average Price $2.672M $3.285M -19% $4.618M -42% price increased 14% to $2.415M, and Median PPSF $1,681 $1,701 -1% $1,659 1% average price per square foot was up 2% to $1,815. Average PPSF $1,994 $2,139 -7% $2,360 -16% Median Price by Bedroom The new development median price Studio NA $567K NA NA NA fell 6% year-over-year to $2.047M 1 Bedroom $1.199M $1.311M -9% $1.153M 4% and average price dropped 19% due 2 Bedroom $2.250M $2.196M 2% $2.301M -2% to a majority of closings occurring for 3+ Bedroom $3.350M $3.930M -15% $6.156M -46% less than $3M at 389 E 89.

The Corcoran Group I p 13 West Side The West Side experienced a 5% increase in closed sales in Third Quarter 2017, and saw overall average and median price increase year-over-year. At an average of 80 days on market, the West Side has the lowest days on market figure of any submarket.

660 859 4.7 80 $1.250M $1,764 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change +5% -2% +12% +9% +4% +1%

50 Riverside Boulevard I WEB# 5237146 on corcoran.com MANHATTAN CORCORAN REPORT 3Q 2017 West Side

The West Side had an increase sales West Side 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) year-over-year, up 5% to 660 closings Overview in Third Quarter 2017. Inventory fell Closed Sales 660 630 5% 559 18% 2% from Third Quarter 2016, to 859 Average Days on Market 80 74 9% 91 -12% units. Months of supply also increased Inventory 859 873 -2% 1,015 -15% year-over-year to 4.7 months due to fewer sales in prior quarters versus last Months of Supply 4.7 4.2 12% 4.6 2% year. Still, supply-demand conditions remained below the equilibrium range Resale Co-op 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) of six-to-nine months. Days on market Prices rose 9% to an average of 80 days. Median Price $951K $989K -4% $1.000M -5% Average Price $1.409M $1.451M -3% $1.671M -16% Resale condo price Median PPSF $1,123 $1,146 -2% $1,154 -3% median price Average PPSF $1,328 $1,415 -6% $1,718 -23% increased by 7% Median Price by Bedroom Studio $443K $448K -1% $451K -2% The median resale co-op price 1 Bedroom $754K $783K -4% $715K 5% decreased by 4% from last year to 2 Bedroom $1.550M $1.400M 11% $1.438M 8% $951K, while average price dropped 3+ Bedroom $2.980M $2.360M 26% $2.876M 4% 3% to $1.409M. Resale condo pricing Resale Condo 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) showed different trends, with the Prices median rising 7% to $1.538M and Median Price $1.538M $1.432M 7% $1.385M 11% the average rising a notable 21% to Average Price $2.497M $2.057M 21% $2.568M -3% $2.497M. The growth in resale condo Median PPSF $1,539 $1,505 2% $1,547 -1% prices was the result of high-priced Average PPSF $1,957 $1,883 4% $2,150 -9% resales with and Hudson Median Price by Bedroom River views that sold above $20M. Studio $730K $710K 3% $765K -5% New development median price 1 Bedroom $1.160M $1.100M 5% $1.050M 10% figures decreased significantly, with 2 Bedroom $1.869M $1.695M 10% $1.843M 1% the median falling by 27% from last 3+ Bedroom $3.575M $3.680M -3% $3.788M -6% year to $3.675M and the average New Development 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) declining 31% to $4.106M. These Prices decreases were fueled by fewer Median Price $3.675M $5.041M -27% $4.875M -25% closings in close proximity to Central Average Price $4.106M $5.960M -31% $5.503M -25% Park and an increase in closings below $2M at developments on the northern Median PPSF $1,907 $1,871 2% $2,300 -17% Upper West Side. Average PPSF $2,248 $2,280 -1% $2,229 1% Median Price by Bedroom Studio NA NA NA $1.190M NA 1 Bedroom $2.310M NA NA $3.099M -25% 2 Bedroom $1.846M $3.263M -43% $2.342M -21% 3+ Bedroom $5.499M $5.162M 7% $6.175M -11%

The Corcoran Group I p 15 Midtown experienced a 1% increase in sales to 569 closings this quarter, with median price figures rising while average price figures fell. Both inventory and days on market rose versus last year.

569 1,333 7.0 100 $1.084M $1,666 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change +1% +14% +26% +4% +23% -25%

845 United Nations Plaza I WEB# 3845751 on corcoran.com MANHATTAN CORCORAN REPORT Midtown 3Q 2017

Midtown had 569 closed sales during Midtown 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) Third Quarter 2017, up 1% year-over- Overview year. Inventory, however, increased Closed Sales 569 565 1% 672 -15% by 14% from last year to 1,333 Average Days on Market 100 96 4% 116 -14% listings, causing months of supply to jump 26% to 7.0 months. Midtown Inventory 1,333 1,167 14% 1,210 10% is now within the six-to-nine month Months of Supply 7.0 5.5 26% 5.4 29% equilibrium range. Days on market also increased by 4% to reach an Resale Co-op 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) average of 100, the highest of any Prices submarket. Median Price $715K $640K 12% $657K 9% Average Price $884K $869K 2% $917K -4% Closed sales Median PPSF $910 $939 -3% $964 -6% in Midtown increased Average PPSF $958 $1,002 -4% $1,137 -16% by 1% annually Median Price by Bedroom Studio $400K $405K -1% $407K -2% 1 Bedroom $689K $662K 4% $657K 5% Average and median sale price figures 2 Bedroom $1.150M $1.238M -7% $1.220M -6% rose for both co-ops and condos, but price per square foot figures fell 3+ Bedroom $2.175M $1.950M 12% $2.363M -8% for each. Resale co-op median price Resale Condo 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) increased 12% year-over-year to Prices $715K, and average price increased Median Price $1.192M $1.085M 10% $1.282M -7% 2% to $884K. Resale condos had Average Price $1.478M $1.355M 9% $1.777M -17% a 10% increase in median price to Median PPSF $1,394 $1,414 -1% $1,476 -6% $1.192M. Average price for resale Average PPSF $1,517 $1,554 -2% $1,583 -4% condos increased by 9% due to Median Price by Bedroom resales in recent new developments Studio $665K $650K 2% $700K -5% like Baccarat Hotel & Residences. 1 Bedroom $1.048M $978K 7% $1.058M -1% Median and average new 2 Bedroom $1.775M $1.743M 2% $1.873M -5% development pricing was mixed, 3+ Bedroom $2.760M $4.223M -35% $3.678M -25% however. Median price increased by New Development 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) 9% while average price decreased by Prices a staggering 50%. These fluctuations Median Price $2.090M $1.925M 9% $2.280M -8% were caused by a combination of Average Price $3.728M $7.432M -50% $3.492M 7% fewer closings at developments like Median PPSF $1,790 $1,940 -8% $2,119 -16% 432 Park and at the high Average PPSF $2,437 $4,269 -43% $2,399 2% end, bringing average price down, Median Price by Bedroom and fewer closings at lower-priced Studio $1.375M $890K 54% $1.431M -4% developments like Nine59 which brought the median price upward. 1 Bedroom $1.726M $1.194M 45% $1.327M 30% 2 Bedroom $2.210M $2.000M 10% $3.284M -33% 3+ Bedroom $9.269M $12.480M -26% $5.150M 80%

The Corcoran Group I p 17 Downtown had the greatest number of closings of any submarket, but the 1,045 closings represented a 4% decrease from last year. Average and median price figures declined by double digits, while days on market increased by 8%.

1,045 1,692 5.0 92 $1.350M $2,066 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change -4% -4% -1% +8% -17% -2%

832 I WEB# 5140997 on corcoran.com MANHATTAN CORCORAN REPORT Downtown 3Q 2017

Downtown was one of only two Downtown 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) submarkets to register a decrease in Overview sales year-over-year, falling by 4%. Closed Sales 1,045 1,088 -4% 1,109 -6% Inventory also fell by the most of any Average Days on Market 92 85 8% 102 -10% submarket, decreasing by 4% to 1,692 listings. Months of supply remained Inventory 1,692 1,758 -4% 1,902 -11% level with last year at 5.0 months, Months of Supply 5.0 5.0 -1% 5.6 -12% as the drop in inventory was offset by strong closings numbers in the Resale Co-op 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) preceding nine months. Prices Median Price $920K $853K 8% $875K 5% Resale co-op median Average Price $1.418M $1.353M 5% $1.255M 13% price increased by Median PPSF $1,271 $1,252 2% $1,241 2% Average PPSF $1,462 $1,444 1% $1,460 0% 8% year-over-year Median Price by Bedroom Studio $543K $520K 4% $555K -2% The median price for resale co-ops 1 Bedroom $818K $810K 1% $860K -5% in Third Quarter 2017 was up 8% to $920K, with all bedroom types except 2 Bedroom $1.495M $1.838M -19% $1.690M -12% two bedrooms seeing increases in 3+ Bedroom $3.695M $2.850M 30% $3.100M 19% median price. Resale condo pricing Resale Condo 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) was down slightly this quarter, with Prices the median falling less than 1% to Median Price $2.165M $2.175M 0% $2.050M 6% $2.165M and the average down 4% Average Price $2.940M $3.057M -4% $2.677M 10% to $2.940M. All bedroom sizes had Median PPSF $1,821 $1,777 2% $1,777 2% annual median price decreases Average PPSF $2,086 $1,907 9% $1,904 10% versus last year. Fewer resales at Median Price by Bedroom recent new developments versus Studio $750K $840K -11% $806K -7% Third Quarter 2016 brought resale 1 Bedroom $1.285M $1.375M -7% $1.325M -3% condo pricing figures down. 2 Bedroom $2.460M $2.700M -9% $2.400M 3% Downtown new development price 3+ Bedroom $4.775M $4.949M -4% $5.325M -10% metrics were mixed. Median price New Development 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) increased by 2% to $4.919M due to Prices fewer closings at more affordable Median Price $4.919M $4.808M 2% $4.350M 13% East Village developments versus last Average Price $5.217M $6.009M -13% $5.802M -10% year. Average price, however, fell by Median PPSF $2,259 $2,630 -14% $2,152 5% 13% to $5.217M due to fewer closings Average PPSF $2,571 $2,862 -10% $2,764 -7% at developments with premium Median Price by Bedroom pricing like The Greenwich Lane and 443 Greenwich. Median price per Studio $1.085M $677K 60% $1.165M -7% square foot and average price per 1 Bedroom $1.213M $1.918M -37% $1.338M -9% square foot each fell year-over-year, 2 Bedroom $4.938M $4.380M 13% $3.284M 50% by 14% and 10%, respectively. 3+ Bedroom $7.114M $7.423M -4% $6.950M 2%

The Corcoran Group I p 19 Financial District & Battery Park City The Financial District & Battery Park City had a 12% annual increase in closed sales versus last year, the largest of any submarket. Overall price figures increased across the board, with median price increasing by 10%. Meanwhile, inventory increased but days on market decreased.

186 395 6.8 96 $1.211M $1,628 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change +12% +6% +5% -7% +10% +9%

333 Rector Place I WEB# 5220558 on corcoran.com MANHATTAN CORCORAN REPORT Financial District & 3Q 2017 Battery Park City

Closed sales in Financial District & Financial District & 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) Battery Park City increased by 12% year- Battery Park City over-year, rising to 186 sales this past Overview quarter, driven by new development Closed Sales 186 166 12% 198 -6% unit deliveries. This relatively small Average Days on Market 96 103 -7% 102 -6% submarket can be highly impacted by Inventory 395 374 6% 442 -11% new developments, which accounted for Months of Supply 6.8 6.4 5% 7.0 -3% 30% of all closings this year compared to just 10% last year. Resale Co-op 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) Inventory increased 6% year-over-year Prices to 395 active listings, and months of Median Price $758K $800K -5% $777K -2% supply moved up 5% but remained Average Price $942K $887K 6% $895K 5% within the supply-demand equilibrium Median PPSF $895 $1,036 -14% $946 -5% range at 6.8 months. Days on market fell Average PPSF $1,054 $1,013 4% $1,040 1% by 7% year-over-year, as listings spend an average of 96 days on the market Median Price by Bedroom before entering into contract. Studio $519K $530K -2% $615K -16% 1 Bedroom $755K $671K 13% $736K 3% New development median 2 Bedroom $1.900M $980K 94% $1.050M 81% 3+ Bedroom NA NA NA NA NA price increased by Resale Condo 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) 2% annually Prices Median Price $1.018M $1.110M -8% $1.210M -16% Resale co-ops, which make up a small Average Price $1.377M $1.628M -15% $1.569M -12% share of sales in this submarket and Median PPSF $1,265 $1,327 -5% $1,367 -7% can therefore have erratic price Average PPSF $1,363 $1,415 -4% $1,426 -4% changes, had a 5% decrease in Median Price by Bedroom median price to $758K. Resale condo Studio $750K $735K 2% $655K 15% median price fell 8% from last year to 1 Bedroom $920K $889K 3% $960K -4% $1.018M, and average price was down 15% to $1.377M. Smaller residence 2 Bedroom $1.500M $1.875M -20% $1.930M -22% types saw median resale condo price 3+ Bedroom $2.920M $3.200M -9% $3.338M -13% increase while larger residences New Development 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) registered decreases, which forced Prices this year’s decline in average price. Median Price $1.956M $1.910M 2% $2.085M -6% Average Price $2.821M $3.072M -8% $2.856M -1% While median new development price Median PPSF $1,793 $1,638 9% $1,733 4% was up 2% year-over-year to $1.956M due to closings at 50 West and The Average PPSF $2,110 $2,020 4% $2,091 1% Beekman Residences, average price Median Price by Bedroom was down 8% to $2.821M. The average Studio $1.015M NA NA NA NA price in Third Quarter 2016 was skewed 1 Bedroom $1.400M $1.335M 5% $1.603M -13% by multiple high priced sales at River & 2 Bedroom $2.492M $2.354M 6% $2.220M 12% Warren, including a large penthouse. 3+ Bedroom $5.957M $5.595M 6% $5.555M 7%

The Corcoran Group I p 21 Upper Manhattan

Upper Manhattan saw price figures increase across the board this year, but closed sales took a step back due to fewer new development closings. Inventory fell by 5% along with days on market.

361 383 3.5 86 $648K $968 Sales Inventory Months of Supply Days on Market Median Price Average PPSF Annual Change -4% -5% +1% -5% +7% +15%

111 Central Park North I WEB# 5236797 on corcoran.com MANHATTAN CORCORAN REPORT Upper Manhattan 3Q 2017

Upper Manhattan sales in Third Upper Manhattan 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) Quarter 2017 were down 4% year- Overview over-year to 361 closings. Inventory Closed Sales 361 374 -4% 344 5% decreased 5% from last year to 383 Average Days on Market 86 91 -5% 100 -14% listings, and this decrease helped to keep months of supply stable at 3.5 Inventory 383 404 -5% 412 -7% months. Upper Manhattan supply is Months of Supply 3.5 3.5 1% 3.7 -4% still far below the equilibrium range of six-to-nine months, and was the Resale Co-op 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) lowest such figure of any Manhattan Prices neighborhood. Median Price $580K $532K 9% $485K 20% Average Price $698K $601K 16% $633K 10% Upper Manhattan is Median PPSF $824 $647 27% $665 24% undersupplied with Average PPSF $827 $702 18% $783 6% Median Price by Bedroom 3.5 months of supply Studio $250K $292K -14% $250K 0% 1 Bedroom $425K $379K 12% $410K 4% The Upper Manhattan resale market had increases in most pricing metrics 2 Bedroom $725K $595K 22% $558K 30% compared to last year. Median and 3+ Bedroom $1.505M $965K 56% $770K 95% average resale co-op price figures Resale Condo 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) rose year-over-year by 9% and 16%, Prices respectively, with the median at Median Price $826K $787K 5% $870K -5% $580K and the average at $698K. Average Price $1.016M $993K 2% $1.039M 2% Resale condo median price was up Median PPSF $963 $906 6% $922 5% 5% from last year to $826K, while Average PPSF $941 $943 0% $975 0% average price was up 2% to $1.016M. Median Price by Bedroom Despite increases in median price Studio $470K $445K 6% $565K -17% across each bedroom type, median 1 Bedroom $627K $589K 6% $556K 13% new development price was down 2 Bedroom $929K $953K -2% $966K -4% 15% year-over-year to $561K due to 3+ Bedroom $1.848M $1.524M 21% $1.635M 14% an increase in studio sales. Fewer New Development 3Q17 3Q16 % Chg (yr) 2Q17 % Chg (qtr) closings this year occurred at new Prices developments priced at the high end Median Price $561K $660K -15% $807K -30% of the market for Upper Manhattan, Average Price $798K $733K 9% $866K -8% further bringing the median down. Median PPSF $1,010 $927 9% $1,017 -1% However, average price increased Average PPSF $1,236 $903 37% $1,006 23% due to large two bedroom and larger Median Price by Bedroom residences closing at Circa Central Park, on West 110th Street. Studio $429K $414K 4% $408K NA 1 Bedroom $583K $560K 4% $595K -2% 2 Bedroom $996K $742 K 34% $1.017M -2% 3+ Bedroom $3.269M $721K 354% $1.447M 126%

The Corcoran Group I p 23 MANHATTAN CORCORAN REPORT 3Q 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