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View from the Street Neighborhood Overview: Manhattan

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View from the Street Neighborhood Overview: Manhattan EASTERN CONSOLIDATED VIEW FROM THE STREET NEIGHBORHOOD OVERVIEW: MANHATTAN APRIL 2017 EASTERN CONSOLIDATED www.easternconsolidated.com VIEW FROM THE STREET NEIGHBORHOOD OVERVIEW: MANHATTAN OVERVIEW Dear Friends: Of the international investors, Chinese While asking rents for retail space on firms increased their acquisitions of major Manhattan corridors such as Fifth We are pleased to introduce the Manhattan properties to $6.5 billion in Avenue, Madison Avenue, East 57th inaugural issue of View from the Street, 2016, up from $4.7 billion in 2015. The Street, West 34th Street, and Times Eastern Consolidated’s research report most significant transactions included Square can reach up to $4,500 per on neighborhoods in core Manhattan, China Life’s investment in 1285 Avenue square foot, our analysis shows that which will provide you with a snapshot of the Americas, which traded for there are dozens of blocks in prime of recent investment property sales, $1.65 billion in May 2016, and China neighborhoods where entrepreneurial average residential rents, and average Investment Corporation’s investment in retailers can and do rent retail space for retail rents. 1221 Avenue of the Americas, in which under $200 per square foot. partial interest traded for $1.03 billion in As is historically the case in Manhattan, December 2016. Our review of residential rents shows neighborhoods with significant office that asking rents for two-bedroom buildings such as Midtown West, Investor interest in cash-flowing multifamily apartments are ranging from a low of Midtown East, and Nomad/Flatiron properties remained steady throughout $3,727 on the Lower East Side up to recorded the highest dollar volume 2016, with nearly 60 percent of these $9,370 in Tribeca. in investment property sales in 2016. buildings selling for under $10 million. On Office assets were particularly attractive the other end of the spectrum, the largest We hope you find this report informative. to international investors whose total multifamily trades included Blackstone’s As always, please feel free to contact us investments in Manhattan declined $620 million acquisition of the eight for your investment sales, retail leasing, 37 percent to $17.58 billion in 2016 building, 894-unit Kips Bay Court at 462 and financing needs. compared to a peak of $27.9 billion Second Avenue in December 2016, and in 2015, yet still accounted for over GreenOak and Slate Property Group’s Regards, 40 percent of the total investments in $390 million acquisition of the 323 unit Manhattan commercial real estate for Rivertower at Sutton Place at 420 E 54th Peter Hauspurg the second consecutive year. Street in January 2016. Chairman and CEO TABLE OF CONTENTS Overview 3 Gramercy/Kips Bay/NoMad/Flation 18 Financial District/Tribeca/Chinatown 6 Midtown East 20 SoHo/Nolita/Lower East Side 8 Midtown West 22 West Village/Greenwich Village 10 Upper East Side 24 East Village 12 Upper West Side 26 Chelsea 14 About Eastern Consolidated 28 Garment District 16 2 View from the Street: March 2017 View from the Street: March 2017 3 VIEW FROM THE STREET NEIGHBORHOOD OVERVIEW: MANHATTAN 2016 PROPERTY SALES BY NEIGHBORHOOD BUYER COMPOSITION OF MANHATTAN CRE ASSETS 2013-2016 JAN 1, 2016 - JUN 30, 2016 JUL 1, 2016 - DEC 31, 2016 TOTALS 2016 1ST HALF - 2ND HALF 2016 CROSS-BORDER INSTITUTIONAL REIT/LISTED PRIVATE USER/OTHER NEIGHBORHOOD PROPERTIES $-VOLUME PROPERTIES $-VOLUME PROPERTIES $-VOLUME PROPERTIES $-VOLUME 2013 26.0% 28.0% 11.0% 28.0% 7.0% Chelsea 36 $821,087,543 31 $1,128,678,424 67 $1,949,765,967 -13.9% 37.5% 2014 21.0% 24.0% 13.0% 38.0% 4.0% Chinatown 8 $85,490,244 6 $69,056,445 14 $154,546,689 -25.0% -19.2% 2015 46.0% 21.0% 9.0% 22.0% 1.0% East Village 23 $300,291,400 27 $318,995,206 50 $619,286,606 17.4% 6.2% 2016 42.0% 28.0% 3.0% 24.0% 3.0% Financial District 19 $2,480,578,290 8 $1,075,158,415 27 $3,555,736,705 -57.9% -56.7% Garment District 14 $889,383,287 19 $828,592,512 33 $1,717,975,799 35.7% -6.8% CROSS-BORDER ANALYSIS Gramercy 9 $249,831,540 8 $87,050,000 17 $336,881,540 -11.1% -65.2% 2013 2014 2015 2016 Greenwich Village 12 $375,015,250 16 $566,890,099 28 $941,905,349 33.3% 51.2% SOURCE VOL ($) PROPERTIES VOL ($) PROPERTIES VOL ($) PROPERTIES VOL ($) PROPERTIES Kips Bay 13 $345,000,769 7 $826,526,875 20 $1,171,527,644 -46.2% 139.6% Canada 2,768,000,000 6 1,281,975,539 7 8,348,623,145 10 1,301,446,720 8 Lower East Side 10 $206,900,000 12 $183,850,000 22 $390,750,000 20.0% -11.1% China 2,128,882,000 4 682,190,000 8 4,678,406,398 19 6,496,459,782 26 Midtown East 34 $5,134,526,813 37 $1,308,241,197 71 $6,442,768,010 8.8% -74.5% Qatar 261,500,000 1 240,000,000 1 4,426,448,870 8 579,175,625 2 Midtown West 33 $6,357,107,109 34 $4,580,116,651 67 $10,937,223,760 3.0% -28.0% Germany 130,000,000 2 529,550,000 5 846,349,800 6 2,313,412,318 9 Nolita 7 $191,950,000 6 $55,742,500 13 $247,692,500 -14.3% -71.0% Norway 866,768,508 3 1,114,191,477 1 2,191,999,592 12 0 0 Nomad/Flatiron 20 $892,565,053 17 $1,823,324,578 37 $2,715,889,631 -15.0% 104.3% Singapore 700,333,300 3 1,708,133,333 4 163,500,000 1 158,000,000 1 Soho 21 $1,277,846,026 14 $255,054,998 35 $1,532,901,024 -33.3% -80.0% UK 135,750,000 3 112,150,000 1 98,833,333 1 1,525,666,667 2 Tribeca 10 $1,997,611,164 9 $527,615,000 19 $2,525,226,164 -10.0% -73.6% UAE 0 0 1,303,333,333 1 1,400,682,626 5 0 0 Upper East Side 61 $1,236,337,628 61 $827,331,914 122 $2,063,669,542 0.0% -33.1% Japan 270,317,698 3 324,811,098 3 1,277,852,578 9 476,852,800 3 Upper West Side 48 $807,020,606 32 $871,798,119 80 $1,678,818,725 -33.3% 8.0% Israel 792,196,083 8 138,000,000 2 200,475,000 3 685,000,000 2 West Village 25 $317,318,062 15 $154,106,750 40 $471,424,812 -40.0% -51.4% All Others 2,823,702,719 20 3,011,852,274 22 4,299,920,536 26 4,048,500,066 19 403 $23,965,860,784 359 $15,488,129,683 762 $39,453,990,467 -10.9% -35.4% $10,877,450,308 53 $10,446,187,054 55 $27,933,091,877 100 $17,584,513,977 72 2016 PROPERTY SALES BY ASSET CLASS MANHATTAN INVESTMENT PROPERTY SALES 2006-2016 METHODOLOGY JAN 1, 2016 - JUN 30, 2016 JUL 1, 2016 - DEC 31, 2016 TOTALS 2016 1ST HALF - 2ND HALF 2016 $70,000,000,000 Information contained herein was obtained from PROPERTY TYPE PROPERTIES $-VOLUME PROPERTIES $-VOLUME PROPERTIES $-VOLUME PROPERTIES $-VOLUME numerous sources, including the NYC Department of Office 49 $13,375,290,470 38 $5,219,389,412 87 $18,594,679,882 -22.4% -61.0% $60,000,000,000 Finance, ACRIS, CoStar, Property Shark, Real Capital Multifamily 137 $3,444,579,840 132 $3,300,054,036 269 $6,744,633,876 -3.6% -4.2% Analytics, StreetEasy, Agorafy, other publicly available $50,000,000,000 information, Eastern Consolidated proprietary data Hotel 23 $1,819,226,017 16 $1,954,626,500 39 $3,773,852,517 -30.4% 7.4% and other sources deemed reliable. Property sales $40,000,000,000 Development/Land 39 $1,818,806,783 31 $860,571,214 70 $2,679,377,997 -20.5% -52.6% reflect transactions $2.5 million and above. No Retail 53 $1,460,761,762 31 $548,202,395 84 $2,008,964,157 -41.5% -62.5% $30,000,000,000 representation is made by Eastern Consolidated as to the accuracy or completeness of the information Office Condo 14 $695,421,246 34 $2,412,690,043 48 $3,108,111,289 142.9% 246.9% $20,000,000,000 contained herein. 1-4 Family 70 $649,898,966 62 $614,165,880 132 $1,264,064,846 -11.4% -5.5% Specialty 13 $591,925,700 10 $467,244,601 23 $1,059,170,301 -23.1% -21.1% $10,000,000,000 Garage/Industrial 5 $143,700,000 5 $111,185,602 10 $254,885,602 0.0% -22.6% $ 403 $23,965,860,784 359 $15,488,129,683 762 $39,453,990,467 -10.9% -35.4% ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 4 View from the Street: March 2017 View from the Street: March 2017 5 EASTERN CONSOLIDATED www.easternconsolidated.com FINANCIAL DISTRICT/TRIBECA/CHINATOWN TOP FINANCIAL DISTRICT/TRIBECA/CHINATOWN JUL. - DEC. 2016 SALES TRANSACTIONS FINANCIAL DISTRICT | JUL. - DEC. 2016 SALES COMPS MAP PROPERTY TYPE SALE PRICE ADDRESS GSF $/GSF Garage/Industrial 1-4 Family 1 Dev/Land $69,900,000 45 BROAD ST (1) N/A N/A Retail 2 Hotel $203,345,000 133 GREENWICH ST 154,000 $1,320 Ofce Condo 3 Hotel $100,107,200 8 STONE ST (2) N/A N/A Specialty 4 Multifamily $239,114,603 63 WALL ST 420,000 $569 Hotel 5 Multifamily $182,391,612 67 WALL ST 303,173 $602 Ofce 6 Office $223,200,000 1 NEW YORK PLZ (1) N/A N/A Development/Land 7 Retail $6,000,000 20 W ST (3) 9,538 $629 Multifamily 8 Specialty $51,100,000 106 FULTON ST 74,863 $683 63 WALL ST I $239,114,603 133 GREENWICH | $203,345,000 88 LEONARD ST I $242,100,000 11-15 E BROADWAY I $27,500,000 Notes: TRIBECA | JUL.
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