88 Greenwich St - 2021 Report

GREENWICH
CLUB
RESIDENCES
ANNUAL REPORT
January 1st / December 31st 2021
JAIME AGUILERA
at Douglas Elliman Real Estate

MANHATTAN SALES
Q4-2021
“Sales rose to their highest total for a fourth-quarter in
thirty-two years. Listing inventory fell by its most
significant annual rate in seven years.”
The Manhattan housing market closed out the year on full throttle with heavy sales
volume, rising prices, and sharply falling listing inventory. While the number of
sales nearly doubled year over year to 3,559 for the highest fourth-quarter since
total tracking began in 1989, it was 48% higher than the same period two years
ago before the pandemic. Over the past decade, fourth-quarter sales averaged
2,727, 23.4% below the current quarter total. Listing inventory fell 25% year over
year to 6,207 and was 6.6% below the same period two years ago. The
intersection of sharply rising sales and falling listing inventory from the year-ago
quarter resulted in a blistering market pace. The months of supply, the number of
months to sell all listing inventory at the current sales rate, plunged 62.8% to the
fastest moving market in six years and 36.3% faster than the same period two
years ago. While the market was dominated by high-end sales in 2020, growth
has been spreading across all price tranches. The most significant annual sales
growth rates were seen in the $2 million to $5 million markets during this quarter.
The year-over-year increase in sales above and below the $4 million threshold was
nearly the same at 86.5% and 85.7%, respectively.

MANHATTAN SALES
Q4-2021

GREENWICH CLUB
2021 Sold Inventory
Type Sales Volume Ft2 Units
Avg. Days
on Market
Studio $7,632,000 7,889 Ft2 13 162
1 BR $5,176,500 4,544 Ft2 6 127
2 BR $7,434,000 5,580 Ft2 4 120
3 BR - - - -
Total $20,242,500 18,013 Ft2 23 145
88 Greenwich Street
New York NY 10006

GREENWICH CLUB
Year-Over-Year Sales 2020-2021
Type
Sales Volume
$ (YR)
Sold Ft2
(YR)
Sold Units
% (YR)
Studio $4,632,000 4,692 Ft2 160%
1 BR $1,701,000 1,477 Ft2 25%
2 BR $5,869,857 4,479 Ft2 300%
3 BR $2,500,000 1,738 Ft2 100%
Overall $6,301,357 5,956 Ft2 53%
• Overall sales volume in Greenwich Club increased by
53% year over year.
• Studio and 2 bedroom sales moved above the prior
year level as 1 bedrooms saw a 25% decrease.
• The Financial District housing market closed out the
year on full throttle with heavy sales volume, rising
prices, and sharply falling listing inventory.
88 Greenwich Street
New York NY 10006

MANHATTAN RENTALS
Q4-2021
“Net effective median rent surged by a
record annual rate for the second straight month,”
Rental prices continued to surge overall but remained polarized by price. The net
effective median rent of an apartment in a doorman building, the face rent less
landlord concessions, accounting for 50.9% of rentals in November and skewed
to the higher end, was $4,108, up a record 27.2% year over year and 2.3% above
the same period in 2019. In contrast, the net effective median rent for the nondoorman
market, accounting for 49.1% of rental activity, rose 10.9% annually but
remained 11.6% below the same period two years ago. In the overall rental market
context, net effective median rent surged annually by a record 22.8% to $3,369
from year-ago levels. Still, it remained 3.8% below the same period two years ago
before the pandemic. The market share of two-year leases was 53.7%, sharply
above the 16.7% record low in January as tenants continued to lock in longer
leases in anticipation of more rent growth in the future.

MANHATTAN RENTALS
Q4-2021

GREENWICH CLUB
2021 Lease Activity
Type Units Leased Ft2
Avg. Days
on Market
Studio 44 25,418 Ft2 33
1 BR 26 18,784 Ft2 21
2 BR 3 2,956 Ft2 24
3 BR 2 2,853 Ft2 28
Total 75 50,011 Ft2 27
88 Greenwich Street
New York NY 10006

GREENWICH CLUB
Year-Over-Year Leases 2020-2021
Type
Leased Units
% (YR)
Leased Ft2
(YR)
Price per Ft2
% (YR)
Studio 52% 8,526 Ft2 21%
1 BR 63% 7,392 Ft2 19%
2 BR 25% 1,791 Ft2 20%
3 BR 200% 2,853 Ft2 -
Overall 53% 16,980 Ft2 19%
• Net effective median rent surged by a record annual
rate.
• The market share of landlord concessions, listing
inventory, and vacancy fell annually at record rates.
• Listing discount from the original asking price fell to its
second tightest level on record.
88 Greenwich Street
New York NY 10006

Residence 3405 | 1BD | 1BA | $1,050,000

Residence 607 | 1BD | 1BA | $785,000
Residence 828 | Studio | 1BA | $599,000

Penthouse 2 | 2BD | 3BA | $2,900,000 | SOLD

Residence 904 | 2BD | 2BA | $1,390,000 | SOLD

Residence 421 | Studio | 1BA | $510,000 | SOLD

Residence 302 | 1BR | 1BA | $672,500 | SOLD

Penthouse 1E | 1BR | 1BA | $4,200 | RENTED

Residence 2303 | 2BD | 2BA | $6,000 | RENTED

Residence 2504 | 1BD | 1BA | $3,600 | RENTED

Residence 1110 | 1BD | 1BA | $4,895 | RENTED

Jaime Aguilera
Licensed Associate Real Estate Broker
212 470 8774
575 Madison Ave
New York NY
10022