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<strong>15</strong><br />
BROAD<br />
STREET<br />
ANNUAL REPORT<br />
January 1st / December 31st <strong>2021</strong><br />
JAIME AGUILERA<br />
at Douglas Elliman Real Estate
MANHATTAN SALES<br />
Q4-<strong>2021</strong><br />
“Sales rose to their highest total for a fourth-quarter in<br />
thirty-two years. Listing inventory fell by its most<br />
significant annual rate in seven years.”<br />
The Manhattan housing market closed out the year on full throttle with heavy sales<br />
volume, rising prices, and sharply falling listing inventory. While the number of<br />
sales nearly doubled year over year to 3,559 for the highest fourth-quarter since<br />
total tracking began in 1989, it was 48% higher than the same period two years<br />
ago before the pandemic. Over the past decade, fourth-quarter sales averaged<br />
2,727, 23.4% below the current quarter total. Listing inventory fell 25% year over<br />
year to 6,207 and was 6.6% below the same period two years ago. The<br />
intersection of sharply rising sales and falling listing inventory from the year-ago<br />
quarter resulted in a blistering market pace. The months of supply, the number of<br />
months to sell all listing inventory at the current sales rate, plunged 62.8% to the<br />
fastest moving market in six years and 36.3% faster than the same period two<br />
years ago. While the market was dominated by high-end sales in 2020, growth<br />
has been spreading across all price tranches. The most significant annual sales<br />
growth rates were seen in the $2 million to $5 million markets during this quarter.<br />
The year-over-year increase in sales above and below the $4 million threshold was<br />
nearly the same at 86.5% and 85.7%, respectively.
MANHATTAN SALES<br />
Q4-<strong>2021</strong>
<strong>15</strong> BROAD STREET<br />
<strong>2021</strong> Sold Inventory<br />
Avg. Days<br />
Type Sales Volume Ft2 Units<br />
on Market<br />
Unit<br />
STUDIO<br />
Type<br />
$4,455,000<br />
Inventory Volume<br />
4,328 Ft2<br />
Active Units<br />
5<br />
Ft2<br />
130<br />
STUDIO 2 H.O $8,480,000 $2,995,0009,391 Ft2 3 7 2,580 104<br />
21 H.O BR $1,630,000 $3,842,9991,809 Ft2 3 1 4,306 89<br />
1<br />
BR<br />
BR + 1<br />
H.O<br />
H.O $4,535,000<br />
$9,089,999<br />
4,492 Ft2<br />
5<br />
3<br />
8,224<br />
59<br />
1 BR + 2 H.O $4,200,000 2 3,791<br />
2 BR $9,070,000 8,626 Ft2 5 112<br />
2 BR $3,499,000 2 3,322<br />
3 BR $9,365,000 8,575 Ft2 4 168<br />
3 BR $7,645,000 2 5,330<br />
OVERALL $37,535,000 37,221 Ft2 25 1<strong>15</strong><br />
<strong>15</strong> BROAD STREET<br />
New York NY 10005
<strong>15</strong> BROAD STREET<br />
Year-Over-Year Sales 2020-<strong>2021</strong><br />
Type<br />
Sales Volume<br />
$ (YR)<br />
Sold Ft2<br />
(YR)<br />
Sold Units<br />
% (YR)<br />
STUDIO $2,855,000 2,708 Ft2 <strong>15</strong>0%<br />
1 H.O - - -<br />
2 H.O $5,943,000 7,146 Ft2 250%<br />
1 BR - - -<br />
1 BR + 1 H.O $3,260,000 3,377 Ft2 200%<br />
1 BR + 2 H.O - - -<br />
2 BR $2,280,000 7<strong>15</strong> Ft2 -<br />
3 BR - - -<br />
OVERALL $17,922,500 19,683 Ft2 91%<br />
• Overall sales volume in the building increased by 91%<br />
year-over-year.<br />
• <strong>St</strong>udios and home office units moved above the prior<br />
year level.<br />
• The Financial District housing market closed out the<br />
year on full throttle with heavy sales volume, rising<br />
prices, and sharply falling listing inventory.<br />
<strong>15</strong> BROAD STREET<br />
New York NY 10005
Residence 2000 | 3BR | 2BA | $2,650,000
Residence 1900 | 3BR | 2BA | $2,475,000 | IN CONTRACT<br />
Residence 1912 | 1BR | 2 H.O | 2BA | $2,200,000
Residence 1102 | Alcove Loft | 1BA | $985,000 | SOLD
Residence <strong>15</strong>06 | 2 H.O | 1BA | $1,160,000 | SOLD
Residence 2520 | 3BR | 2BA | $1,975,000 | SOLD<br />
Residence 3700 | 2BR | 2BA | $1,965,000 | SOLD
Residence 922 | Alcove Loft | 1BA | $775,000 | SOLD
MANHATTAN RENTALS<br />
Q4-<strong>2021</strong><br />
“Net effective median rent surged by a<br />
record annual rate for the second straight month,”<br />
Rental prices continued to surge overall but remained polarized by price. The net<br />
effective median rent of an apartment in a doorman building, the face rent less<br />
landlord concessions, accounting for 50.9% of rentals in November and skewed<br />
to the higher end, was $4,108, up a record 27.2% year over year and 2.3% above<br />
the same period in 2019. In contrast, the net effective median rent for the nondoorman<br />
market, accounting for 49.1% of rental activity, rose 10.9% annually but<br />
remained 11.6% below the same period two years ago. In the overall rental market<br />
context, net effective median rent surged annually by a record 22.8% to $3,369<br />
from year-ago levels. <strong>St</strong>ill, it remained 3.8% below the same period two years ago<br />
before the pandemic. The market share of two-year leases was 53.7%, sharply<br />
above the 16.7% record low in January as tenants continued to lock in longer<br />
leases in anticipation of more rent growth in the future.
MANHATTAN RENTALS<br />
Q4-<strong>2021</strong>
<strong>15</strong> BROAD STREET<br />
<strong>2021</strong> Lease Activity<br />
<strong>St</strong>udio 1 Home Office 2 Home Office 1 BED 1 BED +1 H.O 1 BED + 2 Home Office<br />
3 BED<br />
11,502Ft2<br />
<strong>St</strong>udio<br />
8,195Ft2<br />
1 Home Office<br />
5,161Ft2<br />
2 BED<br />
14,839Ft2<br />
<strong>2021</strong><br />
2 Home Office<br />
14,798Ft2<br />
1 BED + 2 Home Office<br />
1,597Ft2<br />
1 BED +1 H.O<br />
9,397Ft2<br />
1 BED<br />
1,734Ft2<br />
Unit Type Leased Ft2 Leased Units<br />
<strong>St</strong>udio 8195<br />
Avg./Days<br />
on Market<br />
STUDIO 8,195 Ft2 10 83<br />
1 Home Office 5161<br />
2 Home Office 14798<br />
1 H.O 5,161 Ft2 5 34<br />
1 BED 1734<br />
1 BED +1 H.O 9397<br />
1 BED + 2 Home<br />
Office<br />
Table 1<br />
2 H.O 14,798 Ft2 12 47<br />
<strong>15</strong>97<br />
1 BR 1,734 Ft2 1 175<br />
2 BED 14839<br />
3 BED 1<strong>15</strong>02<br />
1 BR + 1 H.O 9,397 Ft2 6 28<br />
1 BR + 2 H.O 1,597 Ft2 1 16<br />
2 BR 14,839 Ft2 8 59<br />
3 BR 11,502 Ft2 5 38<br />
OVERALL 67,205 Ft2 48 54<br />
<strong>15</strong> BROAD STREET<br />
New York NY 10005
<strong>15</strong> BROAD STREET<br />
Year-Over-Year Leases 2020-<strong>2021</strong><br />
Type<br />
Leased Units<br />
% (YR)<br />
Leased Ft2<br />
(YR)<br />
Price per Ft2<br />
% (YR)<br />
STUDIO 233% 6,080 Ft2 14%<br />
1 H.O 67% 1,837 Ft2 <strong>15</strong>%<br />
2 H.O 9% 14 Ft2 17%<br />
1 BR 100% 1,734 Ft2 14%<br />
1 BR + 1 H.O 14% 1,259 Ft2 19%<br />
1 BR + 2 H.O 100% 1,579 Ft2 20%<br />
2 BR 800% 14,839 Ft2 12%<br />
3 BR 400% 9,302 Ft2 8%<br />
OVERALL 92% 34,126 Ft2 14%<br />
• The market share of landlord concessions, listing<br />
inventory, and vacancy fell annually at record rates.<br />
• Net effective median rent surged by a record annual<br />
rate.<br />
• Listing discount from the original asking price fell to<br />
its second tightest level on record.<br />
<strong>15</strong> BROAD STREET<br />
New York NY 10005
Residence 710 | 3BR | 1 H.O | 3BA | $8,995 | RENTED
Residence 3420 | 2BR | 2.5BA | $6,995 | RENTED<br />
Residence 730 | 2 H.O | 2BA | $5,<strong>15</strong>0 | RENTED
Residence 1601 | Alcove Loft | 1BA | $3,500 | RENTED
PERFECTION<br />
in every detail, every step of the way<br />
<strong>15</strong> BROAD STREET<br />
New York NY 10005
Jaime Aguilera<br />
Licensed Associate Real Estate Broker<br />
212 470 8774<br />
575 Madison Ave<br />
New York NY<br />
10022