88 Greenwich St - Q1 2022

GREENWICH
CLUB
RESIDENCES
Q1 2022 REPORT
January 1st / March 31st
JAIME AGUILERA
at Douglas Elliman Real Estate

MANHATTAN SALES
Q1-2022
“The quarter saw the highest number of sales for a first quarter
in thirty-three years of tracking”
For the third consecutive quarter, Manhattan sales have been on a record-setting
tear as the market plays catch-up to the metro area. There were 3,585 sales in
the quarter, up 45.9% year over year and 48.9% from the pre-pandemic levels.
The total was the most recorded within a first quarter over thirty-three years of
tracking. The same total was 33.1% higher than the 2,694 first-quarter average of
the past decade and 37.3% higher than the all-quarter average of the past twenty
years. Listing inventory declined 4.4% to 6,906 for the third straight quarter of
year over year declines. As the market returns to normal seasonality, the excess
demand overpowering listing inventory was partially offset by the seasonal rise in
supply, and sellers pulled in from renewed price growth. With rapidly rising sales
and sliding listing inventory from the year-ago quarter resulted in a fast moving
market pace. The months of supply, the number of months to sell all listing
inventory at the current sales rate, was 5.8 months, 34.1% faster than the prioryear
quarter and 23.7% faster than the same period two years ago.

MANHATTAN SALES
Q1-2022

MANHATTAN RENTALS
Q1-2022
“Net effective median rent rose to the highest on record but
with a deceleration in the annual rate of growth.”
Rents continued to rise year over year to record or near-record levels while new
leasing activity surged month over month, consistent with a return to seasonal
patterns pre-pandemic. Net effective median rent, face rent less landlord
concessions, rose year over year by 22.5% to set a record of $3,644. The annual
rate of growth was elevated but represented a slower rate than the prior month’s
record. This price metric was 4.8% higher than the same month two years ago at
the start of the pandemic lockdown in mid-March 2020. Net effective average
rental price per square foot rose to the second-highest level recorded. Nondoorman
median effective rent, representing the lower half of the rental market by
price, rose 23.4% yearly. The market share of landlord concessions dropped by
nearly half year over year to 17.7%, the lowest level reached since Q3 2016.

MANHATTAN RENTALS
Q1-2022

GREENWICH CLUB
Q1-2022 Active Inventory
Unit Type Inventory Volume Active Units Ft2
Studio $9,492,000 13 7,794 Ft2
1 BR $6,877,000 7 5,224 Ft2
2 BR - - -
3 BR $2,140,000 1 1,640 Ft2
88 Greenwich Street
New York NY 10006

GREENWICH CLUB
Q1-2022 Lease Activity
Unit Type Leased Ft2 Leased Units Avg. Days
on Market
Studio 6,482 Ft2 11 13
1 BR 732 Ft2 1 37
2 BR - - -
3 BR - - -
88 Greenwich Street
New York NY 10006

Residence 2010 | 1BR | 1BA | $1,125,000

Residence 607 | 1BR | 1BA | $785,000

Residence 3003 | Studio | 1BA | $3,000 | FOR RENT

Residence 3405 | 1BR | 1BA | $4,000 | RENTED

Residence 520 | Studio | 1BA | $2,850 | RENTED
Residence 328 | Studio | 1BA | $2,950 | RENTED

Residence 728 | Studio | 1BA | $2,950 | RENTED
Residence 1313 | Studio | 1BA | $2,400 | RENTED

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