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<strong>15</strong><br />
BROAD<br />
STREET<br />
<strong>Q1</strong> <strong>2022</strong> REPORT<br />
January 1st / March 31st<br />
JAIME AGUILERA<br />
at Douglas Elliman Real Estate
MANHATTAN SALES<br />
<strong>Q1</strong>-<strong>2022</strong><br />
“The quarter saw the highest number of sales for a first quarter<br />
in thirty-three years of tracking”<br />
For the third consecutive quarter, Manhattan sales have been on a record-setting<br />
tear as the market plays catch-up to the metro area. There were 3,585 sales in<br />
the quarter, up 45.9% year over year and 48.9% from the pre-pandemic levels.<br />
The total was the most recorded within a first quarter over thirty-three years of<br />
tracking. The same total was 33.1% higher than the 2,694 first-quarter average of<br />
the past decade and 37.3% higher than the all-quarter average of the past twenty<br />
years. Listing inventory declined 4.4% to 6,906 for the third straight quarter of<br />
year over year declines. As the market returns to normal seasonality, the excess<br />
demand overpowering listing inventory was partially offset by the seasonal rise in<br />
supply, and sellers pulled in from renewed price growth. With rapidly rising sales<br />
and sliding listing inventory from the year-ago quarter resulted in a fast moving<br />
market pace. The months of supply, the number of months to sell all listing<br />
inventory at the current sales rate, was 5.8 months, 34.1% faster than the prioryear<br />
quarter and 23.7% faster than the same period two years ago.
MANHATTAN SALES<br />
<strong>Q1</strong>-<strong>2022</strong>
MANHATTAN RENTALS<br />
<strong>Q1</strong>-<strong>2022</strong><br />
“Net effective median rent rose to the highest on record but<br />
with a deceleration in the annual rate of growth.”<br />
Rents continued to rise year over year to record or near-record levels while new<br />
leasing activity surged month over month, consistent with a return to seasonal<br />
patterns pre-pandemic. Net effective median rent, face rent less landlord<br />
concessions, rose year over year by 22.5% to set a record of $3,644. The annual<br />
rate of growth was elevated but represented a slower rate than the prior month’s<br />
record. This price metric was 4.8% higher than the same month two years ago at<br />
the start of the pandemic lockdown in mid-March 2020. Net effective average<br />
rental price per square foot rose to the second-highest level recorded. Nondoorman<br />
median effective rent, representing the lower half of the rental market by<br />
price, rose 23.4% yearly. The market share of landlord concessions dropped by<br />
nearly half year over year to 17.7%, the lowest level reached since Q3 2016.
MANHATTAN RENTALS<br />
<strong>Q1</strong>-<strong>2022</strong>
<strong>15</strong> BROAD STREET<br />
<strong>Q1</strong>-<strong>2022</strong> Active Inventory<br />
Unit Type Inventory Volume Active Units Ft2<br />
STUDIO $3,675,000 4 2,996<br />
1 H.O $1,088,000 1 942<br />
1 BR + 1 H.O $5,974,000 3 4,574<br />
1 BR + 2 H.O $1,695,000 1 1,579<br />
2 BR $8,293,000 3 5,537<br />
3 BR $13,945,000 4 9,400<br />
OVERALL $34,670,000 16 25,028<br />
<strong>15</strong> BROAD STREET<br />
New York NY 10005
<strong>15</strong> BROAD STREET<br />
<strong>Q1</strong>-<strong>2022</strong> Lease Activity<br />
Unit Type Leased Ft2 Leased Units<br />
Avg. Days<br />
on Market<br />
STUDIO 655 1 3<br />
1 H.O 943 1 56<br />
2 H.O 1,236 1 20<br />
1 BR + 1 H.O 1,738 1 8<br />
1 BR + 2 H.O 2,028 1 65<br />
2 BR 1,701 1 46<br />
OVERALL 8,301 6 33<br />
<strong>15</strong> BROAD STREET<br />
New York NY 10005
Residence 1710 | 3 BR | 2 BA | $3,300,000
Residence 2000 | 3 BR | 2 BA | $2,650,000
Residence 2814 | 1 BR | 2 H.O | $1,695,000 | IN CONTRACT
Residence 1900 | 3 BR | 2 BA | $2,400,000 | SOLD
Residence 1114 | 1 BR | 2 H.O | $8,500 | RENTED
Residence 916 | 1 BR | 1 H.O | $8,350 | RENTED
Jaime Aguilera<br />
Licensed Associate Real Estate Broker<br />
212 470 8774<br />
575 Madison Ave<br />
New York NY<br />
10022