15 Broad St - Q3 Report

15
BROAD
STREET
Q3 2023 REPORT
DOWNTOWN CONDOMINIUM
July 1st - September 30th, 2023
JAIME AGUILERA
Lic. Associate Real Estate Broker

15 Broad Street - Sales Market Analysis
Q3 2023 Sales Activity:
Size
Avg. Sales
Price
Sold Units
(Q3 2023)
Avg. $/PSF % Change
(Q3 2023 vs Q3 2022)
Avg. Days
on Market
Studio $787,500 1 12.55% 199
1 BR + 1 Home Office $1,590,000 1 no data 50
1 BR + 2 Home Office $2,200,000 1 no data 44
Total $1,525,833 3 16.87% 98
Market Overview:
The third quarter of 2023 showcased significant changes in the sales market at 15 Broad
St when compared to the same quarter in 2022. These changes were evident across
multiple key market metrics:
Sales Price: The average sales price for Q3 2023 was recorded at $1,525,833, showing
a decline of 16.87% from the previous year's average of $1,835,000 for the same
quarter.
Days on Market: Properties during Q3 2023 spent an average of 98 days on the market,
marking a significant increase when compared to the 52 days average from Q3 2022.
Units Sold: A total of 3 units were sold during the third quarter of 2023. This is a
decrease from the 5 units sold during the same period in 2022.
Sales Volume: The total sales volume for Q3 2023 reached $4,577,500 signifying a 50%
decrease from the $9,175,000 recorded in the third quarter of 2022.
Price per Square Foot: The third quarter's average price per square foot settled at
$1,041, which is a natural adjustment from the previous year and a reflection of the everevolving
market dynamics.

15 Broad Street - Sales Market Analysis
Breakdown by Unit Type:
Studio Apartments: One studio apartment was sold during Q3 2023 for an amount of
$787,500. This apartment remained on the market for 199 days. The price per square
foot was $1,052, registering a 12.55% decrease from Q3 2022.
1 Bedroom + 1 Home Office: A single unit of this category was sold for $1,590,000. This
unit was listed on the market for 50 days.
1 Bedroom + 2 Home Office: This type saw a sale of one unit, which was priced at
$2,200,000. The unit was available on the market for 44 days.
Summary: The third quarter of 2023 revealed mixed trends for the sales market at 15
Broad St. Although there was a decline in the number of units sold and in the sales
volume, the details show varying patterns when we dissect the data by unit type. The
increased average days on the market is an indication of a relatively slower market
movement. Notwithstanding these general trends, the market remains dynamic, and it
will be interesting to observe how it responds to external economic factors and buyer
preferences in the coming months.
Recent Sales:
Apartment Size Sold Price $/PSF DOM Date Sold
1914 1 BR + 2 Home Office $2,200,000 $1,084 44 9/28/2023
901 Studio $787,500 $1,052 199 9/11/2023
2504 1 BR + 1 Home Office $1,590,000 $988 50 8/2/2023
2904 1 BR + 1 Home Office $1,599,000 $1,126 41 5/12/2023
3530 3 Bedroom $2,940,000 $1,258 26 5/17/2023
816 1 BR + 1 Home Office $1,900,000 $1,087 52 5/9/2023
1602 Studio $1,037,500 $1,100 234 3/24/2023

15 Broad Street - Rental Market Analysis
Q3 2023 Rental Activity:
Size
Avg. Asking
Rent
Leased Units
(Q3 2023)
Avg. Asking Rent % Change
(Q3 2023 vs Q3 2022)
Avg. Days
on Market
Studio $4,233 3 5.82% 8
1 Home Office $7,000 1 8.53% 19
2 Home Office $7,100 1 6.53% 34
2 Bedroom $7,950 1 6.47% 76
Total $5,792 6 7.56% 26
Rental Market Overview:
In the third quarter of 2023, the rental market at 15 Broad St showcased stable and
promising trends, solidifying its position in the Financial District’s housing scene.
Average Rent: By the end of Q3, the average asking rent was established at $5,792.
While this denotes a slight adjustment from the previous year, it underscores the
competitive pricing strategy in place to meet the evolving rental market dynamics.
Leased Units: This quarter saw the leasing of 6 units. This metric confirms the sustained
attractiveness of 15 Broad St among prospective tenants.
Days on Market: Units were secured by renters in an average of 26 days, reflecting the
efficiency and alignment of property offerings with market demand.
Breakdown by Unit Type:
Studio Apartments: These were the quickest to move, with 3 units being leased at an
average asking rate of $4,233 — a growth of 5.82% from the previous year. Their swift
occupancy rate resonates with the appeal of this type of unit.
1 Home Office Units: One unit in this category was secured for $7,000, marking a rise of
8.53% from last year's rates. Its days on the market stood at 19.

15 Broad Street - Rental Market Analysis
2 Home Office Units: A unit in this segment was taken up for $7,100, reflecting a 6.53%
year-on-year increase. It remained available for a span of 34 days.
2 Bedroom Units: A spacious 2 bedroom was rented at $7,950. Even though there was
a 6.47% adjustment from the previous year, it embodies the premium positioning of
such layout. Its market duration was 76 days.
Summary: The Q3 2023 data for 15 Broad St paints a picture of a robust rental market
that successfully meets the diverse needs of tenants in the Financial District. While each
unit type had its unique trajectory, the overarching theme was one of adaptability, and
sustained demand.
Recent Rentals:
Apartment
Size
Last Asking
Price
DOM
Leased Date
928 1 Home Office $5,950 11 10/9/2023
1408 Studio $4,200 8 9/29/2023
824 2 Home Office $7,100 34 9/12/2023
2028 Studio $4,500 8 8/21/2023
2108 Studio $4,000 9 8/21/2023
1424 1 Home Office $7,000 19 8/21/2023
1700 2 Bedroom $7,950 76 7/12/2023
3330 2 BR + 1 Home Office $9,000 74 6/26/2023
908 Studio $3,900 28 6/20/2023
1624 2 Home Office $6,750 17 6/6/2023
2728 Studio $4,000 32 5/9/2023
3508 1 Home Office $4,400 8 5/11/2023

Financial District - Q3 2023 Sales Report
Condominium Market Analysis
Market Metrics Q3 2023 Q3 2022 % Change
Number of Sales 75 114 34.21%
Average Sales Price
Average Discount
Average Price per SF
Average SF
Average Days on Market
$1,451,507 $1,368,361 6.08%
8% 6% 33.33%
$1,244 $1,255 0.88%
1,140 1,073 6.24%
99 194 48.97%
Market Overview:
The Financial District's condominium market witnessed various shifts in Q3 2023 when
compared to Q3 2022. Some metrics, such as the number of sales, exhibited a
decrease, while the average sales price and average square footage showed an upward
trajectory. Interestingly, there was a surge in the average discount offered. Additionally,
condos were sold faster compared to the previous year, as indicated by the reduction in
the average days on the market.
Number of Sales: In Q3 2023, the Financial District observed a considerable decrease in
the number of sales. A total of 75 condos were sold, marking a decline of 34.21% from
Q3 2022, which reported 114 units sold.
Average Sales Price and Price per SF: The average sales price of condos rose by
6.08%, moving from $1,368,361 in Q3 2022 to $1,451,507 in Q3 2023. However, the
average price per square foot exhibited a minor decrease of 0.88%, settling at $1,244 in
Q3 2023, down from $1,255 in the previous year.
Average Discount: The average discount in the Financial District saw a significant
increase. There was a jump of 33.33% in the average discount, growing from 6% in Q3
2022 to 8% in Q3 2023. This rise indicates a strategic approach to stimulate sales
amidst a fluctuating market.

Financial District - Q3 2023 Sales Report
Condominium Market Analysis
Average Square Footage: The average square footage of the condos sold witnessed an
upswing. In Q3 2023, condos had an average size of 1,140 SF, marking a 6.24%
increase from the 1,073 SF average in Q3 2022. This could be indicative of a growing
preference for slightly larger units and the availability of bigger units in the market.
Average Days on Market: One of the most positive indicators was the reduction in the
average days a condo stayed on the market. This number decreased by an impressive
48.97%, dropping from 194 days in Q3 2022 to just 99 days in Q3 2023.
Summary: The Financial District's condo market in Q3 2023 presented a mix of
indicators. While certain metrics like the number of sales indicated a cooler market, the
rise in average sales price and the significant drop in average days on the market might
suggest heightened buyer interest. The increased average discount could also be
pointing towards heightened seller activity in response to the current market's dynamics.

RECENT
SALES
AND
RENTALS

Apt. #901 | Studio | 1 BA | 748 SF | $787,500 | SOLD
Apt. #2504 | 1 BR | 1 HO | 2 BA | 1,608 SF | $1,590,000 | SOLD

Apt. #824 | 2 HO | 2 BA | 1,524 SF | $7,100 | RENTED
Apt. #2028 | Studio | 1 BA | 916 SF | $4,500 | RENTED

Apt. #2108 | Studio | 1 BA | 659 SF | $4,000 | RENTED
Apt. #1424 | 1 HO | 2 BA | 1,509 SF | $7,000 | RENTED

Jaime Aguilera
Lic. Associate Real Estate Broker
212 470 8774
110 Fifth Avenue
New York, NY 10003