88 Greenwich St - Q1 2024 Market Overview
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GREENWICH<br />
CLUB<br />
RESIDENCES<br />
<strong>Q1</strong> <strong>2024</strong> MARKET OVERVIEW<br />
January 1 - March 31, <strong>2024</strong> Vs January 1 - March 31, 2023<br />
<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet, New York, NY 10006<br />
JAIME AGUILERA<br />
Lic. Associate Real Estate Broker
<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet - Sales <strong>Market</strong> Analysis <br />
<strong>Q1</strong> <strong>2024</strong> Sales Activity:<br />
Size<br />
Average Sales <br />
Price<br />
Sold Units<br />
(<strong>Q1</strong> <strong>2024</strong>)<br />
Avg. $/PSF % Change<br />
(<strong>Q1</strong> <strong>2024</strong> vs <strong>Q1</strong> 2023)<br />
Average Days <br />
on <strong>Market</strong><br />
<strong>St</strong>udio $622,667 3 1.07% 139<br />
1 Bedroom 865,000 1 8.55% 33<br />
2 Bedroom - - - -<br />
Total $683,250 4 4.58% 112<br />
<strong>Market</strong> <strong>Overview</strong>:<br />
The first quarter of <strong>2024</strong> has presented a mixed landscape for property sales at <strong>88</strong><br />
<strong>Greenwich</strong> <strong>St</strong>, compared to the first quarter of the previous year. An analysis of several<br />
key market indicators highlights the various challenges and opportunities within the<br />
building:<br />
Sales Price: The average sales price in <strong>Q1</strong> <strong>2024</strong> experienced a slight decline to<br />
$683,250, marking a 14.33% decrease from the previous year's average of $797,500.<br />
This trend suggests a market shift, potentially influenced by current interest rates and<br />
the broader economic environment.<br />
Days on <strong>Market</strong>: Properties at <strong>88</strong> <strong>Greenwich</strong> <strong>St</strong> have encountered a prolonged presence<br />
on the market before selling, with an average of 112 days in <strong>Q1</strong> <strong>2024</strong>, up from 71 days in<br />
<strong>Q1</strong> 2023. This increase could reflect a more cautious approach from buyers or indicate a<br />
slowing market.<br />
Units Sold: The number of transactions remained steady, with four units sold in both<br />
quarters, signaling a consistent demand for properties within the building.<br />
Sales Volume: The total sales volume for <strong>Q1</strong> <strong>2024</strong> amounted to $2,733,000, showing a<br />
noticeable decline from the $3,190,000 recorded in <strong>Q1</strong> 2023. The lack of sales of 2-<br />
bedroom units in the current quarter likely contributed to this decrease.
<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet - Sales <strong>Market</strong> Analysis <br />
Breakdown by Unit Type:<br />
<strong>St</strong>udio Apartments: The first quarter of <strong>2024</strong> saw three studio units sold, with an<br />
average price of $622,667, representing a 1.07% decrease in average price per square<br />
foot from the previous year. The average days on the market for studios increased<br />
significantly to 139 days.<br />
1 Bedroom Units: A single 1-bedroom unit was sold for $865,000, marking an 8.55%<br />
increase in the average price per square foot from <strong>Q1</strong> 2023. This unit was sold quickly,<br />
spending only 33 days on the market, indicating a swift turnover for this type of unit.<br />
2 Bedroom Units: No 2-bedroom units were sold in <strong>Q1</strong> <strong>2024</strong>, affecting the comparison<br />
with the data from the previous year.<br />
Summary: The first quarter of <strong>2024</strong> at <strong>88</strong> <strong>Greenwich</strong> <strong>St</strong> revealed a cooling average sales<br />
price and a longer time on market. Despite the overall drop in price per square foot, the<br />
market for 1-bedroom units remained strong, with an increase in average price and a<br />
quick sale. The consistent number of units sold suggests ongoing interest, though the<br />
decrease in sales volume and no 2-bedroom unit sales might signal shifting consumer<br />
preferences.<br />
Recent Sales:<br />
Apartment Size Sold Price $/PSF DOM Date Sold<br />
1105 <strong>St</strong>udio $585,000 $1,013 203 2/26/<strong>2024</strong><br />
1206 <strong>St</strong>udio $565,000 $1,068 27 1/31/<strong>2024</strong><br />
3105 1 Bedroom $865,000 $1,270 33 1/8/<strong>2024</strong><br />
1905 <strong>St</strong>udio $718,000 $981 1<strong>88</strong> 1/8/<strong>2024</strong><br />
1406 <strong>St</strong>udio $572,500 $1,082 104 12/29/2023<br />
919 <strong>St</strong>udio $720,000 $1,069 108 11/17/2023<br />
913 <strong>St</strong>udio $655,000 $1,044 78 10/19/2023<br />
1307 2 Bedroom $1,425,000 $1,195 59 9/27/2023
<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet - Rental <strong>Market</strong> Analysis <br />
<strong>Q1</strong> <strong>2024</strong> Rental Activity:<br />
Size<br />
Average Asking<br />
Rent<br />
Leased Units<br />
(<strong>Q1</strong> <strong>2024</strong>)<br />
Avg. Asking Rent % Change<br />
(<strong>Q1</strong> <strong>2024</strong> vs <strong>Q1</strong> 2023)<br />
Average<br />
Days <br />
on <strong>Market</strong><br />
<strong>St</strong>udio $3,399 6 8.04% 23<br />
1 Bedroom $4,800 1 12.94% 13<br />
2 Bedroom - - - -<br />
Total $3,599 7 2.42% 22<br />
Rental <strong>Market</strong> <strong>Overview</strong>:<br />
The first quarter of <strong>2024</strong> at <strong>88</strong> <strong>Greenwich</strong> <strong>St</strong> demonstrated distinctive trends in the rental<br />
market when compared to <strong>Q1</strong> 2023:<br />
Average Rent: The first quarter saw the average rent positioning at $3,599, a cautious<br />
yet optimistic increase in comparison to <strong>Q1</strong> 2023's $3,514. This 2.42% rise reflects a<br />
market that's slowly gaining momentum.<br />
Days on <strong>Market</strong>: Rental properties were absorbed quicker, with the average days on<br />
market dropping to 22, from the previous year’s average of 28 days, suggesting an<br />
increasingly efficient market.<br />
Breakdown by Unit Type:<br />
<strong>St</strong>udio Apartments: <strong>St</strong>udios witnessed a lease of 6 units with an average rent of $3,399,<br />
showing an increase of 8.04% from the same quarter in the previous year. The days on<br />
market for these units remained relatively steady at 23 days.<br />
1 Bedroom Units: The 1-bedroom apartments, although fewer in transactions with just 1<br />
unit rented, saw a substantial hike in the average rent to $4,800, up by 12.94% from <strong>Q1</strong><br />
2023. This units enjoyed a rapid turnover, with 13 days on the market, reflecting a strong<br />
demand for this type of unit.
<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet - Rental <strong>Market</strong> Analysis <br />
2 Bedroom Units: There were no transactions for 2-bedroom units this quarter.<br />
Summary: The first quarter of <strong>2024</strong> for <strong>88</strong> <strong>Greenwich</strong> <strong>St</strong> displayed a rental market that's<br />
adjusting with growing confidence. The overall increase in average rent coupled with the<br />
fairly stable days on market suggests a healthy demand. The stark increase in rent for 1-<br />
bedroom units points to a potential shift in tenant preferences or a perceived increase in<br />
value for these units. The market's efficiency is further underscored by the overall<br />
decrease in the average days on market, demonstrating the area's attractiveness and<br />
the effectiveness of pricing strategies. These patterns affirm <strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>’s<br />
prominence in the Financial District, appealing to a selective tenant base and securing<br />
strong occupancy rates.<br />
Recent Rentals:<br />
Apartment Size Last Asking Price DOM Leased Date<br />
921 <br />
<strong>St</strong>udio $3,500 12 3/20/<strong>2024</strong><br />
1401 <strong>St</strong>udio $3,400 27 3/15/<strong>2024</strong><br />
806 <strong>St</strong>udio $3,550 28 3/14/<strong>2024</strong><br />
2602 1 Bedroom $4,800 13 2/28/<strong>2024</strong><br />
720 <strong>St</strong>udio $3,345 27 2/15/<strong>2024</strong><br />
1101 <strong>St</strong>udio $3,599 40 1/16/<strong>2024</strong><br />
1205 <strong>St</strong>udio $3,000 8 1/12/<strong>2024</strong><br />
1612 <strong>St</strong>udio $3,395 69 12/27/2023<br />
3003 <strong>St</strong>udio $3,000 48 12/16/2023<br />
1811 1 Bedroom $3,695 18 12/07/2023<br />
604 2 Bedroom $6,990 97 11/27/2023<br />
1105 <strong>St</strong>udio $3,395 35 11/13/2023<br />
1308 1 Bedroom $4,795 12 11/8/2023<br />
922 <strong>St</strong>udio $3,600 25 10/11/2023
SELECT<br />
LISTINGS<br />
AND<br />
RECENT<br />
ACTIVITY
ACTIVE<br />
<strong>88</strong> GREENWICH ST #520<br />
$599,000<br />
STUDIO | 1 BATH<br />
552 SQ. FT.
SOLD<br />
<strong>88</strong> GREENWICH ST #3105<br />
$865,000<br />
1 BED | 1 BATH<br />
681 SQ. FT.
SOLD<br />
<strong>88</strong> GREENWICH ST #1206<br />
$565,000<br />
STUDIO | 1 BATH<br />
529 SQ. FT.
RENTED<br />
<strong>88</strong> GREENWICH ST #3003<br />
$3,000<br />
STUDIO | 1 BATH<br />
444 SQ. FT.
RENTED<br />
<strong>88</strong> GREENWICH ST #1612<br />
$3,395<br />
STUDIO | 1 BATH<br />
550 SQ. FT.<br />
RENTED<br />
<strong>88</strong> GREENWICH ST #505<br />
$3,100<br />
STUDIO | 1 BATH<br />
577 SQ. FT.
Jaime Aguilera<br />
Lic. Associate Real Estate Broker<br />
212 470 8774<br />
110 Fifth Avenue<br />
New York, NY 10003
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