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88 Greenwich St - Mid-Year 2023

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GREENWICH<br />

CLUB<br />

RESIDENCES<br />

<strong>Mid</strong>-<strong>Year</strong> Building + Fi-Di Reports<br />

<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet, New York, NY 10006<br />

January 1st / June 30th <strong>2023</strong><br />

JAIME AGUILERA<br />

Lic. Associate Real Estate Broker


<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet - Sales Market Analysis <br />

1st Semester <strong>2023</strong> Sales Activity:<br />

Size<br />

Average Sales <br />

Price<br />

Sold Units<br />

(YTD)<br />

Avg. Price per SF<br />

% Change (YTD)<br />

Average Days <br />

on Market<br />

<strong>St</strong>udio $577,500 2 2.06% 124<br />

1 Bedroom $869,167 6 11.32% 126<br />

2 Bedroom $1,630,000 1 no data 51<br />

Total $<strong>88</strong>8,<strong>88</strong>8 9 0.17% 116<br />

Market Overview:<br />

From January 1st to June 30th, <strong>2023</strong>, property sales at <strong>88</strong> <strong>Greenwich</strong> <strong>St</strong> witnessed<br />

significant shifts compared to the same period in 2022, with an overall impact on key<br />

market indicators:<br />

• Sales Price: The average sales price increased in <strong>2023</strong>, reaching $<strong>88</strong>8,<strong>88</strong>8, marking a<br />

growth of 11.91% from 2022's average of $794,350.<br />

• Days on Market: The average days on the market increased to 116 in <strong>2023</strong>, an 11.54%<br />

rise compared to the previous year's average of 104 days.<br />

• Units Sold: The number of units sold declined to 9 during the first half of <strong>2023</strong>, a 55%<br />

reduction from the 20 units sold in the same period in 2022.<br />

• Sales Volume: The total sales volume in the first half of <strong>2023</strong> was $7,999,999, a<br />

substantial decrease of 49.66% from 2022's total sales volume of $15,<strong>88</strong>7,000.<br />

• Price per Square Foot: The average price per square foot experienced a minimal<br />

increase of 0.17%, resulting in an average of $1,175 in <strong>2023</strong>.<br />

Breaking down the sales by unit type, we can observe the following trends:<br />

• <strong>St</strong>udio Apartments: Two studio units sold at an average price of $577,500. The<br />

average price per square foot dropped by 2.06% compared to the previous year.


<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet - Sales Market Analysis <br />

• 1 Bedroom Units: The market for 1-bedroom units showed a slowdown, with six units<br />

sold at an average price of $869,167. This denotes a decline of 11.32% in the average<br />

price per square foot from the previous year. These units remained on the market for an<br />

average of 126 days.<br />

• 2 Bedroom Units: The first semester of <strong>2023</strong> saw a single 2-bedroom unit sold for<br />

$1,630,000. No comparative data is available from the previous year for this category.<br />

The unit was sold after being listed for 51 days.<br />

• Summary: The first half of <strong>2023</strong> brought mixed trends for the sales market at <strong>88</strong><br />

<strong>Greenwich</strong> <strong>St</strong>. A decrease in the number of units sold and total sales volume was<br />

recorded, even as the average sales price showed an uptick. The lengthier average<br />

days on market suggests slower market activity. Trends per unit type were varied, with<br />

studio and 1-bedroom units seeing a decrease in average price per square foot,<br />

indicative of market adjustments in response to higher interest rates and shifting buyer<br />

preferences.<br />

Recent Sales:<br />

Apartment Size Sold Price $/PSF DOM Date Sold<br />

2704 1 Bedroom $999,999 $1,317 195 6/22/<strong>2023</strong><br />

1809 2 Bedroom $1,630,000 $1,436 51 5/25/<strong>2023</strong><br />

1903 1 Bedroom $810,000 $1,126 328 5/19/<strong>2023</strong><br />

2006 1 Bedroom $810,000 $1,096 118 4/28/<strong>2023</strong><br />

910 <strong>St</strong>udio $560,000 $1,057 66 4/12/<strong>2023</strong><br />

917 1 Bedroom $970,000 $1,098 15 3/19/<strong>2023</strong><br />

1405 <strong>St</strong>udio $595,000 $1,031 182 2/21/<strong>2023</strong><br />

916 1 Bedroom $875,000 $1,180 42 2/10/<strong>2023</strong><br />

616 1 Bedroom $750,000 $1,233 45 1/20/<strong>2023</strong>


<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet - Rental Market Analysis <br />

1st Semester <strong>2023</strong> Rental Activity:<br />

Size<br />

Average Asking<br />

Rent<br />

Leased<br />

Units<br />

Avg. Asking Rent %<br />

Change<br />

Average<br />

Days <br />

on Market<br />

<strong>St</strong>udio $3,209 14 4.24% 26<br />

1 Bedroom $4,394 10 6.95% 29<br />

2 Bedroom $4,600 1 no data 14<br />

Total $3,738 25 7.51% 27<br />

Rental Market Overview:<br />

Between January 1st and June 30th, <strong>2023</strong>, the rental market at <strong>Greenwich</strong> Club<br />

Residences experienced considerable changes compared to the same period in 2022,<br />

as noted in multiple key market indicators:<br />

• Average Rent: The average rental price saw a notable rise, achieving $3,738 in <strong>2023</strong>.<br />

This represents a 7.51% increase from 2022's average of $3,477.<br />

• Days on Market: The average duration of properties on the market also increased,<br />

going up to 27 days. This is an 80% rise from the average of 15 days observed in the<br />

previous year.<br />

• Rental Price per Square Foot: The average price per square foot showed a modest<br />

increase, reaching $70 in <strong>2023</strong>, compared to the previous year's average of $69.<br />

Here's a detailed breakdown of the performance of each unit type:<br />

• <strong>St</strong>udio Apartments: 14 studio units were leased at an average price of $3,209, marking<br />

a 4.24% decrease in the average asking rent from the previous year.<br />

• 1 Bedroom Units: 1-bedroom units displayed an upswing, with 10 units rented at an<br />

average price of $4,394. This represents a 6.95% increase in the average asking rent<br />

from the previous year. These units stayed on the market for an average of 29 days.


<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet - Rental Market Analysis <br />

• 2 Bedroom Units: The first semester of <strong>2023</strong> saw a single 2-bedroom unit leased for<br />

$4,600. No comparable data is available from the previous year for this category. The<br />

unit was rented after being on the market for 14 days.<br />

• Summary: In the first half of <strong>2023</strong>, the rental market at <strong>88</strong> <strong>Greenwich</strong> <strong>St</strong> indicated<br />

increased activity, marked by a rise in both the average rent and price per square foot.<br />

However, properties also stayed on the market for longer. The mixed trends across unit<br />

types—falling asking rent for studio apartments and increasing asking rent for 1-<br />

bedroom units—indicate nuanced shifts in tenant demand, potentially influenced by<br />

changes in demographic and economic factors. The data suggests a dynamic market<br />

responding to a diverse set of tenant needs and expectations.<br />

Recent Rentals:<br />

Apartment<br />

Size<br />

Last Asking<br />

Price<br />

DOM<br />

Leased Date<br />

1409 1 Bedroom $3,600 6 6/25/<strong>2023</strong><br />

2004 1 Bedroom $4,495 29 6/1/<strong>2023</strong><br />

603 <strong>St</strong>udio $3,400 36 5/31/<strong>2023</strong><br />

1706 1 Bedroom $4,500 52 5/26/<strong>2023</strong><br />

629 <strong>St</strong>udio $3,400 13 5/23/<strong>2023</strong><br />

907 1 Bedroom $4,500 62 5/20/<strong>2023</strong><br />

2304 2 Bedroom $4,600 14 5/18/<strong>2023</strong><br />

320 <strong>St</strong>udio $2,750 - 5/18/<strong>2023</strong><br />

1613 <strong>St</strong>udio $3,600 19 5/9/<strong>2023</strong><br />

1908 1 Bedroom $3,695 10 5/2/<strong>2023</strong><br />

926 <strong>St</strong>udio $3,200 6 5/2/<strong>2023</strong><br />

1804 1 Bedroom $4,850 7 4/29/<strong>2023</strong>


Financial District - <strong>Mid</strong>-<strong>Year</strong> Activity Report<br />

Condominium Market Analysis<br />

Market Metrics 1st Semester <strong>2023</strong> 1st Semester 2022 % Change<br />

Number of Sales 218 297 26.6%<br />

Average Sales Price<br />

Average Discount<br />

Average Price per SF<br />

Average SF<br />

Average Days on Market<br />

$1,441,959 $1,903,518 24.25%<br />

8% 6% 33.33%<br />

$1,427 $1,479 3.51%<br />

1,013 1,193 15.08%<br />

98 196 50%<br />

Market Overview:<br />

The Financial District's condominium market saw significant shifts during the first<br />

semester of <strong>2023</strong> compared to the same period in 2022. Several market metrics,<br />

including the number of sales, average sales price, and average price per square foot,<br />

displayed downward movement. Meanwhile, the average discount saw a notable<br />

increase. The average square footage of units sold also experienced a downturn.<br />

• Number of Sales: The number of sales decreased notably in the first semester of <strong>2023</strong>.<br />

A total of 218 units were sold, showing a 26.6% drop compared to the first semester of<br />

2022, which witnessed 297 units sold.<br />

• Average Sales Price and Price per SF: The average sales price also demonstrated a<br />

downturn, falling 24.25% from the first semester of 2022 ($1,903,518) to the first<br />

semester of <strong>2023</strong> ($1,441,959). Correspondingly, the average price per square foot<br />

declined by 3.51% to $1,427 during this period.<br />

• Average Discount: Interestingly, amidst these downward trends, the average discount<br />

on condos increased. There was an uptick of 33.33% in the average discount, moving<br />

from 6% in the first semester of 2022 to 8% in the first semester of <strong>2023</strong>. This rise may<br />

reflect an attempt to spur sales in a slower market.


Financial District - <strong>Mid</strong>-<strong>Year</strong> Activity Report<br />

Condominium Market Analysis<br />

• Average Square Footage: Concurrently, the average square footage of condos sold<br />

also experienced a decline of 15.08%. This went from 1,193 SF in the first semester of<br />

2022 to 1,013 SF in the first semester of <strong>2023</strong>, possibly indicating a preference for<br />

smaller units and tighter supply of larger units. <br />

• Average Days on Market: In a positive trend, condos spent significantly less time on<br />

the market. The average days on the market reduced by a remarkable 50%, falling<br />

from 196 days in the first semester of 2022 to 98 days in the first semester of <strong>2023</strong>.<br />

• Summary: The Financial District's condo market showed mixed signals during the first<br />

semester of <strong>2023</strong>. While falling prices and reduced sales hint at a softer market, the<br />

substantial decrease in the average days on the market coupled with an increased<br />

average discount might suggest an increase in buyer activity, potentially setting the<br />

stage for a more dynamic second half of the year. However, the real estate market is<br />

often influenced by many variables, so it's essential to observe the market trends<br />

carefully over the coming months.


Residence 916 | 1 BR | 1 BA | 656 SF | $875,000 | SOLD<br />

Residence 616 | 1 BR | 1 BA | 608 SF | $750,000 | SOLD


Residence 307 | 1 BR | 1 BA | 732 SF | $3,650 | RENTED<br />

Residence 503 | <strong>St</strong>udio | 1 BA | 625 SF | $3,400 | RENTED


Residence 1706 | 1 BR | 1 BA | 714 SF | $4,500 | RENTED<br />

Residence 725 | 1 BR | 1 BA | 845 SF | $4,200 | RENTED


Residence 1310 | <strong>St</strong>udio | 1 BA | 511 SF | $3,195 | RENTED<br />

Residence 420 | <strong>St</strong>udio | 1 BA | 508 SF | $2,9<strong>88</strong> | RENTED


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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