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GREENWICH<br />
CLUB<br />
RESIDENCES<br />
<strong>Q3</strong> 2023 REPORT<br />
<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet, New York, NY 10006<br />
July 1st - September 30th, 2023<br />
JAIME AGUILERA<br />
Lic. Associate Real Estate Broker
<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet - Sales Market Analysis <br />
<strong>Q3</strong> 2023 Sales Activity:<br />
Size<br />
Average Sales <br />
Price<br />
Sold Units<br />
(<strong>Q3</strong> 2023)<br />
Avg. $/PSF % Change<br />
(<strong>Q3</strong> 2023 vs <strong>Q3</strong> 2022)<br />
Average Days <br />
on Market<br />
<strong>St</strong>udio $565,000 2 12.26% 65<br />
1 Bedroom $895,000 5 16.06% 58<br />
2 Bedroom $1,425,000 1 16.19% 59<br />
Total $878,750 8 8.16% 60<br />
Market Overview:<br />
Between July 1st and September 30th, 2023, property sales at <strong>88</strong> <strong>Greenwich</strong> <strong>St</strong><br />
witnessed encouraging dynamics when compared to the same quarter in 2022. The<br />
positive trend was evident across several key market indicators:<br />
Sales Price: The third quarter of 2023 brought an uplifting news in terms of sales price.<br />
The average sales price escalated to $878,750, marking a robust 5.3% growth from the<br />
2022's average of $834,375.<br />
Days on Market: Efficiency was the theme of the quarter, as the average number of days<br />
a unit remained on the market decreased to 60 days in <strong>Q3</strong> 2023, a commendable 24%<br />
faster turnaround compared to the 79 days in the third quarter of 2022.<br />
Units Sold: Consistency reigned supreme, with 8 units being transacted in both <strong>Q3</strong> 2023<br />
and <strong>Q3</strong> 2022, indicating a steady demand for properties in the building<br />
Sales Volume: The total sales volume for <strong>Q3</strong> 2023 reached $7,030,000, signifying a<br />
5.3% increase from the $6,675,000 recorded in the third quarter of 2022.<br />
Price per Square Foot: The third quarter's average price per square foot settled at<br />
$1,124, which is a natural adjustment from the previous year and a reflection of the everevolving<br />
market dynamics.
<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet - Sales Market Analysis <br />
Breakdown by Unit Type:<br />
<strong>St</strong>udio Apartments: <strong>Q3</strong> 2023 saw the successful sale of two studio units, each<br />
achieving an average price of $565,000. The average market listing duration for these<br />
studios was a mere 65 days, showcasing swift transactions.<br />
1 Bedroom Units: The 1-bedroom units experienced robust demand with five units<br />
transacting at an average price of $895,000. On average, these homes found their new<br />
owners in just 58 days.<br />
2 Bedroom Units: Highlighting the quarter was the sale of a luxurious 2-bedroom unit,<br />
fetching a price of $1,425,000. This premium unit was in high demand and was acquired<br />
after 59 days on the market.<br />
Summary: The third quarter of 2023 for property sales painted a bright picture. A notable<br />
increase in the average sales price, combined with a swift turnover rate in the average<br />
days on market, confirms the building’s appeal. The resilience in the price per square<br />
foot, coupled with consistent unit sales, emphasizes the property's strong positioning in<br />
the current market landscape, and its alignment with buyer preferences.<br />
Recent Sales:<br />
Apartment Size Sold Price $/PSF DOM Date Sold<br />
1307 2 Bedroom $1,425,000 $1,195 59 9/27/2023<br />
923 1 Bedroom $845,000 $1,049 21 9/11/2023<br />
1211 1 Bedroom $875,000 $1,187 79 9/6/2023<br />
1108 <strong>St</strong>udio $562,000 $998 112 8/22/2023<br />
2701 1 Bedroom $1,075,000 $1,486 55 8/17/2023<br />
902 <strong>St</strong>udio $568,000 $1,047 18 8/1/2023<br />
2106 1 Bedroom $1,020,000 $1,130 73 7/14/2023<br />
302 1 Bedroom $660,000 $900 60 7/10/2023
<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet - Rental Market Analysis <br />
<strong>Q3</strong> 2023 Rental Activity:<br />
Size<br />
Average Asking<br />
Rent<br />
Leased Units<br />
(<strong>Q3</strong> 2023)<br />
Avg. Asking Rent % Change<br />
(<strong>Q3</strong> 2023 vs <strong>Q3</strong> 2022)<br />
Average<br />
Days <br />
on Market<br />
<strong>St</strong>udio $3,368 11 2.86% 23<br />
1 Bedroom $4,483 10 0.63% 17<br />
2 Bedroom $7,150 1 0.69% 39<br />
Total $4,047 22 12.68% 22<br />
Rental Market Overview:<br />
From July 1st to September 30th, 2023, the vibrant rental scene at <strong>Greenwich</strong> Club<br />
Residences highlighted adaptability and a responsive market, featuring noteworthy<br />
observations in comparison to <strong>Q3</strong> 2022:<br />
Average Rent: The third quarter saw a strategic positioning of average rents at $4,047,<br />
ensuring competitiveness in the current rental market, while <strong>Q3</strong> 2022 had an average of<br />
$4,635.<br />
Days on Market: The average duration for which properties remained on the market was<br />
an impressive 22 days during <strong>Q3</strong> 2023, showing a faster turnaround compared to 25<br />
days in <strong>Q3</strong> 2022.<br />
Breakdown by Unit Type:<br />
<strong>St</strong>udio Apartments: 11 studio units found their tenants with an average rent of $3,368,<br />
slightly adjusting by 2.86% from the previous year. These units experienced a brisk<br />
market duration averaging 23 days.<br />
1 Bedroom Units: With 10 units rented, the 1-bedroom segment presented an average<br />
rent of $4,483, reflecting a minimal adjustment of 0.63% from 2022. These units<br />
showcased a swift average market presence of only 17 days.
<strong>88</strong> <strong>Greenwich</strong> <strong>St</strong>reet - Rental Market Analysis <br />
2 Bedroom Units: In <strong>Q3</strong> 2023, one 2-bedroom unit was rented for an average price of<br />
$7,150. The average asking rent for this category dropped by 0.69% compared to 2022.<br />
This particular unit stayed on the market for 39 days.<br />
Summary: The third quarter of 2023 for <strong>88</strong> <strong>Greenwich</strong> <strong>St</strong> unveiled a market full of<br />
potential and opportunities. While there was a strategic adjustment in average rent,<br />
properties found tenants more quickly, indicating a fluid market movement. The<br />
consistent average rental price per square foot signals a stable market. With varied<br />
trends across unit types, the rental landscape at <strong>88</strong> <strong>Greenwich</strong> <strong>St</strong> is primed for both<br />
tenants seeking value and landlords aiming for a steady flow of occupancies.<br />
Recent Rentals:<br />
Apartment Size Last Asking Price DOM Leased Date<br />
<br />
505 <strong>St</strong>udio $3,100 32 9/30/2023<br />
501 <strong>St</strong>udio $3,200 20 9/29/2023<br />
711 <strong>St</strong>udio $3,400 23 9/28/2023<br />
3001 1 Bedroom $4,500 12 9/17/2023<br />
2705 1 Bedroom $4,600 39 9/12/2023<br />
3101 1 Bedroom $4,695 7 9/11/2023<br />
1502 <strong>St</strong>udio $3,400 13 9/8/2023<br />
1006 <strong>St</strong>udio $3,350 22 9/3/2023<br />
513 <strong>St</strong>udio $3,300 8 9/12023<br />
1203 1 Bedroom $4,900 20 8/18/2023<br />
924 1 Bedroom $4,350 40 8/17/2023<br />
512 <strong>St</strong>udio $3,000 66 8/17/2023<br />
627 <strong>St</strong>udio $3,300 19 8/14/2023<br />
518 1 Bedroom $4,295 14 8/14/2023
Financial District - <strong>Q3</strong> 2023 Sales <strong>Report</strong><br />
Condominium Market Analysis<br />
Market Metrics <strong>Q3</strong> 2023 <strong>Q3</strong> 2022 % Change<br />
Number of Sales 75 114 34.21%<br />
Average Sales Price<br />
Average Discount<br />
Average Price per SF<br />
Average SF<br />
Average Days on Market<br />
$1,451,507 $1,368,361 6.08%<br />
8% 6% 33.33%<br />
$1,244 $1,255 0.<strong>88</strong>%<br />
1,140 1,073 6.24%<br />
99 194 48.97%<br />
Market Overview:<br />
The Financial District's condominium market witnessed various shifts in <strong>Q3</strong> 2023 when<br />
compared to <strong>Q3</strong> 2022. Some metrics, such as the number of sales, exhibited a<br />
decrease, while the average sales price and average square footage showed an upward<br />
trajectory. Interestingly, there was a surge in the average discount offered. Additionally,<br />
condos were sold faster compared to the previous year, as indicated by the reduction in<br />
the average days on the market.<br />
Number of Sales: In <strong>Q3</strong> 2023, the Financial District observed a considerable decrease in<br />
the number of sales. A total of 75 condos were sold, marking a decline of 34.21% from<br />
<strong>Q3</strong> 2022, which reported 114 units sold.<br />
Average Sales Price and Price per SF: The average sales price of condos rose by<br />
6.08%, moving from $1,368,361 in <strong>Q3</strong> 2022 to $1,451,507 in <strong>Q3</strong> 2023. However, the<br />
average price per square foot exhibited a minor decrease of 0.<strong>88</strong>%, settling at $1,244 in<br />
<strong>Q3</strong> 2023, down from $1,255 in the previous year.<br />
Average Discount: The average discount in the Financial District saw a significant<br />
increase. There was a jump of 33.33% in the average discount, growing from 6% in <strong>Q3</strong><br />
2022 to 8% in <strong>Q3</strong> 2023. This rise indicates a strategic approach to stimulate sales<br />
amidst a fluctuating market.
Financial District - <strong>Q3</strong> 2023 Sales <strong>Report</strong><br />
Condominium Market Analysis<br />
Average Square Footage: The average square footage of the condos sold witnessed an<br />
upswing. In <strong>Q3</strong> 2023, condos had an average size of 1,140 SF, marking a 6.24%<br />
increase from the 1,073 SF average in <strong>Q3</strong> 2022. This could be indicative of a growing<br />
preference for slightly larger units and the availability of bigger units in the market.<br />
Average Days on Market: One of the most positive indicators was the reduction in the<br />
average days a condo stayed on the market. This number decreased by an impressive<br />
48.97%, dropping from 194 days in <strong>Q3</strong> 2022 to just 99 days in <strong>Q3</strong> 2023.<br />
Summary: The Financial District's condo market in <strong>Q3</strong> 2023 presented a mix of<br />
indicators. While certain metrics like the number of sales indicated a cooler market, the<br />
rise in average sales price and the significant drop in average days on the market might<br />
suggest heightened buyer interest. The increased average discount could also be<br />
pointing towards heightened seller activity in response to the current market's dynamics.
RECENT<br />
SALES<br />
AND<br />
RENTALS
Apt. #1211 | 1 BR | 1 BA | 737 SF | $875,000 | SOLD<br />
Apt. #2701 | 1 BR | 1 BA | 723 SF | $1,075,000 | SOLD
Apt. #2106 | 1 BR | 1 BA | 748 SF | $1,020,000 | SOLD<br />
Apt. #505 | <strong>St</strong>udio | 1 BA | 577 SF | $3,100 | RENTED
Apt. #411 | <strong>St</strong>udio | 1 BA | 515 SF | $3,500 | RENTED<br />
Apt. #3005 | 1 BR | 1 BA | 681 SF | $4,500 | 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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