15 Broad St - Q1 2024 Market Overview

15
BROAD
STREET
Q1 2024 MARKET OVERVIEW
January 1 - March 31, 2024 Vs January 1 - March 31, 2023
15 Broad Street, New York, NY 10005
JAIME AGUILERA
Lic. Associate Real Estate Broker

15 Broad Street - Sales Market Analysis
Q1 2024 Sales Activity:
Size
Average Sales
Price
Sold Units
(Q1 2024)
Avg. $/PSF % Change
(Q1 2024 vs Q1 2023)
Average Days
on Market
Studio $775,000 1 23.09% 39
3 Bedroom $2,685,000 1 7.81% 187
Total $1,730,000 2 2.05% 113
Market Overview:
The first quarter of 2024 at 15 Broad St marked a period of adjustment in a fluctuating
market. Compared to the same period in the previous year, the market indicators
reflected a repositioning in terms of pricing, sales volume, and market duration.
Sales Price:
There was a retraction in the average sales price for Q1 2024, which settled at
$1,730,000, indicating a market cooling from the higher averages previously
experienced.
Days on Market:
The average number of days on the market saw an increase, rising to 113 days in Q1
2024.
Units Sold:
There was a decrease in the number of units sold in Q1 2024, with only 2 units
transacted, compared to 4 units during the same period in 2023, suggesting a potential
dip in demand or a shift in buyer preferences.
Sales Volume:
The total sales volume for Q1 24 reached $3,460,000, compared to $5,665,000 in Q1 23.
This decrease is in line with the reduction in units sold and the average sales price.

15 Broad Street - Sales Market Analysis
Breakdown by Unit Type:
Studio Apartments:
In Q1 2024, a studio unit sold for $775,000, experiencing a significant decline of 23.09%
in average price per square foot compared to Q1 2023. The unit sold within 39 days,
markedly faster than the previous year.
3 Bedroom Units:
The 3-bedroom unit sold at $2,685,000, with a 7.81% decrease in the average price per
square foot, taking a considerable 187 days on the market, reflecting a slower
transaction pace.
Summary:
The first quarter of 2024 has shown some cooling off in the sales market at 15 Broad St,
with fewer units sold at lower prices and a longer average duration on the market.
Despite this, the property retains its position, and the prices, while lower, are reflective of
a market that is realigning itself with current economic conditions. The resilience of the
price per square foot, despite a downtrend, underscores the enduring value of the
building in the Financial District’s real estate landscape.
Recent Sales:
Apartment Size Sold Price $/PSF DOM Date Sold
1920 3 Bedroom $2,685,000 $1,167 187 3/27/2024
1928 Studio $775,000 $846 39 1/9/2024
2100 2 Bedroom $2,175,000 $1,028 395 10/27/2023
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

15 Broad Street - Rental Market Analysis
Q1 2024 Rental Activity:
Size
Average Asking
Rent
Leased Units
(Q1 2024)
Avg. Asking Rent % Change
(Q1 2024 vs Q1 2023)
Average
Days
on Market
1 Bedroom $5,600 1 32.69% 35
2 Bedroom $8,600 1 7.14% 2
Total $7,100 2 14.29% 18
Rental Market Overview:
The first quarter of 2024 at 15 Broad St revealed a notable surge in the rental market as
compared to Q1 2023:
Average Rent:
The first quarter witnessed the average asking rent reaching $7,100, showing a
significant rise of 14.29% from the previous quarter. This growth suggests a market with
increasing rental demand and possibly a shift towards higher-end rentals.
Days on Market:
Properties spent an average of 18 days on the market before being leased, which was a
noticeable improvement from the previous year, indicating a brisk market where rental
properties are being quickly occupied.
Breakdown by Unit Type:
1 Bedroom Units:
With only one 1-bedroom unit leased, the average asking rent escalated to $5,600, a
considerable increase of 32.69% from Q1 2023. It took 35 days for the unit to be rented,
which is relatively swift and points to a strong market presence for this unit size.
2 Bedroom Units:
Similarly, the 2-bedroom sector saw the leasing of one unit at $8,600, marking a 7.14%

15 Broad Street - Rental Market Analysis
growth in average asking rent. This unit was leased almost immediately, taking only 2
days on the market, reflecting an exceptionally high demand for such units.
Summary:
The Q1 2024 brought forward a dynamic rental market at 15 Broad St, characterized by
a significant climb in asking rents and a speedy absorption rate. The notable rent
increase for 1-bedroom apartments and the almost instantaneous leasing of a 2-
bedroom unit underline a vibrant market. The short time on market across the board
highlights the desirability of the property, aligning with a broader trend of rising demand
and assertive pricing strategies. This quarter's activity solidifies 15 Broad St's status as
a sought-after address within the Financial District, maintaining its allure to a discerning
resident demographic.
Recent Rentals:
Apartment
Size Last Asking Price DOM Leased Date
3324 1 BR + 1 Home Office $7,000 24 4/10/2024
1812 1 BR + 1 Home Office $8,000 22 4/5/2024
3110 2 Bedroom $8,600 2 2/2/2024
3516 1 Bedroom $5,600 35 1/1/2024
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

SELECT
LISTINGS
AND
RECENT
ACTIVITY

IN CONTRACT
15 BROAD ST #2000
$2,250,000
3 BED | 2 BATH
2,114 SQ. FT.

SOLD
15 BROAD ST #1920
$2,685,000
3 BED | 3 BATH
2,300 SQ. FT.

RENTED
15 BROAD ST #3110
$8,600
2 BED | 2 BATH
1,701 SQ. FT.
RENTED
15 BROAD ST #3516
$5,600
1 BED | 1 BATH
974 SQ. FT.

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