15 Broad St - Q2 2024 Report
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<strong>15</strong><br />
BROAD<br />
STREET<br />
<strong>Q2</strong> <strong>2024</strong> MARKET REPORT<br />
<strong>15</strong> <strong>Broad</strong> <strong>St</strong>reet, New York, NY 10005<br />
April 1st - June 30th, <strong>2024</strong><br />
JAIME AGUILERA<br />
Lic. Associate Real Estate Broker
<strong>15</strong> <strong>Broad</strong> <strong>St</strong>reet - Sales Market Analysis <br />
<strong>Q2</strong> <strong>2024</strong> Sales Activity:<br />
Size<br />
Average Sales <br />
Price<br />
Sold Units<br />
(<strong>Q2</strong> <strong>2024</strong>)<br />
Avg. $/PSF % Change<br />
(<strong>Q2</strong> <strong>2024</strong> vs <strong>Q2</strong> 2023)<br />
Average Days <br />
on Market<br />
<strong>St</strong>udio $780,000 1 - 57<br />
2 Bedroom $2,275,000 1 - 55<br />
3 Bedroom $3,200,000 1 <strong>15</strong>.82% 35<br />
Total $2,085,000 3 <strong>15</strong>.37% 49<br />
Market Overview:<br />
The second quarter of <strong>2024</strong> at <strong>15</strong> <strong>Broad</strong> <strong>St</strong> demonstrated a distinct shift in the real<br />
estate dynamics compared to the same period in the previous year. Market indicators<br />
revealed trends in pricing, sales volume, and market duration, reflecting the broader<br />
economic environment's impact on buyer behavior and property values.<br />
Sales Price:<br />
The average sales price for <strong>Q2</strong>/24 was $2,085,000, showing a slight decline compared<br />
to <strong>Q2</strong>/23. However, the price per square foot experienced an increase, indicating a<br />
nuanced market response where more desirable units commanded higher per square<br />
foot prices.<br />
Days on Market: <br />
The average days on the market increased to 49 days in <strong>Q2</strong>/24 from 39 days in <strong>Q2</strong>/23.<br />
Units Sold: <br />
There was a decrease in the number of units sold in <strong>Q2</strong>/24, with only 3 units transacted<br />
compared to 5 units during the same period in 2023.<br />
Sales Volume: <br />
The total sales volume for <strong>Q2</strong>/24 was $6,255,000, slightly lower than the $6,439,000<br />
recorded in <strong>Q2</strong>/23.
<strong>15</strong> <strong>Broad</strong> <strong>St</strong>reet - Sales Market Analysis <br />
<strong>St</strong>udio Apartments:<br />
In <strong>Q2</strong>/24, one studio unit sold for $780,000, a new transaction type for this quarter as no<br />
studio units were sold in <strong>Q2</strong>/23. The unit sold within 57 days, indicating a moderate<br />
pace of transaction.<br />
2 Bedroom Units: <br />
One 2-bedroom unit was sold in <strong>Q2</strong>/24 for $2,275,000 and a market duration of 55 days.<br />
3 Bedroom Units: <br />
A 3-bedroom unit sold for $3,200,000, experiencing a <strong>15</strong>.82% increase in the average<br />
price per square foot compared to <strong>Q2</strong>/23. The unit sold within 35 days.<br />
Summary: <br />
The second quarter of <strong>2024</strong> has demonstrated a mixed market performance for <strong>15</strong><br />
<strong>Broad</strong> <strong>St</strong>, with fewer units sold at varying price points and a slightly longer time on the<br />
market. The increase in average price per square foot for 3-bedroom units suggests<br />
ongoing confidence in the value of larger units within the building. The market appears<br />
to be realigning itself, responding to broader economic conditions while maintaining the<br />
inherent value of the building in the competitive Financial District real estate landscape.<br />
Recent Sales:<br />
Apartment Size Sold Price $/PSF DOM Date Sold<br />
3630 2 Bedroom $2,275,000 $1,2<strong>15</strong> 55 6/27/<strong>2024</strong><br />
1010 3 Bedroom $3,200,000 $1,457 35 6/25/<strong>2024</strong><br />
2828 <strong>St</strong>udio $780,000 $1,274 57 5/22/<strong>2024</strong><br />
1920 3 Bedroom $2,685,000 $1,167 187 3/27/<strong>2024</strong><br />
1928 <strong>St</strong>udio $775,000 $846 39 1/9/<strong>2024</strong>
<strong>15</strong> <strong>Broad</strong> <strong>St</strong>reet - Rental Market Analysis <br />
<strong>Q2</strong> <strong>2024</strong> Rental Activity:<br />
Size<br />
Average Asking<br />
Rent<br />
Leased Units<br />
(<strong>Q2</strong> <strong>2024</strong>)<br />
Avg. Asking Rent % Change<br />
(<strong>Q2</strong> <strong>2024</strong> vs <strong>Q2</strong> 2023)<br />
Average<br />
DOM<br />
<strong>St</strong>udio $4,250 2 7.25% 21<br />
1HO $5,400 2 0% 20<br />
2HO $6,362 4 3.70% 30<br />
1BR + 1HO $7,623 4 - 23<br />
2BR $8,800 1 1.69% 14<br />
Total $6,495 13 9.23% 24<br />
Rental Market Overview:<br />
The second quarter of <strong>2024</strong> at <strong>15</strong> <strong>Broad</strong> <strong>St</strong>, showcased a dynamic shift in the rental<br />
market compared to the same period in 2023:<br />
Average Rent: <br />
The average asking rent for <strong>Q2</strong>/24 was $6,465, reflecting a decrease of 9.23%<br />
compared to <strong>Q2</strong>/23. Despite this decline, the varied performance across different unit<br />
types indicates a nuanced market with selective demand dynamics.<br />
Days on Market: <br />
Properties in <strong>Q2</strong>/24 spent an average of 24 days on the market before being leased, a<br />
decrease from the previous year's 33 days. This shorter duration highlights a more<br />
competitive and swift rental market.<br />
Breakdown by Unit Type:<br />
<strong>St</strong>udio Units:<br />
The average rent for studio units decreased to $4,250, representing a 7.25% decline<br />
from <strong>Q2</strong>/23. <strong>St</strong>udio units were rented in an average of 21 days, faster than the 30 days<br />
recorded last year.
<strong>15</strong> <strong>Broad</strong> <strong>St</strong>reet - Rental Market Analysis <br />
1 Home Office Units:<br />
Two 1 Home Office units were rented out with an average rent of $5,400, maintaining a<br />
stable market with no change from the previous year. These units had an average DOM<br />
of 20 days.<br />
2 Home Office Units:<br />
Four 2 Home Office units were leased at an average rent of $6,362, showing a 3.70%<br />
increase from <strong>Q2</strong>/23. The average DOM for these units was 30 days, reflecting a steady<br />
demand.<br />
1 Bedroom + 1 Home Office Units:<br />
Four units in this category were leased with an average rent of $7,623. These units also<br />
had a DOM of 23 days, indicating robust demand for this configuration.<br />
2 Bedroom Units:<br />
One 2-bedroom unit was leased at a rent of $8,800, an increase of 1.69% from <strong>Q2</strong>/23.<br />
This unit was on the market for just 14 days, suggesting high demand and desirability.<br />
Summary:<br />
The second quarter of <strong>2024</strong> reflected a nuanced rental market at <strong>15</strong> <strong>Broad</strong> <strong>St</strong>,<br />
characterized by mixed trends in asking rents and reduced time on market. While the<br />
average rent experienced a slight decrease overall, certain types such as 2 Home Office<br />
units saw a positive growth in rent. The significant drop in days on market across most<br />
unit types indicates a competitive and active market. The strong performance of the 1<br />
Bedroom + 1 Home Office and 2-bedroom units underscores a specific demand for<br />
larger spaces.<br />
Overall, <strong>15</strong> <strong>Broad</strong> <strong>St</strong> continues to be a sought-after address within the Financial District,<br />
attracting a diverse tenant demographic with varied preferences and requirements. The<br />
adjustments in rental prices and the rapid leasing times highlight the building’s appeal<br />
and effective rental strategies employed to attract and retain tenants.
<strong>15</strong> <strong>Broad</strong> <strong>St</strong>reet - Rental Market Analysis <br />
Recent Rentals:<br />
Apartment Size Last Asking Price DOM Leased Date<br />
826 1 Home Office $6,300 33 6/25/<strong>2024</strong><br />
1201 <strong>St</strong>udio $4,500 21 6/18/<strong>2024</strong><br />
1630 2 Home Office $5,900 46 6/11/<strong>2024</strong><br />
830 2 Home Office $6,500 33 6/7/<strong>2024</strong><br />
3214 1 BR + 1 Home Office $6,500 23 6/7/<strong>2024</strong><br />
2500 2 Bedroom $8,800 14 6/7/<strong>2024</strong><br />
2106 2 Home Office $6,000 28 6/3/<strong>2024</strong><br />
2026 2 Home Office $7,050 14 5/31/<strong>2024</strong><br />
<strong>15</strong>12 1 BR + 1 Home Office $8,995 24 5/21/<strong>2024</strong><br />
828 <strong>St</strong>udio $4,000 22 5/1/<strong>2024</strong><br />
2330 1 Home Office $4,500 8 4/29/<strong>2024</strong><br />
3324 1 BR + 1 Home Office $7,000 24 4/10/<strong>2024</strong><br />
1812 1 BR + 1 Home Office $8,000 22 4/5/<strong>2024</strong>
SELECT<br />
LISTINGS<br />
AND<br />
RECENT<br />
ACTIVITY
IN CONTRACT<br />
<strong>15</strong> BROAD ST #2000<br />
$2,250,000<br />
3 BED | 2 BATH<br />
2,114 SQ. FT.
SOLD<br />
<strong>15</strong> BROAD ST #1920<br />
$2,685,000<br />
3 BED | 3 BATH<br />
2,300 SQ. FT.
RENTED<br />
<strong>15</strong> BROAD ST #2500<br />
$8,800<br />
2 BED | 2 BATH<br />
1,734 SQ. FT.
RENTED<br />
<strong>15</strong> BROAD ST #830<br />
$6,500<br />
2 H.O | 2 BATHS<br />
1,485 SQ. FT.<br />
RENTED<br />
<strong>15</strong> BROAD ST #3214<br />
$6,500<br />
1 BED + 1 H.O | 2 BATH<br />
1,1<strong>15</strong> 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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