88 Greenwich St - Report

GREENWICH
CLUB
RESIDENCES
Q3 2024 MARKET REPORT
88 Greenwich Street, New York, NY 10006
July 1st - September 30th, 2024
JAIME AGUILERA
Lic. Associate Real Estate Broker

88 Greenwich Street - Sales Market Analysis
Q3 2024 Sales Activity:
Size
Average Sales
Price
Sold Units
(Q3 2024)
Avg. $/PSF % Change
(Q3 2024 vs Q3 2023)
Average Days
on Market
Studio $641,333 3 0.69% 112
1 Bedroom $882,500 3 15.57% 99
2 Bedroom - - - -
Total $761,916 6 4.89% 105
Overview:
The third quarter of 2024 presented a mixed landscape for property sales at 88
Greenwich St, marked by an increase in price per square foot alongside a slower market
pace. While average sales prices rose, extended days on market and reduced
transaction volumes signal shifting market dynamics. This report provides a detailed
look at the key indicators for Q3 2024, benchmarked against Q3 2023.
Sales Price: The average price per square foot saw a solid increase of 4.89%, driven
primarily by strong performance in the 1-bedroom market. However, this was offset by a
decrease in the total number of units sold and a reduction in overall sales volume,
indicating slower buyer activity.
Days on Market: The average days on market (DOM) increased sharply to 105 days
from 59 days in Q3 2023. This extended time properties are spending on the market
reflects a more cautious buyer sentiment.
Units Sold: Six units were sold in Q3 2024, compared to eight units sold in Q3 2023.
This decline in sales volume reflect broader market trends of slower transactions and
longer holding periods.
Sales Volume: Total sales volume for Q3 2024 amounted to $4,571,500, a notable
decrease from $7,030,000 in Q3 2023, due to fewer units sold and a shift in unit type
transactions.

88 Greenwich Street - Sales Market Analysis
Breakdown by Unit Type:
Studio Apartments: In Q3 2024, three studio units were sold with an average price of
$641,333, reflecting a 0.69% increase in price per square foot compared to Q3 2023.
The average DOM for studio units increased sharply to 112 days from 65 days in Q3
2023.
1 Bedroom Units: Three 1-bedroom units were sold in Q3 2024 for an average price of
$882,500, marking a 15.57% increase in price per square foot compared to Q3 2023.
The DOM for 1-bedroom units was 99 days, longer than the 57 days in Q3 2023,
showing a slower turnover despite higher prices.
2 Bedroom Units: No 2-bedroom units were sold in Q3 2024, a notable change from the
one unit sold in Q3 2023 for $1,425,000.
Summary: In the third quarter of 2024, 88 Greenwich St experienced price growth,
particularly in the 1-bedroom segment, which contributed to an overall increase in
average prices per square foot. However, this positive price movement was offset by
slower market activity, as properties stayed on the market longer and total sales volume
declined.
Recent Sales:
Apartment Size Sold Price $/PSF DOM Date Sold
2307 1 Bedroom $922,500 $1,270 189 9/3/2024
515 Studio $525,000 $990 29 8/16/2024
1119 1 Bedroom $865,000 $1,142 82 7/31/2024
PH-1S 1 Bedroom $860,000 $1,575 28 7/17/2024
1110 Studio $799,000 $925 232 7/2/2024
1709 Studio $600,000 $1,174 75 7/1/2024
3101 1 Bedroom $999,000 $1,381 - 5/31/2024
314 Studio $515,000 $698 279 5/1/2024

88 Greenwich Street - Rental Market Analysis
Q3 2024 Rental Activity:
Size
Average Asking
Rent
Leased Units
(Q3 2024)
Avg. Asking Rent % Change
(Q3 2024 vs Q3 2023)
Average
Days
on Market
Studio $3,636 8 6.13% 14
1 Bedroom $4,511 3 0.22% 20
2 Bedroom $6,725 2 - 12
Total $4,337 13 4.83% 15
Overview:
The third quarter of 2024 showed steady growth in rental prices at 88 Greenwich St,
particularly in the studio segment. The average asking rent across all units increased by
4.83% compared to Q3 2023. Additionally, units leased more quickly, as the average
days on market (DOM) decreased to 15 days from 21 days in Q3 2023.
Average Rent: The average asking rent for Q3 2024 was $4,337, a 4.83% increase
compared to Q3 2023. Studios, in particular, drove this growth with a significant rent
increase of 6.13%.
Days on Market: The average DOM for all unit types was 15 days, reflecting a faster
pace compared to 21 days in Q3 2023. This shorter DOM highlights strong demand for
rental units at 88 Greenwich St.
Breakdown by Unit Type:
Studio Apartments: Eight studios were leased at an average rent of $3,636, up 6.13%
from Q3 2023. The average days on market dropped from 22 to 14, reflecting strong
demand and quick turnover.
1 Bedroom Units: Three 1-bedroom units leased for an average of $4,511, a modest
0.22% increase. The DOM rose slightly to 20 days from 17, indicating stable, though
slower, activity.

88 Greenwich Street - Rental Market Analysis
2 Bedroom Units: Two 2-bedroom units were leased for an average of $6,725, with an
average DOM of 12 days, reflecting a faster turnover compared to Q3 2023, despite no
change in unit availability.
Summary: The Q3 2024 rental market at 88 Greenwich St experienced solid growth in
asking rents, particularly in the studio apartment segment, which saw a 6.13% increase.
The overall average asking rent rose by 4.83% compared to Q3 2023. Units leased
faster, with the average days on market decreasing to 15 days, driven by demand for
studios. Though fewer units were leased overall, the stability in rent prices for 1-
bedroom and 2-bedroom units suggests balanced demand in these segments.
Recent Rentals:
Apartment Size Last Asking Price DOM Leased Date
1007 1 Bedroom $4,400 19 9/30/2024
1131 Studio $3,850 6 9/26/2024
3301 1 Bedroom $4,950 28 9/24/2024
1115 Studio $3,850 36 9/12/2024
611 Studio $3,300 9 9/6/2024
1108 Studio $3,750 5 8/29/2024
1318 Studio $3,600 19 8/28/2024
609 2 Bedroom $7,150 16 8/26/2024
518 1 Bedroom $4,495 13 8/2/2024
526 Studio $3,395 27 7/31/2024
1909 2 Bedroom $6,300 8 7/17/2024
1906 Studio $3,150 5 7/9/2024
1312 Studio $4,200 - 7/5/2024

SELECT
LISTINGS
AND
RECENT
ACTIVITY

FOR SALE
88 GREENWICH ST #3003
$690,000
STUDIO | 1 BATH
444 SQ. FT.

SOLD
88 GREENWICH ST #2307
$922,500
1 BED | 1 BATH
726 SQ. FT.

SOLD
88 GREENWICH ST #515
$525,000
STUDIO | 1 BATH
530 SQ. FT.

RENTED
88 GREENWICH ST #1007
$4,400
1 BED | 1 BATH
732 SQ. FT.
RENTED
88 GREENWICH ST #611
$3,300
STUDIO | 1 BATH
515 SQ. FT.

RENTED
88 GREENWICH ST #1909
$6,300
2 BEDS | 2 BATH
993 SQ. FT.
RENTED
88 GREENWICH ST #1108
$3,750
STUDIO | 1 BATH
563 SQ. FT.

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