15 Broad St - Report
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<strong>15</strong><br />
BROAD<br />
STREET<br />
Q3 2024 MARKET REPORT<br />
<strong>15</strong> <strong>Broad</strong> <strong>St</strong>reet, New York, NY 10005<br />
July 1st - September 30th, 2024<br />
JAIME AGUILERA<br />
Lic. Associate Real Estate Broker
<strong>15</strong> <strong>Broad</strong> <strong>St</strong>reet - Sales Market Analysis <br />
Q3 2024 Sales Activity:<br />
Size<br />
Average Sales <br />
Price<br />
Sold Units<br />
(Q3 2024)<br />
Avg. $/PSF % Change<br />
(Q3 2024 vs Q3 2023)<br />
Average Days <br />
on Market<br />
<strong>St</strong>udio $775,000 1 2.09% 257<br />
2 Home Office $1,300,000 1 - 125<br />
3 Bedroom $2,100,000 1 - 341<br />
Total $1,391,667 3 6.24% 241<br />
Overview:<br />
The third quarter of 2024 at <strong>15</strong> <strong>Broad</strong> <strong>St</strong> revealed mixed performance across unit types.<br />
While the average price per square foot for studio apartments rose by 2.09%, other unit<br />
types saw stagnant or decreasing performance. The overall average price per square<br />
foot fell by 6.24% compared to Q3 2023, reflecting market softening. Days on market<br />
(DOM) surged, with the average property remaining on the market for 241 days, up<br />
significantly from 98 days in Q3 2023. This extended market time suggests a more<br />
cautious buyer sentiment and slower market dynamics.<br />
Sales Price: The average sales price across all units was $1,391,667 in Q3 2024, a<br />
decrease from the $1,525,833 recorded in Q3 2023. <strong>St</strong>udios outperformed other unit<br />
types, with an increase in price per square foot, but the overall decline was driven by<br />
softer performance in larger units. <br />
Days on Market: The average DOM increased sharply to 241 days in Q3 2024 from 98<br />
days in Q3 2023. This dramatic rise in the average DOM highlights slower buyer activity,<br />
with some units, spending significantly more time on the market.<br />
Units Sold: Three units were sold in Q3 2024, down from five units in Q3 2023, reflecting<br />
a 40% decline in transaction volume. This reduction in activity is consistent with the<br />
broader market trends of slower sales and extended listing periods.
<strong>15</strong> <strong>Broad</strong> <strong>St</strong>reet - Sales Market Analysis <br />
Sales Volume: Total sales volume for Q3 2024 was $4,175,000, down from the<br />
$4,577,500 recorded in Q3 2023. The decrease in volume was driven by both fewer units<br />
sold and lower overall price per square foot.<br />
Breakdown by Unit Type:<br />
<strong>St</strong>udio Apartments: One studio unit sold for $775,000 in Q3 2024, with a price per<br />
square foot of $1,074, marking a 2.09% increase from Q3 2023. The DOM for studio<br />
units increased significantly to 257 days, up from 199 days in Q3 2023.<br />
2 Bedroom Units: One 2-home office unit sold for $1,300,000 in Q3 2024. There is no<br />
comparison to Q3 2023 for this unit type. The price per square foot for this unit was<br />
$861, and it had a relatively short DOM of 125 days, compared to the overall market.<br />
3 Bedroom Units: One 3-bedroom unit sold for $2,100,000 in Q3 2024. Similar to the 2-<br />
home office unit, there was no comparable 3-bedroom sale in Q3 2023.<br />
Summary: <br />
The third quarter of 2024 at <strong>15</strong> <strong>Broad</strong> <strong>St</strong> saw some bright spots, particularly in the studio<br />
market, which experienced modest price growth. However, the overall market was<br />
softer, with fewer units sold, lower total sales volume, and extended days on market.<br />
Recent Sales:<br />
Apartment Size Sold Price $/PSF DOM Date Sold<br />
2000 3 Bedroom $2,100,000 $993 341 8/23/2024<br />
1922 <strong>St</strong>udio $775,000 $1,074 257 7/30/2024<br />
1624 2 Home Office $1,300,000 $861 125 7/18/2024<br />
3630 2 Bedroom $2,275,000 $1,2<strong>15</strong> 55 6/27/2024<br />
1010 3 Bedroom $3,200,000 $1,457 35 6/25/2024
<strong>15</strong> <strong>Broad</strong> <strong>St</strong>reet - Rental Market Analysis <br />
Q3 2024 Rental Activity:<br />
Size<br />
Average Asking<br />
Rent<br />
Leased Units<br />
(Q3 2024)<br />
Avg. Asking Rent % Change<br />
(Q3 2024 vs Q3 2023)<br />
Average<br />
DOM<br />
<strong>St</strong>udio $4,462 4 5.41% 14<br />
2HO $5,995 1 8.93% 112<br />
1BR + 1HO $7,450 2 - 25<br />
Total $5,535 7 1.61% 31<br />
Overview:<br />
The rental market at <strong>15</strong> <strong>Broad</strong> <strong>St</strong> in the third quarter of 2024 displayed solid<br />
performance, with a modest increase in overall asking rents despite some fluctuations<br />
across unit types. The average asking rent for all units was $5,535, representing a 1.61%<br />
increase compared to Q3 2023. However, properties spent more time on the market,<br />
with an average days on market (DOM) of 31 days, up from 25 days in the same period<br />
last year. This suggests a more cautious tenant pool, likely evaluating rental options<br />
carefully in a market where prices continue to rise.<br />
Average Rent: The average asking rent in Q3 2024 stood at $5,535, a slight increase<br />
from Q3 2023. This growth was driven by notable rises in larger units, particularly in the<br />
2-home office category. While smaller units such as studios also saw increases, the rise<br />
in rents was more moderate for these unit types.<br />
Days on Market: The average DOM in Q3 2024 was 31 days, marking an increase from<br />
25 days in Q3 2023. Larger and more expensive units, such as 2-home offices,<br />
contributed to this rise, with some properties staying on the market for an extended<br />
period. <strong>St</strong>udios, however, maintained a quicker turnaround, reflecting sustained interest<br />
in smaller and more affordable spaces.
<strong>15</strong> <strong>Broad</strong> <strong>St</strong>reet - Rental Market Analysis <br />
Breakdown by Unit Type:<br />
<strong>St</strong>udio Apartments: Four studio units were leased at an average asking rent of $4,462 in<br />
Q3 2024, showing a 5.41% increase from $4,233 in Q3 2023. <strong>St</strong>udio apartments<br />
remained in high demand, with an average DOM of just 14 days, indicating that this unit<br />
type continues to attract renters quickly.<br />
2 Home Office Units: One 2-home office unit was leased for $5,995 in Q3 2024, marking<br />
a 8.93% increase compared to Q3 2023. Despite the rent increase, the average DOM for<br />
this unit type was 112 days, significantly higher than other units. This extended period<br />
likely reflects the higher price point and the niche appeal of this larger configuration.<br />
1 Bedroom + 1 Home Office Units: Two units in this category were leased at an average<br />
asking rent of $7,450 in Q3 2024. While no direct comparison is available for this<br />
category from Q3 2023, the DOM of 25 days indicates that demand for this configuration<br />
remains stable.<br />
Summary:<br />
In Q3 2024, the rental market at <strong>15</strong> <strong>Broad</strong> <strong>St</strong> demonstrated steady growth, with an<br />
overall 1.61% increase in asking rents compared to the previous year. <strong>St</strong>udios<br />
performed well, with rents increasing by 5.41% and quick lease times, reinforcing their<br />
appeal to renters seeking for smaller options in the Financial District. Larger units,<br />
particularly 2-home offices, saw the highest rent growth at 8.93%, though these units<br />
took longer to lease, with an extended DOM of 112 days.<br />
The rise in the average days on market (DOM) to 31 days reflects a more deliberate pace<br />
in tenant decision-making, especially for larger, more expensive units. While demand for<br />
larger units remains, the slower leasing activity suggests tenants may be weighing their<br />
options more carefully.<br />
Overall, <strong>15</strong> <strong>Broad</strong> <strong>St</strong> continues to attract a diverse tenant base, with strong demand for<br />
smaller units and stable interest in larger spaces, despite the extended leasing times for<br />
the latter. The market remains competitive, with upward pressure on rents, particularly<br />
for larger units.
<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 />
1728 <strong>St</strong>udio $4,900 31 9/24/2024<br />
1002 <strong>St</strong>udio $5,000 10 9/11/2024<br />
3114 1 BR + 1 Home Office $6,500 24 8/19/2024<br />
2630 2 Home Office $5,995 112 8/9/2024<br />
2022 <strong>St</strong>udio $3,950 12 8/8/2024<br />
812 1 BR + 1 Home Office $8,400 26 7/30/2024<br />
1008 <strong>St</strong>udio $4,000 4 7/18/2024<br />
826 1 Home Office $6,300 33 6/25/2024<br />
1201 <strong>St</strong>udio $4,500 21 6/18/2024<br />
1630 2 Home Office $5,900 46 6/11/2024<br />
830 2 Home Office $6,500 33 6/7/2024<br />
3214 1 BR + 1 Home Office $6,500 23 6/7/2024<br />
2500 2 Bedroom $8,800 14 6/7/2024<br />
2106 2 Home Office $6,000 28 6/3/2024<br />
2026 2 Home Office $7,050 14 5/31/2024
SELECT<br />
LISTINGS<br />
AND<br />
RECENT<br />
ACTIVITY
SOLD<br />
<strong>15</strong> BROAD ST #2000<br />
$2,100,000<br />
3 BED | 2 BATH<br />
2,114 SQ. FT.
RENTED<br />
<strong>15</strong> BROAD ST #1008<br />
$4,000<br />
STUDIO | 1 BATH<br />
688 SQ. FT.
RENTED<br />
<strong>15</strong> BROAD ST #812<br />
$8,400<br />
1 BED | 1 H.O | 2 BATH<br />
1,863 SQ. FT.<br />
RENTED<br />
<strong>15</strong> BROAD ST #3114<br />
$6,500<br />
1 BED + 1 H.O | 2 BATH<br />
1,1<strong>15</strong> SQ. FT.
RENTED<br />
<strong>15</strong> BROAD ST #1728<br />
$4,900<br />
STUDIO | 1 BATH<br />
916 SQ. FT.<br />
<strong>15</strong> BROAD ST #1002<br />
$5,000<br />
STUDIO | 1 BATH<br />
943 SQ. FT.
DOWNTOWN CONDOMINIUM<br />
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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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