BROADStreet
Building Rental Activity
FiDi Sales Report
FiDi Rental Report
Ten units are on the market at 15 Broad — down from twelve in July — and the contract sheet is the reason. Two more units went under contract in August: #1602, a one-home-office loft, in contract August 4 from a $1,095,000 asking price it never cut, and #2224, another one-H.O. loft, in contract August 12 from a $1,395,000 ask. They join #904 (in contract from an $889,000 ask, after an $86,000 cut) and #1616 (from a $1.8 million ask) — four pending deals, and three of the four are one-home-office lofts. And the last cycle just proved the tier out: #2506, a one-bed/one-H.O. loft, recorded July 31 at $1,285,000 — its full final ask after a $65,000 trim.
Nothing new was listed in August. The median ask holds at $1.25 million, five of the ten listings have reduced, and with no fresh stock arriving the average listing has now been up about four months.
The shelf is still a loft board. The lone studio asks $1,095,000 and has cut; the one-H.O. at $1,195,000 hasn't; the three two-H.O. lofts sit at $1,095,000 to $1.2 million with two cuts among them. The conventional stock holds the top: a one-bedroom at $1.3 million, #2012 — a one-bed/one-H.O. — at $1.8 million, and three two-bedrooms from $1.95 million to $2,975,000, where #3100 now asks $1,999,000 after a $346,000 reduction.
Bottom line — The one-home-office tier is clearing — three contracts pending and a full-ask closing behind them — so if you own that layout, the market just published your price; everything else on the board is aging, not moving.
The rental board turned over completely. Three units are listed, all within the last three weeks of August: a studio, #922, at $4,500; #1202, a studio offered by its owner at $6,000 after a trim from $6,250; and #716, a one-bed/one-H.O. loft at $8,750. Nothing is in contract, and no 15 Broad lease signed this period — July's lone listing, #3100 at $12,500, came off the market August 8 without renting and is now offered for sale instead.
The median ask across the brokered listings is $6,625, and the average listing is just twelve days old — this is a fresh board, not a stale one.
Bottom line — Three new listings and a neighborhood absorbing leases in three weeks means the next month decides everything — price to the area's tempo now rather than testing it.
| Apt | Size | SF | Price | Reduction |
|---|---|---|---|---|
| 904 IN CONTRACT |
1 H.O. | 1,199 | $889,000 $741/SF |
|
| 1602 IN CONTRACT |
1 H.O. | 943 | $1,095,000 $1,161/SF |
|
| 2224 IN CONTRACT |
1 H.O. | 1,481 | $1,395,000 $941/SF |
|
| 1616 IN CONTRACT |
1 Bed / 2 H.O. | 1,727 | $1,800,000 $1,042/SF |
|
| 2302 | Studio | 1,061 | $1,095,000 $1,032/SF |
$30,000 (−2.7%) |
| 1606 | 2 H.O. | 1,077 | $1,095,000 $1,016/SF |
$100,000 (−8.4%) |
| 1630 | 2 H.O. | 1,418 | $1,100,000 $776/SF |
$100,000 (−8.3%) |
| 2804 | 1 H.O. | 1,085 | $1,195,000 $1,101/SF |
|
| 2104 | 2 H.O. | 1,174 | $1,200,000 $1,022/SF |
|
| 1200 | 1 Bed | 1,576 | $1,300,000 $825/SF |
| 2012 | 1 Bed / 1 H.O. | 1,809 | $1,800,000 $995/SF |
$199,000 (−10.0%) |
| 3010 | 2 Bed | 1,701 | $1,950,000 $1,146/SF |
|
| 3100 | 2 Bed | 1,922 | $1,999,000 $1,040/SF |
$346,000 (−14.8%) |
| 3120 | 2 Bed | 2,011 | $2,975,000 $1,479/SF |
| Apt | Size | SF | Rent | Reduction |
|---|---|---|---|---|
| 922 | Studio | 725 | $4,500 |
|
| 1202 | Studio | 943 | $6,000 |
$250 (−4.0%) |
| 716 | 1 Bed / 1 H.O. | 1,746 | $8,750 |
Twenty-two homes closed in the Financial District over the past month, at a median of $872,500 and $1,303 per square foot, ranging from $499,000 at the entry to $3,050,000 at the top. Sellers who closed gave up 4.3% off their final ask.
Inventory: 290 homes actively listed against 55 in contract — about thirteen months of supply at August's closing pace. Setting aside the sponsor closings that record at contract, the sales that closed waited an average of 108 days.
The pace held — twenty-two closings, same as July — but the pipeline behind it thinned from seventy in contract to fifty-five, and the deals took a month longer to get done. Slow is becoming slower.
Bottom line — FiDi still clears within five points of ask, but the waiting room got longer and the pipeline got shorter. If you need to sell into this market, the discount you name on day one decides which line you stand in.
One hundred seventy-four units rented in the Financial District in thirty days — up from one hundred forty-six the month before — with seventy-six more in contract. The median lease signed at $4,898, the average at $5,480, and the range ran from $3,387 at the entry to $19,702 at the top.
The tempo quickened: twenty days on market on average, and against 312 active listings the closing pace works out to under two months of supply. August was the rental market's biggest month of the summer.
Bottom line — A hundred seventy-four leases in thirty days and a three-week clock — this is peak-season depth. An owner with an empty unit in this tape isn't waiting on the market; the market is waiting on the price.
New York, NY 10003