CLUBResidences
Building Rental Activity
FiDi Sales Report
FiDi Rental Report
Fourteen units are on the market at 88 Greenwich — four fewer than a month ago — and the building closed once in August: #2206, a one-bedroom that sold on August 29 for $860,000, sixty-five days on market and 2.9% below its $886,000 ask. One listing is in contract behind it: #2903, a studio asking $585,000 that found its buyer in fifty-one days.
Two listings arrived within the last month: a studio at $495,000 — the lowest ask in the building — and a one-bedroom at $1,050,000. The median ask across the fourteen is $675,000, and the average listing has now been up six months.
By type, ten of the fourteen are studios, asking $495,000 to $975,000, and five have already cut. Both two-bedrooms, at $790,000 and $1,340,000, have cut too. The two one-bedrooms, at $1,045,000 and $1,050,000, are holding their line — but #2206 just told them what a one-bedroom here actually closes at.
Bottom line — The market thinned out and one sale reset the tape: $860,000 for a 748-square-foot one-bedroom. Price off that closing — it is the only number in the building a buyer will take seriously.
Two units are listed for rent at 88 Greenwich and two are in contract — a 50% lease-up rate — and the two in contract are both one-bedrooms that went out asking $5,500, one after eleven days, the other after twenty. Nothing on the rental side has cut a dollar.
The two actives split the market: a studio at $4,050 and #1007, a one-bedroom at $5,500, and the average active has been up just twelve days. The median ask sits at $4,775.
The signed lease is the datapoint: #1110, a 691-square-foot one-bedroom, rented August 7 at $5,900 — the third 88 Greenwich lease at $5,800 or better since July. Two one-bedroom contracts at $5,500 right behind it say that number wasn't a fluke.
Bottom line — One-bedrooms here are clearing at $5,500 to $5,900 within days, at full ask. If you have a vacancy, the market has already named your price — list at it and move.
| Apt | Size | SF | Price | Reduction |
|---|---|---|---|---|
| 2903 IN CONTRACT |
Studio | 444 | $585,000 $1,317/SF |
|
| 412 | Studio | 518 | $495,000 $956/SF |
|
| 526 | Studio | 600 | $535,000 $892/SF |
$14,000 (−2.6%) |
| 1005 | Studio | 577 | $599,000 $1,038/SF |
|
| 1613 | Studio | 614 | $599,000 $976/SF |
$50,000 (−7.7%) |
| 1122 | Studio | 618 | $630,000 $1,019/SF |
|
| 324 | Studio | 606 | $639,000 $1,054/SF |
$31,000 (−4.6%) |
| 1014 | Studio | 735 | $650,000 $884/SF |
$68,000 (−9.5%) |
| 721 | Studio | 671 | $700,000 $1,043/SF |
|
| 2304 | 2 Bed | 616 | $790,000 $1,282/SF |
$50,000 (−6.0%) |
| 2008 | Studio | 829 | $975,000 $1,176/SF |
|
| 2009 | Studio | 898 | $975,000 $1,086/SF |
$24,000 (−2.4%) |
| 1704 | 1 Bed | 782 | $1,045,000 $1,336/SF |
|
| 1907 | 1 Bed | 739 | $1,050,000 $1,421/SF |
|
| 604 | 2 Bed | 1,213 | $1,340,000 $1,105/SF |
$109,000 (−7.5%) |
| Apt | Size | SF | Rent | Reduction |
|---|---|---|---|---|
| 2504 IN CONTRACT |
1 Bed | 759 | $5,500 |
|
| 2705 IN CONTRACT |
1 Bed | 681 | $5,500 |
|
| 1006 | Studio | 620 | $4,050 |
|
| 1007 | 1 Bed | 732 | $5,500 |
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