SHEFFIELD322 West 57th
Building Rental Activity
Midtown West / Lincoln Square Sales Report
Midtown West / Lincoln Square Rental Report
The two one-bedrooms that were in contract last issue both closed in the first week of August: #22G at $1,299,750 — $14,750 above its final ask, seventy-four days from listing — and #24C at $1,200,000, one hundred days on market after a $95,000 adjustment. Behind them the pipeline refilled: three more contracts were signed in August. #33S, a three-bedroom, went to contract from a $2,875,000 ask after 143 days; #20B and #33C, two one-bedrooms that had each waited close to a year, found buyers from asks of $1,150,000 and $1,499,000 — both after cuts of $200,000 or more. With #55S1 and #42H3 still awaiting closing, five units are in contract.
Seventeen units are on the market, down from twenty-one in July, and only one is new: #39F, a two-bedroom asking $2,400,000, listed on August 21. The median ask is $1,400,000 and the average listing has now been up 143 days — nearly five months. Twelve of the seventeen have reduced price.
By type: eight studios ask $850,000 to $960,000 and seven of them have cut. Three one-bedrooms ask $1,400,000 to $1,830,000, two reduced. Four two-bedrooms run $2,050,000 to $3,195,000, two reduced, and the two three-bedrooms at $3,350,000 and $3,995,000 split — one cut, one holding.
Bottom line — August is what a clearing month looks like: two closings, three contracts, a shorter board. But look at how the deals got done — one sale above ask in seventy-four days, the rest only after long waits and real reductions. The building rewards the owner who prices to the moment and punishes the one who prices to hope.
Six units are listed for rent and two are in contract — both studios asking $4,800, one signed July 31, the other August 24. The active board medians $12,750, because what's left is mostly the building's larger homes: one studio at $4,700, one one-bedroom at $4,900 listed on the last day of the month, two two-bedrooms at $12,000 and $13,500, and two three-bedrooms at $14,000 and $16,000. The average active listing has been up thirty-seven days, and two of the six have adjusted price.
The reason the board is thin is that August cleared it. Fourteen Sheffield leases were signed in the month, verified on StreetEasy: six studios from $4,350 to $4,650, two one-bedrooms at $6,200 and $7,200, four two-bedrooms from $8,800 to $12,500, and two three-bedrooms at $15,000 apiece. Most went in under a month — the fastest, #45K, in three days.
Bottom line — Fourteen leases in thirty-one days across every line in the building. If your unit is coming vacant, the entry tiers are all but empty and the demand is proven; the question is not whether it rents, but whether you price it to rent this month or next.
| Apt | Size | SF | Price | Reduction |
|---|---|---|---|---|
| 20B IN CONTRACT |
1 Bed | 764 | $1,150,000 $1,505/SF |
|
| 33C IN CONTRACT |
1 Bed | 760 | $1,499,000 $1,972/SF |
|
| 33S IN CONTRACT |
3 Bed | 1,599 | $2,875,000 $1,797/SF |
|
| 55S1 IN CONTRACT |
3 Bed | 1,599 | $3,400,000 $2,126/SF |
|
| 42H3 IN CONTRACT |
3 Bed | 2,184 | $4,599,000 $2,105/SF |
|
| 49Q | Studio | 608 | $850,000 $1,398/SF |
$85,000 (−9.1%) |
| 29D | Studio | 583 | $865,000 $1,483/SF |
$60,000 (−6.5%) |
| 15U | Studio | 585 | $895,000 $1,529/SF |
$80,000 (−8.2%) |
| 23E | Studio | 600 | $899,000 $1,498/SF |
$51,000 (−5.4%) |
| 30P | Studio | 569 | $920,000 $1,616/SF |
$75,000 (−7.5%) |
| 38Q | Studio | 608 | $927,500 $1,525/SF |
$27,500 (−2.9%) |
| 24E | Studio | 600 | $950,000 $1,583/SF |
|
| 39U | Studio | 585 | $960,000 $1,641/SF |
$135,000 (−12.3%) |
| 37H | 1 Bed | 757 | $1,400,000 $1,849/SF |
|
| 37P2 | 1 Bed | 1,112 | $1,829,000 $1,645/SF |
$171,000 (−8.6%) |
| 50H | 1 Bed | 757 | $1,830,000 $2,417/SF |
$105,000 (−5.4%) |
| 22S | 2 Bed | 1,014 | $2,050,000 $2,021/SF |
|
| 26S | 2 Bed | 1,014 | $2,100,000 $2,071/SF |
$50,000 (−2.3%) |
| 39F | 2 Bed | 1,168 | $2,400,000 $2,055/SF |
|
| 33H | 2 Bed | 1,647 | $3,195,000 $1,940/SF |
$300,000 (−8.6%) |
| 50S | 3 Bed | 1,599 | $3,350,000 $2,095/SF |
|
| 44K | 3 Bed | 1,963 | $3,995,000 $2,035/SF |
$200,000 (−4.8%) |
| Apt | Size | SF | Rent | Reduction |
|---|---|---|---|---|
| 55Q IN CONTRACT |
Studio | 538 | $4,800 |
|
| 41E IN CONTRACT |
Studio | 661 | $4,800 |
|
| 35V | Studio | 615 | $4,700 |
$100 (−2.1%) |
| 53R | 1 Bed | 585 | $4,900 |
|
| 38D1 | 2 Bed | 1,350 | $12,000 |
|
| 50S | 2 Bed | 1,599 | $13,500 |
$1,500 (−10.0%) |
| 42U | 3 Bed | 1,599 | $14,000 |
|
| 46H2 | 3 Bed | 1,588 | $16,000 |
Fifty homes closed across the area over the past month, at a median of $1,107,500 and $1,560 per square foot, ranging from a $548,000 studio on West 49th Street to a $16,700,000 residence at 50 West 66th Street. Sellers who closed gave up 3.9% off their last ask on average, and the resales that closed had waited ninety-six days. Note that this month's sweep runs wider than July's — it now takes in Lincoln Square alongside Midtown West — so the counts are not a like-for-like comparison with last issue.
Inventory remains the story: 749 homes are actively listed against 241 in contract — fifteen months of supply at August's closing pace. It is a deep shelf, and the buyers working it are patient; the ones who move are moving on homes priced within a few points of where they close.
Bottom line — A fifteen-month shelf and a four-point closing discount: the market is not paying for ambition, but it is paying, promptly and near ask, for a home priced to where its neighbors actually closed. The Sheffield's own August — #22G above ask, #24C after a cut — is the whole lesson in two apartments.
Three hundred thirteen units rented across the area in thirty days, with 167 more in contract. The median lease signed at $5,100, the average at $6,223, and the range ran from $2,000 at the entry to $38,950 at the top. As with sales, this month's sweep covers Lincoln Square as well as Midtown West, so the volume is not directly comparable to July's count.
The tempo is quick: twenty-three days on market on average, and against 617 active listings the closing pace works out to under two months of supply. Where the sales market asks for patience, the rental market clears — and clears fast.
Bottom line — More than three hundred leases a month, a three-week clock, and a contract pipeline 167 deep. Price to type and the market answers — the Sheffield's fourteen August leases are the proof.
New York, NY 10003