ISSUE NO. 07 · 2026
SHEFFIELD322 West 57th
Building Rental Activity
Three sales closed this quarter, and the per-foot band is tight — $1,468 to $1,695.
The two-beds did the negotiating. 26B closed at $2,275,000 after 57 days; 47K at $1,750,000 after 52 — both under two months, both with real movement off the ask. Sale-to-list finished at 91.4%, a listing discount of 8.6%. The studio was the exception: 47V went in five days at $1,585 a foot. Priced to the market, it didn't wait.
Bottom line — At three sales the median is one apartment, not a trend — read the 19% slide as what happened to sell, not what the building lost. The per-foot band is the number to use: $1,468 to $1,695, studio through two-bed. Price inside it and you move; price above it and this quarter says you'll give eight points back at the table.
Eleven leases signed this quarter, up two from Q1, at every size the building offers.
Pace firmed alongside the volume. Days on market averaged 33, nine days faster than Q1 — two units signed inside a week; the slowest took just over two months.
The median reads $6,395, up 47%; the average $8,336, up 54%. Don't read either as a rent spike. Q2's pool ran heavy with large units — three 2-beds near $12,000, two 3-beds at $13,500 — and that mix lifts both numbers on its own. The actual rent picture is tiered: studios and alcoves at $4,200 to $4,700, the one-bed at $6,395, the big lines at $11,900 and up.
Bottom line — Demand showed up across the stack — eleven leases, faster than Q1, the large lines clearing at $11,900 and up. If you're holding empty, the market is there at every size. Just price to your tier, not to the median: the 47% is mix, not a raise your studio will collect.
| Apt | Size | Sold | DOM | Date |
|---|---|---|---|---|
| 26B | 2 Bed | $2,275,000 $1,695/SF |
57 | Jun 30 |
| 47K | 2 Bed | $1,750,000 $1,468/SF |
52 | May 6 |
| 47V | Studio | $975,000 $1,585/SF |
5 | Apr 22 |
| Apt | Size | Last Asking | DOM | Leased |
|---|---|---|---|---|
| 29P | Studio | $4,500 |
31 | May 27 |
| 26V | Alcove Studio | $4,500 |
6 | May 26 |
| 42E | Alcove Studio | $4,700 |
26 | May 18 |
| 24V | Alcove Studio | $4,500 |
45 | May 8 |
| 49N | 1 Bed | $6,395 |
16 | May 8 |
| 50D | 2 Bed | $11,900 |
35 | May 1 |
| 47M | 2 Bed | $12,000 |
32 | May 1 |
| 42B | 2 Bed | $12,000 |
7 | May 1 |
| 48F | Studio | $4,200 |
65 | Apr 17 |
| 35S | 3 Bed | $13,500 |
43 | Apr 9 |
| 16H | 3 Bed | $13,500 |
59 | Apr 6 |
New York, NY 10003