NYC Market Update Q3 2022 by Glenn Norrgard Real Estate

Market Update

Q3 | 2022 New York City 2109 Broadway, 11-79 1

All New York City 04 Market Overview 05 Market Snapshot | All Areas 06 Inventory | Absorption Rate 07 Days on Market | Listing Discount Luxury Market 09 Luxury Market

Ownership Type Analysis Neighborhood Analysis 10 Condos 12 Co-ops 14 Upper East Side 14 Upper West Side 15 Midtown 15 Uptown 16 Downtown 16 FiDi | Battery Park 17 Total Sales 17 Average Sales Price 3

Market Overview

manhattan

In comparison to Q3 2021, in Q3 2022, the number of transactions dropped 4% marketwide, with the over $10M market having the most sizeable drop, being down 11%. Although the over $10M market had the largest drop in number of sales, the average sales price increased by 5%.

4,485 Closed Sales -4% Change in Closed Sales {2022 v 2021} $1.97M Average Sales Price -0.2% Change in Average Sales Price {2022 v 2021}

{Q3 | 2022}

105 Fifth Avenue, 7E

Number of Closed Sales vs. Inventory Average / Median Sales Price

$2,500,000

$2,000,000

$1,500,000

4,000

2,000

$1,000,000

$500,000

Average Sales Price Median Sales Price# of Closed Sales Inventory

Number of Closed Sales Average Sales Price Median Sales Price UNDER $3 Million

BETWEEN $3 - 10 Million

OVER $10 Million

{2022 v 2021} -4% -1% -1%

3Q:22 3,830 $1.18M $975K

3Q:21 3,972 $1.19M $985K

{2022 v 2021} -7% 4% 6%

3Q:22 577 $4.88M $4.37M

3Q:21 622 $4.71M $4.10M

{2022 v 2021} -11% 5% 8%

3Q:22 78 $19.32M $15.25M

3Q:21 87 $18.38M $14.08M

{2022 v 2021} -4% -0.2% -1%

ALL Price Points

3Q:22 4,485 $1.97M $1.18M

3Q:21 4,681 $1.98M $1.20M

Overview / New York City Q3 Market Update

6,000 8,000 10,000 12,000

Inventory

CONDOS & CO-OPS

Number of Active

The historic absorption range of equilibrium for the New York City market area is 6-8 months. We ended Q3 2022 with 6,681 active units on the market. The absorption rate of active inventory was 4.4 months in Q3 2022. This statistic means that it would take 4.4 months to absorb the active inventory that is currently on the market based upon the rate of sales over the last 6 months. Based on the same calculation, it would take less than 5 months to absorb the current inventory priced below $4M, about 9 months for inventory priced between $4M-$10M, just over one year for inventory priced between $10-20M, and about 14 months to absorb properties priced above $20M given the current inventory in Manhattan.

Absorption Rate

All New York City

The absorption rate is calculated by taking the total number of currently active listings and dividing by the average number of closed sales over the 6-month period. 81 157 273 341 888 1,108 1,637 4,485

Listings $20 Million and Above $10 - 20 Million $6 - 10 Million $4 - 6 Million $2 - 4 Million $1 - 2 Million Under $1 Million TOTAL

Line of Equilibrium Absorption 36.5% 24.7% 19.8% 7.6% 6.1% 3.5% 1.8% 0 2 4 6 8 10 12 14 16 Under $1M $1-2M $2-4M 4-6M 6-10M 10-20M $20M+

Average Days on Market Listing

Market

Overview / New York City Q3 Market Update All New York City

Discount Average Days on

vs. Listing Discount Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Average Days on Market 154 139 152 159 123 117 112 105 86 Listing Discount -6.8% -7.3% -7.1% -6.2% -5.4% -5.3% -5.0% -7.0% -5.9% Listing Discount Average Days on Market 0 20 40 60 80 100 120 140 160 180 -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22 7

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© 2022 Sotheby’s International Realty. All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. The Sotheby’s International Realty network fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. SOTHEBYSREALTY.COM/NYC MANHATTAN BROKERAGES

The

York City

Closed Sales Count, Average Sales Price & Highest Sales Price

Average Sales Price $32.62M $18.58M

$18.38M $22.57M $14.41M $19.51M $19.32M

Highest Sales Price $99.90M $65.59M $41.00M $82.50M $66.00M $188.00M $46.96M $101M $75.89M

the luxury price sector,

higher

Average Sales Price

$30,000,000

$25,000,000

Luxury Market

vs. # of Closed Sales All New

Co-Ops & Condos Over $10M The Luxury Market / New York City Q3 Market Update Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 # of Closed Sales 28 30 28 77 87 72 85 91 78

$16.80M $17.50M

Sales in

above $10M, decreased by 14% compared to last quarter. However, the average sales price in this sector is still

than Q3 2021. sothebysrealty.com # of Closed Sales Average Sales Price10 20 30 40 50 60 70 80 90 100 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000

$35,000,000 Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22 9

Condos

{Q3 | 2022} manhattan

In Q3 2022, 1,922 condominium transactions closed representing a 16% decrease from 2021.

As compared to Q3 2021, the average sales prices in the condominium sector increased 6%. Price per square foot for all price points rose 9% above 2021 levels to $2,117.

1,922

Sales

Change in Closed Sales {2022 vs.

Average Sales Price

Change in Average Sale Price {2022 vs. 2021}

Closed

-16%

2021} $2.83M

305 East 51st Street, 18F

2,500

Number of Closed Sales

Average / Median Sales Price

2,000

1,500

1,000

500

$3,500,000

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$4,000,000 -

Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22

Average Sales Price Median Sales Price

Number of Closed Sales Average Sales Price Median Sales Price Average Price/Sq. Ft.

{2022 v 2021} -17%

UNDER $3 Million

1% 5%

3Q:22 1,460 $1.44M $1.33M $1,494

3Q:21 1,756 $1.45M $1.32M $1,428

{2022 v 2021} -13%

BETWEEN $3 - 10 Million

ABOVE $10 Million

11%

3Q:22 395 $5.04M $4.70M $2,338

3Q:21 457 $4.78M $4.30M $2,115

{2022 v 2021} -9%

3Q:22

3Q:21

{2022 v 2021} -16%

ALL Price Points

8% 3%

$20.18M $15.75M $4,301

$18.81M $14.60M $4,184

-0.3% 9%

3Q:22 1,922 $2.83M $1.64M $2,117

3Q:21 2,287 $2.67M $1.65M $1,946

Condos / New York City Q3 Market Update

5% 9%

Co-Ops

{Q3 | 2022} manhattan

The 2,563 closed coop transactions in Q3 2022 represented an 7% increase in number of sales compared to Q3 2021. The average and median sales prices ticked up at 1% and 4% respectively. For co-ops above $10M, average and median prices dropped 12% and 7% respectively.

2,563

7%

Change in Closed Sales

East

Average Sales Price

East

1%

Change in Average Sales Price

Closed Sales

{2022 v 2021} $1.32M

{2022 v 2021}

151

58th Street, PH55W 151

58th Street, PH55W 292 Lafayette Street, 6W

Number of Closed Sales

Average / Median Sales Price

$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000

Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22

UNDER $3 Million

BETWEEN $3 - 10 Million

ABOVE $10 Million

ALL Price Points

Average Sales Price Median Sales Price

Number of Closed Sales Average Sales Price Median Sales Price

{2022 v 2021} 7% 3% 4%

3Q:22 2,371 $1.02M $815K 3Q:21 2,216 $985K $780K

{2022 v 2021} 10% 1% 7% 3Q:22 181 $4.54M $4.00M 3Q:21 165 $4.49M $3.75M

{2022 v 2021} -17% -12% -7%

3Q:22 11 $13.95M $12.19M 3Q:21 13 $15.95M $13.11M

{2022 v 2021} 7% 1% 4%

3Q:22 2,563 $1.32M $860K

3Q:21 2,394 $1.31M $830K

Co-Ops / New York City Q3 Market Update

500 1,000 1,500 2,000 2,500 3,000

Neighborhood Highlights

Upper East Side | north of 58th street and south of 96th Street, Fifth Avenue to East End Avenue

CONDOS Q3 2022 Q3 2021 % Change

Closed Sales 213 325 -34%

Average Sales Price $2.71M $2.56M 6%

Median Sales Price $1.70M $1.75M -3%

COOPS Q3 2022 Q3 2021 % Change

Closed Sales 722 743 -3%

Average Sales Price $1.72M $1.65M 4%

Median Sales Price $999K $990K 1%

Upper West Side | north of 58th Street and south of 110th Street, CPW to Riverside Drive (including CPS)

CONDOS Q3 2022 Q3 2021 % Change

Closed Sales 357 362 -1%

Average Sales Price $3.57M $3.93M -9%

Median Sales Price $1.80M $1.83M -2%

COOPS

Q3 2022 Q3 2021 % Change

Closed Sales 518 456 13%

Average Sales Price $1.41M $1.57M -10%

Median Sales Price $995K $1.08M -8%

new york city

Midtown | north of 34th Street and south of 57th Street

CONDOS Q3 2022 Q3 2021 % Change

Closed Sales 268 344 -22%

Average Sales Price $2.13M $1.63M 31%

Median Sales Price $1.20M $1.23M -3%

COOPS Q3 2022 Q3 2021 % Change

Closed Sales 298 349 -15%

Average Sales Price $754K $746K 1%

Median Sales Price $630K $615K 2%

Uptown | north of 96th Street on the East Side and north of 110th Street on the West Side

CONDOS Q3 2022 Q3 2021 % Change

Closed Sales 164 208 -21%

Average Sales Price $1.07M $1.17M -8%

Median Sales Price $908K $985K -8%

COOPS Q3 2022 Q3 2021 % Change

Closed Sales 217 184 18%

Average Sales Price $659K $590K 12%

Median Sales Price $570K $529K 8%

Neighborhood Highlights / New York City Q3 Market Update

Neighborhood Highlights

Downtown | South of 34th Street through TriBeCa Financial District / Battery Park

CONDOS Q3 2022 Q3 2021 % Change

Closed Sales 770 822 -6%

Average Sales Price $3.42M $3.23M 6%

Median Sales Price $2.30M $2.21M 4%

COOPS Q3 2022 Q3 2021 % Change

Closed Sales 722 638 13%

Average Sales Price $1.30M $1.25M 4%

Median Sales Price $910K $883K 3%

CONDOS Q3 2022 Q3 2021 % Change

Closed Sales 150 226 -33%

Average Sales Price $1.45M $1.76M -18%

Median Sales Price $997K $1.37M -27%

COOPS Q3 2022 Q3 2021 % Change

Closed Sales 86 24 258%

Average Sales Price $1.27M $1.03M 24%

Median Sales Price $1.24M $817K 51%

new york city

Total Number of Sales by Neighborhood

800 1,000 1,200 1,400 1,600

600

400

200

Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22

Uptown

Upper East Side Midtown

FiDi / Battery Park Upper West Side Downtown

Average Sales Price by Neighborhood

$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000

Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22

Uptown

Upper East Side Midtown

FiDi / Battery Park Upper West Side Downtown

Neighborhood Highlights / New York City Q3 Market Update

DOWNTOWN MANHATTAN BROKERAGE

EAST SIDE MANHATTAN BROKERAGE

Back cover feature property: 4 Lexington Avenue, 15LMN © 2022 Sotheby’s International Realty. All Rights Reserved. Figures in this report are based on publicly reported closed sales information via the Automated City Register Information System (ACRIS) and Property Shark, an independent research firm. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. Since all final closed data for the current quarter had not been reported at the time this report was compiled, the available closed data was extrapolated i0n an attempt to approximate full results for the current quarter. Actual results may materially vary from the approximated results. All offerings are subject to errors, omissions, changes including price or withdrawal without notice. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Equal Housing Opportunity. Manhattan Brokerages sothebysrealty.com/nyc

Diane Levine, Executive Vice President of Sales - NYC 149 Fifth Avenue, 4th Floor | New York, NY 10010 | 212.431.2440

Marissa Ghesquiere, Executive Vice President of Sales - NYC 650 Madison Avenue | New York, NY 10022 | 212.606.7660