Trump International Realty Luxury Market Report 1Q 2018

LUXURY MARKET REPORT 1Q 2018

The quarterly Luxury Market Report provided by Trump International Realty is a resource compiling pertinent data and analytics to give you a pulse on the current luxury real estate market in New York City. This report primarily covers the Manhattan Luxury Market which is comprised of the top 10% of residential sales based on the sales price. Trump International Realty has become the premier luxury full-service, specialized real estate brokerage by leveraging its global brand recognition, real estate vision and tremendous resources.

Figures and statistics contained in Trump International Realty’s Luxury Market Report are sourced from the Automated City Register Information System (ACRIS) and REBNY Listing Service (RLS) and based on the data available at the time of each quarterly report release. The previous quarter statistics in the subsequent report are revised to include the full quarter period after the data becomes available.

GLOSSARY Average Sale Price: Calculated by adding all final sales prices and dividing the sum by the total number of properties that sold prior to the publication of this report.

Median Sale Price: Price point directly in the middle of the whole, half way above and half way below all recorded sale prices.

Average Price Per Square Foot: Average price divided by the average square footage.

Median Price Per Square Foot: Price point directly in the middle of the whole, half way above and half way below all recorded sales price per square foot.

Closed Sales: Recorded closings at the time the report is prepared.

Days on Market: The total number of days a listing is on the active market before it is sold.

Inventory: Total number of all the properties listed for sale at any point during the quarter.

Luxury Threshold: Minimum price point at which a property is considered to be in the Luxury Market. Thresholds change each quarter reflecting the market trends.

Luxury Market Share by Co-op and Condo: Measured by number of sales.

Price Discount %: Difference between the initial asking price and the final recorded sales price.

LUXURY REPORT / 1Q - 2018 MANHATTAN LUXURY MARKET OVERVIEW The Luxury market declined year-over-year from the most recent price peak set in 1Q17.

After a sluggish start, the first quarter posted mixed results, as buyers and sellers continued to adapt to changing market conditions. Of particular note, uptown pre-war co-ops saw several large sales, which helped push that segment up on a year-over-year basis.

1Q - 2018

1Q - 2017

1YEAR % CHG

4Q - 2017

1QTR % CHG

Avg. Sale Price

$8,880,726

$10,161,845

-12.61%

$8,338,312

+6.51%

Median Sale Price

$6,956,481

$7,742,700

-10.15%

$6,400,000

+8.70%

Avg. Price / Sq. Ft.

$2,771

$3,068

-9.68%

$2,672

+3.71%

Median Price / Sq. Ft.

$2,546

$2,886

-11.78%

$2,460

+3.50%

Closed Sales

222

311

-28.62%

303

-26.73%

Days on Market

147

125

+18.00%

142

+3.87%

1,596

1,281

+24.59%

1,479

+7.91%

$4,250,000

$4,831,596

-12.04%

$3,999,631

+6.26%

METRIC

Inventory Luxury Threshold

LUXURY COMPARISONS 1Q - 2018 Median Sale Price

LUXURY MEDIAN PRICE TRENDS & SALES VOLUME $8M

600

$7M

$6M

400

$6M

$4M

200

$5M

$2M

0 81 0 2 -Q 7 1 1 02 -Q 7 4 1 02 -Q 71 3 02 71 Q2 02 -Q 61 1 02 61 Q4 0 2 -Q 61 3 02 -Q 6 2 1 02 -Q 51 1 0 2 -Q 51 4 02 -Q 5 3 1 02 -Q 51 2 02 41 Q1 02 -Q 41 4 02 41 Q3 0 2 -Q 41 2 02 -Q 3 1 1 02 -Q 31 4 0 2 -Q 31 3 02 -Q 3 2 1 02 -Q 1

se la se R stn em po le ve D

so dn oC sp ooC

w eN

Legend

Luxury Median Sale Price

# of Sales

Trump International Realty is a Licensed New York Real Estate Broker. All information is from sources deemed reliable but subject to errors, omission, change of price, rental, prior sale, lease or financing, or withdrawal without notice. All measurements and other information are approximate and should be verified by your own attorney, architect or other professional. This is not intended to solicit property. © 2018 Trump International Realty.

Source: UrbanDigs.com

LUXURY REPORT / 1Q - 2018 — TRUMPINTERNATIONALREALTY.COM

PAGE 1 / 5

LUXURY REPORT / 1Q - 2018 LUXURY MARKET OVERVIEW BY PROPERTY TYPE

CO-OP

1YEAR % CHG

CONDO

1YEAR % CHG

TOWNHOUSE

1YEAR % CHG

Avg. Sales Price

$9,310,451

+23.29%

$8,326,537

-18.73%

$11,389,113

-7.88%

Median Sale Price

$6,700,000

+10.79%

$6,661,725

-17.76%

$9,000,000

-11.91%

$1,931

+4.83%

$2,564

-13.26%

$2,300

+30.53%

Days on Market

143

+10.42%

137

+27.31%

221

+16.32%

Inventor y

344

+34.38%

993

+24.91%

255

+11.35%

METRIC

Med. Price / Sq. Ft.

LUXURY MARKET SHARE BY CONDO VS. CO-OP

CONDO

1Q - 2018

4Q - 2017

1Q - 2017

80%

80%

80%

60%

60%

60%

40%

40%

40%

20%

20%

20%

0%

0%

0% ed i S tse W re pp ed U i S tsa E re pp n U w ot di M

nw o t nw oD

e d iS tse W re pp ed U i S tsa E re pp n U w ot di M

nw ot nw oD

ed i S tse W re pp ed U i S tsa E re pp n U w ot di M

nw o t nw oD

Q1 Sales Breakdown: New Development: 52% Average Price: $9M Resale: 48% Average Price: $10.1M

CO-OP

Looking at the property types that compose the luxury market, co-ops were favored over condos during the quarter, with sales prices moving in opposite directions. The median co-op price improved on a year-over-year basis, increasing over 10.79%.

Meanwhile, the median price for condos and townhouses fell 17.76% and 11.91%, respectively, during the same time period.

Source: UrbanDigs.com

LUXURY REPORT / 1Q - 2018 — TRUMPINTERNATIONALREALTY.COM

PAGE 2 / 5

LUXURY REPORT / 1Q - 2018 CLOSED SALES BY PRICE POINT 1Q - 2018

4Q - 2017

5% 3%

5%

18%

9%

1Q - 2017 2%

6%

19%

9%

10%

28%

28%

27%

25%

25%

Legend

$0-$600k

20%

9%

12%

12%

3%

$600k-$1M

25%

$1M-$2M

$2M-$3M

$3M-$5M

$5M-$10M

$10M+

MARKET OVERVIEW BY PRICE POINT $1M-$2M

1YEAR % CHG

$2M-$5M

1YEAR % CHG

$5M-$10M

1YEAR % CHG

$10M+

1YEAR % CHG

Avg. Sales Price

$1.44M

+1.16%

$3.02M

-2.13%

$6.89M

+0.29%

$15.71M

-8.93%

Median Sale Price

$1.40M

+0.94%

$2.84M

-3.78%

$6.65M

+0.86%

$13.50M

-5.35%

Avg. Price / Sq. Ft.

$1,403

-2.97%

$1,853

0.00%

$2,626

-1.65%

$3,875

-8.33%

76

-10.59%

106

+24.71%

147

+39.81%

190

-1.55%

1818

+13.63%

2016

+11.14%

832

+13.66%

456

-2.15%

METRIC

Days on Market Inventory

LUXURY MARKET SHARE BY LOCATION 1Q - 2018

4Q - 2017

1Q - 2017

Downtown

35%

Downtown

32%

Downtown

45%

Midtown

22%

Midtown

26%

Midtown

17%

Upper East Side

22%

Upper East Side

19%

Upper East Side

25%

Upper West Side

21%

Upper West Side

23%

Upper West Side

14%

Source: UrbanDigs.com

LUXURY REPORT / 1Q - 2018 — TRUMPINTERNATIONALREALTY.COM

PAGE 3 / 5

LUXURY REPORT / 1Q - 2018 LUXURY MARKET NUMBER OF SIGNED CONTRACTS New Development

Resale

250

200

200

150

150 100

100

50

50 0

0 1Q - 2015

Legend

1Q - 2016

Upper East Side

1Q - 2017

Upper West Side

1Q - 2018

Midtown

1Q - 2015

Downtown

1Q - 2016

1Q - 2017

1Q - 2018

Total Luxury Market

LUXURY MARKET INVENTORY New Development

Resale

800

800

600

600

400

400

200

200

0

0

1Q - 2015

Legend

1Q - 2016

Upper East Side

1Q - 2017

Upper West Side

1Q - 2018

Midtown

1Q - 2015

Downtown

1Q - 2016

1Q - 2017

1Q - 2018

Total Luxury Market Source: UrbanDigs.com

LUXURY REPORT / 1Q - 2018 — TRUMPINTERNATIONALREALTY.COM

PAGE 4 / 5

LUXURY REPORT / 1Q - 2018 LUXURY MARKET DAYS ON MARKET VS PRICE DISCOUNT % 140

7%

120

6%

100

5%

80

4%

60

3%

40

2%

-Q 4

-Q 3

-Q 2

-Q 1

81 0 2 -Q 71 1 0 2 -Q 71 4 0 2 -Q 71 3 0 2 -Q 7 2 1 02 61 Q1 0 2 -Q 61 4 0 2 -Q 61 3 0 2 -Q 61 2 0 2 -Q 5 1 1 02 51 Q4 0 2 -Q 51 3 0 2 -Q 51 2 0 2 -Q 41 1 0 2 -Q 41 4 02 -Q 4 3 1 02 41 Q2 0 2 -Q 1

31 02

31 02

31 02

31 02

Notable Stats: Listing Discount Improves to 5.7% Townhouse Median Sales Price Improves 10.15% Year-Over-Year

Rising figures for days on market and inventory, coupled with declining sales, suggests that luxury buyers continue to enjoy leverage advantages even as the market continues to normalize and signs of an uptick slowly emerge. As the year progresses, we expect additional inventory and will continue to see the trend of active price discovery across all luxury market segments.

TOWNHOUSE MARKET OVERVIEW 1Q - 2018

1Q - 2017

1YEAR % CHG

4Q - 2017

1QTR % CHG

Avg. Sale Price

$6,129,502

$6,375,733

-3.86%

$4,555,513

+34.55%

Median Sale Price

$3,855,138

$3,500,000

+10.15%

$2,375,000

+62.32%

$987

$922

+7.05%

$1,050

-6.00%

Days on Market

180

165

+9.09%

182

-1.10%

Inventory

601

560

+7.32%

491

+22.40%

METRIC

Med. Price / Sq. Ft.

Source: UrbanDigs.com

Trump International Realty 108 Central Park South New York, NY 10019

LUXURY REPORT / 1Q - 2018 — TRUMPINTERNATIONALREALTY.COM

New York: New Jersey: Miami: Las Vegas:

212.247.7100 212.258.0788 305.392.4945 877.878.6711

Westchester: Charlotte: Jupiter: Chicago:

914.373.6290 704.799.0700 561.691.8710 312.644.0900

PAGE 5 / 5

Trump International Realty is a Licensed Real Estate Broker. All information is from sources deemed reliable but subject to errors, omission, change of price, rental, prior sale, lease or financing, or withdrawal without notice.

All measurements and other information are approximate and should be verified by your own attorney, architect or other professional. If your property is currently listed with another real estate broker, please disregard this offer. This is not intended to solicit property already listed. Š 2018 Trump International Realty