This document is a year-end report from Cushman & Wakefield summarizing real estate sales data in East Harlem, New York in 2015. It provides details on notable property sales including sale prices and price per square foot. While the number of transactions decreased from 2014, property values continued to increase with an average 16% rise in price per square foot. The report analyzes sales by property type, finding that multifamily properties increased the most in value at 28% despite a slowing market.

1. Please contact me for a Broker Opinion
of Value:
Team Kimyagarov Year End Report
East Harlem
CUSHMAN & WAKEFIELD
275 Madison Avenue, Third Floor
New York, NY 10016
nyinvestmentsales.com
Lev Kimyagarov
Director
212 660 7729
lev.kimyagarov@cushwake.com
What is your property worth?
YEAR END 2015
Cushman & Wakefield Copyright 2016. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED
HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING
CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). AS APPLICABLE, WE MAKE NO REPRESENTATION AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) IN QUESTION.
EXCLUSIVES LISTINGS FOR SALE
145 East 125th Street
6-Story Mixed-Use
Commercial Building
Asking Price: $35,000,000
230 West 113th Street
6 Story Elevator
Apartment Building
Asking Price: $15,950,000
204 East 110th Street
30’ Wide Elevator
Mixed-Use Building
Asking Price: $8,500,000
665 Lenox Avenue
6-Story Mixed-Use
Walk-Up Building
Asking Price: $8,200,000
1713 Madison Avenue
Non-Profit Development
Opportunity
Asking Price: $7,000,000
56 East 130th Street
25’ Wide Vacant Brownstone
Asking Price: $3,600,000
2321 First Avenue
25’ Wide Mixed-Use Building
Asking Price: $3,2500,000
416 East 115th Street
4 Unit Mixed-Use Building
Asking Price: $2,295,000
SOLD
RECENT TRANSACTIONS
265 Pleasant Avenue 301 East 103rd Street 133 West 119th Street
Your
Property
Here
IN CONTRACT SOLD

2. Multi-Family
EAST HARLEM SALES REPORT EAST HARLEM SALES REPORT
Address Price Gross SF S / SF Property Type
103-105 East 125th St. $48,000,000 137,535 $349 Commercial
17-27 West 125th St. $30,000,000 46,224 $649 Mixed-Use
137-145 West 145th St. $24,000,000 54,054 $444 Multi-Family
2143 Adam Clayton
Powell Jr. Blvd.
$21,500,000 50,351 $427 Mixed-Use
1988-1996 2nd Ave. $19,500,000 71,428 $273 Development
325-327 East 101st St. $18,250,000 36,868 $495 Multi-Family
With a slight bump in interest rates at the end of 2015,
transactions began to slow with the turn of the new year. A total
of 202 properties traded in 2014 for a cumulative $682 Million.
In 2015, $636 Million worth of properties sold but only 141 assets
traded. Although there were less transactions in 2015 than 2014,
property values have continued to increase. This is supported
the price per square foot value of all property types increasing
an average of 16%. Similarly land prices jumped 21% in value on a
buildable square foot basis.
China’s instability, persistent shakiness in the Middle East, and
ongoing challenges and slumps in several large economies
such as Greece, Russia, Brazil, and Canada continue to cause
global unrest. In the United States, plummeting oil prices, a
weak beginning of the year for the stock market, and concern
over the shakeout following the FED’s raising of federal funds
rate has contributed to anxiety over the possible downturn for
the domestic economy and in turn the commercial real estate
market. Despite these conditions, East Harlem’s growth persists.
A Resilient Market
Year End Data
1-4 Family Commercial Development Mixed Use Multifamily
$-
$100
$200
$300
$400
$500
$600
0%
5%
10%
15%
20%
25%
30%
27.8%
7.6%
21.6%
3.9%
16.1%
2014 % change from 20142015
$100M
$200M
$300M
$400M
$500M
$600M
$700M
2009 2010 2011 2012 2013 2014 2015
$- 0
20
40
60
80
100
120
140
160
180
117
165
92
104
5040
28
Dollar Volume
# of Buildings
Dollar Volume & Number of Buildings Sold % Change in PPSF by Property Type
10
20
30
40
50
60
70
0
2009 2010 2011 2012 2013 2014 2015
4
Number of Buildings Sold
1
5
15
2
8
2
26
6 5
9
29
6
22
19
49
6
9
30 32
15
29
39
63
6
34
25
37
Commercial
Development
Mixed-Use
Multi-Family
Notable Transactions
Address Price Gross SF S / SF Property Type
1987-1991 3rd Ave. $16,000,000 55,944 $286 Development
265 Pleasant Ave. $10,000,000 19,584 $511 Mixed-Use
2211 3rd Ave. $10,000,000 12,000 $833 Commercial Condo
26 East 125th St. $7,050,000 10,038 $702 Commercial
148 East 98th St. $6,600,000 9,900 $667 Multi-Family
1961 Adam Clayton
Powell Jr. Blvd.
$3,445,000 4,936 $698 Commercial Condo
Year End Data
$50M
$100M
$150M
$200M
$250M
$300M
$350M
2009 2010 2011 2012 2013 2014 2015
$- 0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$433
$339
$297
$247
$205$200$202
Total $ Volume
$/SF
$500
Mixed-Use
$20M
$40M
$60M
$80M
$100M
$120M
$140M
2009 2010 2011 2012 2013 2014 2015
$- 0
$50
$100
$150
$200
$250
$300
$350
$400
$450$428
$397
$270
$224
$217$222
$264
Total $ Volume
$/SF
$160M
Development/Land
$20M
$40M
$60M
$80M
$100M
$120M
$140M
2010 2011 2012 2013 2014 2015
$- 0
$50
$100
$150
$200$193
$159
$191
$93$92
$81
Total $ Volume
$/SF
$160M
Multi-Family
• Dollar volume through year end 2015 reached about $326
million.
• There were 37 transactions with an average price per square
foot of $433.
• As history dictates, multi-family is always the last property
type to slow down. In line with this theory, the value of
multifamily in harlem continued to increased by 28% from
2014 to 2015.
Mixed-Use
• 2014 Was a record year for mixed-use buildings leaving 2015
with 14 less transactions and dollar volume down about $46
million.
• Despite a slow down in transactions, the average price per
square foot of mixed-use buildings had an 8% increase.
• The figures above clearly exemplify that the buyer’s demand
for mixed-use properties outweighs the market’s supply. This
continues to drive up the value of such properties.
Development/Land
• Land & Development transactions have decreased from
2014 to 2015 due to expiring 421A’s and other externalities.
With these changes largely at the end of 2015 not a single
development site traded in Harlem in the 4th Quarter.
• Continuously rising rental rates, scarcity of land and the
optimistic outlook for the market drove the demand for
development higher and ultimately the advancement in land
value in the region.
2014 2015 % Change
Dollar Volume $63,305,500 $46,985,732 -26%
# of Buildings 37 24 -35%
PPSF $439 $509 16%
1-4 Family
1-4 Family
• 1-4 Family market was at all-time high last year with a
total dollar volume of over $63M and approximately 37
transactional sales.
• We noticed the transaction dollar volume and total property
sales decreased by over 25%, but the average price per
square foot for the properties increased by 16%.
• It is clear that the value for these properties are still there due
to the strong demand for these properties but lack of supply
of 1-4 family buildings on the market.
The Cap Rates, Gross Rent Multipliers, Average Price per Square Foot and Total Volume
presented in this report pertain to closed sales, including partial sales, researched or sold
by Cushman & Wakefield through 12/15/15. The “fourth quarter” herein covers the period
of 9/16/15 through 12/15/15. These transactions occurred at a minimum sales price of
$500,000 and were located in Manhattan north of 96th Street east of Adam Clayton Powell
Jr. Blvd., though extending west to Frederick Douglass Blvd from 110th to 116th streets.
These sales may be found in the public record and were reported by ACRIS, CoStar, RCA
and other sources deemed reliable. This information has been compiled for informational
purposes only and Cushman & Wakefield shall not be liable for any reliance thereon.
• We use the following classifications:
• 1-4 Family properties: A, B, CO and C3
• 5+ Family Walk-Up properties: C1, C2, C4, C5, C7, C8 and C9 (excluding C6 which
represent Co-Ops)
• 5+ Family Elevator properties: D1, D2, D3, D5, D6, D7, D8 and D9 (excluding D0, D4
which represent Co-Ops)
• Mixed-Use properties: K and S classes
• Retail properties / retail condominiums: L1, L8, L9, K, O, R5, R7 and R8
• Office properties and commercial condos: O, R5, R7 and R8
• Hotel properties: H classes
• Development properties: VO, V1, V2 and other properties that were purchased for
development
• Specialty-Use properties: properties that, because of their intended uses (such as
religious, medical, government, educational, non-profit uses), do not fall into any of
the above property classes
Each sale was analyzed and categorized on a case-by-case basis.
Methodology