A Comprehensive Analysis of the Manhattan Residential Real Estate by wzo72644

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									Update 9

A Comprehensive Analysis of the
Manhattan Residential Real Estate Market
for 2006
the Black & White report
Update 9




CONTENTS


RENTALS

2	      Doorman	vs.	Non-Doorman
4	      Elevator	vs.	Walkup
6	      Overall	Rental	Averages
8	      Vacancy	Rates
9	      What	is	Renting?
10	     Where	are	People	Renting	
11	     Profile	of	Manhattan	Renters
12	     Rental	Internet	Search	Data



SALES

13	       Sales	Prices,	Citywide
14	       Sales	Prices	by	Neighborhood
16	       Sales	Internet	Search	Data
EXECUTIVE SUMMARY


                               On behalf of Citi Habitats, it is my pleasure to present The Black and White Report,
                               our comprehensive look at the economic trends of Manhattan’s residential real
                               estate market.

                               2006 was an especially dynamic year for the rental market with ramifications that
                               will be seen for years to come. For example, the vacancy rate remained below 1% for
                               the entire year, the first time in the history of our reporting that this occurred. This
                               had the short-term effect of increased prices and the long-term effect of actually
                               making the market better for consumers as many more developers are taking on
                               new rental projects than in previous years. New York City is a predominately renter-
                               based population and more product on the market will serve it well.

Several residential rental projects are coming to market in Manhattan, Long Island City and Brooklyn, and more
are being planned. The incredible demand for rental units makes the option of a mix of rental and sales units
within a development project, or the possibility of an all rental development a more feasible option. This option
is even more attractive if the land has been in the developer’s or landlord’s portfolio for some time, aquired when
costs were much lower.

On the sales side of the market, 2006 was another strong year for the City and for Citi Habitats. Prices were
healthy and steady which made for solid transactions for buyers and sellers alike. Citi Habitats’ sales grew
tremendously, as it has for the past five years. Increased numbers in the first quarter of 2007 indicate that that
trend will continue.

With business growing in sales and rentals we’re able to serve more and more New Yorkers. In fact, each year, we
serve more New Yorkers than any other real estate company. We’re proud of that fact and look forward to serving
our clients throughout their real estate lives in New York City.




Gary Malin
Chief Operating Officer
Citi Habitats




  A special note: New York City is constantly changing, especially in regards to the way we look at and track neighborhood
  rental data. For example, emerging neighborhoods like Morningside Heights and many areas of Brooklyn are growing in
  popularity and are very relevent to the overall marketplace. With that, we aim to include such neighborhoods in future
  reports once we have enough data to show a true picture of such neighborhoods.
  Doorman vs. Non-Doorman Rental Comparison

  •   The Manhattan average difference between rental rates in a doorman versus a non-doorman building is 13% for
      studios, 19% for one bedrooms and 25% for two bedrooms.
  •   Wall Street/Battery Park and the Upper East Side have the highest difference between doorman and non-doorman
      rates in the studio category, at 18%.
  •   Midtown West has the highest difference between doorman and non-doorman rates in the one bedroom category,
      at 32%.
  •   The Upper East Side has the highest difference between doorman and non-doorman rates in the two bedroom
      category, at 40%.
  •   Chelsea has a consistently high difference across all unit types (studio 17%; one bedroom 20%; two bedroom 37%).
  •   The lowest difference between doorman and non-doorman rates across all unit types is in SoHo/TriBeCa (studio
      6%; one bedroom 3%; two bedroom 9%).




                                                                                                                                                                                                                     Wall Street/Battery Park




                                                                                                                                                                                                                                                                 Manhattan Average
                                              Gramercy/Flatiron




                                                                                                                                                                                                 Upper West Side
                                                                         Lower East Side




                                                                                                                                                                          Upper East Side
                                                                                                                    Midtown West




                                                                                                                                                           SoHo/TriBeCa
                                                                                                 Midtown East




                                                                                                                                                                                                                                                West Village
                           East Village




                                                                                                                                           Murray Hill
              Chelsea




                                                                                                                                                                                                                     Wall Street/Battery Park




                                                                                                                                                                                                                                                               Manhattan Average
                                                     Gramercy/Flatiron




                                                                                                                                                                                                   Upper West Side
                                                                               Lower East Side




                                                                                                                                                                           Upper East Side
                                                                                                                        Midtown West




                                                                                                                                                           SoHo/TriBeCa
                                                                                                     Midtown East




                                                                                                                                                                                                                                                West Village
                               East Village




                                                                                                                                             Murray Hill
                 Chelsea




CitiHabitats.com                                                                                                                       2                                                     THE BLACK AND WHITE REPORT | CITI HABITATS
                                                                                                                  Chelsea




CitiHabitats.com
                                                                                                                  East Village




                                                                                                                  Gramercy/Flatiron




                                             Source: All Citi Habitats transactions from January-December 2006.
                                                                                                                  Lower East Side




                                                                                                                  Midtown East




                                                                                                                  Midtown West




3
                                                                                                                  Murray Hill




                                                                                                                  SoHo/TriBeCa




                                                                                                                  Upper East Side




                                                                                                                  Upper West Side




                                                                                                                  Wall Street/Battery Park




                                                                                                                  West Village




                                                                                                                  Manhattan Average




THE BLACK AND WHITE REPORT | CITI HABITATS
  Elevator vs. Walkup Rental Comparison

  •   The Manhattan average difference between rental rates in an elevator building versus a walkup building is 14%
      for studios, 11% for one bedrooms and 10% for two bedrooms.
  •   The highest rental rate differences between elevator and doorman studio apartments are in the West Village
      (17%) and on the Upper West Side (20%); the lowest in SoHo/TriBeCa (4%).
  •   The difference in rates on the Upper East Side and in Murray Hill for one bedroom elevator apartments versus
      walkup apartments is the highest, at 14%.
  •   The lowest difference for one bedrooms (8%) is found in SoHo/TriBeCa and the West Village.
  •   For two bedrooms, the highest differences between elevator and walkup apartments is in Chelsea (16%) and in
      Gramercy/Flatiron (17%); the lowest on the Upper East Side (4%).




                                                                                                                                                                                                  Wall Street/Battery Park**




                                                                                                                                                                                                                                                 Manhattan Average
                                         Gramercy/Flatiron




                                                                                                                                                                             Upper West Side
                                                              Lower East Side




                                                                                                                                                      Upper East Side
                                                                                 Midtown East**




                                                                                                   Midtown West




                                                                                                                                      SoHo/TriBeCa




                                                                                                                                                                                                                                West Village
                        East Village




                                                                                                                       Murray Hill
             Chelsea




                                                                                                                                                                                               Wall Street/Battery Park**




                                                                                                                                                                                                                                               Manhattan Average
                                       Gramercy/Flatiron




                                                                                                                                                                            Upper West Side
                                                             Lower East Side




                                                                                                                                                     Upper East Side
                                                                                Midtown East**




                                                                                                  Midtown West




                                                                                                                                     SoHo/TriBeCa




                                                                                                                                                                                                                               West Village
                       East Village




                                                                                                                      Murray Hill
             Chelsea




CitiHabitats.com                                                                                                  4                                                     THE BLACK AND WHITE REPORT | CITI HABITATS
                                                                                                                                                                                                        Wall Street/Battery Park**




                                                                                                                                                                                                                                                    Manhattan Average
                                                          Gramercy/Flatiron




                                                                                                                                                                                      Upper West Side
                                                                              Lower East Side




                                                                                                                                                                 Upper East Side
                                                                                                Midtown East**



                                                                                                                 Midtown West




                                                                                                                                                  SoHo/TriBeCa




                                                                                                                                                                                                                                     West Village
                                         East Village




                                                                                                                                    Murray Hill
                        Chelsea




Source: All Citi Habitats transactions from January-December 2006.
* All elevator buildings in this chart have doormen.
** The sample group is insufficient to come to a conclusion.




CitiHabitats.com                                                                                                                5                                                  THE BLACK AND WHITE REPORT | CITI HABITATS
  Overall Rental Averages

  •   The Manhattan average rental price rose in every neighborhood and in every unit type.
  •   Citywide, the increase for studios was 9.1%; 9.3% for one bedrooms; 9.4% for two bedrooms; and 13.7% for
      three bedrooms.
  •   The neighborhoods and unit types that saw the highest increases were SoHo/TriBeCa studios (20.8%), Chelsea
      one bedrooms (16.1%), West Village two bedrooms (25%) and Midtown West three bedrooms (26.5%).
  •   With the exception of three bedrooms, citywide prices per square foot rose at a similar rate to that of overall
      apartment rates.
  •   Overall, average rents in Manhattan increased 10.4% in 2006 as compared to 2005.




                                                                                                                                                                                                                     Wall Street/Battery Park
                                                                                                                  Morningside Heights




                                                                                                                                                                                                                                                   Washington Heights




                                                                                                                                                                                                                                                                                              Manhattan Average
                                   Gramercy/Flatiron




                                                                                                                                                                                               Upper West Side
                                                                 Lower East Side




                                                                                                                                                                         Upper East Side
                                                                                                   Midtown West




                                                                                                                                                        SoHo/TriBeCa
                                                                                    Midtown East




                                                                                                                                                                                                                                                                           West Village
                   East Village




                                                                                                                                         Murray Hill
        Chelsea




                                                        Harlem




                                                                                                                                                                                                                 Wall Street/Battery Park
                                                                                                                  Morningside Heights




                                                                                                                                                                                                                                                Washington Heights




                                                                                                                                                                                                                                                                                          Manhattan Average
                                    Gramercy/Flatiron




                                                                                                                                                                                            Upper West Side
                                                                  Lower East Side




                                                                                                                                                                       Upper East Side
                                                                                                   Midtown West




                                                                                                                                                       SoHo/TriBeCa
                                                                                    Midtown East




                                                                                                                                                                                                                                                                        West Village
                    East Village




                                                                                                                                        Murray Hill
         Chelsea




                                                        Harlem




CitiHabitats.com                                                                                                                    6                                                      THE BLACK AND WHITE REPORT | CITI HABITATS
                                                                                                                  Chelsea                    Chelsea




CitiHabitats.com
                                                                                                                  East Village               East Village



                                                                                                                  Gramercy/Flatiron          Gramercy/Flatiron



                                                                                                                                             Harlem




                                             Source: All Citi Habitats transactions from January-December 2006.
                                                                                                                  Harlem



                                                                                                                  Lower East Side            Lower East Side



                                                                                                                  Midtown East               Midtown East



                                                                                                                  Midtown West               Midtown West



                                                                                                                  Morningside Heights        Morningside Heights




7
                                                                                                                  Murray Hill                Murray Hill



                                                                                                                  SoHo/TriBeCa               SoHo/TriBeCa



                                                                                                                  Upper East Side            Upper East Side



                                                                                                                  Upper West Side            Upper West Side



                                                                                                                  Wall Street/Battery Park   Wall Street/Battery Park



                                                                                                                  Washington Heights         Washington Heights



                                                                                                                  West Village               West Village



                                                                                                                  Manhattan Average          Manhattan Average




THE BLACK AND WHITE REPORT | CITI HABITATS
  Rental Vacancy Rates

  Across the board, rental vacancy rates dropped significantly from 2005 to 2006. In fact, 2006 was the first year in the
  history of our reporting that the average rate remained below 1% throughout the entire year, in nearly every neigh-
  borhood. As noted in the executive summary of this report, there are notable effects of these dramatic lows: higher
  rents in the short-term and added rental product in the long-term. Unlike in the past few years, the market is making
  it financially sound to develop new rental projects.




              10%
                9%
                8%
                7%
                6%




                                                                                                                                                                                                                                         National Rental Vacancy
                5%
                4%
                           BPC / Financial Dist.




                                                                                                                                                                                                                     Manhattan Average




                                                                                                                                                                                                                                                  Rate*
                3%




                                                                                                                                                                               Upper West Side
                                                                                                                                                             Upper East Side
                                                                                                      Midtown West




                                                                                                                                              Soho/Tribeca
                                                                                       Midtown East




                                                                                                                                                                                                      West Village
                                                             East Village




                2%
                                                                                                                            Murray Hill
                                                                            Gramercy
                                                   Chelsea




                1%
                0%

           2006            0.79                     0.64      0.86          0.68       0.94            0.91                 0.89                0.44           0.89             0.87                  0.49            0.76                     9.7
           2005            1.51                     0.89      1.13          0.98       1.12            1.03                 1.01                0.77           1.02             0.97                  0.86            1.03
           Variance        -48%                     -28%      -24%          -31%       -16%            -12%                 -12%                -43%            -13%            -10%                  -43%            -26%


           *National Rental Vacancy Rate, 2006 Average. United States
          Source: A sampling of 8-10 key rental buildings in each Manhattan neighborhood below 100th                     *National of Commerce, Census Bureau Reports on Residential
                                                                                                                     DepartmentRental Vacancy Rate, 2006 Average. United States Department of Commerce, Census Va
           and Homeownership.
          Street, including doorman and non-doorman builidngs.                                                                     Bureau Reports on Residential Vacancies.




CitiHabitats.com                                                                                                        8                                                                        THE BLACK AND WHITE REPORT | CITI HABITATS
  What is Renting?

  For more than six Black and White Reports (a period of three years), the percentage of each unit type rented during
  the respective reporting period has remained consistent. In part, this is because many existing and newly constructed
  buildings follow a roughly 30% studio, 50% one bedroom, 20% two bedroom, and a nominal amount of three+ bed-
  room unit mix.




                                             3   4
                                                                     0
                                         2

                                                                          1




                           2006: Studios 28%
                                                     0      2006: Three Bedrooms 4%
                                     2005: 29%                                                                     3
                                                                             2005: 4%

                     2006: One Bedrooms 47%
                                                     1        2006: Four Bedrooms 1%
                                     2005: 47%                                                                     4
                                                                              2005: 1%

                     2006: Two Bedrooms 20%
                                                     2
                                     2005: 19%           Source: All Citi Haitats transactions from January-December 2006 versus
                                                         stated time periods.




CitiHabitats.com                                                9                                                  THE BLACK AND WHITE REPORT | CITI HABITATS
     Where are People Renting?

     For the most part, there was very little change in where people rented in 2006 compared to 2005. The areas where
     there was a greater than 2% increase in more than one unit type were the Upper East and West Sides. One area that
     saw a notable decrease in renters was Wall Street/Battery Park. This is likely an indication that the influx of renters is
     leveling off from 2005 when the addition of conveniences like grocery stores transformed the area from one dominated
     by business to one that serves both residential and business needs. It is also a reflection of the many new condo and
     conversion projects that have sprung up in the area, drawing more buyers rather than renters to the area.




                                                                        PERCENTAGE OF RENTERS IN EACH NEIGHBORHOOD

                All Units           Studios            1 Bedrooms     2 Bedrooms   3 Bedrooms                All Units    Studios     1 Bedrooms   2 Bedrooms   3 Bedrooms
  CHELSEA                                                                                            MORNINGSIDE HEIGHTS
    2006          5%                    5%                    5%         5%           5%              2006     2%           1%            2%           2%          2%
    2005          4%                    4%                    4%         4%           4%              2005     1%           1%            1%           1%          3%

  EAST VILLAGE                                                                                       MURRAY HILL
    2006          9%                    8%                    8%         10%          14%             2006     6%           8%            5%           4%          2%
    2005          8%                    7%                    7%         10%          11%             2005     6%           7%            7%           6%          4%

  GRAMERCY/FLATIRON                                                                                  SOHO/TRIBECA
    2006          4%                    5%                    4%         4%           3%              2006     2%           2%            2%           4%          4%
    2005          5%                    5%                    5%         4%           6%              2005     3%           2%            3%           4%          2%

  HARLEM                                                                                             UPPER EAST SIDE
    2006          3%                    1%                    2%         5%           13%             2006    22%          23%            22%         21%          19%
    2005          2%                    1%                    2%         4%           10%             2005    21%          21%            20%         22%          26%

  INWOOD                                                                                             UPPER WEST SIDE
    2006          1%                    0%                    1%         1%           1%              2006    18%          16%           20%          17%          16%
    2005          0%                    0%                    0%         0%           0%              2005    16%          13%           18%          17%          15%

  LOWER EAST SIDE                                                                                    WALL STREET/BATTERY PARK
    2006          3%                    3%                    2%         3%           4%              2006     5%           6%            5%           5%          3%
    2005          2%                    2%                    2%         2%           1%              2005    13%          18%            13%          8%          5%

  MIDTOWN EAST                                                                                       WASHINGTON HEIGHTS
    2006          5%                    6%                    5%         3%           2%              2006     1%           0%            1%           1%          4%
    2005          5%                    7%                    4%         3%           2%              2005     1%           0%            0%           1%          3%

  MIDTOWN WEST                                                                                       WEST VILLAGE
    2006          7%                    7%                    7%         7%           3%              2006     8%           8%            9%           7%          4%
    2005          6%                    7%                    7%         7%           4%              2005     7%           6%            7%           6%          5%

Source: All Citi Habitats’ transactions from January-December 2006.




CitiHabitats.com                                                                                10                               THE BLACK AND WHITE REPORT | CITI HABITATS
  Profile of Manhattan Renters

  Real estate is fundamentally a customer service industry. As such, we have broadened The Black and White Report’s scope
  to include demographic information.* This glimpse into the people served by real estate and real estate services is a
  useful tool for understanding the types of renters seeking apartments in NYC. It is also useful information for developers
  as they design projects that contribute to NYC’s ever-changing real estate landscape.



                                                            PERCENTAGE OF MANHATTAN RENTERS WITH PETS




                                                                             7% with pets




                                                                                 93% without pets




                                  PERCENTAGE OF MANHATTAN RENTERS AT VARIOUS INCOME LEVELS

                      60%

                      50                                                          45%
                      40
                      30                                                                                         26%
                      20                            15%                                                                                        14%
                      10
                       0
                       Income Levels        $25,000-$49,999                $50,000-$99,999              $100,000-$199,999                Over $200,000




                                   AVERAGE AGE OF RENTER: 30                                          NUMBER OF FEMALE RENTERS: 1921

                                    MEDIAN AGE OF RENTER: 28                                           NUMBER OF MALE RENTERS: 1968

                      * Source: Of Citi Habitats’ transactions from January-December 2006, these are the percentages of people who provided responses to the
                      demographic categories presented in this section: income: 6%; age: 89%; gender: 90%; pets: 90%.




CitiHabitats.com                                                                           11                                             THE BLACK AND WHITE REPORT | CITI HABITATS
  Rental Internet Search Data

  Published studies have shown that the majority of people go to the Internet to search for apartments and homes
  before print sources, if they use print sources at all. This incredible shift in how people find homes makes the Internet a
  powerful tool for apartment seekers as well as those who provide real estate services.

  The two charts below represent the tremendous power of the Internet to capture data about prospective renters. The
  top chart shows the difference between what renters expect to pay versus what they will pay. The bottom chart shows
  the percentage of rental leads from the Citi Habitats web site by neighborhood.

  Citi Habitats has one of the most heavily trafficked web sites in the industry, making the charts below indicative of
  perceptions and behaviors of real estate customers in Manhattan and beyond.




                                         WEB SITE VISITORS’ RENT EXPECTATIONS VS. ACTUAL MANHATTAN RENTS

                                                                                Studios                             1 Bedrooms                                      2 Bedrooms                                          3 Bedrooms

                           Expected Rent                                        $1,694                                    $2,109                                              $2,804                                               $4,410
                           Actual Average Rent                                  $1,838                                    $2,477                                              $3,467                                               $4,830
                         Source: Citi Habitats’ web site visitors at www.citihabitats.com from January-December 2006.




                                   PERCENTAGE OF RENTAL LEADS FROM WEB SITE BY MANHATTAN NEIGHBORHOOD

                          25%



                          20%


                          15%
                                                                                                                                                                                                                                                                         Outside Manhattan




                          10%
                                           BPC/Financial Dist.




                                                                                                                            Gramercy/Flatiron




                                                                                                                                                                                                                                                       Upper Manhattan
                                                                                                                                                                                                                 Upper West Side
                                                                                                                                                                                               Upper East Side




                                                                                                                                                                                                                                     Lower East Side
                                                                                                                                                                                Midtown West
                                                                                                                                                               Midtown East
                                                                 SoHo/Tribeca

                                                                                 West Village

                                                                                                 East Village




                                                                                                                                                 Murray Hill




                            5%
                                                                                                                Chelsea




                               0
                          Jan-Dec 06      1.6                    4.2            6.9             10.0            4.6        4.9                   3.6           4.9             6.6             19.1              14.6               2.3                7.3               9.5
                         Source: Citi Habitats’ web searches for rentals from January-December 2006.




CitiHabitats.com                                                                                                                                12                                                                                   THE BLACK AND WHITE REPORT | CITI HABITATS
  Sales Prices, Citywide

   •   The average price for a co-op apartment in Manhattan is $1.109m; the median is $655k.
   •   The average price for a condo apartment in Manhattan is $1.379m; the median is $940k.
   •   The average price per square foot for a co-op is $892; for a condo it’s $1,123.




                                                             CO-OPS CITYWIDE

                      Jan - Dec 06                Overall     Studios       1 BRs    2 BRs         3+ BRs
                      AverAge Price               $1.109m     $364k         $617k   $1.305m        $3.465m
                      MediAn Price                 $655k      $357k         $575k   $1.100m        $2.400m
                      AverAge Price Per Sq. Ft. = $892

                      Jan - Dec 05
                      AverAge Price                $998k      $345k         $579k   $1.175m        $3.018m
                      MediAn Price                 $625k      $335k         $539k    $995k         $2.350m
                      AverAge Price Per Sq. Ft. = $814




                                                             CONDOS CITYWIDE

                       Jan - Dec 06                Overall    Studios       1 BRs    2 BRs          3+ BRs
                       AverAge Price              $1.379m      $539k        $846k   $1.557m        $3.430m
                       MediAn Price                $940k       $490k        $750k   $1.453m        $2.699m
                       AverAge Price Per Sq. Ft. = $1,123

                      Jan - Dec 05
                      AverAge Price               $1.503m     $499k         $802k   $1.566m        $3.573m
                      MediAn Price                 $975k      $450k         $701k   $1.395m        $2.750m
                      AverAge Price Per Sq. Ft. = $1,093




                                                                                              Sales prices by neighborhood on following pages




CitiHabitats.com                                                       13                        THE BLACK AND WHITE REPORT | CITI HABITATS
  Sales Prices by Neighborhood

   •   In the studio category, Downtown co-ops and Midtown East condos have the highest average price, $396k and
       $976k respectively.
   •   In the one bedroom category, Downtown co-ops and Midtown East condos have the highest average price,
       $628k and $1.073m respectively.




                                                       STUDIOS - CO-OPS

                         Jan - Dec 06    Downtown      East Side   West Side   Mtwn West     Mtwn East
                         AverAge Price     $396k        $340k       $363k        $328k         $336k
                         MediAn Price      $395k        $329k       $349k        $315k         $335k

                         Jan - Dec 05
                         AverAge Price     $383k        $311k       $340k        $309k         $297k
                         MediAn Price      $379k        $300k       $335k        $289k         $294k




                                                      STUDIOS - CONDOS

                         Jan - Dec 06    Downtown      East Side   West Side   Mtwn West     Mtwn East
                         AverAge Price     $543k        $623k        $537k       $487k         $976k
                         MediAn Price      $500k        $497k        $499k       $470k         $446k

                         Jan - Dec 05
                         AverAge Price     $461k        $460k       $527k        $440k         $471k
                         MediAn Price      $451k        $440k       $485k        $435k         $447k




                                                    ONE BEDROOMS - CO-OPS

                         Jan - Dec 06    Downtown      East Side   West Side   Mtwn West     Mtwn East
                         AverAge Price     $628k        $602k        $613k       $542k         $579k
                         MediAn Price      $599k        $553k        $575k       $527k         $550k

                         Jan - Dec 05
                         AverAge Price     $593k        $563k       $585k        $495k         $517k
                         MediAn Price      $565k        $510k       $550k        $453k         $499k




                                                   ONE BEDROOMS - CONDOS

                         Jan - Dec 06    Downtown      East Side   West Side   Mtwn West     Mtwn East
                         AverAge Price     $807k        $861k       $872k        $785k        $1.073m
                         MediAn Price      $735k        $735k       $790k        $753k         $770k

                         Jan - Dec 05
                         AverAge Price     $724k        $844k        $796k       $748k         $835k
                         MediAn Price      $660k        $695k        $750k       $670k         $699k




CitiHabitats.com                                            14                             THE BLACK AND WHITE REPORT | CITI HABITATS
  Sales Prices by Neighborhood (cont.)

   •   In the two bedroom category, West Side co-ops and East Side condos have the highest average price,
       $1.441m and $1.724m respectively.
   •   Three+ bedroom East Side co-ops and West Side condos have the highest average price, $4.314m and
       $4.545m respectively.




                                                                            TWO BEDROOMS - CO-OPS

                        Jan - Dec 06                        Downtown               East Side            West Side             Mtwn West             Mtwn East
                       AverAge Price                         $1.084m               $1.400m                $1.441m                 $885k               $1.222m
                       MediAn Price                            $899k               $1.195m                $1.150m                 $891k                   $996k

                        Jan - Dec 05
                       AverAge Price                         $1.066m               $1.253m                $1.186m                 $818k               $1.085m
                       MediAn Price                            $945k               $1.060m                 $979k                  $755k                   $965k




                                                                           TWO BEDROOMS - CONDOS

                        Jan - Dec 06                       Downtown                East Side            West Side             Mtwn West             Mtwn East
                       AverAge Price                         $1.498m               $1.724m                $1.635m               $1.378m               $1.850m
                       MediAn Price                          $1.440m               $1.630m                $1.450m               $1.298m               $1.578m

                        Jan - Dec 05
                       AverAge Price                         $1.313m               $1.818m                $1.463m               $1.628m               $1.759m
                       MediAn Price                          $1.218m               $1.510m                $1.300m               $1.566m               $1.650m




                                                                         THREE+ BEDROOMS - CO-OPS

                        Jan - Dec 06                       Downtown                East Side            West Side             Mtwn West             Mtwn East
                       AverAge Price                             N/A               $4.314m                $3.559m                   N/A               $2.863m
                       MediAn Price                              N/A               $2.980m                $2.449m                   N/A               $1.995m

                        Jan - Dec 05
                       AverAge Price                             N/A               $3.604m                $2.908m                   N/A               $2.650m
                       MediAn Price                              N/A               $2.700m                $2.316m                   N/A               $2.300m




                                                                        THREE+ BEDROOMS - CONDOS

                        Jan - Dec 06                       Downtown                East Side            West Side             Mtwn West             Mtwn East
                       AverAge Price                         $2.566m               $3.799m                $4.545m               $3.177m               $3.448m
                       MediAn Price                          $2.500m               $2.815m                $3.194m               $3.147m               $2.560m

                        Jan - Dec 05
                       AverAge Price                         $2.515m                $4.391m               $4.041m               $3.341m               $3.459m
                       MediAn Price                          $2.495m                $3.190m               $2.525m               $3.608m               $3.360m

                      Source: Data collected by Mitchell, Maxwell & Jackson.

                      All material presented herein is intended for information purposes only and has been compiled from sources deemed reliable.
                      Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice.




CitiHabitats.com                                                                             15                                                  THE BLACK AND WHITE REPORT | CITI HABITATS
  Sales Internet Search Data

  Published studies have shown that the majority of people go to the Internet to search for apartments and homes
  before print sources, if they use print sources at all. This incredible shift in how people find homes makes the Internet a
  powerful tool for apartment seekers as well as those who provide real estate services.

  The two charts below represent the tremendous power of the Internet to capture data about prospective renters. The
  top chart shows the difference between what renters expect to pay versus what they will pay. The bottom chart shows
  the percentage of rental leads from the Citi Habitats web site by neighborhood.

  Citi Habitats has one of the most heavily trafficked web sites in the industry, making the charts below indicative of
  perceptions and behaviors of real estate customers in Manhattan and beyond.




                                   WEB SITE VISITORS’ SALE PRICE EXPECTATIONS VS. ACTUAL MANHATTAN PRICES

                                                                                              Studios                                 1 Bedrooms                                  2 Bedrooms                                        3+ Bedrooms

                          Expected Price                                                         $329k                                      $451k                                        $891k                                                  $1.741m
                          Actual Average Price                                                   $452k                                      $732k                                       $1.431m                                                 $3.448m
                        Source: Citi Habitats’ web site visitors at CitiHabitats.com from January-December 2006.




                                   PERCENTAGE OF SALES LEADS FROM WEB SITE BY MANHATTAN NEIGHBORHOOD

                          25%



                          20%


                          15%
                                                                                                                                                                                                                                                                     Outside Manhattan




                          10%
                                          BPC/Financial Dist.




                                                                                                                       Gramercy/Flatiron




                                                                                                                                                                                                                                                  Upper Manhattan
                                                                                                                                                                                                            Upper West Side
                                                                                                                                                                                          Upper East Side




                                                                                                                                                                                                                              Lower East Side
                                                                                                                                                                         Midtown West
                                                                                                                                                          Midtown East
                                                                SoHo/Tribeca

                                                                               West Village

                                                                                              East Village




                                                                                                                                            Murray Hill




                           5%
                                                                                                             Chelsea




                              0
                         Jan-Dec 06       1.3                   0.9            10.4           6.7            5.8       7.3                  9.4           6.0            2.8             20.4               6.6               3.0                 2.1               17.5

                        Source: Citi Habitats’ web searches for sales from January-December 2006.




CitiHabitats.com                                                                                                                           16                                                                                 THE BLACK AND WHITE REPORT | CITI HABITATS
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