Manhattan Fourth Quarter 2009 Real Estate Market Report Report

Manhattan
Market Overview
4Q 09
A Quarterly Survey of Manhattan Co-op and Condo Sales

Prepared by Miller Samuel Inc.
Appraisal and consulting services covering
the New York City metropolitan area

Number of sales above prior year as Manhattan Market Matrix Current Qtr % Chg Prior Qtr % Chg Prior Year Qtr
Average Sales Price $1,296,156 -2.1% $1,323,462 -12.7% $1,485,102
price indicators continued to slip Average Price per Square Foot $1,051 5.5% $996 -11.2% $1,183
The number of sales increased over the prior Median Sales Price $810,000 -4.7% $850,000 -10% $900,000
year quarter as inventory fell There were 2,473 New Development $1,125,000 -2.2% $1,150,000 -10.7% $1,260,000
sales in the current quarter, up 8.4% from the Re-Sale $745,000 -0.7% $750,000 1.7% $732,500
2,282 sales in the prior year quarter and up Number of Sales 2,473 10.9% 2,230 8.4% 2,282
10.9% from the prior quarter. This level of activ- Days on Market (from Last List Date) 204 22% 167 28.3% 159
ity was more than twice the 1,195 sales seen in Listing Discount (from Last List Price) 12.8% 7.6% 7.3%
the first quarter of 2009, which had been low- Listing Inventory 6,851 -18.3% 8,389 -24.6% 9,081

est level of sales in nearly 15 years. The return
QUARTERLY�AVERAGE�SALES�PRICE�/�MANHATTAN
to more normal historical levels of sales activity QUARTERLY�AVERAGE�SALES�PRICE�/�MANHATTAN
$2,000,000
was also reflected in the decline in inventory lev- $2,000,000
$1,800,000
$1,800,000
els. There were 6,851 active listings at the end $1,600,000
$1,600,000
of the quarter, a 24.6% decline from 9,081 list- $1,400,000
$1,400,000
ings in the same period a year ago, but down $1,200,000
$1,200,000
18.3% from 8,389 listings in the prior quarter. $1,000,000
$1,000,000
The seasonal average decline in the number of $800,000
$800,000
listings from the third quarter to fourth quarter $600,000
$600,000
$400,000
over the last decade with the exception of 2008 $400,000 99 00 01 02 03 04 05 06 07 08 09
99 00 01 02 03 04 05 06 07 08 09
was -3.4%. Therefore the 18.3% decline in list- NEW�DEVELOPMENT�MARKET�SHARE��MEDIAN�SALES�PRICE New Developement Re-sale
NEW�DEVELOPMENT�MARKET�SHARE��MEDIAN�SALES�PRICE New Developement Re-sale
ings was considered atypical. Excess inventory $2,000,000 50%
$2,000,000 50%
was worked off by the surge in summer and fall
$1,600,000 Median Sales Price 40%
sales activity, ordinarily seen during the spring $1,600,000 Median Sales Price 40%
market. This drop in the number of listings was $1,200,000 30%
$1,200,000 30%
also compounded by the seasonal trend of sell-
$800,000 20%
ers withdrawing listings over the end of year holi- $800,000 20%
day season and re-listing in the new year. This $400,000
Market Share New Development (Units)
10%
$400,000 10%
decline in listing inventory does not include the Market Share New Development (Units)
$0 0%
“shadow inventory” of stalled new development $0 4Q 08
4Q 08
1Q 09
1Q 09
2Q 09
2Q 09
3Q 09
3Q 09
4Q 09
4Q 09 0%
projects, which is estimated to be in excess of
AVERAGE�PRICE�PER�SQ�FT�/�CO�OP Downtown East Side West Side Uptown
6,000 units. AVERAGE�PRICE�PER�SQ�FT�/�CO�OP
The median sales price of a Manhattan apart-
Downtown East Side West Side
Average sales price followed a similar pattern,
Uptown
$1,400
$1,400
Pace of decline in price indicators continued to ment was $810,000 in the fourth quarter, 10%
$1,200
falling 12.7% to $1,296,156 in the prior year quarter
ease Despite the sharp decline in listing invento- $1,200
below $900,000 in the prior year quarter and and down 2.1% from $1,323,462 in the prior quar-
$1,000
ry, price indicators continue to show weakness. 4.7% below the $850,000 in the prior quarter.
$1,000 ter. Price per square foot was $1,051 in the fourth
$800
$800

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4Q 09 MANhAttAN MArket overvIew  Prudential douglas elliMan real estate

Co-oP market
quarter, down 11.2% from the prior year quarter and 8.4% declines in the studio and 1-bedroom
result of $1,183 but up 5.5% from the prior quar- markets respectively and double digit declines
ter result of $996. Entry-level apartments, name- in the 2, 3 and 4-bedroom markets.
ly studio and 1-bedroom units, garnered a 58% Price indicators mixed as number Number of sales jumped as inventory declined
market share in the fourth quarter compared of sales jumped There were 1,264 co-op sales in the fourth
53% in the prior year quarter. This market seg- Price indicators fell from prior year quarter, quarter, surging 28.3% from 985 sales in the
QUARTERLY�AVERAGE�SALES�PRICE�/�MANHATTAN
ment also saw the lowest year over year decline but “sideways” from prior quarter The median prior year quarter and 27% above 995 sales in
$2,000,000
in quarterly median sales prices as compared to QUARTERLY�AVERAGE�SALES�PRICE�/�MANHATTAN
sales price of a Manhattan co-op was $630,000, the prior quarter. This level of sales is more than
$1,800,000
the remainder of the market. $2,000,000
down 6.7% from the prior year quarter result of three times the 414 sales of the first quarter of
$1,600,000
$1,800,000
Despite increase in activity, properties took $675,000 and unchanged from the prior quarter. 2009, considered the low point in activity after
$1,400,000
$1,600,000
longer to sell The average days on market was The pace of decline in the year over year change the market tipping point in the fall of 2008.
$1,200,000
$1,400,000
204 days in the fourth quarter, up 28.3% from in$1,000,000 sales price has eased for the third The number of sales is now consistent with the
median
$1,200,000
the prior year quarter average of 159 days and $800,000
consecutive quarter from the first quarter peak 10-year quarterly average of 1,270 sales. The
$1,000,000
jumped 22% from 167 days in the prior quarter. $600,000
of -21.9%. The average sales price was $975,049 robust level of sales in the fourth quarter relative
$800,000
$400,000
Since this metric is based on closed sales, it in- in the first quarter, down 19.6% from 02 prior to the first05 of 06
$600,000 99 00 01 the 03 04 half 2009 served to diminish the
07 08 09
cludes properties that entered the market in the $400,000
year quarter average sales price of $1,213,382 and level of inventoryNew Developement 08There 09
NEW�DEVELOPMENT�MARKET�SHARE��MEDIAN�SALES�PRICE
99 00 01 02 03 04 05 06on the 07 market. Re-sale were
first half of 2009 that languished until the num- down 3.1% from $1,005,744 in the prior quarter. 3,069 co-op apartments on the market at50%
$2,000,000
NEW�DEVELOPMENT�MARKET�SHARE��MEDIAN�SALES�PRICE New Developement Re-sale
the
ber of sales surged in the third quarter. The jump This is the first time this price indicator has fallen end of the fourth quarter, 19.4% below the 3,808
$2,000,000 50%
in marketing time from the third quarter was con- below $1,000,000 since the third quarter of listings in the same period a year ago and down
Median Sales Price
sistent with the sharp decline in listings over the $1,600,000
2005. Price per square foot was $921, down 13% 20.1% from the prior quarter total of 3,840
$1,200,000
40%
30%
same period and increased sales activity causing from $1,059 in the prior year quarter, but up 6.4% listings. The combination of lower inventory30%
$1,200,000 and
$800,000 20%
older inventory to be absorbed. Listing discount from $866 in the prior quarter. A decline in year the higher number of sales caused the monthly
$800,000 20%
increased to 12.8% in the fourth quarter from over year quarterly median sales price occurred absorption rateSharefall to 7.3 months, the lowest
$400,000
Market to New Development (Units)
10%
7.3% in the prior year quarter and from 7.6% in in all apartment size categories. There were 8.5% level in two years. Co-op sales represented 51.1%
$400,000 10%
$0 Market Share New Development (Units) 0%
the prior quarter. 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09
$0 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 0%
The end of a decade. The beginning of a new AVERAGE�PRICE�PER�SQ�FT�/�CO�OP Downtown East Side West Side Uptown
market. The second half of the 2009 Manhattan $1,400
AVERAGE�PRICE�PER�SQ�FT�/�CO�OP Downtown East Side West Side Uptown
housing market reflected a new era, marked $1,400
$1,200
by the milestone Lehman Brothers Bankruptcy
$1,200
$1,000
tipping point of September 15, 2008. Buyers,
sellers and real estate professionals have slowly $1,000
$800
adopted to changes including stringent, if not $800
$600
irrational mortgage underwriting, elevated un- $600
$400
employment and layoffs, lower compensation, a
$400
$200 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09
sharp price correction, shadow inventory, first-
time home buyers’ tax credit, rising foreclosures, $200 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09
LISTING�DISCOUNT�VS��DAYS�ON�MARKET�/�CO�OP
declining appraisal quality, expanding marketing 20%
LISTING�DISCOUNT�VS��DAYS�ON�MARKET�/�CO�OP 200
times and a host of other challenges. While the 20% 200
16% 175
increased level of sales in the second half of Days On Market

2009 was encouraging, a true housing recovery 16%
12% Days On Market 175
150
will be marked by a meaningful decline in 12% 150
8% 125
unemployment and greater consumer access to
credit. 8% 125
100
4% Listing Discount
4% Listing Discount 100
0% 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 75
0% 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 75
AVERAGE�PRICE�PER�SQ�FT�/�CONDO Downtown East Side West Side Uptown
$2,500
$2,500
$2,000
CO-Op Market Matrix Current Qtr % Chg Prior Qtr % Chg Prior Year Qtr CO-Op apartMent Mix % of Total Median Price
Average Sales Price $975,049 $2,000
-3.1% $1,005,744 -19.6% $1,213,382
$1,500 Studio 23% $350,000
Average Price per Square Foot $921 6.4% $866 -13% $1,059
$1,500 1 bedroom 42% $591,000
Median Sales Price $630,000 $1,000
0% $630,000 -6.7% $675,000
Number of Sales 1,264 27%
$1,000
$500
995 28.3% 985 2 bedroom 22% $1,130,000
Days on Market (from Last List Date) 151 12.7% 134 -0.7% 152
$500 3 bedroom 11% $1,950,000
Listing Discount (from Last List Price) 18.3% $0 12.5%
4Q 08 1Q 09 4.5% 2Q 09 3Q 09 4Q 09

Listing Inventory 3,069 -20.1%$0 3,840
4Q 08 -19.4% 1Q 09 3,808 2Q 09
4+ bedroom 3Q 09
2% $4,425,000
4Q 09
LISTING�DISCOUNT�VS��DAYS�ON�MARKET�/�CONDO
20%
LISTING�DISCOUNT�VS��DAYS�ON�MARKET�/�CONDO 275
20% 275
prudentialelliman.com 16%
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Days On Market 250
12% 225

99 00 01 02 03 04 05 06 07 08 09
$400,000
NEW�DEVELOPMENT�MARKET�SHARE��MEDIAN�SALES�PRICE
99 00 01 02 03 04 05 06 07
New Developement 08 09
Re-sale
$2,000,000 Re-sale 50%
Prudential douglas elliMan real estate  MANhAttAN MArket overvIew
NEW�DEVELOPMENT�MARKET�SHARE��MEDIAN�SALES�PRICE New Developement 4Q 09
$2,000,000 Median Sales Price
50%
$1,600,000 40%


CoNDo market
$1,200,000 30%
of all apartment sales in the fourth quarter, up sales, re-sale unit sales increased 53.6% over
$1,200,000 30%
from 43.2% in the same period last year. This
$800,000 20% the same period last year and new-development
is a significant change from the same period a
$800,000 20% unit sales fell 44.4% over the same period. The
decade ago when the market share of co-op Price indicators mixed and listing
$400,000 10%
declining trend in new development closings
$400,000
$0 4Q 08 inventory dropped
sales was 68.5%. Co-op inventory 1Q 09 44.8% of 2Q 09
was Market Share New Development (Units)
3Q 09 4Q 09
10%
0% reflect the constraints applied by lenders for
all apartment listings 08
$0 4Q excluding shadow inventory.
1Q 09 Listing inventory09
2Q 09 3Q fell sharply 4Q 09 number of
as 0% consumer mortgages in new projects.
AVERAGE�PRICE�PER�SQ�FT�/�CO�OP
Of total co-op inventory, 97.3% were considered Downtown slipped Side
East West Side Uptown
sales Condos represented 55.2% of Price indicators from prior year quarter
re-sale listings and 2.7% were comprised of new Downtown
$1,400
AVERAGE�PRICE�PER�SQ�FT�/�CO�OP
all apartment Side
East
listings inWest Sidefourth Uptown
the quarter, declined, change from prior quarter was
development cond-ops—co-op apartments with consistent with each of the quarterly results
$1,400
$1,200 mixed The median sales price of a Manhattan
condo rules.
$1,200
$1,000 of the past three years. There were 3,782 re- condo was $995,000 in the fourth quarter, down
Days on market expanded as listing discount
$1,000
$800 sales and new development condo units on the 11.2% from $1,120,075 in the prior year quarter
jumped The average days on market was 151 market at the end of the fourth quarter, 28.3% and down 2% from $1,015,124 in the prior quarter.
$800
$600
days, down nominally from 152 days in the prior below the 5,273 units in the same period last This is the lowest result for this price indicator in
$600
$400
year quarter, but 17 days longer than 134 days year and 16.9% below the prior quarter total of approximately three years. Average sales price
in $400 prior quarter. Listing discount continues
the
$200 4Q 08 1Q 09 4,549. Of the condos listed for sale, 09
2Q 09 3Q 09 4Q 47.4% or was $1,631,872 in the fourth quarter, down 3.5%
to $200
expand, reaching 18.3% as compared to 4.5%
4Q 08 1Q 09 1,793 units were new development 4Q 09 and
2Q 09 3Q 09 listings from $1,691,459 in the same period last year, but
in the prior year quarter and 12.5% in the prior 52.6% or 1,989 units were re-sale listings. 200
The up 3.3% from $1,579,438 in the prior quarter.
20%
quarter. The combination of declining inventory new development market share does not include Price per square foot followed a similar pattern,
20% 200
and rising number of sales suggests that that
16% “shadow inventory” which is estimated to be more
Days On Market 175 falling 7% to $1,187 from $1,277 per square foot
remaining listings required larger discounts to
16% than 6,000 units. There were 1,209 condo sales
175 in the prior year quarter and rising 7.8% from
reach current market levels as buyers continue this quarter, down 6.8% from 1,297 units in the $1,101 in the prior quarter. Median sales price by
12% 150
to control the market.
8% same period last year and down 2.1% from 125 1,235 apartment size saw double digit declines in all
8% units in the prior quarter. When breaking down
125 categories as compared to the same period last
market share by re-sale and new development year with the exception of the 1-bedroom market,
4% 100
0% Listing Discount
4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 75 posting a 2.1% decline. All segments were either
0% 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 75 unchanged or higher than the median sales price
of the prior quarter.
$2,500
Days on market jumped while listing discount
$2,500
$2,000 showed mixed results The days on market for
$2,000
$1,500 condos was 259 days, more than three months
longer than the 164 days in the prior year quarter
$1,500
$1,000 and more than two months longer than the 194
$1,000
$500 days of the prior quarter. The sharp increase in
$500
this metric is attributable to disparity between the
$0 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 454 days on market for active new development
$0 4Q 08 1Q 09
2Q 09 3Q 09 4Q 09 units and 167 days on market for re-sale units,
20% 275
consistent with the 151 days on market for co-
op apartments. The average listing discount was
20% 275
16% Days On Market 250 7.1% in the fourth quarter, down from 9.4% in the
16%
12%
Days On Market 250
225 prior year quarter and up from 3.6% in the prior
225
quarter.
12%
8% 200
175
4%
0% 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 150
0% 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 150

AVERAGE�PRICE�PER�SQ�FT�/�LUXURY AVERAGE�PRICE�PER�SQ�FT�/�LOFT
$3,500
AVERAGE�PRICE�PER�SQ�FT�/�LUXURY Current Qtr $1,700
AVERAGE�PRICE�PER�SQ�FT�/�LOFT Prior Year Qtr
COndO Market Matrix % Chg Prior Qtr % Chg COndO apartMent Mix % of Total Median Price
$3,000
$3,500
Average Sales Price $1,631,872 $1,500 $1,579,438
3.3%$1,700 -3.5% $1,691,459 Studio 12% $456,300
$3,000
$2,500
Average Price per Square Foot $1,187 $1,300
7.8%
$1,500 $1,101 -7% $1,277
1 bedroom 38% $750,000
Median Sales Price
$2,000
$2,500 $995,000 -2%
$1,300 $1,015,124
$1,100 -11.2% $1,120,075
Number of Sales
$1,500
$2,000 1,209 -2.1% $900
$1,100 1,235 -6.8% 1,297 2 bedroom 28% $1,375,000
Days on Market (from Last List Date)
$1,000 259 33.5% 194 57.9% 164
$1,500 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 $700
$900 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 3 bedroom 19% $2,670,000
Listing Discount (from Last List Price) 7.1% 3.6% 9.4%
$1,000 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 $700 4Q 08 4+ bedroom 3% $5,850,000
Listing Inventory 3,782 -16.9% 4,5491Q 09
-28.3% 09
2Q 3Q 09 4Q 09
5,273

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Listing Discount

0% 4Q 08 1Q 09 30% 2Q 09 3Q 09 4Q 09 75

4Q 09 MANhAttAN MArket overvIew
AVERAGE�PRICE�PER�SQ�FT�/�CONDO 20%
 Prudential douglas elliMan real estate
Downtown East Side West Side Uptown
$2,500 10%

Luxury market
$2,000 and -12.5% in the fourth quarter, combined with inventory was comprised of 60% re-sales in the
2Q 09 3Q 09 4Q 09 0%
a nominal decline in the quarter over quarter fourth quarter compared to 73% in the prior year
$1,500
results suggests a near-term stabilization in quarter.
Price indicators remained below
Downtown East Side West Side Uptown
prices.
$1,000 Days on market expanded as listing discount
prior year, but inventory declined Listing inventory declined sharply There were stabilized The days on market for a luxury
sharply
$500
1,384 listings of luxury apartments in the fourth property was 240 days, 71 days slower than the
$0 169 days in the prior year quarter and 59 days
Price indicators 08
4Q declined from1Q 09 quarter, down 20%09
prior quarter 2Q 09 3Q from the prior4Q 09 quarter
year
consistent with overall market Median sales total of 1,730 apartments and down 14.4% from
slower than the 181 days in the prior quarter. The
price was $3,780,000 in the fourth quarter, 8.5% 1,616 apartments in the prior quarter. The decline
20%
average luxury property took 36 days longer to
275
below the prior year quarter result of $4,132,516 in inventory reflects a combination of a higher sell than the overall market. In contrast, listing
16%
and 3.2% below $3,905,000 in the prior quarter. overall level Daysactivity as compared to the first
of On Market 250 discount was 4.3% in the current quarter, down
2Q 09 3Q 09 4Q 09
Average sales price was $4,863,673 in the current half of 2009 as well as the seasonal aspect of
12% 225 from 7.5% in the prior quarter and up nominally
quarter, down 12.5% from the prior year quarter declining inventory in the final quarter of the from 4.1% in the prior year quarter. As a somewhat
8%
average sales price of $5,559,502 and essentially year. There are several patterns in sales that are
200 200 historical anomaly, the listing discount for luxury
unchanged from the $4,881,561 average sales emerging. Firstly, the number of luxury re-sale
4% Listing Discount 175 properties has been below overall market levels
175
price of Days On Market quarter. The year over year units increased 26% from the prior year quarter
the prior for three of the past four quarters.
0% 150
change in average sales price09was -25.2% in 09 and the number of new development units fell
4Q 08 1Q 150 2Q 3Q 09 4Q 09 Note: This sub-category is the analysis of the top ten percent of all
co-op and condo sales. The data is also contained within the co-op
the second quarter, -15.7% in the third quarter 12.4% over the same period. Secondly, listing and condo markets presented.
125

AVERAGE�PRICE�PER�SQ�FT�/�LUXURY 100 Luxury Market Matrix
AVERAGE�PRICE�PER�SQ�FT�/�LOFT Current Qtr % Chg Prior Qtr % Chg Prior Year Qtr
$3,500 Average Sales Price
$1,700 $4,863,673 -0.4% $4,881,561 -12.5% $5,559,502
2Q 09 3Q 09 4Q 09 75
$3,000 Average Price per Square Foot
$1,500 $1,866 12.7% $1,655 -12.4% $2,131
Median Sales Price $3,780,000 -3.2% $3,905,000 -8.5% $4,132,516
$2,500
Downtown East Side West Side Uptown $1,300
Number of Sales 247 10.8% 223 8.3% 228
$2,000 $1,100
Days on Market (from Last List Date) 240 32.6% 181 42% 169
$1,500 $900
$1,000 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 $700 4Q 08
Listing Inventory 1Q 09 2Q 09 3Q 09 1,384
4Q 09 -14.4% 1,616 -20% 1,730

LofT market
$1,778,140 in the prior quarter. Price per square 623 unit total in the prior quarter.
foot fell 16.7% to $1,056 from $1,268 in the prior Listing discount and days on market
year quarter, but was up 2.8% from the prior expanded The average days on market for a loft
Number of sales jumped as09listing
2Q 09 3Q 09 4Q
quarter total of $1,027. apartment was 190 days in the fourth quarter, a
discount expanded Number of sales jumped as inventory dropped month longer than the 160 days in the prior year
275
Pace of price declines eased Median sales price sharply There were 182 loft sales in the fourth quarter and 53 days longer than the 137 days on
of a ManhattanOn Market
Days
loft apartment was $1,400,000
250 quarter, up 16.7% from 156 sales in the prior year market of the prior quarter. Listing discount also
in the fourth quarter, down 31.7% from the prior quarter and up 46.8% from 124 units in the prior expanded, reaching 12.8% in the fourth quarter,
225
year quarter median sales price of $2,050,000 quarter. The number of sales was the highest nearly double the 6.5% listing discount of the
and down 6.7% from $1,500,000 in the prior 200
total since the third quarter of 2008 and is prior year quarter and up from 7.7% from the
quarter. Average sales price showed the same consistent with the 186 unit ten year quarterly prior quarter.
175
Note: This sub-category is the analysis of all co-op and condo loft
pattern, reaching $1,746,274 in the fourth quarter, average. There were 486 listings in the current
2Q 09 150 sales available. The data is also contained within the co-op and
down 26.1% 3Q 09 the prior year09
from 4Q
quarter average quarter, down 30.4% from the 698 listing total in condo markets presented.
sales price of $2,364,485 and down 1.8% from the prior year quarter and down 22% from the

AVERAGE�PRICE�PER�SQ�FT�/�LOFT LOft Market Matrix Current Qtr % Chg Prior Qtr % Chg Prior Year Qtr
$1,700 Average Sales Price $1,746,274 -1.8% $1,778,140 -26.1% $2,364,485
$1,500 Average Price per Square Foot $1,056 2.8% $1,027 -16.7% $1,268
Median Sales Price $1,400,000 -6.7% $1,500,000 -31.7% $2,050,000
$1,300
Number of Sales 182 46.8% 124 16.7% 156
$1,100
Days on Market (from Last List Date) 190 38.7% 137 18.8% 160
$900
$700 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 Listing Inventory 486 -22% 623 -30.4% 698

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prudentialelliman.com/marketreports. Email report author Jonathan Miller ©2010. An Independently owned and operated member of the Prudential Real Estate Affiliates, Inc. is a service mark of Prudential Insurance Company of America Equal Housing Opportunity. All material presented herein is intended
at jmiller@millersamuel.com with questions or comments. for information purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property outlines and square footage in property listings are approximate.

Manhattan Fourth Quarter 2009 Real Estate Market Report Report

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Manhattan Fourth Quarter 2009 Real Estate Market Report Report