Manhattan Market Overview 2Q 2009 (Data Brief)

Publication Date: July 2, 2009

analysis prepared by

Jonathan J. Miller Prudential Douglas EllimanPresident/CEO

http://www.prudentialelliman.com

Miller Samuel Real Estate Appraisers Miller Samuel Inc.(646) 283-2351 mobile

http://www.millersamuel.com/reports

(212) 768-8100 X101 office Matrix blog - interpreting the real estate economy

jmiller@millersamuel.com http://matrix.millersamuel.com

MANHATTAN MARKET [all co-op and condo sales]MatrixCurrent Qtr%ChgPrior Qtr%ChgPrior Year Qtr

Average Sales Price $1,312,920 -28.1% $1,825,847 -21.4% $1,669,729Average Price per Sq Ft $1,056 -16.1% $1,259 -16.4% $1,263Median Sales Price $835,700 -14.3% $975,000 -42.0% $1,440,823New Development $1,069,162 -29.0% $1,505,000 -6.7% $1,145,531Re-sale $725,000 7.4% $675,000 -25.6% $975,000Number of Sales 1,532 28.2% 1,195 -50.3% 3,081Days on Market (From Last List Date) 162 -4.7% 170 20.0% 135Listing Discount (From Last List Price) 7.8% 12.4% 3.6%Listing Inventory 9,378 -10.2% 10,445 8.7% 8,626

Median Sales Price by SizeCurrent Qtr%ChgPrior QtrPrior Year Qtr

Studio $405,000 -7.4% $437,500 -15.6% $480,0001-bedroom $650,000 -8.5% $710,000 -16.6% $778,9612-bedroom $1,267,000 -21.1% $1,605,000 -23.2% $1,650,0003-bedroom $2,346,050 -37.4% $3,750,000 -36.6% $3,700,0004+ bedroom $3,920,000 -50.3% $7,889,000 -46.7% $7,350,000

Market Share by Number of SalesCurrent QtrPrior QtrPrior Year Qtr

Studio 17% 15% 19%1-bedroom 37% 35% 33%2-bedroom 29% 40% 40%3-bedroom 12% 7% 6%4+ bedroom 5% 3% 2%

Price per Sq Ft by AreaCurrent Qtr%ChgPrior Qtr%ChgPrior Year Qtr

Downtown $1,079 -5.8% $1,146 -12.4% $1,232East $1,142 -9.3% $1,259 -20.7% $1,440West $1,004 -34.4% $1,530 -29.5% $1,424Uptown $534 -6.8% $573 -29.6% $758

CO-OP MARKET [Manhattan]MatrixCurrent Qtr%ChgPrior Qtr%ChgPrior Year Qtr

Average Sales Price $1,068,726 -10.4% $1,193,144 -16.5% $1,280,201Average Price Per Sq Ft $917 -5.3% $968 -20.0% $1,146Median Sales Price $649,000 10.5% $587,500 -14.0% $755,000Number of Sales 728 75.8% 414 -41.9% 1,254Days on Market (From Last List Date) 141 -9.0% 155 4.4% 135Listing Discount (From Last List Price) 8.7% 9.3% 3.9%Listing Inventory 4,399 -8.5% 4,807 5.0% 4,188