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Millennium Towers Residences (30 West Street)
Millennium Towers Residences is a high-turnover Hybrid asset that serves as a performance leader in Battery Park City, outperforming the sub-neighborhood by 16.5%. The building’s health is anchored by its 2BR segment, which maintains steady resale volume and captures elite rental efficiency (~$90/SF). While the building has demonstrated robust compounding appreciation since its 2007 launch, investors face significant "income leakage" in the rental market for specific lines ('C' and 'E') and severe liquidity risk in the 1BR sector where marketing periods can exceed 500 days. Opportunity lies in high-floor 'F' and 'E' stacks with proven line persistence, while risk is concentrated in lower-floor units with chronic market lag.
Liberty Court (200 Rector Place)
Liberty Court (200 Rector Place) is a mature postwar resale condo built in 1987 in Battery Park City. Standing 46 floors with 545 units, it operates as a large-scale, full-service development. Based on post-sponsor behavior, the building is classified as a Hybrid asset. It exhibits high-depth liquidity with 271 recorded sales and 271 rentals, and it outperforms the Battery Park City sub-neighborhood by 3.0%. Its performance is characterized by steady long-term compounding—moving from a baseline in the $300–$700 PPSF range in the early 2000s to recent peaks exceeding $1,400 PPSF—paired with a rental market that achieves strong yearly efficiency but is prone to severe "income leakage" in specific high-vacancy lines.
The Visionaire (70 Little West Street)
The Visionaire is a high-volume Hybrid asset that serves as a performance anchor in Battery Park City, outperforming the sub-neighborhood by 16.7%. The building’s health is driven by its 2BR and 3BR segments, which capture elite rent efficiency (~$90/SF) and exhibit steady compounding appreciation. However, investors face significant "income leakage" in the rental market for smaller units and substantial liquidity risk in the 'B' stack, where units can sit for nearly two years. Opportunity lies in high-floor 'D' and 'E' lines which command structural premiums, while risk is concentrated in the lower-floor units that suffer from unit size imbalance and resale volatility.
The Broad Exchange Building (25 Broad Street)
The Broad Exchange Building (25 Broad Street) is a Yield-Oriented (At Risk) asset that offers strong rental cash flow ($70–$75 PPSF) but is currently a weak vehicle for capital appreciation. Post-sponsor analysis reveals a dual market: the Sponsor continues to clear "No Listing" inventory at premium prices ($1,200–$1,300 PPSF) in 2025, while the organic resale market trades at a structural discount ($1,000–$1,100 PPSF). This gap, combined with resale absorption times often exceeding 100 days, indicates that early buyers are facing negative real returns compared to the NYXRCSA benchmark. The building is best suited for income-focused investors who can acquire units at the distressed resale basis, not the sponsor's primary price.
