Welcome to YRE

The Collection at 20 Pine is a Yield-Oriented (At Risk) asset that functions as a high-churn rental factory but a "value trap" for capital. While the building offers entry-level pricing ($900–$1,000 PPSF) and consistent rental demand, post-sponsor analysis reveals that long-term owners frequently exit at nominal losses. Recent 2024–2025 resales are clearing at prices roughly equivalent to or below 2009 sponsor levels, representing a massive real-value loss against the NYXRCSA benchmark. Income capture is viable for cash-flow investors, but equity preservation is severely compromised by sponsor price normalization and unit mix imbalance.

Cipriani Club Residences (55 Wall Street) is a Yield-Oriented (At Risk) asset that serves as a cautionary tale of "Sponsor Price Normalization." While the building generates rental activity, it has been a catastrophic vehicle for equity owners, with 2024–2025 resales consistently clearing at 50% to 60% losses compared to 2007 valuations. This occurs despite the NYXRCSA benchmark rising 50%+ over the same period. The building suffers from a unit mix imbalance (82% Studio/1BR) and poor liquidity (DOM > 180 days). Opportunity exists strictly for yield-focused investors entering at the new distressed basis ($550–$700 PPSF), but the asset has failed to capture any market appreciation in nearly two decades.

Trump World Tower is a Yield-Oriented (At Risk) asset that currently functions as a stagnant store of value rather than a growth vehicle. While the building commands consistent rental demand, capital appreciation has been virtually non-existent for nearly two decades, with key lines (like 3BRs) trading in 2022–2025 at prices identical to their 2006 sponsor levels. This represents a massive real-value loss against the NYXRCSA benchmark. Income capture is viable in smaller units, but larger inventory suffers from significant income leakage due to absorption times often exceeding 6 months. Opportunity exists only for yield-focused buyers entering at a distressed basis ($1,200 PPSF).

123 Washington Street is a Yield-Oriented (At Risk) asset that functions as a high-churn rental factory but a capital destruction vehicle for long-term owners. Post-sponsor analysis reveals a catastrophic trend of negative appreciation, with resale units in 2024–2026 consistently trading 20% to 40% below their 2012–2014 purchase prices. While the building generates reliable rental income with nominal PPSF near $90, the liquidity shift (resale DOM > 130 days) and sponsor price normalization have trapped equity. Opportunity exists strictly for cash-flow investors buying at the new distressed basis ($1,000–$1,200 PPSF), but the asset has failed to capture any of the market growth reflected in the NYXRCSA benchmark.