The Corinthian (330 East 38th Street)
1. BUILDING OVERVIEW (ANALYST FRAMING)
The Corinthian (330 East 38th Street) is a mature resale condo completed in 1987, consisting of approximately 871 units across 57 floors. Based on post-sponsor behavior, the building is classified as Yield-Oriented. While it outperforms the Murray Hill sub-neighborhood by 4.9%, its capital compounding is inconsistent, and it functions primarily as a high-velocity rental asset. Post-sponsor data reveals significant "income leakage" in the rental market and price trades that frequently mean-revert to historical baselines.
2. UNIT MIX & COMPOSITION
Based on transaction-weighted data, the building's inventory is heavily concentrated in smaller footprints.
1BR: ~385 recorded sales (~46% of activity). Median PPSF: $1,114.
2BR: ~199 recorded sales (~24% of activity). Median PPSF: $1,234.
Studios: ~60 recorded sales (~7% of activity). Median PPSF: $1,111.
3BR+: ~50 recorded sales (~6% of activity). Median PPSF: $1,394.
Analysis: The heavy 1BR concentration ensures consistent liquidity for rentals but subjects the building to high-churn volatility and unit mix imbalance during resale cycles, as these units face the most competition from nearby Murray Hill inventory.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
Liquidity (Fastest Lines): The Line G and Line K stacks exhibit the highest relative resale liquidity, with units like 38G and 48K clearing in 48 days.
Price Strength: Line N and Line O (3BR+ configurations) command structural premiums, with median PPSF reaching $1,394 to $1,886.
Appreciation: Compounding is weak at the line level. For example, Line D (2BR) traded at $637 PPSF in 2003 and reached $1,093 PPSF in late 2025, representing a CAGR of ~2.5%. This significantly trails the NYXRCSA index, which moved from approximately 100 in 2000 to over 331 by late 2025.
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2002–2007: Pricing was established at a baseline of $900–$1,100 PPSF.
2013–2019: Flat/Cyclical period where trades peaked near $1,300–$1,500 PPSF but failed to establish a higher floor.
2020–2025: Drawdown and recovery; recent trades (e.g., Unit 14G at $984 PPSF in 2025) indicate the building is mean-reverting toward its 2002–2007 pricing levels.
Conclusion: Flat/Cyclical.
5. RENT CAPTURE ANALYSIS
Mandatory Metric: Effective Annual Rent
Unit 10E (2BR, 2025): Achieved $7,000. DOM: 13. Effective Rent: $6,750.
Unit 20E (2BR, 2025): Achieved $7,350. DOM: 112. Effective Rent: $5,095.
Unit 12M (Studio, 2024): Achieved $3,800. DOM: 157. Effective Rent: $2,166.
Analysis: The building experiences massive income leakage due to rental vacancy (DOM), particularly in the Studio and 2BR stacks where units can sit for over 100 days. This friction destroys nominal yields, resulting in leaked income of 30% to 43% in high-DOM scenarios.
6. B³ SCORING SYSTEM (0–100)
Liquidity Score: 60 (High historical volume but significant friction, with a median resale DOM of 97 days).
Rent Capture Score: 65 (Strong nominal rents per SF, but consistent leakage due to high absorption times in mid-tier units).
Appreciation Score: 40 (Weak CAGR trailing the NYXRCSA benchmark; many lines are mean-reverting to 15-year-old pricing).
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: 54.5
Category: Yield-Oriented.
Justification: The building functions as a rental engine with high turnover, but it fails to meet the "Core" threshold due to weak appreciation and "Appreciation-Driven" status due to low CAGR.
8. TRANSACTION EXAMPLES
Resale Appreciation (Nominal)
Unit 21D (2BR): $875,000 ($637 PPSF) in 2003 → $1,500,000 ($1,093 PPSF) in 2025. +71% (+2.5% CAGR). Drivers: Market regime timing, line-level premium persistence.
Unit 45M (1BR): $631,580 ($1,004 PPSF) in 2012 → $860,000 ($1,367 PPSF) in 2025. +36% (+2.4% CAGR). Drivers: Market regime timing.
Resale Depreciation/Stagnation
Unit 19N (3BR): $2,582,500 ($1,520 PPSF) in 2017 → $2,350,000 ($1,383 PPSF) in 2023. -9.0%. Driver: Liquidity shift (DOM change).
Unit 25J (1BR): $900,000 ($996 PPSF) in 2006 → $1,100,000 ($1,218 PPSF) in 2025. +22% (+1.1% CAGR). Driver: Sponsor price normalization.
9. RISKS & RED FLAGS
Chronic Rental Friction: Rental DOM frequently exceeds 100 days for 1BR and Studio units, destroying the net yield for investors.
Price Stagnation: The building's median PPSF of $1,181 is barely above trades seen in the 2007–2008 cycle, indicating zero real growth when adjusted for the NYXRCSA index.
Red Flag: Do not buy the Line M or Line O stacks as capital appreciation vehicles; they show the highest rental leakage and flat-to-negative price persistence.
10. EXECUTIVE SUMMARY
The Corinthian is a mature, Yield-Oriented asset that serves as a major liquidity provider in Murray Hill but fails as a vehicle for capital growth. Post-sponsor behavior is characterized by flat compounding and significant income leakage due to a high median rental DOM. While the 3BR+ lines capture occasional premiums, the dominant 1BR and Studio inventory is trapped in a mean-reverting cycle where trades in 2025 mirror levels seen over a decade ago. Investors should focus on the Effective Annual Rent rather than nominal prices to account for the consistent vacancy friction.
B³ SCORECARD
Liquidity Score: 60
Rent Capture Score: 65
Appreciation Score: 40
Composite Score: 54.5
Category: Yield-Oriented
Unit Mix: 1BR Dominant (~46%)
Disclosures: Approximately 210 transactions from 2002–2007 were reclassified as Sponsor-Driven (or proxy-sponsor) due to "No Listing" or 0 DOM status [4, 102–134]. This normalization reveals that current resale PPSF is significantly closer to historical baselines than aggregate data suggests, confirming a flat appreciation trend.