Executive Plaza (150 West 51st Street)

1. BUILDING OVERVIEW (ANALYST FRAMING)

Executive Plaza (150 West 51st Street) is a mature resale condo (prewar, built 1926) located in Midtown Center. With 443 units across 21 floors, the building is classified as Yield-Oriented. While it maintains high transaction velocity, it significantly underperforms its sub-neighborhood by 31.9%. Post-sponsor data indicates the building serves as a high-churn rental factory where capital appreciation is secondary to high nominal rent, though that income is frequently compromised by extreme income leakage due to absorption friction.

2. UNIT MIX & COMPOSITION

Based on 442 recorded sales, the inventory is heavily concentrated in smaller footprints.

• 1BR: 212 sales (~48% of activity). Median PPSF: $1,022.

• Studios: 20 sales recorded (~4.5% of sales activity). Median PPSF: $950.

• 2BR: 22 sales (~5% of activity). Median PPSF: $754–$1,014.

• 3BR+: 1 sale.

Analysis: The building's high concentration of 1BR and Studio units drives its high rental velocity (638 rentals) but creates a unit mix imbalance that prevents structural price growth, as these units face the most competition from nearby hotel-condo inventory.

3. LINE (STACK) PERFORMANCE — RESALE ONLY

• Liquidity (Fastest Lines): The Line 11 and Line 21 stacks exhibit the highest relative liquidity, with 1BR units often clearing within building medians.

• Price Strength: Line 18 and Line 20 (often larger 1BRs or 2BR combinations) command building premiums, though median PPSF remains generally clustered between $1,000 and $1,300.

• Appreciation: Compounding is near-zero or negative when adjusted for time. For instance, Line 32 (Studios) sold for ~$1,000 PPSF in 2005/2006 and trades at ~$1,166 PPSF in 2025, representing a nominal CAGR of ~0.8%, trailing the NYXRCSA index which moved from ~100 to 331 in the same era.

  

4. BUILDING-WIDE PPSF TREND (NORMALIZED)

• 2003–2007: Conversion/Secondary establishment period; pricing clustered around $600–$900 PPSF.

• 2015–2019: Peak market cycle where pricing consistently cleared $1,200–$1,400 PPSF.

• 2020–2025: Drawdown and stagnation; recent sales (e.g., Unit 1035 at $982 PPSF in 2025) indicate the building is mean-reverting toward its early 2010s pricing, failing to capture broader NYC condo growth.

• Conclusion: Flat/Cyclical.

  

5. RENT CAPTURE ANALYSIS

Mandatory Metric: Effective Annual Rent

• Unit 1518 (1BR, 2025): Achieved $4,500. DOM: 261. Effective Rent: $1,282.

• Unit 1527 (2BR, 2025): Achieved $5,300. DOM: 152. Effective Rent: $3,092.

• Unit 1411 (1BR, 2025): Achieved $3,950. DOM: 13. Effective Rent: $3,809.

Analysis: The building suffers from massive income leakage. While nominal rents look strong ($80–$90/SF), units with high absorption friction (DOM > 100) lose 40% to 70% of their annual economic value to vacancy.

6. B³ SCORING SYSTEM (0–100)

• Liquidity Score: 65 (High transaction count, but median DOM of 69–72 days for 1BRs indicates significant friction).

• Rent Capture Score: 45 (Significant leaked income due to wide rental DOM dispersion; effective yields are highly volatile).

• Appreciation Score: 35 (CAGR is nominal; pricing significantly lags the NYXRCSA benchmark and sub-neighborhood averages).

7. COMPOSITE SCORE & CLASSIFICATION

• Composite Score: 48.75

• Category: Yield-Oriented (Risk)

• Justification: The building functions as a high-velocity rental asset, but poor appreciation and extreme income leakage prevent it from reaching "Core" or "Hybrid" status.

  

8. TRANSACTION EXAMPLES

Resale Appreciation (Nominal)

1. Unit 1121 (1BR): $575,000 (2006) → $765,000 (2024). +33% (+1.6% CAGR). Driver: Market regime timing.

2. Unit 1921 (1BR): $660,000 (2010) → $745,000 (2025). +12.8% (+0.8% CAGR). Driver: Sponsor price normalization.

3. Unit 814 (1BR): $552,000 (2006) → $695,000 (2025). +25.9% (+1.2% CAGR). Driver: Unit size / unit mix imbalance.

4. Unit 918 (2BR): $730,000 (2005) → $960,000 (2015). +31.5% (+2.7% CAGR). Driver: Market regime timing.

Resale Depreciation/Stagnation

1. Unit 1035 (1BR): $618,500 (2006) → $560,000 (2025). -9.4%. Driver: Liquidity shift (DOM change).

2. Unit 1228 (1BR): $579,000 (2008) → $425,000 (2010). -26.6%. Driver: Market regime timing.

3. Unit 1412 (1BR): $628,500 (2019) → $630,000 (2025). +0.2% (Flat). Driver: Market regime timing.

4. Unit 1431 (1BR): $560,000 (2019) → $3,200 (Rental). No resale found; highlights Yield-Oriented focus.

9. RISKS & RED FLAGS

• Chronic Rental Leakage: Rental DOM exceeding 200 days (e.g., Unit 1518) destroys annual cash flow.

• Negative Compounding: Key units (e.g., Line 35, Line 10) show resale values in 2025 that are lower than 2006 baselines.

• Red Flag: Do not buy Line 35 or Line 03 for appreciation; they are deep yield plays that suffer from high vacancy friction.

10. EXECUTIVE SUMMARY

Executive Plaza is a high-density, Yield-Oriented asset that acts as a Midtown rental factory but fails as a capital preservation vehicle. While it offers high transaction liquidity, its price behavior is flat/cyclical, trailing both the NYXRCSA benchmark and its local sub-market. Income is the primary driver, yet Effective Annual Rent is frequently eroded by extreme absorption times (DOM), which can reach over 200 days. Investors capture nominal rent but lose significant economic value to time, making this an "at-risk" asset for those not closely managing vacancy.

B³ SCORECARD

• Liquidity Score: 65

• Rent Capture Score: 45

• Appreciation Score: 35

• Composite Score: 48.75

• Category: Yield-Oriented (Risk)

• Unit Mix: 1BR Dominant (~48%)

Disclosures: 3 transactions (Units 1024, 1432, 1632) were reclassified as Sponsor-Driven per the 30-day DOM rule. This normalization reveals that the early-cycle "resale" price baseline was inflated, masking the subsequent flat appreciation trend. Median resale DOM of 69 days is 15% higher than aggregate building metrics after removing sponsor-like speed.