One Wall Street
1. BUILDING OVERVIEW (ANALYST FRAMING)
One Wall Street is a recent development condo, originally built in 1931 and converted in 2021, consisting of 566 units across 56 floors. Based on post-sponsor behavior, the building is currently classified as Yield-Oriented (At Risk). While it significantly outperforms the Financial District sub-neighborhood by 52.1% in absolute pricing, it currently displays signs of a "prestige trap" where high nominal values are met with extreme absorption friction. Early resale and rental data indicate significant income leakage and a struggle to establish secondary market premiums above the high sponsor-pricing floor.
2. UNIT MIX & COMPOSITION
The building's behavior is driven by a heavy concentration of Studios and 1BR units, which comprise the majority of historical sales activity.
Studios: 40 sales (25% of activity). Median PPSF: $1,579.
1BR: 44 sales (28% of activity). Median PPSF: $1,859.
2BR: 24 sales (15% of activity). Median PPSF: $1,955–$2,502.
3BR+: 8 sales (5% of activity). Median PPSF: $1,834–$2,176.
Analysis: The high volume of smaller units (~53% of activity) facilitates rental liquidity but creates a unit mix imbalance during resale cycles, as evidenced by the sharp jump in median Days on Market (DOM) for larger footprints.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
Secondary market liquidity is currently restricted by high friction, with organic resales taking significantly longer to clear than the "15-day" aggregate building median.
Liquidity (Resale Only): Units not flagged as sponsor-driven show extreme absorption times. Line 01 (3BR) and Line 10 (1BR) demonstrate significant friction, with Units 2501 and 1910 remaining on the market for 276 days and 211 days, respectively.
Price Strength: Line 02 and Line 04 stacks (typically 2BR/3BR) command the building's structural premiums, with PPSF baselines established by the sponsor between $2,300 and $3,000.
Appreciation: Compounding is not yet proven. Early resales are mean-reverting to the sponsor baseline or trading at a loss. For example, Line 12 (1BR) showed a price drop from $2,310 PPSF in 2023 to $1,920 PPSF in 2025.
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2023–2024: Sponsor Establishment Phase. Pricing was established at an aggressive median of $1,832 PPSF.
2025: Resale Testing Phase. Secondary trades are struggling to maintain the sponsor floor. The NYXRCSA index reached a peak of 331.1 in Oct 2025, yet One Wall Street resales have not captured this broader market growth.
Conclusion: Flat/Cyclical. The building has not yet demonstrated post-sponsor compounding.
5. RENT CAPTURE ANALYSIS
Mandatory Metric: Effective Annual Rent (EAR)
Unit 1705 (1BR, 2025): Achieved $6,600. DOM: 69. EAR: $5,352.
Unit 1222 (Studio, 2025): Achieved $4,500. DOM: 265. EAR: $1,232.
Unit 1204 (2BR, 2025): Achieved $12,750. DOM: 177. EAR: $6,567.
Unit 1907 (2BR, 2025): Achieved $9,950. DOM: 117. EAR: $6,759.
Analysis: The building suffers from massive income leakage. While nominal rents exceed $100/SF, actual captured income for units with high DOM is 40% to 70% lower than the face lease value.
6. B³ SCORING SYSTEM (0–100)
Liquidity Score: 45 (While sponsor sales are fast, organic resale medians often exceed 150 days, indicating a severe liquidity shift).
Rent Capture Score: 55 (Strong nominal rents are consistently eroded by long absorption periods (DOM) exceeding 100 days).
Appreciation Score: 35 (Initial resale data shows zero to negative growth from sponsor baselines, trailing the NYXRCSA benchmark).
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: 44.5
Category: Yield-Oriented (At Risk)
Justification: The building functions as a high-velocity rental factory, but the extreme "leaks" in both rent and capital value (resale discounts) place it in the "At Risk" category for investors.
8. TRANSACTION EXAMPLES
Resale Stagnation/Depreciation
Unit 831 (1BR): $1,400,000 (Mar 2024) → $1,400,000 (Sep 2024). 0% Growth. Drivers: Sponsor price normalization, Market regime timing.
Unit 2512 (1BR): $1,925,000 ($2,310 PPSF) in 2023 → $1,600,000 ($1,920 PPSF) in 2025. -16.9%. Drivers: Liquidity shift (DOM change), Sponsor price normalization.
Unit 718 (Studio): $1,010,000 (Oct 2023) → $899,000 (May 2025). -11%. Drivers: Unit size / unit mix imbalance, Market regime timing.
Unit 3003 (2BR): $2,650,000 (May 2023) → $3,150,000 (Sep 2025). +18.8% (+7.4% CAGR). Driver: Line-level premium persistence.
9. RISKS & RED FLAGS
Chronic Rental Friction: Rental DOM frequently exceeds 110–260 days (e.g., Units 1222, 1204), destroying annual yield.
Resale Bottleneck: Larger units (3BR+) show organic DOM over 230 days, indicating a lack of secondary market depth.
Red Flag: Do not buy the 12-line or 25-line units as short-term appreciation plays; they have already demonstrated vulnerability to sponsor price normalization.
10. EXECUTIVE SUMMARY
One Wall Street is a high-prestige, Yield-Oriented asset that currently functions as a "leaky" rental engine. While the sponsor has established a high pricing floor that outperforms the local neighborhood by 52%, the building's post-sponsor behavior is characterized by extreme income leakage (with rental DOM reaching 265 days) and anemic secondary market liquidity. The Line 03 and Line 10 stacks show significant friction, and early resales suggest capital values are mean-reverting toward lower secondary market realities rather than compounding.
B³ SCORECARD
Liquidity Score: 45
Rent Capture Score: 55
Appreciation Score: 35
Composite Score: 44.5
Category: Yield-Oriented (At Risk)
Unit Mix: Studio/1BR Dominant (53%)
Disclosures: Approximately 84 transactions (including Units 2008, 1107, 923) were reclassified as Sponsor-Driven per the 30-day DOM and 5-year rules. This normalization reveals that true organic resale DOM is roughly 1,000% higher than the aggregate reported median of 15 days.