108 Leonard Street
1. BUILDING OVERVIEW (ANALYST FRAMING)
Building Type: Luxury Condo Conversion (2019 Sales Launch, 1898 Vintage McKim, Mead & White Building).
Scale: 167 Recorded Sales / 13 Floors.
Classification: Yield-Oriented
Justification: Post-sponsor analysis defines 108 Leonard as a high-income generating asset with stagnant capital appreciation. While the NYXRCSA benchmark index reached an all-time high of 330.28 in November 2025, this building’s resale values have largely flatlined or retracted compared to 2019–2020 sponsor pricing. The building exhibits strong "Sponsor Price Normalization" (Driver 5), where the premium paid for the "new development" marketing has eroded, leaving resale prices drifting sideways. However, the Rent Capture pillar is elite; the building commands top-tier Tribeca rents ($115–$150 PSF), resulting in strong gross yields for owners willing to hold through the liquidity drag.
2. UNIT MIX & COMPOSITION
Inventory based on recorded transaction history–.
Studio/1BR: ~45 recorded sales. (Moderate Share).
2BR: Dominant Inventory. (~76 recorded sales).
The 2BR/2.5BA configuration is the highest volume line type.
3BR: ~35 recorded sales.
4BR+: ~10 recorded sales.
Analysis: The building is heavily weighted toward 2-bedroom units (Driver 4). This concentration creates a specific liquidity profile: 2BR units trade with moderate frequency but face high competition within the building, suppressing price breakouts. The larger 4BR+ units (e.g., N line) act as separate, illiquid luxury assets with significant price volatility.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
A. Liquidity (2024–2025 Resale Data) Liquidity is generally sluggish, with many units requiring significant time to clear.
Fastest Lines (Recent): Unit 9N (13 days), Unit 8L (22 days), Unit 6I (30 days).
Slowest Lines (Stale Inventory): Unit 10F (1,034 days), Unit 14B (510 days), Unit 5N (522 days), Unit 3G (404 days).
Median Context: The median days on market (DOM) for 3BR resale units is 404 days, and 2BR/3BA units is 510 days. This indicates a structural "Liquidity Shift" (Driver 3) where sellers are stubbornly holding out for prices the market is slow to validate.
B. Price Strength
Sponsor Basis (2019–2020): ~$1,900–$2,200 PPSF for mid-floor units.
Current Resale Basis (2024–2025): ~$2,000–$2,300 PPSF.
Observation: Pricing has remained range-bound. There is no aggressive breakout above the initial offering levels.
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2019–2020 (Launch): ~$1,900–$2,100 PPSF avg.
2024–2025 (Current): ~$2,100–$2,300 PPSF.
Conclusion: Flat / Low-Growth. While the NYXRCSA index indicates broad market appreciation, 108 Leonard has seen nominal gains of only ~10% over 5-6 years (CAGR <2%), which is effectively negative in real terms.
5. RENT CAPTURE ANALYSIS
This is the building’s strongest performing pillar.
A. Rent Capture Metrics
Unit 9N (4BR): Rented Apr 2025 for $30,000/mo ($145/SF).
Yield Context: Sold Mar 2025 for $5,924,036.
Gross Yield: 6.1%. (Exceptional for Tribeca).
Unit 2A (1BR): Rented Nov 2024 for $13,800/mo ($152/SF).
Unit 9F (2BR): Rented Apr 2025 for $16,000/mo ($125/SF).
B. Rent Appreciation
Unit 8L Trend:
Sep 2023: $14,000/mo.
Nov 2024: $15,000/mo.
Growth: +7% YoY. Rents are compounding faster than asset values.
6. B³ SCORING SYSTEM (0–100)
Liquidity Score: 45
Speed: Poor. Median DOM for larger resale configurations exceeds 400 days.
Consistency: High dispersion. Some units sell in <30 days, others sit for 3 years (Unit 10F).
Rent Capture Score: 90
Efficiency: Elite. Rents consistently hit $120–$150 PSF.
Yield: Gross yields approaching 6% (vs. NYC average of ~3-4%) make this a premier income asset.
Appreciation Score: 30
Magnitude: Weak. Long-term holds (5+ years) are showing flat or minimal nominal gains, trailing the NYXRCSA benchmark significantly.
Drivers: Sponsor pricing in 2019 pre-priced most of the appreciation.
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: (45 × 0.35) + (90 × 0.30) + (30 × 0.35) = 53.25
Category: Yield-Oriented
8. TRANSACTION EXAMPLES
Resale Performance (Mixed/Flat) - Driver: Sponsor Price Normalization & Market Regime
Unit 5P (3BR, 2,448 SF)
Bought (Sponsor): $4,590,976 (Jan 2021)
Sold (Resale): $4,600,000 (May 2023)
Result: 0% Gain (Held 2.5 years).
Driver: Sponsor Price Normalization (Price ceiling established at launch).
Unit 8L (2BR, 1,478 SF)
Bought (Sponsor): $2,896,627 (Sep 2019)
Sold (Resale): $3,150,000 (Jul 2023)
Result: +8.7% Gain (Held ~4 years).
CAGR: ~2.1% (Below inflation and NYXRCSA benchmark).
Driver: Line-level premium persistence (Standard 2BR steady demand).
Unit 6I (1BR, 1,126 SF) - Outlier Gain
Bought (Sponsor): $1,988,409 (Sep 2019)
Sold (Resale): $2,350,000 (Feb 2025)
Result: +18% Gain (Held 5.5 years).
Driver: Market Regime Timing (Selling into 2025 strength).
Unit 9N (4BR, 2,481 SF) - Structural Loss vs Comp
Comparison: Unit 11N (Sponsor) sold Sep 2020 for $6,426,357.
Subject: Unit 9N (Resale) sold Mar 2025 for $5,924,036.
Result: -8% Valuation Drop (adjusted for floor height, still a decline).
Driver: Sponsor Price Normalization (Large units correcting downwards).
Unit 8E (2BR, 1,305 SF)
Bought (Sponsor): $2,609,629 (Nov 2019)
Sold (Resale): $2,875,000 (Aug 2023)
Result: +10% Gain (Held 4 years).
CAGR: ~2.5%.
9. RISKS & RED FLAGS
The "Liquidity Wall": 3BR and larger units have a median DOM of 400+ days. This is a severe risk for buyers who may need to exit quickly.
Appreciation Lag: Despite the NYXRCSA index hitting 330+, 108 Leonard resale prices are barely clearing their 2019 baselines. The building is not participating in the broader market's capital appreciation.
Over-Supply of 2BRs: With ~76 recorded sales of 2BRs, competition in this specific category is high, limiting pricing power.
10. EXECUTIVE SUMMARY
108 Leonard Street is a quintessential Yield-Oriented asset that excels at generating income but struggles to generate equity growth. Post-sponsor analysis reveals that while the building commands massive rents—often exceeding $140 PSF and delivering 6% gross yields—resale values have stagnated, trading flat or with minimal nominal gains relative to 2019 acquisition costs. The building functions as a "Value Trap" for capital appreciation; original owners are barely breaking even after 5 years, while the broader NYXRCSA index has marched higher. Buyers should approach 108 Leonard strictly as a cash-flow play or long-term residence, discounting the 2019 sponsor premiums significantly to account for the building's 400+ day resale liquidity drag on larger units.
B³ SCORECARD
Metric | Score | Notes |
Liquidity | 45 | Sluggish. Large units avg 400-500 days to sell. |
Rent Capture | 90 | Elite. 6% Yields. Rents $120-$150 PSF. |
Appreciation | 30 | Flat/Lagging. 2019 buyers are seeing <3% CAGR. |
Composite | 53 | Yield-Oriented |
Disclosures:
Sponsor Normalization: Comparison utilizes 2019–2021 recorded sponsor sales against 2024–2025 resales.
Benchmark: NYXRCSA Index (Nov 2025: 330.28) indicates broad market strength that 108 Leonard has failed to match.
Data Note: "Original Ask" metrics from source- were used to corroborate the "discount to ask" trend, confirming the Sponsor Price Normalization driver.