Liberty Court (200 Rector Place)
1. BUILDING OVERVIEW (ANALYST FRAMING)
Liberty Court (200 Rector Place) is a mature postwar resale condo built in 1987 in Battery Park City. Standing 46 floors with 545 units, it operates as a large-scale, full-service development. Based on post-sponsor behavior, the building is classified as a Hybrid asset. It exhibits high-depth liquidity with 271 recorded sales and 271 rentals, and it outperforms the Battery Park City sub-neighborhood by 3.0%. Its performance is characterized by steady long-term compounding—moving from a baseline in the $300–$700 PPSF range in the early 2000s to recent peaks exceeding $1,400 PPSF—paired with a rental market that achieves strong yearly efficiency but is prone to severe "income leakage" in specific high-vacancy lines.
2. UNIT MIX & COMPOSITION
The unit mix is transaction-weighted based on the 271 recorded sales and recent transaction snapshots.
Studio: ~10% of sales activity.
1BR: ~65% of sales activity.
2BR: ~20% of sales activity.
3BR+: ~5% of sales activity.
Liquidity stability is heavily driven by the 1-bedroom segment, which accounts for the vast majority of building volume and maintains consistent market clearing. Volatility is concentrated in the larger combination configurations (e.g., 3BR and 4BR+ units), which exhibit longer days on market (DOM) and wider price discovery gaps. The unit mix ensures the building functions efficiently as a neighborhood liquidity provider, though it faces unit mix imbalance risks in its largest floor plans.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
A. Liquidity Fastest-clearing resale lines include the 'J', 'T', and 'X' stacks. Unit 26J cleared in 10 days, 8T in 10 days, and 4X in 14 days. Slowest-clearing lines include the 'E', 'D', and 'K' stacks, with unit 17E languishing for 1,028 days, 7D for 401 days, and 11K for 348 days.
B. Price Strength The high-floor 'E', 'F', and 'D' lines command structural premiums. Unit 40D reached $1,931 PPSF, 35E reached $1,550 PPSF, and 10F hit $1,488 PPSF. Structural discounts are prevalent in lower-floor 'N', 'A', and 'L' lines, with 9N trading at $931 PPSF and 28A historically trading down to $732 PPSF.
C. Appreciation The building is Compounding. Line 'D' (1BR) moved from $923 PPSF in 2012 to $1,376 PPSF in 2022. Line 'F' (1BR) moved from $769 PPSF in 2005 to $1,488 PPSF in 2024.
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2003–2005 (Early Period): Median PPSF was established primarily in the $300–$700 band.
2013–2016 (Growth Period): Pricing stepped aggressively into the $900–$1,200 band.
2021–2025 (Maturity): Resale values stabilized with standard inventory clearing in the $1,000–$1,200 range and premium tiers reaching $1,400+.
Conclusion: Compounding. The building has effectively doubled to tripled its valuation floor since 2003, generally aligning with the upward trajectory of the NYXRCSA Oct 2025 benchmark of 331.14.
5. RENT CAPTURE ANALYSIS
Effective Annual Rent = Achieved Rent × (365 − Rental DOM) ÷ 365.
High-Capture (Unit 30J): Rent $4,750, DOM 4. Effective Rent = $4,698.
Mid-Capture (Unit 28B): Rent $6,995, DOM 35. Effective Rent = $6,324.
Leaky (Unit 4A): Rent $2,750, DOM 190. Effective Rent = $1,318.
Extreme Leakage (Unit 27K): Rent $2,700, DOM 335. Effective Rent = $222.
Rent efficiency is robust in high-velocity 1-bedroom units, but the building is prone to severe income leakage in lines where DOM exceeds 150 days (e.g., 'A', 'S', and 'K' stacks), effectively erasing the majority of the targeted annual yield.
6. B³ SCORING SYSTEM (0–100)
Liquidity Score: 65. High transaction depth (271 sales) is offset by extreme DOM dispersion, including outliers exceeding 400 and 1,000 days.
Rent Capture Score: 68. Solid baseline rent efficiency is severely degraded by vacancy leakage in non-standard or poorly absorbed units.
Appreciation Score: 75. Durable capital compounding is evident across two decades, outperforming the sub-neighborhood by 3.0%.
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: (65 × 0.35) + (68 × 0.30) + (75 × 0.35) = 69.4.
Category Label: Hybrid (All three pillars ≥ 65).
8. TRANSACTION EXAMPLES
Resale Appreciation:
Unit 23D (1BR): $923 PPSF (2012) → $1,376 PPSF (2022). Held 10.0 yrs, +49.1%. Drivers: (1) Market regime timing, (2) Line-level premium persistence.
Unit 28A (1BR): $732 PPSF (2012) → $993 PPSF (2020). Held 8.4 yrs, +35.6%. Drivers: (1) Market regime timing.
Unit 10F (1BR): $1,317 PPSF (2019) → $1,488 PPSF (2024). Held 4.8 yrs, +13.0%. Drivers: (2) Line-level premium persistence.
Unit 9N (Studio): $705 PPSF (2013) → $1,039 PPSF (2019). Held 6.4 yrs, +47.4%. Drivers: (1) Market regime timing.
Resale Depreciation / Drawdown:
Unit 6D (1BR): $992 PPSF (2014) → $969 PPSF (2022). Held 8.2 yrs, -2.3%. Drivers: (1) Market regime timing, (3) Liquidity shift (14 DOM vs 32 DOM).
Unit 9A (1BR): $1,051 PPSF (2016) → $947 PPSF (2022). Held 5.8 yrs, -9.9%. Drivers: (1) Market regime timing, (3) Liquidity shift (237 DOM vs 123 DOM).
Unit 29B (2BR): $1,039 PPSF (2006) → $991 PPSF (2011). Held 5.0 yrs, -4.6%. Drivers: (1) Market regime timing.
Unit 41AB (4BR): $3,000,000 (2016) → $2,925,000 (2022). Held 6.3 yrs, -2.5%. Drivers: (4) Unit size / unit mix imbalance.
9. RISKS & RED FLAGS
Chronic long resale DOM: The 'E', 'D', and oversized combination units are severe illiquidity agents, with DOM frequently exceeding 250–1,000 days.
Wide PPSF dispersion: Values in the building range wildly from $900 to $1,900+ depending heavily on floor and exact layout, increasing price discovery risk.
Weak rent capture despite pricing: Specific lines like 'K' and 'S' suffer from extreme 200+ day vacancies, destroying annual yield.
What NOT to buy: Oversized combinations (e.g., 41AB) or lower-floor 'A' line units during market peaks. These units exhibit the highest risk of unit mix imbalance and severe resale depreciation when the market cools.
10. EXECUTIVE SUMMARY
Liberty Court is a high-volume Hybrid asset that serves as a liquidity cornerstone for Battery Park City, outperforming the sub-neighborhood by 3.0%. The building’s health is driven by its 1BR segment, which maintains steady resale speed, and its high-floor 'F' and 'C' lines, which command significant structural premiums and have nearly doubled in value since 2005. However, investors face substantial "income leakage" in the rental market for specific stacks ('K' and 'W') and severe liquidity risk in large-format units where marketing periods can exceed two years. Opportunity lies in high-floor 1BR/2BR units with proven line persistence, while risk is concentrated in the illiquid 3BR+ sector and units prone to vacancy-driven carry costs.
B³ SCORECARD
Liquidity Score: 65
Rent Capture Score: 68
Appreciation Score: 75
Composite Score: 69.4
Category Label: Hybrid
Unit Mix Summary: Transaction-weighted estimate of ~65% 1BR, ~20% 2BR, ~10% Studio, ~5% 3BR+
Sponsor Normalization Impact: Liberty Court was built in 1987. The provided transaction dataset begins in 2003. Because 2003 is more than 5 years after the building's completion, 0 transactions were reclassified as sponsor-driven. All data analyzed reflects mature resale market behavior.
Benchmark: Analysis utilizes the NYXRCSA Oct 2025 index of 331.14 for temporal context.