Millennium Towers Residences (30 West Street)
1. BUILDING OVERVIEW (ANALYST FRAMING)
Millennium Towers Residences (30 West Street) is a mature postwar resale condo built in 2006, located in Battery Park City. Standing 35 floors with 234 units, it operates as a full-service development. Based on post-sponsor behavior, the building is classified as a Hybrid asset. It exhibits extremely high-depth liquidity with 436 recorded sales (representing an approximate 1.86x unit turnover) and 210 rentals. It structurally outperforms the Battery Park City sub-neighborhood by 16.5%. Its profile is defined by steady long-term capital compounding—moving from a sponsor-era baseline to high-floor resale premiums exceeding $2,000 PPSF—and a rental market that achieves strong baseline efficiency, though it is punctuated by severe "income leakage" in specific lines and oversized units.
2. UNIT MIX & COMPOSITION
The unit mix is transaction-weighted based on the recorded sales activity.
1BR: ~16% of sales activity (Median DOM 122–137).
2BR: ~55% of sales activity (Median DOM 82–89).
3BR: ~26% of sales activity (Median DOM 131).
4BR+: ~3% of sales activity (Median DOM 32–109).
Liquidity stability is overwhelmingly driven by the 2-bedroom segment, which accounts for the majority of the building's historical volume and maintains the fastest clearing speed. Volatility is concentrated in the 1-bedroom and 3-bedroom segments, which exhibit significant liquidity drag (median DOM exceeding 120 days). The building is highly effective as a mid-sized core holding but suffers from unit mix imbalance in its smallest configurations.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
A. Liquidity Fastest-clearing resale lines include the 'C', 'D', and 'B' stacks on mid-floors. Unit 5C cleared in 15 days, 9D in 21 days, and 23B in 34 days. Slowest-clearing lines include specific floors in the 'D' and 'F' stacks, with unit 6D languishing for 620 days, 16D for 528 days, and 26D for 521 days.
B. Price Strength The high-floor 'F' and Penthouse lines command structural premiums. Unit PH3F reached $2,081 PPSF, 30F reached $1,931 PPSF, and 32F reached $1,880 PPSF. Structural discounts are prevalent in the lower-floor 'D' and 'C' lines, with 19C trading historically at $826 PPSF and 5D frequently clearing around the $1,000–$1,100 PPSF mark.
C. Appreciation The building is Compounding. Line 'C' (2BR) moved from $852 PPSF (2012) to $1,265 PPSF (2023). Line 'D' (1BR) moved from $857 PPSF (2013) to $1,142 PPSF (2025).
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2006–2008 (Sponsor Baseline): Median PPSF was established primarily in the $800–$1,200 band, heavily influenced by sponsor bulk absorptions.
2013–2015 (Growth Period): Pricing stepped aggressively into the $1,000–$1,400 band.
2020–2025 (Maturity): Resale values stabilized with standard inventory clearing around the $1,118 median, while premium tiers consistently break $1,600–$2,000+.
Conclusion: Compounding. The building has effectively raised its valuation floor by over 30% since 2006, generally tracking the upward trajectory of the NYXRCSA Oct 2025 index of 331.14 and outperforming its immediate BPC peers by 16.5%.
5. RENT CAPTURE ANALYSIS
Effective Annual Rent = Achieved Rent × (365 − Rental DOM) ÷ 365.
High-Capture (Unit 23B): Rent $9,000, DOM 7. Effective Rent = $8,827.
Mid-Capture (Unit 12B): Rent $8,750, DOM 34. Effective Rent = $7,934.
Leaky (Unit 27C): Rent $6,500, DOM 205. Effective Rent = $2,849.
Extreme Leakage (Unit 30F): Rent $11,500, DOM 497. Total Income Loss (Vacancy exceeds annual cycle).
Rent efficiency is strong in standard 2-bedroom units, often achieving $70–$80+ Yearly PPSF. However, the building is prone to severe income leakage in lines where DOM exceeds 200 days (e.g., 27C, 30F), erasing more than half—or the entirety—of the targeted annual yield.
6. B³ SCORING SYSTEM (0–100)
Liquidity Score: 70. High transaction depth (1.86x unit turnover) is offset by sluggish medians (122+ days for 1BRs) and extreme 500+ day dispersion in specific lines.
Rent Capture Score: 72. Elite baseline PPSF efficiency is severely degraded by total vacancy loss outliers in large units.
Appreciation Score: 85. Durable capital compounding is evident, outperforming the sub-neighborhood by 16.5% and reaching premium $2,000+ ceilings.
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: (70 × 0.35) + (72 × 0.30) + (85 × 0.35) = 75.85.
Category Label: Hybrid (All three pillars ≥ 65).
8. TRANSACTION EXAMPLES
Resale Appreciation:
Unit 5C (2BR): $852 PPSF (2012) → $1,265 PPSF (2023). Held 10.9 yrs, +48.4%. Drivers: (1) Market regime timing, (2) Line-level premium persistence.
Unit 26D (1BR): $857 PPSF (2013) → $1,142 PPSF (2025). Held 11.7 yrs, +33.2%. Drivers: (1) Market regime timing, (3) Liquidity shift.
Unit 18G (2BR): $1,197 PPSF (2013) → $1,428 PPSF (2022). Held 9.2 yrs, +19.3%. Drivers: (1) Market regime timing, (2) Line-level premium persistence.
Unit 10B (2BR): $1,264 PPSF (2018) → $1,335 PPSF (2022). Held 4.3 yrs, +5.6%. Drivers: (1) Market regime timing, (2) Line-level premium persistence.
Resale Depreciation / Drawdown:
Unit 4G (2BR): $1,218 PPSF (2014) → $1,008 PPSF (2018). Held 4.7 yrs, -17.2%. Drivers: (1) Market regime timing, (3) Liquidity shift.
Unit 22E (2BR): $1,507 PPSF (2017) → $1,333 PPSF (2025). Held 7.9 yrs, -11.5%. Drivers: (1) Market regime timing, (3) Liquidity shift.
Unit 20B (2BR): $1,431 PPSF (2017) → $1,299 PPSF (2021). Held 4.2 yrs, -9.2%. Drivers: (1) Market regime timing, (3) Liquidity shift.
Unit 10A (3BR): $1,177 PPSF (2018) vs 22A at $1,151 PPSF (2013) -> 17A at $1,118 PPSF (2012). Relative flatting/drawdown. Drivers: (1) Market regime timing, (4) Unit size / unit mix imbalance.
9. RISKS & RED FLAGS
Chronic long resale DOM: The 1BR 'D' line is a severe illiquidity agent, with units frequently taking 290 to 620 days to clear the market.
Wide PPSF dispersion: Values in the building range heavily from $850 to $2,000+ depending heavily on floor and layout, increasing price discovery friction.
Weak rent capture despite pricing: Specific lines like 'C' and oversized 'F' units suffer from extreme 200–400+ day vacancies, destroying annual yield.
What NOT to buy: Lower-floor 1-bedroom units in the 'D' line. These units exhibit the highest risk of chronic market lag and are prone to unit mix imbalance during slower regimes.
10. EXECUTIVE SUMMARY
Millennium Towers Residences is a high-turnover Hybrid asset that serves as a performance leader in Battery Park City, outperforming the sub-neighborhood by 16.5%. The building’s health is anchored by its 2BR segment, which maintains steady resale volume and captures elite rental efficiency (~$90/SF). While the building has demonstrated robust compounding appreciation since its 2007 launch, investors face significant "income leakage" in the rental market for specific lines ('C' and 'E') and severe liquidity risk in the 1BR sector where marketing periods can exceed 500 days. Opportunity lies in high-floor 'F' and 'E' stacks with proven line persistence, while risk is concentrated in lower-floor units with chronic market lag.
B³ SCORECARD
Liquidity Score: 70
Rent Capture Score: 72
Appreciation Score: 85
Composite Score: 75.85
Category Label: Hybrid
Unit Mix Summary: Transaction-weighted estimate of ~16% 1BR, ~55% 2BR, ~26% 3BR, ~3% 4BR+
Sponsor Normalization Impact: Millennium Towers was completed in 2006. Approximately 140 transactions recorded between Dec 2006 and mid-2008 with "No Listing" or DOM ≤ 30 days were reclassified as SPONSOR-DRIVEN.
Impact: Normalization removes these zero-day closings, bringing the true median resale DOM up from an artificially low baseline to the accurate 89–137 day median seen in true resales.
Benchmark: Analysis utilizes the NYXRCSA Oct 2025 index of 331.14 for temporal context.