Trump Place Condominium (120 Riverside Boulevard)
1. BUILDING OVERVIEW (ANALYST FRAMING)
Trump Place Condominium (120 Riverside Boulevard) is a mature, postwar resale condominium located in the Lincoln Square sub-neighborhood of the Upper West Side. Built in 2004, the building scales at 18 floors and 276 units, offering full-service doorman amenities. Based on post-sponsor data, the building is classified as Hybrid. While it provides steady rental activity across various unit types, it currently underperforms the Lincoln Square benchmark by 10.6% in price strength, and resale liquidity remains lower than defensive core assets, with a median of 117 days on market (DOM).
2. UNIT MIX & COMPOSITION
The unit mix at 120 Riverside Blvd is heavily weighted toward one-bedroom configurations, which shapes its liquidity profile.
Unit Type | Total Transaction Count | % of Building Activity |
Studio | 69 | 10.7% |
1 Bedroom | 341 | 52.9% |
2 Bedroom | 196 | 30.4% |
3 Bedroom+ | 2 | 0.3% |
Note: Percentages are transaction-weighted based on recorded sales history.
Impact on Performance: The heavy concentration of 1BR units (over 50%) provides deep liquidity but creates a "commodity" effect, leading to mean-reverting pricing as units compete primarily on PPSF rather than unique line-level features.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
Following the Sponsor Normalization Rule, transactions occurring within five years of the 2005 opening with DOM ≤ 30 days are excluded from resale metrics to prevent sponsor pricing from polluting the analysis.
A. Liquidity (Resale Only):
Fastest Lines: The A and C lines (2BR and Studios) show higher velocity. For example, unit 11A (2BR) cleared in 14 days in early 2024.
Slowest Lines: Larger 1BR units like the G line exhibit chronic friction, with unit 4G sitting for 328 days in 2021.
B. Price Strength: The building resale median stands at $1,146 PPSF.
Line-Level Premiums: The D line consistently commands a premium, with unit 16D reaching $1,890 PPSF in 2025.
Line-Level Discounts: The J and M lines frequently trade below the building median, often between $900–$1,100 PPSF.
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2006–2012 (Post-Sponsor Trough): PPSF remained largely cyclical, hovering between $900 and $1,100.
2014–2017 (Peak Period): Significant growth occurred, with several lines exceeding $1,500 PPSF (e.g., Unit 8F at $1,624).
2018–2025 (Drawdown/Flat): Pricing has largely mean-reverted. Recent 2025 sales like unit 6H ($1,240 PPSF) indicate a cyclical trend rather than a compounding one.
5. RENT CAPTURE ANALYSIS
MANDATORY FORMULA: Effective Annual Rent = Achieved Rent × (365 − Rental DOM) ÷ 365.
Unit
Achieved Rent
Rental DOM
Effective Monthly Rent
Rent Leakage
11V (1BR)
$4,900
97
$3,597
$1,303
7A (1BR)
$4,600
25
$4,285
$315
4B (1BR)
$4,695
139
$2,906
$1,789
3R (1BR)
$4,600
31
$4,209
$391
Analysis: Rent capture is highly volatile due to fluctuating rental DOM. High DOM in units like 4B creates massive income leakage, reducing the effective yield significantly despite high nominal rents.
6. B³ SCORING SYSTEM (0–100)
Liquidity Score: 62/100 — Dragged down by a high median resale DOM of 117 days and extreme dispersion (14 days to 328+ days).
Rent Capture Score: 68/100 — While the building achieves strong $/SF rents, the time-to-lease (DOM) significantly erodes effective income.
Appreciation Score: 55/100 — Negative PPSF CAGR in several resale stacks and underperformance against the NYXRCSA benchmark and local neighborhood.
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score = (62 × 0.35) + (68 × 0.30) + (55 × 0.35) = 61.35
Category: Hybrid (Borderline Yield-Oriented) The building fails to meet the criteria for "Core / Defensive" due to low liquidity and appreciation scores. It functions as a yield-focused asset, but only if rental DOM is tightly managed.
8. TRANSACTION EXAMPLES
Resale Appreciation Examples:
Unit 11A (2BR): $1,234 PPSF (2011) → $1,371 PPSF (2024). +11.1% Total / 0.8% CAGR. (Driver: 1, 2).
Unit 10D (2BR): $1,395 PPSF (2008) → $1,451 PPSF (2025). +4.0% Total / 0.2% CAGR. (Driver: 2).
Unit 7L (2BR): $1,099 PPSF (2006) → $1,377 PPSF (2023). +25.3% Total / 1.3% CAGR. (Driver: 1).
Unit PH1C (2BR): $1,097 PPSF (2006) → $1,437 PPSF (2022). +30.9% Total / 1.7% CAGR. (Driver: 2).
Resale Depreciation Examples:
Unit 6H (1BR): $1,352 PPSF (2017) → $1,240 PPSF (2025). -8.2% Total / -1.1% CAGR. (Driver: 1, 3).
Unit 14H (1BR): $1,490 PPSF (2014) → $1,489 PPSF (2024). Flat Performance. (Driver: 3, 5).
Unit 4K (Studio): $1,186 PPSF (2013) → $1,101 PPSF (2020). -7.1% Total. (Driver: 1).
Unit 6N (1BR): $1,452 PPSF (2018) → $1,357 PPSF (2024). -6.5% Total. (Driver: 3).
9. RISKS & RED FLAGS
Chronic Liquidity Friction: The median DOM of 117 days is nearly 4 months. Any buyer requiring a quick exit should avoid high-floor 1BRs which sit the longest.
Income Leakage: Rental DOM of 90+ days in several 1BR lines turns a gross yield into a net loss when accounting for carry costs.
Benchmark Lag: The building is losing ground against the NYXRCSA index, which indicates that its value is not compounding with the broader New York condo market.
10. EXECUTIVE SUMMARY
120 Riverside Boulevard is a Hybrid asset that has shifted toward a Yield-Oriented profile as capital appreciation has stalled over the last decade. While the building maintains a robust 1BR rental market, the Effective Annual Rent is often undermined by high rental DOM, leading to significant income leakage. Investors should focus on high-demand 2BR stacks (like the D-line) that maintain a structural PPSF premium, while avoiding the "commodity" 1BR units that suffer from mean-reverting pricing and extended resale friction.
B³ SCORECARD
Liquidity Score: 62
Rent Capture Score: 68
Appreciation Score: 55
Composite Score: 61.4
Category Label: Hybrid
Unit Mix Summary: 1BR-Dominant (53% of activity).
Disclosures:
Sponsor normalization reclassified approximately 85 initial transactions as sponsor-driven.
The NYXRCSA benchmark (331.14 as of Oct 2025) was used to assess relative appreciation strength.