150 Charles Street
1. BUILDING OVERVIEW (ANALYST FRAMING)
Type: Recent Development Condo (Built 2014)
Scale: 91 Units, 15 Floors
Classification: Hybrid (Yield & Appreciation)
Justification: Post-sponsor data reveals a building that has successfully transitioned from "new development premium" to "structural asset value." While early buyers (2016) faced volatility, the 2021–2026 resale vintage demonstrates strong compounding appreciation and exceptional rent capture. The building commands a significant premium over the West Village sub-neighborhood (outperforming by 33.0%), driven by line-level premiums rather than broad market lift alone.
2. UNIT MIX & COMPOSITION
The unit mix is transaction-weighted based on recorded history, skewing heavily toward large-format family inventory which impacts liquidity profiles.
Studios/1 Beds: Minority of inventory. High velocity but low impact on building cap weight.
2 Beds: ~20% of activity. Serves as the entry-level liquidity tier.
3 Beds: ~45% of activity. The core "engine" of the building's valuation.
4-5+ Beds: ~30% of activity. High volatility, high nominal price points ($15M+).
Analysis: The concentration of 3+ bedroom units creates a "lumpy" liquidity profile. Unlike commodity 1-bedroom buildings, 150 Charles relies on a thinner buyer pool, resulting in wider DOM dispersion for its most expensive lines.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
A. Liquidity (Post-Sponsor) Liquidity is highly stratified by unit size.
Fastest: Unit 11B (11 Days), Unit 4EN (14 Days), Unit 3HS (14 Days).
Slowest: Unit 7CS (553 Days), Unit 4BN (467 Days), Unit 6BS (458 Days).
Observation: The spread between fast and slow units is extreme. Well-priced 3-beds clear in under 30 days, while mispriced "B-line" units or those with specific layout issues sit for 15+ months.
B. Price Strength
Baseline PPSF: Resales settle in the $3,100 – $3,500 PPSF range.
Premium Lines: The "A" and "B" lines (high floor/views) command $4,500+ PPSF. Example: 14B closed Jan 2026 at $4,786 PPSF.
Structural Discount: Lower floor units (e.g., 2BS) trade closer to $2,900 PPSF.
C. Appreciation
Compounders: Units bought in the 2019–2020 correction and sold in 2024–2026 are seeing 30%+ gains.
Mean-Reverters: 2016 Sponsor buyers often sold flat or at a loss in 2020, but have since recovered if held to 2025.
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2015-2017 (Sponsor Era): ~$3,000–$4,500 PPSF. Artificial ceiling.
2019-2020 (Correction): Dips into the $2,600–$2,800 range (e.g., 6CS sold $4.75M vs $4.7M prior).
2024-2026 (Resale Peak): Strong recovery to $4,000+ PPSF for prime units. The trend is Cyclical Compounding. The building tracked the NYXRCSA index drop in 2020 but has beta-adjusted higher in the 2025/2026 recovery.
5. RENT CAPTURE ANALYSIS
A. Rent Capture by Line The building exhibits exceptional rent capture, often exceeding $150/SF annually, which is top-tier for NYC.
Unit 7CN (2 Bed): Listed $26,500/mo. DOM 20.
Effective Annual Rent: $26,500 $\times$ (345/365) $\approx$ $25,047/mo ($300k/yr).
Rent PPSF: ~$190/SF.
Unit 4S (3 Bed): Listed $33,000/mo. DOM 26.
Rent PPSF: ~$158/SF.
B. Rent Appreciation
Unit 2AN: Rented Oct 2023 for $25k $\rightarrow$ Rented Sep 2024 for $30k. (+20% YoY).
Unit 3BN: Rented Jan 2021 for $13.5k $\rightarrow$ Rented Feb 2025 for $19k. (+40% over 4 years).
Conclusion: Rent growth is outpacing the CPI benchmark, confirming high desirability and tenant retention power.
6. B³ SCORING SYSTEM (0–100)
A. Liquidity Score: 68/100
Speed: Moderate (Median DOM ~51-89 days for 2/3 beds).
Consistency: Low. The 400+ day outliers drag the score down.
B. Rent Capture Score: 92/100
Efficiency: Elite. Consistently achieving $150-$200 PPSF rental values.
Absorption: Fast. Most rentals clear in <30 days.
C. Appreciation Score: 74/100
Magnitude: High for recent holders (2020 entrants).
Durability: Recovered fully from 2020 dips.
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: $(68 \times 0.35) + (92 \times 0.30) + (74 \times 0.35) = 23.8 + 27.6 + 25.9 =$ 77.3
Category: Hybrid (Yield-Leaning) All metrics exceed 65, with Rent Capture effectively acting as the "Yield" anchor.
8. TRANSACTION EXAMPLES
Resale Appreciation (Winners)
Unit 7CN (2 Bed):
Bought Jan 2020: $4,500,000
Sold Dec 2025: $6,550,000
Change: +45.5% (approx 7.3% CAGR).
Driver: Market regime timing (Bought at 2020 dip, sold into strength).
Unit 3HN (3 Bed):
Bought Sep 2021: $7,500,000
Sold Mar 2024: $8,995,000
Change: +19.9% (approx 7.5% CAGR).
Driver: Line-level premium persistence.
Unit 5AS (3 Bed):
Bought Nov 2015: $6,645,017 (Sponsor)
Sold Nov 2024: $7,900,000
Change: +18.8%.
Driver: Sponsor price normalization (Long hold required to clear sponsor premium).
Unit 6AN (3 Bed):
Bought Jun 2017: $6,300,000
Sold Mar 2024: $7,300,000
Change: +15.8%.
Driver: Line-level premium persistence.
Resale Depreciation / Flat (Lagging)
Unit 8AN (3 Bed):
Bought Jan 2016: ~$13,017,401 (Sponsor)
Sold Sep 2020: $9,500,000
Change: -27%.
Driver: Sponsor price normalization + Market regime timing (Sold during COVID low).
Unit 6CS (2 Bed):
Bought Nov 2015: $4,704,150
Sold Sep 2020: $4,750,000
Change: +0.9% (Real loss after transaction costs).
Driver: Liquidity shift (2020 illiquidity).
Unit 7CS (2 Bed):
Bought Dec 2015: $4,907,531
Sold Dec 2023: $6,200,000
Change: +26% (Modest CAGR over 8 years compared to recent flips).
Driver: Liquidity shift (Took 553 days to sell).
Unit 2BS (1 Bed):
Bought Aug 2016: $2,781,221
Sold Aug 2025: $3,887,500
Change: +39% (Positive, but note the 9-year hold time).
Driver: Unit size/mix (Small units perform steadily but lack the explosive upside of the PH lines).
9. RISKS & RED FLAGS
Chronic Long DOM in "B" Lines: Units like 7CS and 8BN have shown propensity to sit for 100-500 days. This is a Liquidity Shift risk; if you need to sell fast in a down market, these lines suffer steep discounts (see 8AN example).
Sponsor Overhang: While mostly cleared, early 2015/2016 pricing was aggressive. 2025 pricing has finally eclipsed those highs, but short-term holds (2-3 years) are risky if bought near peak pricing.
10. EXECUTIVE SUMMARY
150 Charles Street acts as a "Blue Chip" Hybrid asset that has successfully burned off its initial sponsor premium to enter a phase of genuine structural appreciation. Post-sponsor behavior shows a bifurcation: A-grade lines (high floor/views) are Appreciation-Driven compounding assets, while standard lines are Yield-Oriented, generating elite rental income ($150/SF+) with moderate capital appreciation. Income capture is highly efficient with low rental vacancy. The primary risk is liquidity duration; sellers of larger units must be prepared for 6+ months of DOM to achieve premium pricing.
B³ SCORECARD
Metric | Score |
Liquidity | 68 |
Rent Capture | 92 |
Appreciation | 74 |
COMPOSITE | 77 |
Category | Hybrid (Yield-Leaning) |
Unit Mix (Transaction Weighted):
Studio/1 Bed: 7%
2 Bed: 20%
3 Bed: 45% (Dominant)
4+ Bed: 28%