200 West End Avenue

200 West End Avenue is a Hybrid postwar asset that functions as a stable capital store in Lincoln Square, consistently compounding value from its 2008 sponsor baselines. Post-sponsor behavior is anchored by its 1-bedroom engine, which provides the highest liquidity and reliable price persistence. However, the building suffers from significant rent leakage in specific 2-bedroom stacks (Line D, Line A) and a severe liquidity shift in mid-to-large format units where absorption friction can reach 231–774 days. Opportunity lies in high-velocity 1-bedroom and Studio segments for yield, while capital risk is concentrated in the larger 2-bedroom units where exit friction is acute.

Tony InJe Yeo

Mar 18, 2026

Contents

1. BUILDING OVERVIEW (ANALYST FRAMING)2. UNIT MIX & COMPOSITION 3. LINE (STACK) PERFORMANCE — RESALE ONLY 4. BUILDING-WIDE PPSF TREND (NORMALIZED)5. RENT CAPTURE ANALYSIS 6. B³ SCORING SYSTEM (0–100)7. COMPOSITE SCORE & CLASSIFICATION 8. TRANSACTION EXAMPLES 9. RISKS & RED FLAGS 10. EXECUTIVE SUMMARY B³ SCORECARD

1. BUILDING OVERVIEW (ANALYST FRAMING)

200 West End Avenue is a mature postwar resale condo completed in 2006, located in the Lincoln Square sub-neighborhood of the Upper West Side. Scaling 27 floors with 165 units, the building outperforms the Lincoln Square benchmark by 6.9%. Based on post-sponsor trading data and multi-decade pricing patterns, the building is classified as a Hybrid asset. It demonstrates strong capital compounding for 1-bedroom and 2-bedroom lines while maintaining a high-yielding but line-sensitive rental market. The building exhibits Compounding value behavior relative to its initial 2008 sponsor baselines, generally tracking the growth of the NYXRCSA Oct 2025 index (331.14).

2. UNIT MIX & COMPOSITION

The unit mix is transaction-weighted, inferred from 298 sales and 127 rentals.

Unit Type	Sale Count	% of Sales Activity	Impact on Performance
Studio	27	9.1%	High liquidity (101-day median DOM).
1 Bedroom	105	35.2%	Primary liquidity engine; 82-day median DOM.
2 Bedroom	91	30.5%	Core value segment; exhibits higher friction (136-day DOM).
3 Bedroom+	40	13.4%	Prestige segment; anchors PPSF but prone to Liquidity Shifts.
4 Bedroom+	11	3.7%	High-friction tier; includes 277-day DOM outliers.
Other	24	8.1%	Specialty/Combination units.

Analysis: The building is small-to-mid-format dominant, with Studios through 2-Bedroom units comprising nearly 75% of sales activity. A significant unit size / unit mix imbalance exists in the 3-bedroom and 4-bedroom segments, which experience pronounced liquidity friction, requiring nearly double the marketing time of the 1-bedroom core.

3. LINE (STACK) PERFORMANCE — RESALE ONLY

Sponsor Normalization Disclosure: Following the B³ rule, 115 transactions occurring between 2007 and 2012 (e.g., Units 17A, 5D, 24A, 20C, 10G, 16F, 16E, 20A, 12C, 17C, 14D, 6C, 14E, 12B, 7D, 23C, 25A, 18B, 15H, 15A, 12G, 5B, 8C, 14A, 7C, 11N, 10L, 9M, 9A, 8B, 4J, 4A) are reclassified as sponsor-driven due to "No Listing" status or DOM ≤ 30 days within the initial maturity window.

Impact: Normalization adjusts the building’s realistic resale median DOM from an aggregate 82 days to a post-sponsor floor of 105+ days for core residences.

A. Liquidity (Resale Only):

Fastest Units: The 1BR/1BA tier (Line H, J) clears most efficiently with a median of 82 days.
Slowest Units: The 2-bedroom/2-bath tier (136 days) and 4-bedroom tiers (98–277 days) act as chronic liquidity bottlenecks.

B. Price Strength: The building's median resale PPSF is $1,409.

Structural Premiums: The 3BR/2BA tier commands a peak premium at $1,920 PPSF.
Structural Discounts: Studios trade at a discount to the building median, clearing at $1,270 PPSF.

4. BUILDING-WIDE PPSF TREND (NORMALIZED)

2008–2010 (Baseline): PPSF established between $1,100 and $1,300 for standard lines.
2013–2015 (Expansion): Values moved decisively into the $1,600–$1,800 PPSF range.
2023–2025 (Current Regime): Prices have stabilized between $1,650 and $1,950 PPSF, suggesting sustained capital Compounding.

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
6A (2BR)	$8,400	5	$8,285	$115 (1.4%)
23B (3BR)	$13,500	12	$13,056	$444 (3.3%)
20A (2BR)	$9,000	80	$7,027	$1,973 (21.9%)
16D (2BR)	$7,500	150	$4,417	$3,083 (41.1%)

Analysis: Income capture is extremely bifurcated. While high-velocity lines (Line A, B) show efficient capture (<4% leakage), the building suffers from catastrophic rent leakage (21%–41%) in slower stacks where absorption periods exceed two months.

6. B³ SCORING SYSTEM (0–100)

Liquidity Score: 70/100 — Supported by high-volume 1BR/Studio trading but penalized by the 136-day friction in the 2BR segment.
Rent Capture Score: 75/100 — Driven by high nominal Yearly PPSF ($70–$90) offset by systemic leakage in slower absorption windows.
Appreciation Score: 82/100 — Driven by robust multi-decade compounding from $1,100 baselines to recent $1,800+ resale peaks.

7. COMPOSITE SCORE & CLASSIFICATION

Composite Score = (70 × 0.35) + (75 × 0.30) + (82 × 0.35) = 75.7.

Category: Hybrid The building qualifies as a Hybrid asset (All scores ≥ 65), providing a stable store of compounded capital while maintaining a high-performance rental market for core lines.

8. TRANSACTION EXAMPLES

Resale Appreciation Examples:

Unit 16H (1BR): $1,343 PPSF (2009) → $1,651 PPSF (2025). +22.9% Total. Drivers: (5) Sponsor price normalization, (1) Market regime timing.
Unit 10D (1BR): $1,328 PPSF (2008) → $1,785 PPSF (2022). +34.4% Total. Drivers: (5) Sponsor price normalization.
Unit 21A (2BR): $1,437 PPSF (2009) → $1,722 PPSF (2024). +19.8% Total. Driver: (5) Sponsor price normalization.
Unit 15H (1BR): $1,320 PPSF (2012) → $1,715 PPSF (2024). +29.9% Total. Driver: (1) Market regime timing.

Resale Stagnation/Depreciation Examples:

Unit 19A (2BR): $1,507 PPSF (2008) → $1,641 PPSF (2021). +8.9% over 13 years. Driver: (3) Liquidity shift (774 DOM).
Unit 23C (2BR): $1,613 PPSF (2008) → $1,677 PPSF (2025). Flat. Driver: (3) Liquidity shift (231 DOM).
Unit 8L (2BR): $1,385 PPSF (2008) → $1,519 PPSF (2020). +9.6% over 12 years. Driver: (3) Liquidity shift (154 DOM).
Unit 17E (2BR): $1,203 PPSF (2009) → $1,631 PPSF (2023). +35% Total. Driver: (1) Market regime timing.

9. RISKS & RED FLAGS

Catastrophic Rent Leakage: Avoid units in Line D and 20A for pure yield plays; vacancy periods exceeding 80 days can evaporate 21% to 41% of annual income.
The 700-Day Dead Zone: Specific 2-bedroom units (e.g., 19A) can face extreme Liquidity Shifts, with marketing periods exceeding two years.
Original Ask Friction: 2-bedroom units require significant discounts (up to -6.72%) to clear, signaling pricing discovery friction in the mid-market segment.

10. EXECUTIVE SUMMARY

200 West End Avenue is a Hybrid postwar asset that functions as a stable capital store in Lincoln Square, consistently compounding value from its 2008 sponsor baselines. Post-sponsor behavior is anchored by its 1-bedroom engine, which provides the highest liquidity and reliable price persistence. However, the building suffers from significant rent leakage in specific 2-bedroom stacks (Line D, Line A) and a severe liquidity shift in mid-to-large format units where absorption friction can reach 231–774 days. Opportunity lies in high-velocity 1-bedroom and Studio segments for yield, while capital risk is concentrated in the larger 2-bedroom units where exit friction is acute.

B³ SCORECARD

Liquidity Score: 70
Rent Capture Score: 75
Appreciation Score: 82
Composite Score: 75.7
Category Label: Hybrid
Unit Mix Summary: 1BR-Dominant (35.2% of activity).

Disclosures: 115 transactions reclassified as sponsor-driven (2007–2012 window). NYXRCSA Oct 2025 Benchmark: 331.14.