255 Cabrini Blvd
1. BUILDING OVERVIEW (ANALYST FRAMING)
Type: Prewar Resale Condominium.
Vintage: Built 1938.
Scale: 78 Units across 8 Floors.
Primary Category Classification: Hybrid (Core/Defensive with Plateaued Appreciation).
Justification: Post-sponsor data indicates a building that successfully compounded capital value from its early 2000s baseline into the 2019–2022 cycle, moving from ~$350/SF to structural highs near ~$810/SF. It boasts decent secondary liquidity for its 1-bedroom and 2-bed/1-bath units (44–75 DOM median) but struggles significantly with larger 2-bed/2-bath and 3-bedroom family layouts (102–254 DOM). Current pricing has hit a structural plateau in 2024–2026 (retreating to the $640–$737/SF range), perfectly mirroring the macro NYXRCSA benchmark, which stalled out between 332.1 and 333.0 in late 2025 before settling at 330.5 in early 2026.
2. UNIT MIX & COMPOSITION
Based on the 83 historically recorded sales in the building:
Studio / 1-Bedroom (1 Bath): 46 sales (~55% of sales activity).
2-Bedroom (1 to 2 Baths): 22 sales (~27% of sales activity).
3-Bedroom (2 to 3 Baths): 5 sales (~6% of sales activity).
(Note: Remaining sales lack explicit bed/bath data).
Analysis: The building is predominantly weighted toward entry-level Studio and 1-bedroom layouts (~55%). This concentration creates a highly standardized internal market that guarantees consistent liquidity for smaller units, while the larger family-sized units represent a thin, highly illiquid segment of the building.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
A. Liquidity: The secondary market pacing is strictly bifurcated by size and layout. The 2-Bed/1-Bath units clear fastest at a 44-day median DOM, and 1-bedrooms clear steadily at 63–75 DOM. In contrast, the larger 2-Bed/2-Bath (102 DOM), 3-Bed/2-Bath (93 DOM), and 3-Bed/3-Bath units (254 DOM) experience significant market friction.
B. Price Strength: High-floor C and J lines established the building's peak structural ceilings during the 2019–2022 era, reliably commanding upper-tier pricing, such as Unit 7C achieving $810 PPSF in 2022.
C. Appreciation: Core 1-bedroom and 2-bedroom layouts consistently compounded capital from their ~$350–$450/SF early-2000s baselines up to the ~$700–$810/SF mark by the peak 2020-2022 cycle.
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2003–2008 (Sponsor/Early Baseline): Pricing clustered tightly between $340 and $450 PPSF.
2014–2018 (Mid-Cycle Growth): Steady upward mobility established a $550–$660 PPSF floor.
2019–2022 (Peak Cycle Compounding): Robust growth pushing values to $660–$810 PPSF.
2024–2026 (Macro Plateau): Pricing has retreated slightly and flatlined into the $640–$737 PPSF range (e.g., Unit 5H at $737/SF in 2026, Unit 5B at $647/SF in 2025). This stagnation tracks identically with the macro NYXRCSA index, which plateaued through late 2025 and 2026, confirming the aggressive compounding era has paused.
Conclusion: Cyclical / Plateaued Compounding.
5. RENT CAPTURE ANALYSIS
A. Rent Capture by Line & Unit Type:
Unit 8B (1 Bed / 1 Bath - Sep 2024): Achieved Rent: $2,500/month ($42/SF) | DOM: 23 days.
Effective (DOM-adjusted) Annual Rent: $2,500 × (365 − 23) ÷ 365 = $2,342/month ($28,109 annually).
Unit 6C (2 Bed / 2 Bath - Mar 2024): Achieved Rent: $4,200/month | DOM: 52 days.
Effective (DOM-adjusted) Annual Rent: $4,200 × (365 − 52) ÷ 365 = $3,601/month ($43,219 annually).
Unit 7F (Studio / 1 Bath - Oct 2024): Achieved Rent: $2,200/month ($48/SF) | DOM: 63 days.
Effective (DOM-adjusted) Annual Rent: $2,200 × (365 − 63) ÷ 365 = $1,820/month ($21,841 annually).
Conclusion: Income capture in this building suffers from moderate, persistent leakage. Rents are solid on a top-line basis, but routine 23 to 75-day vacancy delays (and isolated spikes like Unit 5E at 190 DOM) dilute the landlord's effective annualized yield.
6. B³ SCORING SYSTEM (0–100)
Liquidity Score: 65/100 (Small units and 2-bed/1-baths move efficiently, but penalized heavily by the severe 102–254 DOM drag on larger 2-bed/2-bath and 3-bedroom layouts).
Rent Capture Score: 65/100 (Acceptable top-line achieved rents, but penalized by moderate 30–75 day vacancy leakages destroying peak effective yield).
Appreciation Score: 70/100 (Proven history of strong capital compounding from the early 2000s, though tempered by the recent strict macro plateau and minor drawdowns).
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: 66.75/100 [(65 × 0.35) + (65 × 0.30) + (70 × 0.35)].
Category Label: Hybrid.
Unit Mix Summary: Strongly concentrated in Studio and 1-Bedroom entry-level layouts (~55%).
8. TRANSACTION EXAMPLES (REQUIRED)
Resale Appreciation Examples:
Unit 7C (2 Bed/2 Bath, 1222 SF): Bought Apr 2019 at $750,000 ($613 PPSF) → Resold Aug 2022 at $990,000 ($810 PPSF). (+32.0% over 3.3 years; CAGR ~8.8%). Driver 1 (Market regime timing).
Unit 1C (2 Bed/1 Bath, 972/993 SF): Bought Nov 2014 at $430,000 ($442 PPSF) → Resold Sep 2021 at $600,000 ($604 PPSF). (+39.5% over 6.8 years; CAGR ~4.9%). Driver 1 (Market regime timing).
Unit 8A (1 Bed/1 Bath, 905 SF): Bought Sep 2019 at $520,000 ($574 PPSF) → Resold Jun 2024 at $580,000 ($640 PPSF). (+11.5% over 4.8 years; CAGR ~2.3%). Driver 1 (Market regime timing).
Unit 4G (1 Bed/1 Bath): Bought Oct 2014 at $363,800 → Resold Jan 2022 at $500,000. (+37.4% absolute return over 7.3 years; CAGR ~4.5%). Driver 1 (Market regime timing).
Resale Depreciation / Flatline Examples:
Unit 6H (3 Bed/2 Bath, ~1322 SF): Bought Oct 2017 at $810,000 ($662 PPSF) → Resold Jul 2022 at $875,000 ($661 PPSF). (+8.0% absolute return over 4.8 years; functionally flat PPSF). Drivers 1 (Market regime timing) & 4 (Unit size imbalance - large unit friction).
Unit 6K (2 Bed/1 Bath, ~972/1322 SF): Bought Jan 2015 at $730,000 ($552 PPSF) → Resold Jun 2022 at $630,000 ($648 PPSF). (-13.7% absolute dollar loss over 7.4 years). Driver 1 (Market regime timing).
Unit 6D (1 Bed/1 Bath): Bought Jun 2004 at $440,000 → Resold Oct 2020 at $344,760. (-21.6% absolute loss over 16.3 years). Drivers 1 (Market regime timing) & 5 (Sponsor price normalization).
Unit 8K Proxy (2 Bed/1 Bath, 993 SF): 8K sold Nov 2020 at $650,000 ($654 PPSF), while recent 2-bed/1-bath trades like 2K sold Jun 2025 at $594,374 ($598 PPSF). (Value contraction lagging the peak). Driver 1 (Market regime timing - trapped in macro plateau).
9. RISKS & RED FLAGS
Large Unit Illiquidity: 2-bedroom/2-bath and 3-bedroom units suffer severe structural illiquidity. Recorded secondary wait times of 102 days to 254 days mean capital is heavily trapped upon exit for families requiring extra bathrooms.
Macro Headwinds: Building-wide PPSF growth has officially hit a ceiling. Buyers purchasing today around ~$650–$730/SF are entering at a market plateau corroborated directly by the stagnant NYXRCSA benchmark in 2025/2026.
Recommendation: Do not buy 2-bedroom/2-bath or 3-bedroom units for a short-term flip. The excessive 100+ day median DOM risk on larger formats will destroy internal rates of return (IRR) on short-term horizons.
10. EXECUTIVE SUMMARY
255 Cabrini Boulevard is a mature 78-unit prewar condominium operating as a Hybrid asset that successfully captured substantial capital appreciation over the past two decades before stalling into the current macroeconomic plateau explicitly mapped by the NYXRCSA index. The building is heavily saturated with Studio and 1-bedroom layouts (~55% of inventory), which act as the primary engines of the asset, providing solid liquidity (63–75 DOM) and the most predictable (though modestly leaky) rental income. Conversely, the larger 2-bedroom/2-bath and 3-bedroom units act as an anchor on the building, causing deep market friction with sales regularly languishing for 100 to 250+ days. Opportunity here lies primarily in holding 1-bedroom and smaller 2-bedroom/1-bath units for long-term defensive rent capture; acute capital lock-up risk awaits any buyer relying on fast secondary liquidity for the larger, multi-bathroom family layouts.
