Buildings Hamilton Heights, Morningside Heights, Washington Heights

545 West 110 Street

545 West 110 Street is a 57-unit postwar hybrid condominium that has appreciated from its 2005–2007 baseline to approximately $1,500–$1,600 per square foot.

Tony InJe Yeo

Aug 05, 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 (REQUIRED)9. RISKS & RED FLAGS 10. EXECUTIVE SUMMARY

1. BUILDING OVERVIEW (ANALYST FRAMING)

Type: Postwar Resale Condominium.
Vintage: Built 2005.
Scale: 57 Units across 11 Floors.
Primary Category Classification: Hybrid (Appreciation-Driven with Yield constraints).
Justification: Post-sponsor data indicates a building that successfully compounded capital value from 2007 through 2021, moving from an initial ~$1,000/SF baseline into the $1,300–$1,600+/SF range. However, the building suffers from severe liquidity bifurcation: smaller units clear efficiently, while larger 3-bedroom and 4-bedroom family units endure crippling 150 to 600+ day DOMs. Current pricing has stalled horizontally in the $1,580–$1,600/SF range in 2024–2025, perfectly mirroring the macro NYXRCSA benchmark, which plateaued around a 332–333 index value in late 2025 before settling at 330.5 in early 2026.

2. UNIT MIX & COMPOSITION

Based on 100 historical sales and 25 rentals recorded:

Studio / 1-Bedroom: 14% of sales activity (14 total sales).
2-Bedroom: 27% of sales activity (27 total sales).
3-Bedroom: 29% of sales activity (29 total sales).
4-Bedroom+: 5% of sales activity (5 total sales).
Analysis: Unlike standard yield-oriented buildings, 545 West 110 Street is overwhelmingly dominated by large-scale 2-bedroom and 3-bedroom floorplans (56%+ combined). This family-sized unit mix dictates the building's behavior, leading to higher absolute dollar volume but significantly slowing down secondary liquidity and tenant absorption.

3. LINE (STACK) PERFORMANCE — RESALE ONLY

A. Liquidity: The secondary market is highly punishing for larger layouts. While a 1-bedroom (Unit 3C) cleared in 35 days and a 2-bedroom (Unit 4B) cleared in 28 days, 3-bedroom and 4-bedroom lines face immense drag. Unit 3F sat for an agonizing 669 days, Unit 2F sat for 279 days, and Unit 6EG took 156 days.
B. Price Strength: The high-floor C lines command the building's absolute pricing ceilings, with Unit 8C achieving an exceptional $2,229 PPSF. Standard G and F lines trade reliably in the $1,500–$1,600 PPSF range.
C. Appreciation: Core 2-bedroom layouts consistently compounded from their ~$1,000/SF mid-cycle marks up to ~$1,350/SF by 2021.

4. BUILDING-WIDE PPSF TREND (NORMALIZED)

2006–2008 (Sponsor Baseline): Pricing clustered tightly between $800 and $1,100 PPSF.
2011–2015 (Mid-Cycle Growth): Steady upward mobility into the $1,000–$1,300 PPSF range.
2018–2021 (Peak Cycle Compounding): Robust growth reaching $1,300 to $1,640+ PPSF.
2024–2025 (Macro Plateau): Pricing has flatlined, with recent larger units trading tightly between $1,582 and $1,602 PPSF. This matches the NYXRCSA index plateau, which stalled out between late 2025 and early 2026, confirming the aggressive compounding era has paused.
Conclusion: Cyclical / Plateaued Compounding.

5. RENT CAPTURE ANALYSIS

A. Rent Capture by Line & Unit Type:
- Unit 4C (1 Bed / 1 Bath - Aug 2024): Achieved Rent: $5,150/month ($77/SF) | DOM: 16 days.
  - Effective (DOM-adjusted) Annual Rent: $5,150 × (365 − 16) ÷ 365 = $4,924/month ($59,091 annually).
- Unit 6A (2 Bed / 2 Bath - Dec 2024): Achieved Rent: $7,995/month ($66/SF) | DOM: 46 days.
  - Effective (DOM-adjusted) Annual Rent: $7,995 × (365 − 46) ÷ 365 = $6,987/month ($83,849 annually).
- Unit 6D (2 Bed / 2 Bath - Jun 2019): Achieved Rent: $6,200/month ($57/SF) | DOM: 76 days.
  - Effective (DOM-adjusted) Annual Rent: $6,200 × (365 − 76) ÷ 365 = $4,909/month ($58,915 annually).
Conclusion: Income is captured with near-perfect efficiency on 1-bedroom layouts (16–18 DOM), generating a robust $74–$77/SF. However, the building leaks substantial income on its dominant 2-bedroom and 3-bedroom lines, where 46 to 80-day vacancies drastically drag down effective annual yields.

6. B³ SCORING SYSTEM (0–100)

Liquidity Score: 50/100 (Bifurcated market; 1-beds clear efficiently, but 3-beds drag heavily, frequently exceeding 200+ DOM).
Rent Capture Score: 75/100 (Excellent rental rates, but heavily penalized by 45–80 day absorption bottlenecks on the larger layouts).
Appreciation Score: 80/100 (Proven 15-year compounding history, successfully lifting the building from $1K/SF to $1.6K/SF).

7. COMPOSITE SCORE & CLASSIFICATION

Composite Score: 68.0/100 [(50 × 0.35) + (75 × 0.30) + (80 × 0.35)].
Category Label: Hybrid.
Unit Mix Summary: Heavy concentration of family-sized 2-Bedroom and 3-Bedroom layouts (~56%).

8. TRANSACTION EXAMPLES (REQUIRED)

Resale Appreciation Examples:

Unit 6D (2 Bed/2 Bath, 1306 SF): Bought Oct 2011 at $1,024 PPSF → Resold Jul 2021 at $1,378 PPSF. (+34.5% over 9.7 years). Driver 1 (Market regime timing).
Unit 4B (2 Bed/2 Bath, 1306 SF): Bought Apr 2012 at $1,026 PPSF → Resold Oct 2021 at $1,328 PPSF. (+29.4% over 9.5 years). Driver 1 (Market regime timing).
Line C Proxy (3 Bed, ~2355 SF): Unit 7C bought Jan 2007 at $1,354 PPSF → Unit 8C resold Oct 2020 at $2,229 PPSF. (+64.6% baseline growth). Drivers 1 (Market regime timing) & 5 (Sponsor price normalization).
Line B Proxy (2 Bed, 1306 SF): Unit 10B bought Dec 2006 at $801 PPSF → Unit 4B resold Oct 2021 at $1,328 PPSF. (+65.7% baseline growth). Driver 5 (Sponsor price normalization).

Resale Depreciation / Flatline Examples:

Unit 6EG vs 5EG Proxy (4 Bed, 2402 SF): Unit 5EG sold Jun 2024 at $1,602 PPSF → Unit 6EG sold Oct 2025 at $1,582 PPSF (156 DOM). (-1.2% dip; effectively flat). Drivers 1 (Market regime timing) & 3 (Liquidity shift).
Unit 2F (3 Bed, 1829 SF): Resold Nov 2021 at $1,312 PPSF after a massive 279 DOM drag. Compared against higher floor F lines clearing near $1,600/SF, this demonstrates severe structural penalty. Drivers 2 (Line-level premium persistence) & 3 (Liquidity shift).
Unit 5D vs 6D Proxy (2 Bed, 1306 SF): 5D bought Feb 2007 at $1,030 PPSF → 6D sold Oct 2011 at $1,024 PPSF. (Flat early-cycle execution). Driver 1 (Market regime timing).

9. RISKS & RED FLAGS

Large Unit Illiquidity: 3-bedroom and 4-bedroom units suffer chronic structural illiquidity. Recorded secondary wait times of 156 days (6EG), 279 days (2F), and an agonizing 669 days (3F) mean capital is heavily trapped upon exit.
Macro Headwinds: Building-wide PPSF growth has hit a ceiling. Buyers purchasing today around ~$1,600/SF are entering at a market plateau (corroborated by the stagnant NYXRCSA 330-333 benchmark in late 2025/early 2026) and should not expect the aggressive compounding seen by mid-cycle buyers.
Recommendation: Do not buy 3-bedroom or 4-bedroom units expecting a quick flip. The excessive 200+ day median DOM risk for large units will destroy internal rates of return (IRR) on short-term horizons.

10. EXECUTIVE SUMMARY

545 West 110 Street is a mature 57-unit postwar condominium operating as a Hybrid asset that successfully compounded value from its initial 2005–2007 baselines into the $1,500–$1,600/SF range, before stalling into a recent macroeconomic plateau mapped perfectly by the stagnant NYXRCSA benchmark. The building is heavily weighted toward family-sized 2-bedroom and 3-bedroom layouts, which drives its high absolute prices but creates punishing liquidity friction on the secondary market—evidenced by 3-bedroom and 4-bedroom resales regularly languishing for 150 to 660+ days. While the 1-bedroom units operate as highly efficient yield engines (capturing $77/SF in under three weeks), the larger units leak significant income through 46-to-80-day vacancy bottlenecks. Opportunity here is distinctly long-term and defensive; current pricing has locked into a horizontal band, meaning buyers face elevated capital holding risk with limited short-term upside.

Contents

Buildings Hamilton Heights, Morningside Heights, Washington Heights

545 West 110 Street

545 West 110 Street is a 57-unit postwar hybrid condominium that has appreciated from its 2005–2007 baseline to approximately $1,500–$1,600 per square foot.

Tony InJe Yeo

Aug 05, 2026

Contents

1. BUILDING OVERVIEW (ANALYST FRAMING)

Type: Postwar Resale Condominium.
Vintage: Built 2005.
Scale: 57 Units across 11 Floors.
Primary Category Classification: Hybrid (Appreciation-Driven with Yield constraints).
Justification: Post-sponsor data indicates a building that successfully compounded capital value from 2007 through 2021, moving from an initial ~$1,000/SF baseline into the $1,300–$1,600+/SF range. However, the building suffers from severe liquidity bifurcation: smaller units clear efficiently, while larger 3-bedroom and 4-bedroom family units endure crippling 150 to 600+ day DOMs. Current pricing has stalled horizontally in the $1,580–$1,600/SF range in 2024–2025, perfectly mirroring the macro NYXRCSA benchmark, which plateaued around a 332–333 index value in late 2025 before settling at 330.5 in early 2026.

2. UNIT MIX & COMPOSITION

Based on 100 historical sales and 25 rentals recorded:

Studio / 1-Bedroom: 14% of sales activity (14 total sales).
2-Bedroom: 27% of sales activity (27 total sales).
3-Bedroom: 29% of sales activity (29 total sales).
4-Bedroom+: 5% of sales activity (5 total sales).
Analysis: Unlike standard yield-oriented buildings, 545 West 110 Street is overwhelmingly dominated by large-scale 2-bedroom and 3-bedroom floorplans (56%+ combined). This family-sized unit mix dictates the building's behavior, leading to higher absolute dollar volume but significantly slowing down secondary liquidity and tenant absorption.

3. LINE (STACK) PERFORMANCE — RESALE ONLY

A. Liquidity: The secondary market is highly punishing for larger layouts. While a 1-bedroom (Unit 3C) cleared in 35 days and a 2-bedroom (Unit 4B) cleared in 28 days, 3-bedroom and 4-bedroom lines face immense drag. Unit 3F sat for an agonizing 669 days, Unit 2F sat for 279 days, and Unit 6EG took 156 days.
B. Price Strength: The high-floor C lines command the building's absolute pricing ceilings, with Unit 8C achieving an exceptional $2,229 PPSF. Standard G and F lines trade reliably in the $1,500–$1,600 PPSF range.
C. Appreciation: Core 2-bedroom layouts consistently compounded from their ~$1,000/SF mid-cycle marks up to ~$1,350/SF by 2021.

4. BUILDING-WIDE PPSF TREND (NORMALIZED)

2006–2008 (Sponsor Baseline): Pricing clustered tightly between $800 and $1,100 PPSF.
2011–2015 (Mid-Cycle Growth): Steady upward mobility into the $1,000–$1,300 PPSF range.
2018–2021 (Peak Cycle Compounding): Robust growth reaching $1,300 to $1,640+ PPSF.
2024–2025 (Macro Plateau): Pricing has flatlined, with recent larger units trading tightly between $1,582 and $1,602 PPSF. This matches the NYXRCSA index plateau, which stalled out between late 2025 and early 2026, confirming the aggressive compounding era has paused.
Conclusion: Cyclical / Plateaued Compounding.

5. RENT CAPTURE ANALYSIS

A. Rent Capture by Line & Unit Type:
- Unit 4C (1 Bed / 1 Bath - Aug 2024): Achieved Rent: $5,150/month ($77/SF) | DOM: 16 days.
  - Effective (DOM-adjusted) Annual Rent: $5,150 × (365 − 16) ÷ 365 = $4,924/month ($59,091 annually).
- Unit 6A (2 Bed / 2 Bath - Dec 2024): Achieved Rent: $7,995/month ($66/SF) | DOM: 46 days.
  - Effective (DOM-adjusted) Annual Rent: $7,995 × (365 − 46) ÷ 365 = $6,987/month ($83,849 annually).
- Unit 6D (2 Bed / 2 Bath - Jun 2019): Achieved Rent: $6,200/month ($57/SF) | DOM: 76 days.
  - Effective (DOM-adjusted) Annual Rent: $6,200 × (365 − 76) ÷ 365 = $4,909/month ($58,915 annually).
Conclusion: Income is captured with near-perfect efficiency on 1-bedroom layouts (16–18 DOM), generating a robust $74–$77/SF. However, the building leaks substantial income on its dominant 2-bedroom and 3-bedroom lines, where 46 to 80-day vacancies drastically drag down effective annual yields.

6. B³ SCORING SYSTEM (0–100)

Liquidity Score: 50/100 (Bifurcated market; 1-beds clear efficiently, but 3-beds drag heavily, frequently exceeding 200+ DOM).
Rent Capture Score: 75/100 (Excellent rental rates, but heavily penalized by 45–80 day absorption bottlenecks on the larger layouts).
Appreciation Score: 80/100 (Proven 15-year compounding history, successfully lifting the building from $1K/SF to $1.6K/SF).

7. COMPOSITE SCORE & CLASSIFICATION

Composite Score: 68.0/100 [(50 × 0.35) + (75 × 0.30) + (80 × 0.35)].
Category Label: Hybrid.
Unit Mix Summary: Heavy concentration of family-sized 2-Bedroom and 3-Bedroom layouts (~56%).

8. TRANSACTION EXAMPLES (REQUIRED)

Resale Appreciation Examples:

Unit 6D (2 Bed/2 Bath, 1306 SF): Bought Oct 2011 at $1,024 PPSF → Resold Jul 2021 at $1,378 PPSF. (+34.5% over 9.7 years). Driver 1 (Market regime timing).
Unit 4B (2 Bed/2 Bath, 1306 SF): Bought Apr 2012 at $1,026 PPSF → Resold Oct 2021 at $1,328 PPSF. (+29.4% over 9.5 years). Driver 1 (Market regime timing).
Line C Proxy (3 Bed, ~2355 SF): Unit 7C bought Jan 2007 at $1,354 PPSF → Unit 8C resold Oct 2020 at $2,229 PPSF. (+64.6% baseline growth). Drivers 1 (Market regime timing) & 5 (Sponsor price normalization).
Line B Proxy (2 Bed, 1306 SF): Unit 10B bought Dec 2006 at $801 PPSF → Unit 4B resold Oct 2021 at $1,328 PPSF. (+65.7% baseline growth). Driver 5 (Sponsor price normalization).

Resale Depreciation / Flatline Examples:

Unit 6EG vs 5EG Proxy (4 Bed, 2402 SF): Unit 5EG sold Jun 2024 at $1,602 PPSF → Unit 6EG sold Oct 2025 at $1,582 PPSF (156 DOM). (-1.2% dip; effectively flat). Drivers 1 (Market regime timing) & 3 (Liquidity shift).
Unit 2F (3 Bed, 1829 SF): Resold Nov 2021 at $1,312 PPSF after a massive 279 DOM drag. Compared against higher floor F lines clearing near $1,600/SF, this demonstrates severe structural penalty. Drivers 2 (Line-level premium persistence) & 3 (Liquidity shift).
Unit 5D vs 6D Proxy (2 Bed, 1306 SF): 5D bought Feb 2007 at $1,030 PPSF → 6D sold Oct 2011 at $1,024 PPSF. (Flat early-cycle execution). Driver 1 (Market regime timing).

9. RISKS & RED FLAGS

Large Unit Illiquidity: 3-bedroom and 4-bedroom units suffer chronic structural illiquidity. Recorded secondary wait times of 156 days (6EG), 279 days (2F), and an agonizing 669 days (3F) mean capital is heavily trapped upon exit.
Macro Headwinds: Building-wide PPSF growth has hit a ceiling. Buyers purchasing today around ~$1,600/SF are entering at a market plateau (corroborated by the stagnant NYXRCSA 330-333 benchmark in late 2025/early 2026) and should not expect the aggressive compounding seen by mid-cycle buyers.
Recommendation: Do not buy 3-bedroom or 4-bedroom units expecting a quick flip. The excessive 200+ day median DOM risk for large units will destroy internal rates of return (IRR) on short-term horizons.

10. EXECUTIVE SUMMARY

Contents