The Ritz-Carlton Residences (10 West Street)
1. BUILDING OVERVIEW (ANALYST FRAMING)
The Ritz-Carlton Residences (10 West Street) is a mature postwar resale condo built in 2001 in Battery Park City. Standing 37 floors with 113 units, it is a full-service development. Based on post-sponsor behavior, the building is classified as a Hybrid asset. It exhibits deep transaction history with 164 recorded sales and 71 rentals, notably outperforming the Battery Park City sub-neighborhood by 6.0%. Its performance is anchored by a high concentration of luxury multi-bedroom units that command elite PPSF premiums, balanced by a rental market that achieves strong efficiency but is prone to high-DOM "income leakage".
2. UNIT MIX & COMPOSITION
The unit mix is transaction-weighted based on 164 recorded sales.
Unit Type | # Sales Activity | % of Sales | Median PPSF | Median DOM |
1BR | ~28 | 17.1% | $1,140 | 140 |
2BR | ~53 | 32.3% | $1,051 | 184 |
3BR | ~35 | 21.3% | $1,377 | 104 |
4BR+ | ~28 | 17.1% | $1,182 | 75 |
Liquidity stability is driven by the 2-bedroom segment, which accounts for nearly a third of all building activity. Volatility is concentrated in the 1-bedroom and 2-bedroom segments, which exhibit the highest median days on market (140–184 days). The 4BR+ segment acts as a liquidity agent, clearing significantly faster (75 days) than the smaller 1BR and 2BR units, suggesting a unique demand for rare large-format luxury inventory in this sub-neighborhood.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
A. Liquidity: Fastest-clearing resale lines include the 'G' and 'D' stacks. Unit 20D cleared in 4 days and unit 18G in 29 days. Slowest-clearing lines include the 'C' and 'E' stacks, with unit 34C languishing for 330 days, 16C for 318 days, and 30E for 248 days.
B. Price Strength: The high-floor 'A' and 'G' lines command structural premiums. Unit 28A reached $1,923 PPSF and 20G hit $1,522 PPSF. Structural discounts are found in the 'C' stack, with unit 16C trading at $991 PPSF and 21C at $1,005 PPSF.
C. Appreciation: The building is Compounding. Line 'D' moved from a sponsor-era baseline of $889 PPSF (2003) to a resale peak of $1,192 PPSF (2025). Line 'G' (2-bedroom) moved from $1,498 PPSF (2011) to $1,522 PPSF (2025).
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2003–2005 (Sponsor/Early Period): Median PPSF established in the $700–$950 band.
2015–2017 (Expansion Period): Pricing stepped aggressively into the $1,400–$1,800 band.
2021–2025 (Maturity): Resale values stabilized between $1,100 and $1,600, significantly outperforming the NYXRCSA Oct 2025 benchmark of 331.14.
Conclusion: Compounding. The building has effectively raised its valuation floor by ~40% since the sponsor era.
5. RENT CAPTURE ANALYSIS
MANDATORY: Effective Annual Rent = Achieved Rent × (365 − Rental DOM) ÷ 365.
High-Capture (Unit 34C): Rent $10,500, DOM 7. Effective Rent = $10,298.
Mid-Capture (Unit 26G): Rent $14,750, DOM 62. Effective Rent = $12,248.
Leaky (Unit 33B): Rent $5,650, DOM 112. Effective Rent = $3,916.
Extreme Leakage (Unit 25G): Rent $15,500, DOM 154. Effective Rent = $8,960.
Rent efficiency is elite in the 2BR/3BR segments ($80–$95 Yearly PPSF), but the building is prone to severe income leakage due to extreme rental DOM outliers exceeding 150 days.
6. B³ SCORING SYSTEM (0–100)
Liquidity Score: 62 (Speed is a drag with a 140-day building median; however, depth is high with 1.45x turnover relative to unit count).
Rent Capture Score: 75 (Elite Yearly PPSF efficiency is balanced by high-DOM vacancy leakage in luxury stacks).
Appreciation Score: 80 (Durable line-level compounding and 6.0% outperformance against the Battery Park City sub-neighborhood).
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: (62 × 0.35) + (75 × 0.30) + (80 × 0.35) = 72.2.
Category Label: Hybrid.
Unit Mix Summary: ~32% 2BR, ~21% 3BR, ~17% 1BR, ~17% 4BR+.
8. TRANSACTION EXAMPLES
Resale Appreciation:
Unit 20D (1BR): $889 PPSF (2003) → $1,192 PPSF (2025). +34%. Drivers: (1) Market regime timing, (5) Sponsor price normalization.
Unit 16D (1BR): $845 PPSF (2003) → $1,276 PPSF (2020). +51%. Drivers: (2) Line-level premium persistence.
Unit PH2C (4BR): $1,114 PPSF (2005) → $1,467 PPSF (2021). +31%. Drivers: (1) Market regime timing, (3) Liquidity shift.
Unit 33C (2BR): $854 PPSF (2003) → $1,272 PPSF (2022). +49%. Drivers: (2) Line-level premium persistence.
Resale Depreciation / Drawdown:
Unit 15A (2BR): $1,462 PPSF (2015) → $1,111 PPSF (2018). -24%. Drivers: (1) Market regime timing.
Unit 20C (2BR): $964 PPSF (2010) → $1,005 PPSF (2021). Flat growth. Drivers: (4) Unit size / unit mix imbalance.
Unit 34E (4BR): $2,020 PPSF (2019) → $1,336 PPSF (2011). (Cyclical Drawdown). Drivers: (1) Market regime timing.
Unit 18A (3BR): $1,669 PPSF (2017) → $1,486 PPSF (2012). (Cyclical Drawdown). Drivers: (3) Liquidity shift.
9. RISKS & RED FLAGS
Chronic Long Resale DOM: The 1BR and 2BR segments are illiquidity agents, with medians reaching 140–184 days.
Income Leakage: The 'G' rental line shows extreme vacancy risk (154 days), potentially erasing 42% of annual income.
What NOT to buy: Lower-floor 'C' stack units. These units exhibit the building's weakest price persistence, consistently trading below the $1,000 PPSF psychological floor during market corrections.
10. EXECUTIVE SUMMARY
The Ritz-Carlton Residences is a high-depth Hybrid asset that serves as a performance anchor for Battery Park City, outperforming the sub-neighborhood by 6.0%. The building's health is driven by its 4BR+ and 3BR segments, which clear faster than smaller units and capture elite rent efficiency up to $95/SF. While the building has demonstrated robust compounding appreciation since its 2003 sponsor cycle, investors face significant "income leakage" in the rental market for larger units and substantial liquidity risk in the 2BR sector where marketing periods exceed six months. Opportunity lies in high-floor 'A' and 'G' lines with proven premium persistence, while risk is concentrated in lower-floor 'C' units prone to chronic market lag.
