Bing & Bing (299 West 12th Street)
1. BUILDING OVERVIEW (ANALYST FRAMING)
Type: Pre-war Condo (Bing & Bing, 1930)
Scale: 178 Units, 17 Floors
Classification: Core / Defensive
Justification: 299 West 12th Street functions as a "Store of Value" asset. While it commands a massive premium over the West Village sub-neighborhood (+16.3%), its post-2016 appreciation profile is sluggish, often trailing the NYXRCSA benchmark. However, it exhibits Elite Rent Capture (consistently >$120/SF), confirming its status as a "Blue Chip" defensive hold where value is retained through desirability and yield rather than aggressive capital compounding.
2. UNIT MIX & COMPOSITION
The unit mix is transaction-weighted, heavily skewed toward Pied-à-terre friendly layouts.
Studios: ~30% of activity (Lines A, B, H, L). High velocity.
1 Beds: ~55% of activity (Lines C, E, F, G, J, K). The dominant inventory.
2 Beds: ~10% of activity (Lines D, GH combos). Rare.
3+ Beds: <5% (Combinations like PH).
Analysis: The dominance of small units creates a high-turnover environment suited for investors and transient residents. The scarcity of 2+ bedroom units creates a Liquidity Shift where family-sized units (e.g., Line D) command scarcity premiums but trade infrequently.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
A. Liquidity (Post-Sponsor)
Fastest: Unit 6K (11 Days, 2024), Unit 6G (21 Days, 2025).
Slowest: Unit 14B (270 Days, 2023), Unit 4D (141 Days rental DOM history implies sales drag).
Observation: Liquidity is generally high for well-priced units (<60 days), but aspirational pricing on "commodity" 1-beds leads to significant stale inventory.
B. Price Strength
Baseline PPSF: ~$2,200 – $2,800 PPSF.
Premium Lines: The "G" and "E" lines (open views) command $3,000+ PPSF. (e.g., 6G sold for $3,550 PPSF in 2025).
Structural Discount: First-floor units (1A, 1I) trade at severe discounts (~$400-$800 PPSF), essentially a different asset class.
C. Appreciation
Mean-Reverters: Units bought during the 2016/2017 peak have struggled to compound.
Unit 6K: Bought 2017 ($1.925M) $\rightarrow$ Sold 2024 ($2.25M). +16% over 7 years (2.2% CAGR), barely matching inflation.
Compounders: Long-term holds (Pre-2012 basis) show massive gains, but recent vintages are flat.
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2014-2016 (Peak): High volume of sales >$2,800 PPSF (e.g., 6E at $2,923 PPSF in 2016).
2020-2021 (Correction): Prices dipped. Unit 12AB sold for $2.1M (2020) after trading for $2.75M (2016).
2024-2025 (Recovery/Stagnation): While high-floor units like 6G hit $3,550 PPSF in 2025, many standard units (e.g., 6K) are trading near 2017 levels ($2,600 PPSF). The building has not fully participated in the post-COVID "boom" seen in new developments, behaving more like a bond.
5. RENT CAPTURE ANALYSIS
A. Rent Capture by Line Rent capture is the building's strongest metric, consistently exceeding $115/SF.
Unit 3JH (2 Bed): Rented $16,750/mo.
Effective Rent PPSF: ~$146/SF.
Unit 12C (1 Bed): Rented $8,500/mo.
Effective Rent PPSF: ~$140/SF.
Unit 11F (1 Bed): Rented $8,350/mo.
Effective Rent PPSF: ~$117/SF.
B. Rent Appreciation
Unit 3JH: Aug 2024 ($16,250) $\rightarrow$ Oct 2025 ($16,750). Stable/Slight Growth.
Unit 5F: Nov 2021 ($6,750) $\rightarrow$ Oct 2024 ($8,200). +21% Growth in 3 years.
Conclusion: Income yields are compounding faster than asset prices.
6. B³ SCORING SYSTEM (0–100)
A. Liquidity Score: 78/100
Speed: Good (Median DOM often <60 days).
Consistency: High volume of transactions ensures a market always exists.
B. Rent Capture Score: 92/100
Efficiency: Elite. $120-$140 PPSF is top-tier for Pre-war stock.
Absorption: Fast. Rental DOM is frequently <30 days.
C. Appreciation Score: 58/100
Magnitude: Low. 2017–2025 returns are lackluster (~2% CAGR).
Durability: High floor, but low ceiling. Prices hold but don't spike.
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: $(78 \times 0.35) + (92 \times 0.30) + (58 \times 0.35) = 27.3 + 27.6 + 20.3 =$ 75.2
Category: Core / Defensive (High Liquidity and Elite Rent Capture balance out the moderate Appreciation. This is a wealth preservation asset.)
8.TRANSACTION EXAMPLES
Resale Appreciation (Long Term / Specific Lines)
Unit 6K (1 Bed):
Bought Jan 2011: $1,300,000
Sold Sep 2024: $2,250,000
Change: +73% (CAGR ~4.2%).
Driver: Market regime timing (Bought post-GFC).
Unit 6G (1 Bed):
Bought Mar 2013: $1,855,000
Sold Jun 2025: $3,000,000
Change: +61% (CAGR ~4%).
Driver: Line-level premium persistence (G line commands premium).
Unit 11D (2 Bed):
Bought Apr 2013: $3,400,000
Sold Jun 2021: $4,150,000
Change: +22% (CAGR ~2.5%).
Driver: Unit size/mix (Rare 2-bed scarcity).
Unit 9G (1 Bed):
Bought Jun 2014: $2,200,000
Sold Jun 2016: $2,825,000
Change: +28%.
Driver: Market regime timing (Sold into the 2016 peak).
Resale Depreciation / Flat (The 2016 Vintage Problem)
Unit 12AB (Combo):
Bought May 2016: $2,750,000
Sold Jun 2020: $2,100,000
Change: -23.6%.
Driver: Market regime timing (Sold during COVID low).
Unit 6E (1 Bed):
Bought Feb 2016: $2,400,000
Sold Dec 2021: $2,250,000
Change: -6.2%.
Driver: Market regime timing (2016 valuations were overheated).
Unit 14E (1 Bed):
Sold May 2017 (Unit 16E comp): $2,900,000
Sold Dec 2023: $2,800,000
Change: -3.4% (Nominal loss, massive real loss).
Driver: Line-level premium persistence (Upper floor premiums compressed).
Unit 12L (Studio):
Bought Dec 2017: $1,017,231
Est. Value based on 3B (2025): ~$1,150,000
Change: Flat/Minimal growth over 8 years.
Driver: Unit size/mix (Commodity studios have a price ceiling).
9. RISKS & RED FLAGS
The 2016 Price Ceiling: Buyers should be extremely wary of paying 2015/2016 PPSF levels ($2,800+). The building has shown strong resistance to breaking these highs.
Ground Floor Discounts: Units like 1A/1I trade at massive discounts ($400-$800k total price) vs upper floors. These are Value Traps with very low liquidity and appreciation potential.
High Carrying Costs: As a full-service pre-war condo, common charges are likely high, compressing net yields despite the high gross rent per SF.
10. EXECUTIVE SUMMARY
299 West 12th Street is a Core / Defensive asset that behaves like a "Bond Proxy" in the West Village market. While it significantly outperforms the sub-neighborhood in price-per-square-foot metrics (+16%), its appreciation engine has stalled; units purchased in the 2016/2017 cycle have largely traded flat or down in the 2024/2025 market. However, the building is an Income Powerhouse, generating elite rental yields ($120–$145/SF) with minimal vacancy risk. Ideally suited for wealth preservation and rental income, but poor for short-term capital appreciation.
B³ SCORECARD
Metric | Score |
Liquidity | 78 |
Rent Capture | 92 |
Appreciation | 58 |
COMPOSITE | 75.2 |
Category | Core / Defensive |
Unit Mix (Transaction Weighted):
Studio: 30%
1 Bed: 55% (Dominant)
2 Bed: 10%
3+ Bed: 5%