301 Cathedral Parkway
1. BUILDING OVERVIEW (ANALYST FRAMING)
Building Type: Postwar Resale Condo (Built 1988).
Scale: 20 Floors, 257 Units.
Primary Category: Hybrid (Leaning Core / Defensive).
Justification: Post-sponsor data indicates a highly functional building that achieves a rare balance of strong secondary market liquidity, durable historic appreciation, and highly efficient rent capture. Unlike many new developments in the submarket that suffer from extreme resale illiquidity, 301 Cathedral Parkway clears its baseline 1BR units in a median of just 49 days. The building demonstrated structural compounding from its early $300–$500/SF baselines into a strong $900–$1,100/SF mature plateau. While the asset has experienced slight mid-cycle mean reversion on certain lines recently, it remains relatively stable and loosely tracks the macro resilience of the NYXRCSA benchmark, which reached historic highs of 330–333 in late 2025 and early 2026.
2. UNIT MIX & COMPOSITION
Based on historic sales data across 190 explicitly categorized transactions:
1BR: ~64% of sales volume (121 transactions).
2BR: ~34% of sales volume (64 total transactions across 1 and 1.5 bath layouts).
3BR+: ~2% of sales volume (5 transactions).
Influence on Liquidity & Rent Behavior: The building is perfectly anchored by highly liquid 1BR units, which form a massive 64% of recorded trading volume. This concentration creates a highly stable, functional internal market. The 1BR segment acts as the building's engine, clearing the sales market efficiently (49 days) and absorbing renters rapidly, preventing the structural DOM drag seen in top-heavy, large-format buildings.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
A. Liquidity
Fastest Resale Velocity: 1BR lines clear with exceptional efficiency. Layouts routinely transact in 15 to 45 days (e.g., 4D in 15 days, 11F in 18 days, 6S in 31 days) when priced accurately to the market regime. Overall 1BR median DOM sits at an excellent 49 days.
Slowest Resale Velocity: Larger footprints and specific mispriced units experience friction, though drastically less than neighboring buildings. The 2BR and 3BR layouts carry a median DOM of 71 to 81 days. Extreme outliers exist but are rare (e.g., Unit 16E sat for 330 days, Unit 5B for 237 days).
B. Price Strength
Resale pricing is highly stable. 1BR units heavily dictate the building median, currently settling in the $900–$1,100/SF range (e.g., 11A at $1,035/SF, 6W at $1,052/SF, 14H at $1,119/SF).
C. Appreciation
Lines have compounded reliably over the long term. Holders who entered during the 2004–2010 phases captured massive equity, and even those buying mid-cycle have largely preserved their capital baselines, avoiding the catastrophic mean-reversion seen in hyper-inflated new developments.
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2003–2008 (Maturation): Early volume clearing at $300–$500/SF.
2010–2015 (Growth): Rapid expansion tracking broader macro trends, moving from $650/SF to roughly $850/SF.
2016–2021 (Mid-Cycle Peak): The asset pushes higher, averaging $950–$1,180+/SF on standard clears.
2023–2026 (Plateau / Normalization): A stable plateau settling at $850–$1,100/SF. Conclusion: Compounding into a Stable Plateau. The building securely holds value and successfully tracks the long-term upward trajectory of the NYXRCSA index.
5. RENT CAPTURE ANALYSIS
A. Rent Capture by Line & Unit Type
Formula: Effective Annual Rent = Achieved Rent × (365 − Rental DOM) ÷ 365.
Example 1 (High Efficiency): Unit 11F (1BR). Achieved $3,400/mo. DOM 10. Effective Rent = $3,400 × (365 - 10) ÷ 365 = $3,306/mo.
Example 2 (Moderate Leakage): Unit 16G (2BR). Achieved $4,850/mo. DOM 64. Effective Rent = $4,850 × (365 - 64) ÷ 365 = $3,999/mo.
Example 3 (Severe Leakage): Unit 4S (2BR). Achieved $4,000/mo. DOM 219. Effective Rent = $4,000 × (365 - 219) ÷ 365 = $1,600/mo.
B. Rent Appreciation Nominal rent per SF is robust, frequently yielding $55 to $72/SF on smaller footprints. The building captures yield highly efficiently on standard 1BR lines (frequently clearing under 35 days), though localized leakage occurs when 2BR units suffer erratic 100+ day vacancies.
6. B³ SCORING SYSTEM (0–100)
Liquidity Score: 80
Speed: Excellent. Normalized median resale DOM of 55 days building-wide, led by 49 days on 1BRs.
Consistency: High. Broad market participation and volume.
Rent Capture Score: 78
Efficiency: Strong ($55–$72/SF).
Absorption: Generally excellent on 1BRs, offsetting occasional high-DOM drag on larger lines.
Appreciation Score: 75
Durability: Strong structural compounding from original baselines and excellent mid-cycle capital preservation, mirroring macro benchmarks.
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score = (80 × 0.35) + (78 × 0.30) + (75 × 0.35) = 77.65 Category Assignment: Hybrid (Core/Defensive). The asset securely passes the required thresholds across all three pillars, proving it functions as a highly liquid store of value while simultaneously generating stable rental yields.
8. TRANSACTION EXAMPLES (REQUIRED)
Resale Appreciation (Structural Compounding):
Unit 1P (1BR): Apr 2011 Buy ($697/SF) → Dec 2018 Sell ($1,161/SF). Held 7.6 years. +66% change (CAGR ~6.8%). Driver: Market regime timing.
Unit 14D (1BR): Jun 2012 Buy ($653/SF) → Mar 2019 Sell ($976/SF). Held 6.7 years. +49% change (CAGR ~6.1%). Driver: Market regime timing.
Unit 7D (1BR): Jun 2010 Buy ($719/SF) → May 2015 Sell ($1,055/SF). Held 4.9 years. +46% change (CAGR ~7.9%). Driver: Market regime timing.
Unit 12B (1BR): Jan 2011 Buy ($706/SF) → Dec 2024 Sell ($933/SF). Held 13.9 years. +32% change (CAGR ~2.0%). Driver: Market regime timing.
Resale Depreciation (Late Cycle / Minor Structural Shifts):
Unit 1P (1BR): Dec 2018 Buy ($1,161/SF) → Oct 2024 Sell ($966/SF with 56 DOM). Held 5.8 years. -16% change. Driver: Market regime timing.
1BR Line Normalization: Unit 15H Peak Trade (Apr 2018 at $1,188/SF) vs Unit 3D Resale (May 2026 at $823/SF with 30 DOM). -30% baseline shift. Driver: Market regime timing + Liquidity shift (DOM change).
2BR Line Normalization: Unit 2B Peak Trade (Mar 2018 at $1,271/SF) vs Unit 7G Resale (Oct 2025 at $966/SF with 52 DOM). -24% baseline shift. Driver: Market regime timing.
1BR Line Normalization: Unit 2A Peak Trade (Jan 2024 at $1,190/SF) vs Unit 9B Resale (Jun 2024 at $955/SF). -19% baseline shift. Driver: Market regime timing.
9. RISKS & RED FLAGS
Rental Leakage on Outliers: While rental velocity is generally strong, certain units experience unexplained catastrophic delays on the rental market (e.g., 219 days, 183 days, 120 days).
Late-Cycle Minor Mean Reversion: Buyers who purchased at the absolute 2018–2021 market top may experience 15% to 30% baseline corrections upon exit today.
Avoid: Entering at peak historical PPSF ($1,200+/SF) assuming short-term appreciation. The building is stable but currently operating in a flat pricing plateau.
10. EXECUTIVE SUMMARY
301 Cathedral Parkway is a fundamentally sound, Hybrid (Core/Defensive) postwar condominium that operates as a highly functional internal market. Heavily anchored by 1BR units, the asset boasts excellent structural liquidity (49-day median DOM for 1BRs), sidestepping the massive friction that plagues top-heavy luxury buildings. Post-sponsor data proves the building structurally compounded wealth for early holders and continues to hold its value securely today, accurately tracking the resilient macro trend of the NYXRCSA index. While recent mid-cycle peak buyers have experienced minor pricing corrections, the building remains an exceptionally safe vehicle for capturing efficient rental yield and maintaining long-term defensive capital preservation.
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