Christadora House (143 Avenue B)
1. BUILDING OVERVIEW (ANALYST FRAMING)
Building Type: Prewar Conversion (Built 1928, Converted 1986)
Scale: 15 Floors, ~85 Units
Classification: Yield-Oriented
Justification: Post-sponsor resale data portrays Christadora House as a "Yield-Oriented" asset where rental income capture significantly outperforms capital appreciation. While the building commands strong rents (Gross Yields ~6–7%), resale liquidity is sluggish, with 2024–2025 inventory frequently sitting for 100 to 200+ days. Long-term appreciation has severely underperformed the NYXRCSA benchmark; for example, units held from 2010–2024 saw ~32% nominal growth while the broader index nearly doubled.
2. UNIT MIX & COMPOSITION
Data Basis: Transaction-weighted inventory (N=98 sales records).
Composition:
Studios (~388–500 SF): High rental velocity; approx. 30% of activity.
1-Beds (~500–1,000 SF): The core inventory. Wide size variance (some "1-beds" are loft-like ~1,000 SF).
2-Beds (~950–1,450 SF): Less frequent, often corner units or combinations.
3-Beds (PH Level): Rare luxury inventory (e.g., PHA/PHB).
Impact: The high concentration of small-to-medium units supports the rental market, driving high price-per-square-foot (PPSF) returns for landlords. However, the lack of uniformity in 1-bedroom sizes (ranging from 500 to 1,000 SF) creates valuation complexity that slows down resale liquidity.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
Sponsor normalization: Building converted in 1986; provided dataset (2002–2025) is entirely resale/secondary market.
A. Liquidity (Speed)
Rank 1 (Fastest): Premium High-Floor Units (Views drive speed, e.g., 10EF in 2021: 21 days).
Rank 2 (Slowest): Standard 1-Beds / Lower Floors.
Recent Shift (2024–2025): Severe Drag.
Unit 4A (1-Bed): 242 Days (Sold Nov 2024).
Unit 9D (1-Bed): 203 Days (Sold Feb 2025).
Unit 8A (1-Bed): 161 Days (Sold Dec 2024).
Unit 7C (Studio): 100 Days (Sold Dec 2025).
Conclusion: The building is currently facing a liquidity crunch.
B. Appreciation (Durability)
A-Line (1-Bed, ~918 SF): Stagnant.
Unit 4A sold for $999k in 2017 and $1.10M in 2024.
Result: +10% total over 7 years (~1.4% CAGR). Matches inflation, equals zero real growth.
C-Line (Studio, ~388 SF): Underperforming.
Unit 9C sold for $490k in 2010 and $649k in 2024.
Result: +32% over 14 years. (Benchmark Context: NYXRCSA Index rose ~90% in this period).
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
Volatility (View Premium): The building has a massive spread based on views (Tompkins Square Park).
Standard Units: Trade ~$1,200–$1,600 PPSF (e.g., Unit 4A @ $1,198 PPSF in 2024).
Premium Units: Trade ~$2,000+ PPSF (e.g., Unit 12E @ $2,000 PPSF in 2025).
Cycle Trend:
2015–2017 Peak: High water mark for standard units (e.g., 5A sold for $1.66M in 2013; 5A sold for $1.5M in 2020).
2024–2025 Reality: Prices have stabilized but show no breakout growth. The gap between standard and premium units is widening.
5. RENT CAPTURE ANALYSIS
A. Rent Capture by Line (2024–2025)
1-Beds (Yield Drivers):
Unit 6A: Sold $820,000 (Sep 2025). Rented $4,900 (Nov 2025).
Gross Yield: ~7.1%. (Elite capture).
PPSF: ~$98/ft rental.
Unit 8A: Sold $1,025,000 (Dec 2024). Rented $5,000 (May 2025).
Gross Yield: ~5.8%.
Studios:
Unit 11F (Jan 2024): $3,700 ($110/ft). DOM: 35 Days.
Unit 9C (Jul 2021): $2,350 ($70/ft) -> Massive jump in 2024/25 market implied by 11F comp.
B. Conclusion Rent capture is the building's "Superpower." While owners struggle to sell (200+ DOM) and see flat appreciation, the asset generates cash flow comparable to a bond yielding 6–7%.
6. B³ SCORING SYSTEM (0–100)
(Scores 0–100 based on Normalized Data)
A. Liquidity Score: 30/100
Penalty: 2024–2025 median resale DOM is extremely high (often >100 days).
Penalty: Significant "stale" inventory (Unit 9D took 203 days).
B. Rent Capture Score: 92/100
Strength: High Rent PPSF ($90–$110).
Strength: Proven cap rates of ~6–7% on recent transactions.
Strength: Rental DOM (20–30 days) is far superior to Sales DOM.
C. Appreciation Score: 40/100
Penalty: Significant underperformance against NYXRCSA benchmark over 10-15 year horizons.
Penalty: Flat nominal growth for 2017 buyers (Unit 4A).
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: 52 (Liquidity 30 × 0.35) + (Rent 92 × 0.30) + (Appreciation 40 × 0.35)
Classification: Yield-Oriented
Definition: A "Cash Flow Only" asset. Investors should buy for the 6%+ yield. Buying for short-term equity growth is risky due to low liquidity and historical underperformance.
8. TRANSACTION EXAMPLES
Resale Appreciation (Long-Term Holds):
Unit 8A (1-Bed):
Bought Feb 2011: $690,000
Sold Dec 2024: $1,025,000
Result: +48% over 13 years (~3% CAGR).
Driver: Market Regime Timing (Bought post-GFC low).
Unit 14B (1-Bed):
Bought Apr 2005: $858,000
Sold Feb 2018: $1,150,000
Result: +34% over 13 years.
Driver: Market Regime Timing.
Unit 12A (1-Bed):
Bought Jul 2009: $585,000
Sold Sep 2022: $1,100,000
Result: +88% over 13 years.
Driver: Market Regime Timing (Bought at absolute market bottom).
Unit 14E (1-Bed):
Bought Dec 2015: $931,000
Sold Jul 2023: $1,100,000
Result: +18% over 8 years.
Driver: Line-level premium persistence (High floor).
Resale Stagnation / Underperformance:
Unit 4A (1-Bed):
Bought Sep 2017: $999,999
Sold Nov 2024: $1,100,000
Result: +10% (Nominal) over 7 years.
Context: NYXRCSA Index rose ~22% in this period.
Driver: Liquidity Shift (242 Days on Market forced pricing reality).
Unit 9C (Studio):
Bought Jun 2010: $490,000
Sold Oct 2024: $649,000
Result: +32% over 14 years.
Context: NYXRCSA Index rose ~90% in same period. Severe underperformance.
Driver: Unit Size/Mix Imbalance (Studios lag in appreciation).
Unit 4B (1-Bed):
Bought Jul 2007: $1,800,000
Sold Jun 2012: $1,050,000
Result: -41% Loss.
Driver: Market Regime Timing (2007 Bubble vs 2012 Recovery).
Unit 6D (1-Bed):
Bought May 2020: $925,000
Sold Apr 2022: $1,030,000
Result: +11% over 2 years.
Driver: Market Regime Timing (COVID dip to rebound).
9. RISKS & RED FLAGS
Red Flag: Liquidity Trap (200+ Days). Units 4A (242 days) and 9D (203 days) illustrate that sellers cannot exit quickly. This lack of liquidity forces price concessions and increases carrying costs.
Risk: Decoupling from Benchmark. While the NYXRCSA Index hit all-time highs (330) in late 2025, Christadora House units like 9C and 4A are trading at valuations closer to 2017 levels. The building is not participating in the broader market rally.
Outlier Data: Unit 6B sales ($221k in 2021, $319k in 2023) appear to be distressed or restricted transfers. These should be ignored for market valuation but indicate potential idiosyncratic building issues or regulated tenancy situations.
10. EXECUTIVE SUMMARY
Christadora House (143 Avenue B) behaves as a classic Yield-Oriented asset: it is a powerful income generator that struggles to compound equity value. Post-sponsor analysis reveals a building where rental yields for 2025 buyers are exceptional (estimated ~7% cap rates for units like 6A), yet resale liquidity is critically low, with inventory frequently languishing for 6 to 8 months. While high-floor units with park views command significant premiums ($2,000+ PPSF), standard units have seen minimal appreciation over the last 7–10 years, significantly underperforming the NYXRCSA benchmark. Investors should view this as a "bond with a view"—buy for the stable, high rental income, but do not expect capital appreciation to beat the market.
DISCLOSURES & NORMALIZATION
Sponsor Normalization: The building was converted in 1986. The provided dataset (2002–2025) is entirely secondary market/resale. No sponsor exclusions were necessary for this specific dataset.
Data Note: Unit 6B transactions (2021/2023) were excluded from appreciation averages as they represent clear outliers ($500 PPSF vs building median ~$1,300+), likely due to non-market transfers or distress.
Yield Calculation: Gross Yields derived from actual 2025 sales paired with actual 2025 rentals of the same or identical units (e.g., Unit 6A).