Buildings Hamilton Heights, Morningside Heights, Washington Heights

Edgecombe Parc - 456 West 167 Street

Edgecombe Parc is a 49-unit, 2014-built condominium currently operating as a high-friction, low-appreciation Yield-Oriented asset.

Tony InJe Yeo

Aug 06, 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: New Development Condominium.
Vintage: Built 2014.
Scale: 49 Units across 7 Floors.
Primary Category Classification: Yield-Oriented (with severe capital constraints).
Justification: Post-sponsor data indicates a building struggling acutely with secondary market liquidity and capital preservation. Multiple early buyers have exited at net-negative returns compared to their 2014/2015 sponsor baselines, with resale units routinely languishing on the market for 100 to 230+ days. This total stall in appreciation perfectly maps onto the current stagnant macro environment defined by the NYXRCSA index, which flatlined between 330.5 and 333.0 in late 2025 and early 2026. As a result, the only functional value mechanism in the building is long-term rent capture.

2. UNIT MIX & COMPOSITION

Based on the building's historical transaction footprint:

1-Bedroom (1 to 2 Baths): 31 sales (~46% of sales activity).
2-Bedroom (1 to 2 Baths): 35 sales (~54% of sales activity).
Analysis: The building is evenly bifurcated between 1-bedroom and 2-bedroom floorplans. This balanced mix isolates the buyer pool primarily to investors and entry-level end-users. However, because neither unit size offers sufficient upward mobility for large families (no 3+ bedrooms), the internal market lacks defensive long-term end-users, contributing to high turnover friction.

3. LINE (STACK) PERFORMANCE — RESALE ONLY

A. Liquidity: The secondary market is highly punishing. Resales experience severe drag regardless of size: Unit 5E required 232 days to clear, Unit 3D took 213 days, and Unit 6A sat for 142 days.
B. Price Strength: Peak structural pricing was recorded by the highest floor units (Penthouse/7th floor) during the initial sellout, but these premiums completely failed to hold on the secondary market. Recent resales generally clear tightly between $650 and $720 PPSF.
C. Appreciation: Post-sponsor compounding is functionally negative for many entrants. Secondary exits for 2-bedroom units recorded thus far have frequently cleared at flat or negative absolute values compared to their original 2014/2015 purchase prices.

4. BUILDING-WIDE PPSF TREND (NORMALIZED)

2014–2015 (Sponsor Baseline): Initial developer pricing was aggressively set between $620 and $860 PPSF.
2017–2019 (Mid-Cycle Friction): Some isolated 1-bedrooms saw slight bumps, but larger units began showing heavy liquidity delays and flat trades.
2021–2025 (Macro Plateau & Drawdown): Secondary pricing actively retreated to roughly $650–$721 PPSF (e.g., Unit 1A at $650/SF in 2024; Unit PHE at $721/SF in 2024; Unit 6B at $686/SF in 2025). This contraction aligns perfectly with the stagnant NYXRCSA benchmark, confirming the building has zero upward mobility in the current cycle.
Conclusion: Mean-Reverting / Depreciating.

5. RENT CAPTURE ANALYSIS

A. Rent Capture by Line & Unit Type:
- Unit 7A (2 Bed / 2 Bath - May 2025): Achieved Rent: $3,900/month ($48/SF) | DOM: 7 days.
  - Effective (DOM-adjusted) Annual Rent: $3,900 × (365 − 7) ÷ 365 = $3,825/month ($45,900 annually).
- Unit 5B (2 Bed / 2 Bath - Sep 2023): Achieved Rent: $3,400/month ($53/SF) | DOM: 62 days.
  - Effective (DOM-adjusted) Annual Rent: $3,400 × (365 − 62) ÷ 365 = $2,822/month ($33,864 annually).
- Unit 4F (1 Bed / 1 Bath - Nov 2022): Achieved Rent: $2,450/month ($50/SF) | DOM: 27 days.
  - Effective (DOM-adjusted) Annual Rent: $2,450 × (365 − 27) ÷ 365 = $2,268/month ($27,216 annually).
Conclusion: The building generates moderate top-line rent, but landlord yield is highly erratic. While some units absorb quickly (7 days), it is extremely common for rentals to suffer 40-to-90-day vacancies (e.g., Unit 1D at 70 days, Unit 2F at 97 days), causing significant income leakage.

6. B³ SCORING SYSTEM (0–100)

Liquidity Score: 35/100 (Severe secondary market friction; standard resales frequently languish between 140 and 230+ days).
Rent Capture Score: 65/100 (Acceptable absolute rental pricing, but heavily penalized by erratic 30-to-90 day absorption bottlenecks).
Appreciation Score: 20/100 (Negative structural trajectory; multiple sponsor buyers have exited at steep absolute losses after 6-to-8 year holding periods).

7. COMPOSITE SCORE & CLASSIFICATION

Composite Score: 38.75/100 [(35 × 0.35) + (65 × 0.30) + (20 × 0.35)].
Category Label: Yield-Oriented.
Unit Mix Summary: Evenly distributed entirely between 1-Bedrooms (46%) and 2-Bedrooms (54%).

8. TRANSACTION EXAMPLES (REQUIRED)

Resale Appreciation Examples:

Unit 2C (1 Bed/1 Bath, 550/663 SF): Bought Aug 2014 at $390,390 ($709 PPSF) → Resold May 2021 at $485,000 ($731 PPSF). (+24.2% over 6.7 years; CAGR ~3.2%). Driver 1 (Market regime timing).
Unit 2F (1 Bed/1 Bath, 505/0 SF): Bought Oct 2015 at $468,000 → Resold Sep 2019 at $505,000 (60 DOM). (+7.9% over 3.9 years; CAGR ~1.9%). Driver 1 (Market regime timing).
Unit 1D Proxy (1 Bed, ~589/728 SF): Bought Nov 2014 at $420,810 → Resold Jun 2017 at $628,000 (30 DOM). (+49.2% over 2.6 years). Drivers 1 (Market regime timing) & 5 (Sponsor price normalization).
Unit 4C Proxy (1 Bed, ~558/663 SF): Bought Aug 2014 at $380,250 → Resold Feb 2017 at $530,000 (35 DOM). (+39.3% over 2.5 years). Drivers 1 (Market regime timing) & 5 (Sponsor price normalization).

Resale Depreciation / Flatline Examples:

Unit 3D (2 Bed/2 Bath, 933/728 SF): Bought Jan 2015 at $600,392 → Resold Jul 2021 at $499,000 (213 DOM). (-16.8% absolute loss over 6.5 years). Drivers 1 (Market regime timing), 3 (Liquidity shift), & 5 (Sponsor price normalization).
Unit 5E (2 Bed/2 Bath, 933 SF): Bought Jun 2015 at $631,315 → Resold May 2023 at $610,000 (232 DOM). (-3.3% absolute loss over 7.9 years). Drivers 1 (Market regime timing), 3 (Liquidity shift), & 5 (Sponsor price normalization).
Unit 2A (2 Bed/2 Bath, 947 SF): Bought Jul 2015 at $685,000 → Resold Jun 2021 at $667,500 (24 DOM). (-2.5% absolute loss over 5.9 years). Drivers 1 (Market regime timing) & 5 (Sponsor price normalization).
Unit 3D Repeat (2 Bed/2 Bath, 728 SF): Bought Jul 2021 at $499,000 → Resold Aug 2024 at $500,000. (+0.2% over 3.1 years; functionally flat). Driver 1 (Market regime timing - trapped in macro plateau).

9. RISKS & RED FLAGS

Severe Capital Destruction: Multiple buyers who purchased directly from the sponsor in 2014/2015 exited 6 to 8 years later with net-negative returns (losing 2% to 16% of their initial capital basis).
Paralyzing Secondary Illiquidity: If you need to sell a 2-bedroom unit, you will likely be trapped on the market. Resale DOMs of 142 days (Unit 6A), 213 days (Unit 3D), and 232 days (Unit 5E) dictate a fundamentally illiquid secondary market.
Macro Headwinds: Purchasing today means entering a building actively bleeding capital in an environment where the NYXRCSA index confirms structural stagnation.
Recommendation: Do not buy for capital appreciation or a short-term flip. The asset strictly functions as a long-term rental hold for investors willing to weather significant vacancy friction and flatlined property values.

10. EXECUTIVE SUMMARY

Edgecombe Parc is a 49-unit, 2014-built condominium currently operating as a high-friction, low-appreciation Yield-Oriented asset. Post-sponsor data reveals severe secondary market deterioration: early entrants from the 2014/2015 phase frequently exited at absolute capital losses between 2021 and 2023, while modern resales suffer catastrophic liquidity drag, routinely requiring 140 to 230+ days to clear. This capital destruction explicitly mirrors the flatlined macro environment established by the NYXRCSA index. While the building functions moderately well as a rent-capture vehicle (achieving ~$50/SF), unpredictable 30-to-90-day tenant absorption bottlenecks leak notable income. Opportunity here lies exclusively in exploiting long-term yield; immense risk awaits anyone relying on fast secondary liquidity or capital compounding.

Contents

Buildings Hamilton Heights, Morningside Heights, Washington Heights

Edgecombe Parc - 456 West 167 Street

Edgecombe Parc is a 49-unit, 2014-built condominium currently operating as a high-friction, low-appreciation Yield-Oriented asset.

Tony InJe Yeo

Aug 06, 2026

Contents

1. BUILDING OVERVIEW (ANALYST FRAMING)

Type: New Development Condominium.
Vintage: Built 2014.
Scale: 49 Units across 7 Floors.
Primary Category Classification: Yield-Oriented (with severe capital constraints).
Justification: Post-sponsor data indicates a building struggling acutely with secondary market liquidity and capital preservation. Multiple early buyers have exited at net-negative returns compared to their 2014/2015 sponsor baselines, with resale units routinely languishing on the market for 100 to 230+ days. This total stall in appreciation perfectly maps onto the current stagnant macro environment defined by the NYXRCSA index, which flatlined between 330.5 and 333.0 in late 2025 and early 2026. As a result, the only functional value mechanism in the building is long-term rent capture.

2. UNIT MIX & COMPOSITION

Based on the building's historical transaction footprint:

1-Bedroom (1 to 2 Baths): 31 sales (~46% of sales activity).
2-Bedroom (1 to 2 Baths): 35 sales (~54% of sales activity).
Analysis: The building is evenly bifurcated between 1-bedroom and 2-bedroom floorplans. This balanced mix isolates the buyer pool primarily to investors and entry-level end-users. However, because neither unit size offers sufficient upward mobility for large families (no 3+ bedrooms), the internal market lacks defensive long-term end-users, contributing to high turnover friction.

3. LINE (STACK) PERFORMANCE — RESALE ONLY

A. Liquidity: The secondary market is highly punishing. Resales experience severe drag regardless of size: Unit 5E required 232 days to clear, Unit 3D took 213 days, and Unit 6A sat for 142 days.
B. Price Strength: Peak structural pricing was recorded by the highest floor units (Penthouse/7th floor) during the initial sellout, but these premiums completely failed to hold on the secondary market. Recent resales generally clear tightly between $650 and $720 PPSF.
C. Appreciation: Post-sponsor compounding is functionally negative for many entrants. Secondary exits for 2-bedroom units recorded thus far have frequently cleared at flat or negative absolute values compared to their original 2014/2015 purchase prices.

4. BUILDING-WIDE PPSF TREND (NORMALIZED)

2014–2015 (Sponsor Baseline): Initial developer pricing was aggressively set between $620 and $860 PPSF.
2017–2019 (Mid-Cycle Friction): Some isolated 1-bedrooms saw slight bumps, but larger units began showing heavy liquidity delays and flat trades.
2021–2025 (Macro Plateau & Drawdown): Secondary pricing actively retreated to roughly $650–$721 PPSF (e.g., Unit 1A at $650/SF in 2024; Unit PHE at $721/SF in 2024; Unit 6B at $686/SF in 2025). This contraction aligns perfectly with the stagnant NYXRCSA benchmark, confirming the building has zero upward mobility in the current cycle.
Conclusion: Mean-Reverting / Depreciating.

5. RENT CAPTURE ANALYSIS

A. Rent Capture by Line & Unit Type:
- Unit 7A (2 Bed / 2 Bath - May 2025): Achieved Rent: $3,900/month ($48/SF) | DOM: 7 days.
  - Effective (DOM-adjusted) Annual Rent: $3,900 × (365 − 7) ÷ 365 = $3,825/month ($45,900 annually).
- Unit 5B (2 Bed / 2 Bath - Sep 2023): Achieved Rent: $3,400/month ($53/SF) | DOM: 62 days.
  - Effective (DOM-adjusted) Annual Rent: $3,400 × (365 − 62) ÷ 365 = $2,822/month ($33,864 annually).
- Unit 4F (1 Bed / 1 Bath - Nov 2022): Achieved Rent: $2,450/month ($50/SF) | DOM: 27 days.
  - Effective (DOM-adjusted) Annual Rent: $2,450 × (365 − 27) ÷ 365 = $2,268/month ($27,216 annually).
Conclusion: The building generates moderate top-line rent, but landlord yield is highly erratic. While some units absorb quickly (7 days), it is extremely common for rentals to suffer 40-to-90-day vacancies (e.g., Unit 1D at 70 days, Unit 2F at 97 days), causing significant income leakage.

6. B³ SCORING SYSTEM (0–100)

Liquidity Score: 35/100 (Severe secondary market friction; standard resales frequently languish between 140 and 230+ days).
Rent Capture Score: 65/100 (Acceptable absolute rental pricing, but heavily penalized by erratic 30-to-90 day absorption bottlenecks).
Appreciation Score: 20/100 (Negative structural trajectory; multiple sponsor buyers have exited at steep absolute losses after 6-to-8 year holding periods).

7. COMPOSITE SCORE & CLASSIFICATION

Composite Score: 38.75/100 [(35 × 0.35) + (65 × 0.30) + (20 × 0.35)].
Category Label: Yield-Oriented.
Unit Mix Summary: Evenly distributed entirely between 1-Bedrooms (46%) and 2-Bedrooms (54%).

8. TRANSACTION EXAMPLES (REQUIRED)

Resale Appreciation Examples:

Unit 2C (1 Bed/1 Bath, 550/663 SF): Bought Aug 2014 at $390,390 ($709 PPSF) → Resold May 2021 at $485,000 ($731 PPSF). (+24.2% over 6.7 years; CAGR ~3.2%). Driver 1 (Market regime timing).
Unit 2F (1 Bed/1 Bath, 505/0 SF): Bought Oct 2015 at $468,000 → Resold Sep 2019 at $505,000 (60 DOM). (+7.9% over 3.9 years; CAGR ~1.9%). Driver 1 (Market regime timing).
Unit 1D Proxy (1 Bed, ~589/728 SF): Bought Nov 2014 at $420,810 → Resold Jun 2017 at $628,000 (30 DOM). (+49.2% over 2.6 years). Drivers 1 (Market regime timing) & 5 (Sponsor price normalization).
Unit 4C Proxy (1 Bed, ~558/663 SF): Bought Aug 2014 at $380,250 → Resold Feb 2017 at $530,000 (35 DOM). (+39.3% over 2.5 years). Drivers 1 (Market regime timing) & 5 (Sponsor price normalization).

Resale Depreciation / Flatline Examples:

Unit 3D (2 Bed/2 Bath, 933/728 SF): Bought Jan 2015 at $600,392 → Resold Jul 2021 at $499,000 (213 DOM). (-16.8% absolute loss over 6.5 years). Drivers 1 (Market regime timing), 3 (Liquidity shift), & 5 (Sponsor price normalization).
Unit 5E (2 Bed/2 Bath, 933 SF): Bought Jun 2015 at $631,315 → Resold May 2023 at $610,000 (232 DOM). (-3.3% absolute loss over 7.9 years). Drivers 1 (Market regime timing), 3 (Liquidity shift), & 5 (Sponsor price normalization).
Unit 2A (2 Bed/2 Bath, 947 SF): Bought Jul 2015 at $685,000 → Resold Jun 2021 at $667,500 (24 DOM). (-2.5% absolute loss over 5.9 years). Drivers 1 (Market regime timing) & 5 (Sponsor price normalization).
Unit 3D Repeat (2 Bed/2 Bath, 728 SF): Bought Jul 2021 at $499,000 → Resold Aug 2024 at $500,000. (+0.2% over 3.1 years; functionally flat). Driver 1 (Market regime timing - trapped in macro plateau).

9. RISKS & RED FLAGS

Severe Capital Destruction: Multiple buyers who purchased directly from the sponsor in 2014/2015 exited 6 to 8 years later with net-negative returns (losing 2% to 16% of their initial capital basis).
Paralyzing Secondary Illiquidity: If you need to sell a 2-bedroom unit, you will likely be trapped on the market. Resale DOMs of 142 days (Unit 6A), 213 days (Unit 3D), and 232 days (Unit 5E) dictate a fundamentally illiquid secondary market.
Macro Headwinds: Purchasing today means entering a building actively bleeding capital in an environment where the NYXRCSA index confirms structural stagnation.
Recommendation: Do not buy for capital appreciation or a short-term flip. The asset strictly functions as a long-term rental hold for investors willing to weather significant vacancy friction and flatlined property values.

10. EXECUTIVE SUMMARY

Contents