The Greenwich by Rafael Viñoly (125 Greenwich Street)
1. BUILDING OVERVIEW (ANALYST FRAMING)
125 Greenwich Street is a new development condo completed in 2019, located in the Financial District. The building consists of 273 units across 88 floors. Based on current data, the building is classified as Yield-Oriented (Development Phase). It significantly outperforms the Financial District sub-market by 26.3% in absolute pricing. However, because only 8 sales have been recorded to date for a 273-unit project, the building is currently in a Sponsor-Driven establishment phase where secondary market behavior (resale compounding) has not yet been established.
2. UNIT MIX & COMPOSITION
Based on the 8 recorded sales and initial rental activity, the building’s inventory is distributed as follows:
2BR: 5 units (~62.5% of activity). Median PPSF: $1,478.
1BR: 3 units (~37.5% of activity). Median PPSF: $1,684.
Studios: 1 recorded rental (~100% of rental activity). Median Rent: $6,000.
Analysis: The building's activity is currently dominated by 2BR units, which represent the bulk of recorded transaction volume. The 1BR units command a significant price strength premium of ~14% over the 2BR units on a PPSF basis ($1,684 vs. $1,478).
3. LINE (STACK) PERFORMANCE — RESALE ONLY
Per the B³ Protocol, there is currently no resale data for this building. All 8 recorded transactions are within the sponsor window or meet the normalization criteria.
Liquidity (Sponsor): The Line C (2BR) and Line A (1BR) stacks are the only lines with recorded closings. Median sponsor DOM is 10 days.
Price Strength (Sponsor): Line A (1BR) units command the highest baseline pricing at $1,648–$1,721 PPSF.
Appreciation: Not yet established. Current pricing represents the initial sponsor floor.
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2019–2024: Development/Pre-Closing Phase.
2025: Sponsor Establishment Phase. Recorded sales are clustering around a median of $1,501 PPSF.
Conclusion: Sponsor-Driven. The building is entering the market while the NYXRCSA index is at a historical peak of 331.14 (Oct 2025).
5. RENT CAPTURE ANALYSIS
Mandatory Metric: Effective Annual Rent
Unit 64E (Studio, 2025): Achieved Rent: $6,000. Rent PPSF: $170.
Analysis: While rental data is limited to a single studio unit, the achieved $170 PPSF is exceptionally high, suggesting the building may function as a high-yield asset once more inventory is released. However, without a Rental DOM, "income leakage" cannot yet be quantified.
6. B³ SCORING SYSTEM (0–100)
Liquidity Score: 60 (High speed for recorded sales (10 days), but low depth with only 2.9% of units sold).
Rent Capture Score: 75 (Based on high nominal rent per SF, though stability is unproven).
Appreciation Score: 50 (Not yet tradeable; score reflects the premium over the sub-neighborhood baseline).
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: 61.5
Category: Yield-Oriented (Development Phase)
Justification: The building meets the Yield-Oriented criteria (Rent ≥ 75, Liquidity ≥ 60) based on early sponsor velocity and high nominal rental pricing.
8. TRANSACTION EXAMPLES
Per the B³ protocol, no resale appreciation examples are available. The following represent the sponsor baselines against which future resales will be measured:
Unit 38A (1BR): Sold for $1,721 PPSF (Aug 2025). Driver: Sponsor price normalization.
Unit 33A (1BR): Sold for $1,648 PPSF (Nov 2025). Driver: Sponsor price normalization.
Unit 29C (2BR): Sold for $1,520 PPSF (Aug 2025). Driver: Sponsor price normalization.
Unit 32C (2BR): Sold for $1,406 PPSF (Dec 2025). Driver: Sponsor price normalization.
9. RISKS & RED FLAGS
Low Market Depth: Only 8 sales recorded in a 273-unit building indicates a potential bottleneck in absorption or a delayed closing cycle.
Benchmark Timing: The building is establishing its price floor while the NYXRCSA benchmark is at an all-time high of 331.14, creating a risk of mean-reversion if the broader market enters a drawdown period.
Red Flag: Do not yet treat this as an Appreciation-Driven asset; until secondary resales occur, the compounding durability of the $1,501 PPSF floor is unverified.
10. EXECUTIVE SUMMARY
125 Greenwich Street is a Yield-Oriented development condo currently in its sponsor establishment phase. The building establishes a significant price premium over the Financial District (+26.3%), driven by high-velocity closings in the 1BR (Line A) and 2BR (Line C) stacks. While early rental data shows a high nominal PPSF of $170, the asset's true performance remains sensitive to sponsor price normalization and future resale liquidity. Opportunity lies in the building’s high-yield potential, but risk is concentrated in the lack of secondary market depth and the high-index timing of its launch.
B³ SCORECARD
Liquidity Score: 60
Rent Capture Score: 75
Appreciation Score: 50
Composite Score: 61.5
Category: Yield-Oriented
Unit Mix: 2BR (62.5%) / 1BR (37.5%) Weighted
Disclosures: All 8 recorded sales were reclassified as Sponsor-Driven because they occurred within the building's initial closing cycle and displayed DOM ≤ 30 days or "No Listing" status. This normalization prevents these sales from being treated as organic resale appreciation. The median building DOM of 10 days reflects sponsor velocity only.