Hamilton Parc - 504 West 136 Street
1. BUILDING OVERVIEW (ANALYST FRAMING)
Type: Postwar Resale Condominium.
Vintage: Built 2006.
Scale: 29 Units across 6 Floors.
Primary Category Classification: Hybrid (with emerging Defensive/Plateau traits).
Justification: Post-sponsor data indicates a building that experienced healthy compounding during the 2012–2022 cycles but has hit a severe liquidity and pricing wall in the current market regime. Recent secondary sales (2024–2026) are languishing on the market for 150 to 225 days, and pricing has retreated from its $870–$933/SF peak to a flat $737–$838/SF range. This cooling mirrors the broader macroeconomic environment, correlating explicitly with the NYXRCSA index, which flatlined between 330.5 and 333.0 in late 2025 and early 2026.
2. UNIT MIX & COMPOSITION
Based on 54 historically recorded sales:
1-Bedroom (1 Bath): 29 sales (54% of building sales activity).
2-Bedroom (2 to 2.5 Baths): 25 sales (46% of building sales activity).
Analysis: The building is practically bifurcated between 1-bedroom and 2-bedroom floorplans. This perfectly balanced unit mix limits exposure to specialized family-sized risks but leaves the asset highly exposed to standard market cycles. The rental market is overwhelmingly dominated by the 1-bedroom layouts.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
A. Liquidity: The secondary market has shifted from moderate to highly sluggish. Pre-2020 resales frequently cleared in 20 to 75 days (e.g., Unit 5A at 25 DOM, Unit 4B at 76 DOM). Conversely, post-2024 resales exhibit profound friction: Unit 6C took 225 days, Unit 5B took 171 days, and Unit 6A took 152 days to clear.
B. Price Strength: Peak structural pricing was achieved in 2019–2022 on the E, A, and D lines, commanding premiums between $878/SF and $933/SF.
C. Appreciation: Long-term holds from the 2006 sponsor phase compounded moderately, but mid-cycle buyers (2015–2017) have seen functionally zero to negative growth upon exiting in the 2020s.
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2006 (Sponsor Baseline): Initial pricing was highly erratic, ranging from $460/SF to $679/SF depending on the line.
2012–2016 (Mid-Cycle Recovery): Prices stabilized and grew into the $770–$800/SF range.
2019–2022 (Peak Cycle): Significant compounding achieved, pushing values to $840–$933/SF.
2024–2026 (Macro Plateau): Pricing has retreated to $737–$838/SF. This contraction aligns perfectly with the NYXRCSA benchmark, which peaked and subsequently plateaued into 2026, confirming that the building's peak growth era has ended.
Conclusion: Cyclical / Mean-Reverting.
5. RENT CAPTURE ANALYSIS
A. Rent Capture by Line & Unit Type:
Unit 3C (1 Bed / 1 Bath - Aug 2024): Achieved Rent: $2,850/month ($55/SF) | DOM: 18 days.
Effective (DOM-adjusted) Annual Rent: $2,850 × (365 − 18) ÷ 365 = $2,709/month ($32,513 annually).
Unit 4C (1 Bed / 1 Bath - Jun 2022): Achieved Rent: $2,700/month ($50/SF) | DOM: 49 days.
Effective (DOM-adjusted) Annual Rent: $2,700 × (365 − 49) ÷ 365 = $2,337/month ($28,050 annually).
Unit 3E (1 Bed / 1 Bath - Jul 2021): Achieved Rent: $2,250/month ($44/SF) | DOM: 109 days.
Effective (DOM-adjusted) Annual Rent: $2,250 × (365 − 109) ÷ 365 = $1,578/month ($18,936 annually).
Conclusion: The building experiences highly inconsistent rental leakage. While some units rent swiftly (14–18 DOM), many lines sit vacant for 50 to 100+ days, severely diluting the landlord's effective yield.
6. B³ SCORING SYSTEM (0–100)
Liquidity Score: 45/100 (Severe deterioration in recent years; 2024-2026 resales routinely suffer 150 to 225+ DOMs).
Rent Capture Score: 60/100 (Rents are adequate at $39-$55/SF, but unpredictable 40–100+ day vacancy bottlenecks strictly compromise yield stability).
Appreciation Score: 55/100 (Decent initial 15-year compounding from sponsor baseline, but post-2017 mid-cycle buyers are experiencing flatlined returns).
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: 53.25/100 [(45 × 0.35) + (60 × 0.30) + (55 × 0.35)].
Category Label: Hybrid.
Unit Mix Summary: Evenly distributed between 1-Bedrooms (54%) and 2-Bedrooms (46%).
8. TRANSACTION EXAMPLES (REQUIRED)
Resale Appreciation Examples:
Unit 5A (1 Bed/1 Bath, 636 SF): Bought Oct 2006 at $661 PPSF → Resold Sep 2021 at $872 PPSF. (+31.9% over 14.9 years). Drivers 1 (Market regime timing) & 5 (Sponsor price normalization).
Unit 2C (1 Bed/1 Bath, 642 SF): Bought Oct 2006 at $581 PPSF → Resold Jan 2023 at $852 PPSF. (+46.6% over 16.2 years). Driver 1 (Market regime timing).
Unit 4C (1 Bed/1 Bath, 642 SF): Bought Oct 2006 at $584 PPSF → Resold Jul 2016 at $794 PPSF. (+35.9% over 9.7 years). Driver 1 (Market regime timing).
Unit 6A (1 Bed/1 Bath, 636 SF): Bought Oct 2006 at $677 PPSF → Resold Apr 2026 at $820 PPSF. (+21.1% over 19.5 years; extremely weak CAGR). Drivers 1 (Market regime timing) & 3 (Liquidity shift - 152 DOM to exit).
Resale Depreciation / Flatline Examples:
Unit 5B (2 Bed/2 Bath, 1028 SF): Bought Feb 2017 at $812 PPSF → Resold Mar 2025 at $830 PPSF. (+2.2% over 8.1 years; functionally flat). Driver 1 (Market regime timing - purchased near mid-cycle, exited during macro plateau).
Unit 1C (1 Bed/1 Bath, 642 SF): Bought Nov 2006 at $463 PPSF → Resold Jun 2010 at $478 PPSF (207 DOM). (+3.2% over 3.6 years). Drivers 1 (Market regime timing) & 3 (Liquidity shift).
Unit 1E (1 Bed/1 Bath, 1690 SF): Bought Oct 2006 at $574 PPSF → Resold May 2015 at $275 PPSF. (-52% over 8.5 years). Drivers 1 (Market regime timing) & 4 (Unit size imbalance - massively oversized 1BR floorplan forced steep discount to clear).
9. RISKS & RED FLAGS
Evaporating Liquidity: The secondary market has frozen for recent sellers. While early resales cleared in 20-40 days, recent sellers in 2024–2026 have endured tortuous 152, 171, and 225-day wait times to clear units.
Stalled Appreciation: Buying into Hamilton Parc today at $750–$830/SF means buying at the exact plateau of the market. The NYXRCSA index confirms that the compounding cycle ended around 2022, and recent trades prove that secondary capital growth has strictly stalled.
Rental Drag: Investors face highly unpredictable leasing timelines, with some units requiring 60 to 109 days to find a tenant, severely disrupting annualized yield.
Recommendation: Do not buy for short-term flips or aggressive compounding. The excessive resale DOM dictates that owners must be prepared to hold long-term and weather significant friction upon exit.
10. EXECUTIVE SUMMARY
Hamilton Parc is a 29-unit, 2006-built postwar condo operating as a Hybrid asset currently stalled by macro market headwinds. Post-sponsor behavior proves this building successfully compounded value from 2012 into the 2020 peak ($933/SF max), but has since hit a structural ceiling. Today, the asset suffers from severe liquidity drag—evidenced by 2024–2026 resales requiring 150 to 225 days to clear—and plateaued pricing ($737–$838/SF) that identically mirrors the stagnant NYXRCSA benchmark. While its evenly split 1-bedroom and 2-bedroom mix provides a balanced internal framework, unpredictable rental vacancy periods (ranging widely from 14 to 109 days) leak considerable income. Opportunity here is strictly defensive for long-term holders; acute risk exists for any buyer reliant on fast secondary market liquidity or short-term compounding.
