The Louisiana (300 East 90th Street)

1. BUILDING OVERVIEW (ANALYST FRAMING)

The Louisiana is a Postwar Resale Condo (Built 1988) located in the Yorkville / Upper East Side market. Standing 10 floors tall with 32 units, it functions as a "starter" condo offering part-time doorman services and outdoor space.

Based on transaction history and the current NYXRCSA benchmark of 331.14 (Oct 2025), the building is classified as Yield-Oriented (Secondary: Lagging/Cyclical).

This classification is justified by a structural decoupling from broader market appreciation. While the NYXRCSA index reached an all-time high of 331.14 in late 2025, The Louisiana has exhibited nominal capital regression over medium-term holding periods. The definitive signal is Unit 9B, which sold in May 2016 for $760,000 and resold in Oct 2025 for $680,000—a realized -10.5% nominal loss despite a 9-year holding period,. Listing sources explicitly note the building "Underperforms Yorkville by 13.0%". Value is currently derived from rental yields ($60–$66 PPSF) rather than equity compounding.

2. UNIT MIX & COMPOSITION

Based on transaction-weighted data from 42 recorded listings, the inventory is heavily skewed toward efficient 1-bedroom residences:

• 1BR: ~73% of activity (23 recorded sales). Sizes 657–767 sqft. Dominant Inventory Type.

• 2BR: ~10% of activity (Sales like 5/6A, 7D). Sizes 1,072–1,100 sqft.

• PH/Combinations: Rare inventory (PH9C).

Influence on Behavior: The homogeneous unit mix (mostly ~660 sqft 1BRs) creates a commoditized trading environment. Buyers can easily cross-shop units against neighboring buildings. This standardization supports rental liquidity (median rental DOM is often <30 days) but limits price ceilings, as there is little "trophy" inventory to pull valuations upward.

3. LINE (STACK) PERFORMANCE — RESALE ONLY

Note: Pursuant to the Sponsor Normalization Rule, sales from 2003–2007 marked "No Listing" or with missing DOM (e.g., 2D, 9B, 8B, 2C, 7D, 4D) are treated as Baseline/Conversion transfers and excluded from resale liquidity metrics,.

A. Liquidity

• Fastest: Unit 5/6A sold in 20 days (2020). Unit 9B sold in 42 days (2025),.

• Slowest: Unit 2D took 227 days (2022). Unit 6B took 211 days (2023),.

• Median Resale DOM: Recent performance is mixed. While the building-wide historical median is 42 days, the 2022–2023 period saw significant friction (200+ days) for standard 1BR units, indicating a market pricing disconnect.

B. Price Strength

• Ceiling (Peak): Pricing power peaked in 2015–2016. PH9C sold for $3,356 PPSF ($2.9M) in 2015 (likely a unique combo/reno). Unit 9B sold for $1,137 PPSF ($760k) in 2016,.

• Baseline (Current): The 2023–2025 baseline has reset lower to $992–$1,017 PPSF.

  • Unit 9B: $1,017 PPSF (2025).

  • Unit 6B: $1,010 PPSF (2023).

• Regression: Current trades are clearing ~10–12% below the building's 2016 nominal PPSF peaks for standard units.

C. Appreciation

• Negative Trend: Unit 9B lost -$80,000 nominally between 2016 and 2025,.

• Lagging Growth:Unit 6B gained +22.7% total between 2013 ($550k) and 2023 ($675k), a CAGR of ~2.0%, failing to beat inflation over the decade,.

4. BUILDING-WIDE PPSF TREND (NORMALIZED)

The building is in a Structural Regression phase.

• Sponsor/Early Baseline (2006–2008): Sales cleared $875–$913 PPSF (Units 9B, 8B),.

• Cycle Peak (2016–2017): Standard 1BRs reached $1,092–$1,137 PPSF (Units 8B, 9B).

• Correction (2023): Prices compressed to $992–$1,010 PPSF (Units 5C, 6B).

• Current Reality (2025): Prices hover at $1,017 PPSF, effectively erasing the gains of the last 9 years.

• Trend: Bearish. Despite the NYXRCSA index rising to 331.14 (All-Time High), The Louisiana is trading below its 2016 nominal peaks,.

5. RENT CAPTURE ANALYSIS

Effective Annual Rent Calculation: (Achieved Rent × (365 − Rental DOM) ÷ 365).

A. Rent Capture

• Unit 9B (2023):

  • Rent: $3,700 ($66 PPSF).

  • DOM: 18 days.

  • Effective Rent: ~$3,517/mo.

  • Status: Efficient Capture. Fast absorption.

• Unit 5/6A (2021):

  • Rent: $4,500 ($49 PPSF).

  • DOM: 117 days.

  • Effective Rent: ~$3,057/mo.

  • Status: Leakage. Vacancy destroyed ~32% of the first year's yield potential.

B. Rent Appreciation

• Growth: Unit 9B rented for $3,200 in 2016, $3,200 in 2021, and $3,700 in 2023. +15.6% Total Growth over 7 years (~2.1% CAGR). While growing, it lags market-wide rental spikes,.

• Volatility: Unit 6B rented for $2,900 in 2015 and $3,500 in 2023,.

6. B³ SCORING SYSTEM (0–100)

• Liquidity Score: 45/100 (Mixed performance. While some units move in <30 days, the 2022–2023 period saw DOMs spike to 211–227 days for standard units. Inconsistency drags the score),.

• Rent Capture Score: 65/100 (Decent nominal PPSF [$60–$66] and historically fast absorption for 1BRs. Penalized for slow long-term growth and friction on larger units).

• Appreciation Score: 25/100 (Confirmed nominal loss on Unit 9B [-10.5%]. Lagging performance on Unit 6B. Zero Beta vs NYXRCSA),.

• Composite Score: 44.0/100.

7. TRANSACTION EXAMPLES

Resale Depreciation (Market Regime):

• Unit 9B (1BR / 668 sqft):

  • Sold May 2016: $760,000 ($1,137 PPSF).

  • Sold Oct 2025: $680,000 ($1,017 PPSF).

  • Result: -10.5% Nominal Loss ($80k) over 9.4 years. Driver: 1 (Market Regime).,.

Resale Appreciation (Slow Growth):

• Unit 6B (1BR / 668 sqft):

  • Sold Jan 2013: $550,000 ($823 PPSF).

  • Sold Feb 2023: $675,000 ($1,010 PPSF).

  • Result: +22.7% Nominal Gain over 10.1 years (~2.0% CAGR). Driver: 1.,.

Resale Appreciation (Outlier/Combo):

• Unit PH9C:

  • Sold Feb 2012: $1,550,000 ($1,793 PPSF).

  • Sold Jan 2015: $2,900,000 ($3,356 PPSF).

  • Result: +87% Gain over 3 years. Driver: 2 (Line Premium/Renovation)..

Rent Growth:

• Unit 9B (Rental):

  • Jul 2021 Rent: $3,200.

  • Sep 2023 Rent: $3,700.

  • Result: +15.6% Growth over 2.2 years. Driver: 1..

8. RISKS & RED FLAGS

• Wealth Trap: Buying at 2016 peak prices ($1,100+ PPSF) resulted in realized losses by 2025 (Unit 9B sold for $1,017 PPSF).

• Liquidity Cliff: In softer markets (2022–2023), commodity units sat for 200+ days (Units 2D, 6B),.

• Underperformance: Explicitly flagged as "Underperforming Yorkville by 13.0%".

9. EXECUTIVE SUMMARY

The Louisiana (300 East 90th Street) is a Yield-Oriented starter condo that functions as a stable rental asset but a wealth trap for equity investors who entered near the 2016 peak. Despite the NYXRCSA index hitting an all-time high of 331.14 in 2025, resale values in this building have structurally regressed. Unit 9B realized a 10.5% nominal loss after a 9-year hold ($760k $\to$ $680k), confirming that the building has decoupled from the broader market rally. While rental yields are functional (~$60–$66 PPSF) and 1-bedroom units generally absorb well, the asset fails to generate capital appreciation. Investors should view this as a cash-flow vehicle only, entering at a basis below $950 PPSF to ensure safety,.

B³ SCORECARD

• Liquidity Score: 45

• Rent Capture Score: 65

• Appreciation Score: 25

• Composite Score: 44.0

• Category: Yield-Oriented (Lagging/Cyclical)

• Unit Mix: 73% 1BR / 10% 2BR [Transaction Weighted]

• Sponsor Normalization: Sales from 2003–2007 with "No Listing" or missing DOM reclassified as Baseline/Conversion transfers,.