MANDARIN PLAZA (376 BROADWAY)
1. BUILDING OVERVIEW (ANALYST FRAMING)
Building Type: Post-war Condo (1988 Vintage, Chinatown/Tribeca border).
Scale: 163 Units, 25 Floors.
Classification: Yield-Oriented
Justification: Mandarin Plaza operates as a pure income generator with negligible capital appreciation characteristics. While the NYXRCSA benchmark index has climbed to 330.28 (Nov 2025), representing broad market inflation, this building’s asset values have remained structurally stagnant for over a decade. Resale pricing in 2025 ($1,000–$1,170 PPSF) is effectively identical to pricing in 2015 ($1,100–$1,200 PPSF). However, Rent Capture is elite, driven by small unit sizes (Driver 4) and high demand, resulting in gross yields frequently exceeding 7–8%. The building functions as a "Cash Cow" where equity value is flat in nominal terms and negative in real terms, but rental income is robust.
2. UNIT MIX & COMPOSITION
Inventory based on transaction history.
Studios/1BR: Dominant Inventory (~75%+). Lines A, C, D, E, G, and H are typically small footprints (465–600 SF). This creates high rental velocity but limits price appreciation ceilings.
2BR: Moderate Share. Lines B and F (810–900 SF). These are the "family" units but are compact for the segment.
Analysis: The building is heavily weighted toward transient, high-velocity rental units (Driver 4: Unit Mix Imbalance). The predominance of <600 SF studios creates a "dormitory" liquidity profile: high turnover, high rental density, but a cap on resale values because the units lack the scarcity or scale to compete with luxury inventory in neighboring Tribeca.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
A. Liquidity (2024–2025 Resale Data) Liquidity is bifurcated between off-market investor trades and sluggish open-market listings.
Fastest (Off-Market/Investor): Unit 17E (No Listing), Unit 3F (No Listing), Unit 19A (No Listing).
Slowest (Listed Market): Unit 4F (190 Days), Unit 24D (175 Days).
Observation: Listed inventory struggles to clear (Driver 3: Liquidity Shift). The median DOM for listed units is significantly higher than the building's historical average of 90 days.
B. Price Strength
Upper Floors (View/Light): Line D (high floor) trades at a premium. Unit 24D sold for $1,483 PPSF (Nov 2024).
Standard Floors: Trade consistently at $1,000–$1,170 PPSF.
Unit 4F: $1,170 PPSF (2025).
Unit 17E: $1,033 PPSF (2025).
Unit 21E: $1,058 PPSF (2024).
C. Appreciation
Stagnation: Comparing 2015 sales to 2025 sales reveals a "Lost Decade."
2015 Median PPSF: ~$1,100–$1,200.
2025 Median PPSF: ~$1,100–$1,170.
Conclusion: Zero nominal appreciation. Massive real value destruction against the NYXRCSA benchmark.
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2015–2016 (Peak/Plateau): ~$1,100–$1,250 PPSF. (e.g., Unit 14B @ $1,233 PPSF).
2020–2021 (Correction): ~$1,000–$1,150 PPSF. (e.g., Unit 5G @ $1,050 PPSF).
2024–2025 (Current): ~$1,000–$1,170 PPSF.
Conclusion: Flat. The building is a bond proxy. It does not participate in market beta.
5. RENT CAPTURE ANALYSIS
This is the building’s primary purpose. It generates exceptional income relative to basis.
A. Rent Capture Metrics
Unit 11B (2BR): Rented Nov 2025 for $6,700/mo ($99/SF).
Yield Context: Comparable sales (Unit 4F) ~$960k.
Gross Yield: ~8.3%. (Statistical Outlier for Manhattan).
Unit 23C (1BR/Studio): Rented Apr 2025 for $4,300/mo ($98/SF).
Yield Context: Est. Value ~$600k (based on Unit 17E/21E sales).
Gross Yield: ~8.6%.
Unit 18E (1BR): Rented Jan 2025 for $4,100/mo ($82/SF).
B. Rent Appreciation
Unit 4B Trend:
Jun 2021: $3,800/mo.
Current Estimate (based on 11B): ~$6,500+.
Growth: Rents have nearly doubled in some lines post-COVID, while asset prices remained flat. This compression has driven yields from ~4% to ~8%.
6. B³ SCORING SYSTEM (0–100)
Liquidity Score: 60
Speed: Mixed. "No Listing" trades happen instantly (investor swaps), but listed units (e.g., 4F, 24D) rot for 175–190 days.
Depth: High volume (95 recorded sales historically), but recent open-market velocity is low.
Rent Capture Score: 98
Efficiency: Elite. Rents approach $100/SF on an asset trading for $1,100/SF.
Yield: Gross yields of 8%+ are rare and highly attractive for cash-flow investors.
Appreciation Score: 15
Magnitude: Near zero or negative in real terms over 10 years.
Durability: Prices have ceiling resistance at $1,200 PPSF.
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: (60 × 0.35) + (98 × 0.30) + (15 × 0.35) = 55.65
Category: Yield-Oriented
8. TRANSACTION EXAMPLES
Resale Stagnation / Depreciation (Driver: Market Regime & Line Premium Limits)
Unit 4F (2BR, 820 SF)
Sold (2015): $920,700 ($1,122 PPSF).
Sold (2025): $960,000 ($1,170 PPSF).
Result: +4.2% Total Gain (Held 10 years).
Driver: Market Regime (Asset failed to track NYXRCSA inflation).
Unit 24D (Studio, 465 SF)
Sold (2024): $690,000.
Comp Context: Unit 13D sold for $655,000 in 2022.
Result: Flat/Nominal Gain.
Driver: Line-level premium persistence (High floor units hold value better, but don't grow aggressively).
Unit 17E (Studio, 595 SF)
Sold (2025): $615,000 ($1,033 PPSF).
Comp Context: Unit 22E sold for $830,000 in 2016.
Result: -25% Valuation Drop vs 2016 Comp.
Driver: Market Regime Timing (2016 was a peak; 2025 market rejects old valuations for this building).
Unit 9G (Studio, 820 SF)
Sold (2025): $690,000 ($841 PPSF).
Comp Context: Unit 5G sold for $630,000 in 2021.
Result: +9.5% Gain (Held 4 years).
CAGR: ~2.3%. (Below inflation).
Driver: Unit Mix Imbalance (Larger studios struggle to command premium PPSF).
Resale Appreciation (Rare - Driver: Distressed Entry)
Unit 10G (Studio, 600 SF)
Bought (2008): $398,000.
Sold (2023): $720,000.
Result: +80% Gain (Held 15 years).
Driver: Market Regime Timing (Bought pre-2010s boom). Note: Most appreciation occurred 2008-2015.
Unit 5D (Studio, 465 SF)
Bought (2021): $1,750 (Rental? Data ambiguous in source shows rental price, but sale listed at $538k in 2023).
Corrected Pair: Unit 12D bought 2006 ($415k).
Comparable: Unit 5D sold 2023 ($538k).
Result: +29% Gain (Held 17 years).
CAGR: <1.5%.
9. RISKS & RED FLAGS
The "Appreciation Trap": Do not buy here expecting capital gains. The building has proven resistant to price growth even as the NYXRCSA index hit 330.28. A unit bought for $1.1M in 2015 is barely worth $1.1M in 2025.
Liquidity Drag: Listed units in 2024/2025 averaged ~180 days on market. If you need to sell on the open market, expect a 6-month timeline.
Shadow Market: The high number of "No Listing" sales suggests the building trades heavily among insiders or investors, potentially creating opaque pricing discovery for outsiders.
10. EXECUTIVE SUMMARY
Mandarin Plaza (376 Broadway) is a definitive Yield-Oriented asset that functions as a high-coupon bond with a stagnant principal. Post-sponsor (and long-term resale) analysis reveals a decade of lost value: standard units trading for ~$1,100–$1,200 PPSF in 2015 are trading for the exact same nominal price in 2025, representing significant real losses against inflation and the NYXRCSA benchmark. However, the building is an income powerhouse. With rents pushing $80–$100 PPSF, owners are capturing 8%+ gross yields—double the Manhattan average. This is a "cash cow" for long-term hold investors who prioritize immediate monthly income over resale profit potential.
B³ SCORECARD
Metric | Score | Notes |
Liquidity | 60 | Active off-market, but listed units stall (175+ DOM). |
Rent Capture | 98 | Elite. 8%+ Yields. Rents ~$100/SF. |
Appreciation | 15 | Stagnant. 2015 prices = 2025 prices. |
Composite | 55.7 | Yield-Oriented |
Disclosures:
Sponsor Normalization: Not applicable for recent trends (building built 1988). "No Listing" sales in 2024/2025 are treated as investor/off-market liquidity, not sponsor sales.
Benchmark: NYXRCSA Index (Nov 2025: 330.28) highlights the severe underperformance of this building's asset value.
Unit Mix: Heavily skewed to studios/1BRs, driving the high yield/low appreciation dynamic.