Buildings Hamilton Heights, Morningside Heights, Washington Heights

The Nicholas - 753 Saint Nicholas Avenue

The Nicholas is a boutique 12-unit postwar condo (built 2009) that operates as a highly efficient Hybrid asset.

Aug 04, 2026

The Nicholas - 753 Saint Nicholas Avenue

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: Postwar Resale Condominium.
Vintage: Built 2009.
Scale: 12 Units across 6 Floors.
Primary Category Classification: Hybrid (Appreciation with Strong Yield Traits).
Justification: Post-sponsor data indicates a boutique building that compounded capital aggressively through the 2018–2021 cycles (peaking at ~$860–$890/SF). Simultaneously, it boasts excellent rent capture capabilities, absorbing tenants in under 3 weeks. However, recent 2023 pricing has pulled back into the $730s/SF, perfectly correlating with the macro plateau seen in the NYXRCSA index (which hovered around 332-333 in late 2025 before settling at 330.5 in early 2026).

2. UNIT MIX & COMPOSITION

Based on the 12 total units and 18 historical sales:

Studio (1 Bath): 1 unit (8.3% of building), 2 sales (11% of sales activity).
1-Bedroom (1 Bath): 10 units (83.3% of building), 14 sales (78% of sales activity), 100% of recorded rental activity.
2-Bedroom (2 Baths): 1 unit (8.3% of building), 2 sales (11% of sales activity).
Analysis: The building's identity is overwhelmingly defined by its 1-bedroom inventory. This hyper-concentration creates a highly standardized internal market that guarantees immediate rental liquidity, but strictly limits the buyer pool to investors and entry-level buyers.

3. LINE (STACK) PERFORMANCE — RESALE ONLY

A. Liquidity: The secondary market median DOM sits at an efficient 54 days for mid-cycle resales (e.g., Unit PHB at 54 DOM, Unit 1B at 37 DOM). However, recent market friction is evident; Unit 2B took a sluggish 168 days to clear in 2024.
B. Price Strength: The Penthouse (PH) and 1B lines command structural premiums, consistently achieving the building's absolute pricing ceilings ($860–$892/SF) during peak cycles.
C. Appreciation: Core 1-bedroom and 2-bedroom lines demonstrated robust compounding from their 2013 sponsor baselines ($516–$658/SF) up to their respective cycle exits, averaging 35% to 57% total growth over 5-to-11 year hold periods.

4. BUILDING-WIDE PPSF TREND (NORMALIZED)

2013 (Sponsor Baseline): Pricing strictly established between $516 and $658 PPSF for standard layouts.
2018–2021 (Peak Cycle Compounding): Robust upward mobility, peaking between $860 and $892 PPSF.
2023–2024 (Macro Drawdown/Plateau): Pricing cooled to $736 PPSF (Unit 1A). This contraction perfectly aligns with the NYXRCSA benchmark, which topped out and subsequently flatlined through late 2025 and early 2026, confirming the peak compounding era has stalled.
Conclusion: Cyclical / Mean-Reverting.

5. RENT CAPTURE ANALYSIS

A. Rent Capture by Line & Unit Type:
- Unit 2B (1 Bed / 1 Bath - Jul 2022): Achieved Rent: $2,750/month | DOM: 21 days.
  - Effective (DOM-adjusted) Annual Rent: $2,750 × (365 − 21) ÷ 365 = $2,591/month ($31,101 annually).
- Unit PHB (1 Bed / 1 Bath - Aug 2017): Achieved Rent: $2,990/month ($42/SF) | DOM: 13 days.
  - Effective (DOM-adjusted) Annual Rent: $2,990 × (365 − 13) ÷ 365 = $2,883/month ($34,601 annually).
Conclusion: The building achieves outstanding rent capture efficiency. With rental vacancy drag routinely contained under 3 weeks (13–21 days), landlords experience virtually no income leakage.

6. B³ SCORING SYSTEM (0–100)

Liquidity Score: 65/100 (Solid 54-day historical median, though penalized heavily by the recent 168 DOM drag on Unit 2B).
Rent Capture Score: 85/100 (Exceptional rental absorption speed of 13-21 DOM; highly consistent yield generation).
Appreciation Score: 70/100 (Strong 35–57% compounding achieved for mid-cycle exits, but tempered by recent plateauing).

7. COMPOSITE SCORE & CLASSIFICATION

Composite Score: 72.75/100 [(65 × 0.35) + (85 × 0.30) + (70 × 0.35)].
Category Label: Hybrid.
Unit Mix Summary: Monolithic 1-Bedroom concentration (83%).

8. TRANSACTION EXAMPLES (REQUIRED)

Resale Appreciation Examples:

Unit 1B (2 Bed/2 Bath, 1104 SF): Bought May 2013 at $547 PPSF → Resold Nov 2018 at $860 PPSF. (+57.2% over 5.5 years; CAGR ~8.5%). Driver 1 (Market regime timing).
Unit PHB (1 Bed/1 Bath, 874 SF): Bought Nov 2013 at $658 PPSF → Resold Nov 2021 at $892 PPSF. (+35.5% over 8.0 years; CAGR ~3.9%). Drivers 1 (Market regime timing) & 2 (Line-level premium persistence).
Unit 2B (1 Bed/1 Bath): Bought Jun 2013 at $364,026 → Resold Jun 2024 at $530,000. (+45.6% over 11 years; CAGR ~3.5%). Drivers 1 (Market regime timing) & 3 (Liquidity shift - took 168 DOM to exit).
Unit 1A (Studio/1 Bath, 421 SF): Bought May 2013 at $223,080 ($529 PPSF) → Resold Oct 2023 at $310,000 ($736 PPSF). (+38.9% over 10.4 years; CAGR ~3.2%). Driver 1 (Market regime timing).

Note: Zero proven resale depreciation examples exist in the dataset; all recorded secondary exits cleared higher than their 2013 baselines.

9. RISKS & RED FLAGS

Emerging Liquidity Drag: While historical resales cleared rapidly (~37–54 days), the most recent 2024 sale (Unit 2B) languished for 168 days. This signals rapidly shifting buyer urgency.
Macro Headwinds / Plateau Pricing: Buyers entering the building today must acknowledge that the 2018–2021 peak compounding era ($860–$892/SF) has stalled. Current pricing explicitly matches the flatline of the NYXRCSA index (330.5), meaning short-term outsized growth is highly unlikely.
Unit Mix Imbalance: With 83% of the building dedicated to 1-bedroom units, there is virtually no upward mobility for families within the building, tying its value strictly to the investor and transient demographic.
Recommendation: Do not buy for short-term flips. The asset should be acquired strictly as a yield-bearing hold, taking advantage of its lightning-fast rental absorption while waiting out the current macro plateau.

10. EXECUTIVE SUMMARY

The Nicholas is a boutique 12-unit postwar condo (built 2009) that operates as a highly efficient Hybrid asset. Post-sponsor data proves it is fundamentally anchored by its 1-bedroom units (83% of inventory), which generate virtually zero income leakage for landlords by renting out in a hyper-fast 13 to 21 days. From a capital perspective, the building successfully compounded value from its 2013 baseline ($516–$658/SF) to a 2018–2021 peak ($860–$892/SF), but has since succumbed to the macro market plateau confirmed by the NYXRCSA index, retreating into the $730s/SF. While historical liquidity has been strong (54-day median), recent 168-day sales friction indicates that modern opportunity here lies strictly in long-term rent capture and capital preservation, rather than aggressive short-term appreciation.

Contents

Buildings Hamilton Heights, Morningside Heights, Washington Heights

The Nicholas - 753 Saint Nicholas Avenue

The Nicholas is a boutique 12-unit postwar condo (built 2009) that operates as a highly efficient Hybrid asset.

Tony InJe Yeo

Aug 04, 2026

Contents

1. BUILDING OVERVIEW (ANALYST FRAMING)

Type: Postwar Resale Condominium.
Vintage: Built 2009.
Scale: 12 Units across 6 Floors.
Primary Category Classification: Hybrid (Appreciation with Strong Yield Traits).
Justification: Post-sponsor data indicates a boutique building that compounded capital aggressively through the 2018–2021 cycles (peaking at ~$860–$890/SF). Simultaneously, it boasts excellent rent capture capabilities, absorbing tenants in under 3 weeks. However, recent 2023 pricing has pulled back into the $730s/SF, perfectly correlating with the macro plateau seen in the NYXRCSA index (which hovered around 332-333 in late 2025 before settling at 330.5 in early 2026).

2. UNIT MIX & COMPOSITION

Based on the 12 total units and 18 historical sales:

Studio (1 Bath): 1 unit (8.3% of building), 2 sales (11% of sales activity).
1-Bedroom (1 Bath): 10 units (83.3% of building), 14 sales (78% of sales activity), 100% of recorded rental activity.
2-Bedroom (2 Baths): 1 unit (8.3% of building), 2 sales (11% of sales activity).
Analysis: The building's identity is overwhelmingly defined by its 1-bedroom inventory. This hyper-concentration creates a highly standardized internal market that guarantees immediate rental liquidity, but strictly limits the buyer pool to investors and entry-level buyers.

3. LINE (STACK) PERFORMANCE — RESALE ONLY

A. Liquidity: The secondary market median DOM sits at an efficient 54 days for mid-cycle resales (e.g., Unit PHB at 54 DOM, Unit 1B at 37 DOM). However, recent market friction is evident; Unit 2B took a sluggish 168 days to clear in 2024.
B. Price Strength: The Penthouse (PH) and 1B lines command structural premiums, consistently achieving the building's absolute pricing ceilings ($860–$892/SF) during peak cycles.
C. Appreciation: Core 1-bedroom and 2-bedroom lines demonstrated robust compounding from their 2013 sponsor baselines ($516–$658/SF) up to their respective cycle exits, averaging 35% to 57% total growth over 5-to-11 year hold periods.

4. BUILDING-WIDE PPSF TREND (NORMALIZED)

2013 (Sponsor Baseline): Pricing strictly established between $516 and $658 PPSF for standard layouts.
2018–2021 (Peak Cycle Compounding): Robust upward mobility, peaking between $860 and $892 PPSF.
2023–2024 (Macro Drawdown/Plateau): Pricing cooled to $736 PPSF (Unit 1A). This contraction perfectly aligns with the NYXRCSA benchmark, which topped out and subsequently flatlined through late 2025 and early 2026, confirming the peak compounding era has stalled.
Conclusion: Cyclical / Mean-Reverting.

5. RENT CAPTURE ANALYSIS

A. Rent Capture by Line & Unit Type:
- Unit 2B (1 Bed / 1 Bath - Jul 2022): Achieved Rent: $2,750/month | DOM: 21 days.
  - Effective (DOM-adjusted) Annual Rent: $2,750 × (365 − 21) ÷ 365 = $2,591/month ($31,101 annually).
- Unit PHB (1 Bed / 1 Bath - Aug 2017): Achieved Rent: $2,990/month ($42/SF) | DOM: 13 days.
  - Effective (DOM-adjusted) Annual Rent: $2,990 × (365 − 13) ÷ 365 = $2,883/month ($34,601 annually).
Conclusion: The building achieves outstanding rent capture efficiency. With rental vacancy drag routinely contained under 3 weeks (13–21 days), landlords experience virtually no income leakage.

6. B³ SCORING SYSTEM (0–100)

Liquidity Score: 65/100 (Solid 54-day historical median, though penalized heavily by the recent 168 DOM drag on Unit 2B).
Rent Capture Score: 85/100 (Exceptional rental absorption speed of 13-21 DOM; highly consistent yield generation).
Appreciation Score: 70/100 (Strong 35–57% compounding achieved for mid-cycle exits, but tempered by recent plateauing).

7. COMPOSITE SCORE & CLASSIFICATION

Composite Score: 72.75/100 [(65 × 0.35) + (85 × 0.30) + (70 × 0.35)].
Category Label: Hybrid.
Unit Mix Summary: Monolithic 1-Bedroom concentration (83%).

8. TRANSACTION EXAMPLES (REQUIRED)

Resale Appreciation Examples:

Unit 1B (2 Bed/2 Bath, 1104 SF): Bought May 2013 at $547 PPSF → Resold Nov 2018 at $860 PPSF. (+57.2% over 5.5 years; CAGR ~8.5%). Driver 1 (Market regime timing).
Unit PHB (1 Bed/1 Bath, 874 SF): Bought Nov 2013 at $658 PPSF → Resold Nov 2021 at $892 PPSF. (+35.5% over 8.0 years; CAGR ~3.9%). Drivers 1 (Market regime timing) & 2 (Line-level premium persistence).
Unit 2B (1 Bed/1 Bath): Bought Jun 2013 at $364,026 → Resold Jun 2024 at $530,000. (+45.6% over 11 years; CAGR ~3.5%). Drivers 1 (Market regime timing) & 3 (Liquidity shift - took 168 DOM to exit).
Unit 1A (Studio/1 Bath, 421 SF): Bought May 2013 at $223,080 ($529 PPSF) → Resold Oct 2023 at $310,000 ($736 PPSF). (+38.9% over 10.4 years; CAGR ~3.2%). Driver 1 (Market regime timing).

Note: Zero proven resale depreciation examples exist in the dataset; all recorded secondary exits cleared higher than their 2013 baselines.

9. RISKS & RED FLAGS

Emerging Liquidity Drag: While historical resales cleared rapidly (~37–54 days), the most recent 2024 sale (Unit 2B) languished for 168 days. This signals rapidly shifting buyer urgency.
Macro Headwinds / Plateau Pricing: Buyers entering the building today must acknowledge that the 2018–2021 peak compounding era ($860–$892/SF) has stalled. Current pricing explicitly matches the flatline of the NYXRCSA index (330.5), meaning short-term outsized growth is highly unlikely.
Unit Mix Imbalance: With 83% of the building dedicated to 1-bedroom units, there is virtually no upward mobility for families within the building, tying its value strictly to the investor and transient demographic.
Recommendation: Do not buy for short-term flips. The asset should be acquired strictly as a yield-bearing hold, taking advantage of its lightning-fast rental absorption while waiting out the current macro plateau.

10. EXECUTIVE SUMMARY

Contents