One Ten Third (110 Third Avenue)
1. BUILDING OVERVIEW (ANALYST FRAMING)
Building Type: Postwar Resale Condo (Built 2006)
Scale: 21 Floors, 77 Units
Classification: Yield-Oriented (Currently in Structural Correction)
Justification: Post-sponsor resale data reveals a building undergoing a severe valuation correction. While the NYXRCSA Index reached all-time highs (~330) in late 2025, One Ten Third has seen its price-per-square-foot (PPSF) collapse from a peak of ~$2,000–$2,100 in 2017 to ~$1,500–$1,600 in 2024–2025. Buyers from the 2013–2017 era are exiting at substantial realized or inflation-adjusted losses. However, the building remains an elite rental engine, consistently achieving $90+ PPSF rents and offering gross yields in the 5.5%–6.0% range for new buyers entering at the corrected basis.
2. UNIT MIX & COMPOSITION
Data Basis: Transaction-weighted inventory (N=143 sales).
Composition:
1-Beds (~760–804 SF): The rental workhorses (Lines B, 2C/E). ~35% of activity.
2-Beds (~1,000–1,166 SF): The volume drivers (Lines A, D, lower B). ~50% of activity.
3-Beds (~1,350–1,792 SF): Premium inventory (Lines C, 1A). ~15% of activity.
Impact: The building is heavily weighted toward efficient 1- and 2-bedroom units. This mix ensures high rental velocity (turnover is standard) but high price sensitivity in resale, as units are relatively uniform "commodities" compared to unique prewar stock.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
Sponsor normalization: Not applicable for recent trends (Building is mature resale).
A. Liquidity (Speed)
Rank 1 (Fastest): Premium High-Floor Units (Historical).
Rank 2 (Slowest): C-Line (3-Beds) & Standard 1-Beds (Recent).
Recent Shift (2024–2025): Significant Drag.
Unit 2C (1-Bed): 266 Days (Sold Aug 2024).
Unit 6C (3-Bed): 167 Days (Sold Sep 2024).
Unit 4B (2-Bed): 94 Days (Sold Mar 2025).
Unit 3A (2-Bed): 133 Days (Sold Dec 2023).
Contrast: In 2021/2022, units like 18A cleared in 29 days and 18C in 6 days.
Conclusion: Inventory is sticking. Sellers trying to hit previous cycle pricing are languishing for 3–9 months.
B. Appreciation (Durability)
C-Line (3-Bed): Stagnant/Depreciating.
Unit 6C Sold May 2013: $2,376,000.
Unit 6C Sold Sep 2024: $2,360,000.
Result: -0.7% Nominal Loss over 11 years.
Benchmark Context: NYXRCSA Index rose ~65% in this period. Massive underperformance.
A-Line (2-Bed): Correction.
Unit 8A Sold Jan 2022 ($2.1M) vs Aug 2016 ($2.175M). -3.4% Loss.
B-Line (1-Bed): Lagging.
Unit 15B Sold Jul 2024 ($1.24M) vs Nov 2007 ($978k). +26% over 17 years (~1.3% CAGR).
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
Peak Phase (2015–2017): The "froth" era.
Units consistently traded above $2,000 PPSF.
Examples: Unit 14D ($2,125), Unit 14C ($2,068), Unit 12A ($2,017).
Correction Phase (2021–2025): The "reality" check.
2024–2025 Median: ~$1,540 – $1,630 PPSF.
Unit 15B (2024): $1,542 PPSF.
Unit 2C (2024): $1,543 PPSF.
Unit 4B (2025): $1,605 PPSF.
Trend: Cyclical Drawdown. The building has shed ~20–25% of its value on a PPSF basis since 2017. It has completely decoupled from the broader NYC condo index.
5. RENT CAPTURE ANALYSIS
A. Rent Capture by Line (2024–2025)
1-Beds (B Line): Elite Capture.
Unit 9B: Rented Dec 2024 for $6,500 ($97 PPSF).
Unit 7B: Rented Aug 2024 for $5,995 ($89 PPSF).
Unit 2D: Rented Jul 2024 for $4,995 ($92 PPSF).
2-Beds (B/D Lines): Strong.
Unit 4C: Rented Jan 2025 for $8,000 ($88 PPSF).
Unit 12D: Rented Sep 2024 for $7,250 ($82 PPSF).
B. Yield Calculation (Unit 15B Proxy)
Sale (Jul 2024): $1,240,000.
Est. Rent: ~$6,200/mo ($74k/yr) based on 7B/12B comps.
Gross Yield: ~6.0%.
Analyst Note: This is a strong yield for a doorman condo, driven entirely by the drop in purchase price (denominator) rather than rent spikes.
6. B³ SCORING SYSTEM (0–100)
(Scores 0–100 based on Normalized Data)
A. Liquidity Score: 45/100
Penalty: Recent sales show chronic delays (2C @ 266 days, 6C @ 167 days).
Penalty: 2024/2025 volume is low compared to inventory size.
B. Rent Capture Score: 88/100
Strength: Consistently achieves $85–$97 PPSF.
Strength: Strong gross yields (~6%) for new entrants.
Strength: Rental DOM is reasonable (Median ~20–30 days).
C. Appreciation Score: 20/100
Penalty: Confirmed nominal losses for 5–8 year holders (2016–2024).
Penalty: Zero growth over 11 years for Line C (Unit 6C).
Penalty: Severe negative decoupling from NYXRCSA benchmark.
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: 50 (Liquidity 45 × 0.35) + (Rent 88 × 0.30) + (Appreciation 20 × 0.35)
Classification: Yield-Oriented
Definition: A "Cash Cow" with a broken equity chart. The building generates excellent income but has proven to be a poor store of capital for buyers who entered during the 2015–2017 peak.
8. TRANSACTION EXAMPLES
Resale Stagnation / Depreciation (The "Lost Decade"):
Unit 6C (3-Bed):
Bought May 2013: $2,376,000
Sold Sep 2024: $2,360,000
Result: -0.6% Nominal Loss over 11 years.
Real Impact: Adjusted for inflation, this is a loss of ~30% in purchasing power.
Driver: Market Regime Timing & Liquidity Shift.
Unit 8A (2-Bed):
Bought Aug 2016: $2,175,000
Sold Jan 2022: $2,100,000
Result: -3.4% Loss over 5.5 years.
Driver: Market Regime Timing (Bought at peak).
Unit 14D (2-Bed):
Bought Apr 2017: $2,344,000
Sold Jul 2021: $2,275,000
Result: -2.9% Loss over 4 years.
Driver: Market Regime Timing (Bought at peak).
Unit 7ARC1 (2-Bed):
Ask: $2.625M. Sold Sep 2020: $1,800,000.
Context: Sold for $1,545 PPSF, significantly below comparable 2017 trades.
Driver: Liquidity Shift (COVID impact, never recovered to 2017 highs).
Resale Appreciation (Long-Term / Lagging):
Unit 15B (1-Bed):
Bought Nov 2007 (Sponsor): $978,528
Sold Jul 2024: $1,240,000
Result: +26% over 17 years.
Context: NYXRCSA Index nearly doubled in this period.
Driver: Sponsor Price Normalization (High initial basis).
9. RISKS & RED FLAGS
Red Flag: The $2,000 PPSF Ceiling. Buyers who paid ~$2,000 PPSF in 2016–2018 are structurally underwater. Current market clearing prices are $1,540–$1,600 PPSF. Do not pay above $1,700 PPSF unless the unit is a unique penthouse.
Risk: Liquidity Trap. Unit 2C sitting for 266 days and Unit 4D (2021) for 254 days proves that "aspirational pricing" is punished severely here. You cannot exit quickly without undercutting the market.
Opportunity: The Yield Reset. For a buyer in 2025 paying ~$1,550 PPSF, the economics are completely different than for a 2017 buyer. You get a 6% yield and a lower basis. The "Yield-Oriented" score favors new buyers, not existing holders.
10. EXECUTIVE SUMMARY
One Ten Third (110 Third Avenue) is a Yield-Oriented asset that has spent the last decade working off a valuation bubble. Post-sponsor analysis shows that the building is currently trading ~20–25% below its 2017 peak on a price-per-square-foot basis ($1,550 vs $2,100). Long-term holders (2013–2017 vintage) are realizing zero nominal gains or actual losses upon exit, missing the broader market rally entirely. However, for fresh capital, the building is a robust income generator. With 1-bedroom units renting for near $95 PPSF and resale prices corrected, investors can secure 6% gross yields—provided they accept that equity growth will likely remain flat in the medium term.
DISCLOSURES & NORMALIZATION
Sponsor Normalization:
Building vintage 2006. 2007–2008 sales were treated as Sponsor baselines.
Analysis focuses on Resale-to-Resale performance (e.g., 2013 purchase to 2024 sale) to capture true market behavior.
Data Note:
Unit 5B (Nov 2025): Listed as "Sold" for $1.5M ($1,865 PPSF) with "No Listing." This high PPSF is an outlier compared to confirmed market sales (15B at $1,542 PPSF) and may represent a specific non-market transfer or unique renovation. It was excluded from the "Correction" trend analysis in favor of market-tested units (15B, 2C, 6C).
Unit 18A (2023): Included as a high-water mark for recent 2-bed sales ($1,888 PPSF), showing that high floors still command a premium over the building median ($1,600).