Rosa Parks Condominium - 163 Saint Nicholas Avenue
1. BUILDING OVERVIEW (ANALYST FRAMING)
Building Type: Postwar Resale Condo (Built 2004).
Scale: 8 Floors, 64 Units.
Primary Category: Core / Defensive.
Secondary Category: Hybrid.
Justification: Post-sponsor data indicates a highly functional building that achieves an exceptional balance of structural compounding, strong secondary market liquidity, and efficient rent capture. Initial sponsor sales cleared at heavily discounted baselines of $300–$450/SF in 2004. Early holders captured massive equity as the building matured into a $900–$1,100/SF bracket during the 2016–2019 mid-cycle. Crucially, unlike neighboring new developments that suffered violent mean-reversion, Rosa Parks Condominium has largely maintained its pricing plateau into the 2024–2025 period ($880–$1,115/SF). By actively preserving its peak equity base and clearing 2BRs efficiently, it successfully tracks the long-term compounding growth of the NYXRCSA benchmark, which pushed to historic all-time highs of 330–333 in late 2025 and early 2026.
2. UNIT MIX & COMPOSITION
Based on historic sales data and transaction weighting across 97 explicitly categorized records:
1BR: ~13% of sales volume (13 transactions).
2BR: ~70% of sales volume (67 transactions).
3BR+: ~17% of sales volume (17 transactions).
Influence on Liquidity & Rent Behavior: The building is extremely 2BR-heavy, but this concentration operates entirely differently than in competing buildings. Instead of becoming a structural bottleneck, the 2BR lines here act as a high-velocity liquidity engine. Because 2BRs clear the sales market at a median of 44 days, the building maintains a stable internal rhythm that processes inventory efficiently. This sizing balance also supports high-margin rent capture, reliably absorbing tenants without routine catastrophic localized vacancies.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
A. Liquidity
Fastest Resale Velocity: Larger layouts clear with exceptional efficiency. 3BR lines lead the building with a phenomenal 33-day median DOM, followed closely by the core 2BR units at a 44-day median.
Slowest Resale Velocity: 1BR lines experience slightly more market friction, sitting for a 49-day median. Extreme outliers exist but are rare in standard cycles (e.g., Unit 6B sitting for 392 days in 2023).
B. Price Strength
Resale pricing is highly stable. Premium mid-floor to high-floor 2BR units maintain persistent pricing strength, frequently locking in $1,000–$1,115/SF baselines in recent 2024 clears (e.g., 4A at $1,115/SF, 5H at $1,019/SF, 4C at $1,003/SF).
C. Appreciation
Lines have compounded robustly over the long term. Holders who entered during the 2004–2005 phases captured +100% to +200% equity into the mature phase. Mid-cycle and late-cycle buyers have largely preserved their capital baselines, avoiding the destructive mean-reversions seen in neighboring assets.
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2004–2005 (Sponsor Clearance): Initial clearance volume heavily clustered at discounted baselines of $300–$450/SF.
2006–2012 (Early Maturation): Steady maturation pushing into the $550–$700/SF bracket.
2015–2019 (Mid-Cycle Peak): Rapid expansion achieving peak pricing power in the $900–$1,100/SF bracket.
2021–2025 (Plateau / Defensive Hold): A highly stable plateau settling cleanly at $880–$1,115/SF. Conclusion: Compounding into a Stable Plateau. The building securely holds its peak mid-cycle value and successfully tracks the long-term upward trajectory of the NYXRCSA macro index.
5. RENT CAPTURE ANALYSIS
A. Rent Capture by Line & Unit Type
Formula: Effective Annual Rent = Achieved Rent × (365 − Rental DOM) ÷ 365.
Example 1 (High Efficiency): Unit 3C (2BR). Achieved $4,200/mo. DOM 21. Effective Rent = $4,200 × (365 - 21) ÷ 365 = $3,958/mo.
Example 2 (Moderate Leakage): Unit 2F (2BR). Achieved $4,200/mo. DOM 48. Effective Rent = $4,200 × (365 - 48) ÷ 365 = $3,647/mo.
Example 3 (Severe Leakage): Unit 3K (2BR). Achieved $4,000/mo. DOM 212. Effective Rent = $4,000 × (365 - 212) ÷ 365 = $1,676/mo.
B. Rent Appreciation Nominal rent per SF functions excellently, frequently yielding $47 to $53/SF on mature 2BR footprints in recent years, up from $40/SF historically. The building captures yield exceptionally well, with many 2BR units absorbing in under 30 days (e.g., 3C at 21 DOM, 6C at 14 DOM, 5C at 7 DOM), strongly offsetting the occasional localized DOM drag on specific random lines.
6. B³ SCORING SYSTEM (0–100)
Liquidity Score: 80
Speed: Excellent. Normalized median resale DOM of 44 days for core 2BR inventory and 33 days for 3BRs.
Consistency: High. Broad market participation and reliable clearances across sizes.
Rent Capture Score: 78
Efficiency: Strong nominal ($47–$53/SF).
Absorption: Excellent. 2BRs frequently clear in under 30 days, minimizing vacancy leakage.
Appreciation Score: 85
Durability: Outstanding structural compounding from original baselines and robust late-cycle capital preservation matching the NYXRCSA index.
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score = (80 × 0.35) + (78 × 0.30) + (85 × 0.35) = 81.15. Category Assignment: Core / Defensive. The asset securely passes the required thresholds across all three pillars, proving it functions as a highly liquid, wealth-preserving store of value while simultaneously generating stable rental yields.
8. TRANSACTION EXAMPLES (REQUIRED)
Resale Appreciation (Structural Compounding):
Unit 5H (2BR): Jun 2004 Sponsor Buy (approx $319/SF) → Jun 2024 Sell ($1,019/SF with 10 DOM). Held 20.0 years. +219% change (CAGR ~6.0%). Driver: Market regime timing.
Unit 4A (2BR): Jul 2007 Buy ($690/SF) → Jul 2024 Sell ($1,115/SF with 25 DOM). Held 17.0 years. +61% change (CAGR ~2.8%). Driver: Market regime timing.
Unit 4C (2BR): Jun 2004 Sponsor Buy (approx $381/SF) → Jul 2024 Sell ($1,003/SF with 45 DOM). Held 20.1 years. +163% change (CAGR ~4.9%). Driver: Market regime timing.
Unit 4F (2BR): May 2007 Buy ($651/SF) → Jun 2021 Sell ($919/SF with 29 DOM). Held 14.1 years. +41% change (CAGR ~2.5%). Driver: Market regime timing.
Resale Flat / Normalization (Late Cycle Baseline Shifts): (Note: Because violent equity destruction is largely absent, the following line-pair comparisons map flat baseline retention and slight localized corrections against peak clears).
2BR Line Normalization: Unit 2K Peak Trade (Dec 2017 at $1,043/SF) vs Unit 4C Resale (Jul 2024 at $1,003/SF with 45 DOM). -3.8% baseline shift. Driver: Market regime timing.
2BR Line Normalization (Friction Outlier): Unit 6A Peak Trade (Jan 2020 at $1,044/SF) vs Unit 6B Resale (Sep 2023 at $979/SF with 392 DOM). -6.2% baseline shift. Driver: Market regime timing + Liquidity shift (DOM change).
2BR Line Normalization (Floor Premium): Unit 2J Peak Trade (Dec 2018 at $1,024/SF) vs Unit 2F Resale (Nov 2025 at $887/SF with 57 DOM). -13.3% baseline discount. Driver: Line-level premium persistence + Market regime timing.
Unit Size Line Normalization: Unit 1A Peak Trade (Jul 2021 at $1,018/SF for 3BR) vs Unit 1I Resale (Dec 2025 at $756/SF for 2BR). -25.7% baseline shift. Driver: Unit size / unit mix imbalance + Market regime timing.
9. RISKS & RED FLAGS
Lower Floor Discounts: Resales on the 1st and 2nd floors (e.g., 1I at $756/SF, 2F at $887/SF) suffer notable pricing discounts compared to mid-stack units commanding $1,000+/SF.
Occasional Rental Leakage Outliers: While rental velocity is generally excellent, random units experience severe, unexplained delays on the rental market (e.g., 3K at 212 days, 1J at 190 days).
Avoid: Panic selling during brief market lulls. The building has proven highly durable; forcing a quick exit by mispricing a unit risks the capital preservation the asset naturally provides.
10. EXECUTIVE SUMMARY
Rosa Parks Condominium (163 Saint Nicholas Avenue) is a highly functional, Core/Defensive postwar condo that generated massive wealth for its initial 2004 buyers and securely maintained a stable pricing plateau through subsequent market cycles. Driven by a 2BR-dominant unit mix that clears the sales market exceptionally fast (44-day median), the building sidesteps the catastrophic large-layout illiquidity common in Upper Manhattan. Rents process highly efficiently at strong nominal yields ($47–$53/SF), and despite slight late-cycle normalization on lower floors, the asset successfully tracks the long-term compounding growth of the NYXRCSA benchmark. Investors should view this as a premium, low-friction vehicle for capturing stable yield and protecting long-term capital.
Want to stay up to date on NYC real estate?
Follow @tonyinjeyeo on Instagram for more market insights, tips, and updates.
Buying, selling, renting, or exploring NYC real estate?
Yeo Real Estate assists with all aspects of NYC real estate, from residential and commercial transactions to market guidance and property searches.Schedule a consultation:
📧 hello@yeonyc.com
📞 +1 646-940-0166Yeo Real Estate
135 W 50th St, Suite 200
New York, NY 10020
REBNY Member