The Sequoia (222 West 14th Street)
1. BUILDING OVERVIEW (ANALYST FRAMING)
Type: Post-war Resale Condo (Built 1985)
Scale: 129 Units, 16 Floors
Classification: Yield-Oriented
Justification: Post-2015 data identifies The Sequoia as a high-velocity cash-flow asset rather than a capital compounder. While the building offers entry-level access to the West Village/Chelsea border, resale pricing has largely plateaued over the last decade. Multiple lines (e.g., 5N, 3J) show flat or negative appreciation between the 2015–2017 peak and 2023–2025 exits,,. Conversely, Rent Capture is highly efficient, with studios consistently achieving >$100 PPSF and clearing in under 30 days. The asset functions as a high-turnover rental engine.
2. UNIT MIX & COMPOSITION
The unit mix is transaction-weighted based on recorded history.
Studios: ~47% of activity (65 sales). High velocity commodity inventory.
1 Beds: ~32% of activity (44 sales). Core rental/entry stock.
2 Beds: ~11% of activity (15 sales). Rare.
Other: ~10% (Combinations/Off-market).
Analysis: The building is overwhelmingly dominated by Studios and 1-Bedrooms (~79%). This Unit Mix Imbalance creates a highly liquid marketplace for small units but limits the building's ability to retain residents as they enter family-formation stages, leading to naturally high turnover,.
3. LINE (STACK) PERFORMANCE — RESALE ONLY
A. Liquidity (Post-Sponsor) Liquidity is exceptional for small units, driven by the "commoditized" nature of the inventory.
Fastest (Recent): Unit 7E (15 Days), Unit 5H (17 Days), Unit 2D (23 Days), Unit 11C (28 Days),.
Slowest: Unit 3J (110 Days), Unit 10C (161 Days),.
Observation: Most units clear in 20–50 days. Days on Market (DOM) is significantly lower than luxury West Village averages, acting more like a "clearing house" for entry-level demand.
B. Price Strength
Baseline PPSF: $1,600 – $1,900 PPSF,.
Discount: The building underperforms the West Village sub-neighborhood by 25.1%. It trades closer to Chelsea pricing despite the West Village label.
Ceiling: Prices rarely break $2,000 PPSF. Unit 10A hit $2,083 in 2015, a peak that recent 2025 sales (Unit 10B at $1,980) have struggled to surpass,.
C. Appreciation
Stagnation: The building exhibits a "Lost Decade" of appreciation.
2016-2025 Trend: Many units sold in 2025 are trading at the same nominal price as 2016.
Comparison: The NYXRCSA index has moved from ~270 (est. 2016) to 330.28 (Nov 2025), indicating this building has underperformed the broader market beta during this cycle.
4. BUILDING-WIDE PPSF TREND (NORMALIZED)
2014-2016 (Market Peak): Strong pricing. Unit 10E sold for $1,745 PPSF (2014); Unit 10A sold for $2,083 PPSF (2015),.
2020-2023 (Correction): Prices dipped significantly. Unit 3J sold for $650k ($0/SF recorded, likely distress/low) in 2023, down from $740k in 2017,.
2024-2025 (Recovery): Prices are recovering but have not decisively broken 2015 highs. Unit 10B (Jan 2025) sold for $1,980 PPSF, and Unit 2D (Dec 2025) at $1,784 PPSF.
Conclusion: Cyclical / Flat. The building is recovering to 2015 levels while the broader index has surpassed them.
5. RENT CAPTURE ANALYSIS
A. Rent Capture by Line Rent capture is the building's strongest B³ metric. Small units achieve elite price-per-foot numbers due to high efficiency.
Unit 7D (Studio): Leased Aug 2024 for $4,450.
Rent PPSF: ~$104/SF.
Unit 11D (Studio): Leased Mar 2024 for $3,995.
Rent PPSF: ~$110/SF.
Unit 5J (Studio): Leased Nov 2025 for $3,900.
Rent PPSF: ~$93/SF.
B. Rent Appreciation
Unit 8A (1 Bed):
2015 Rent: $2,750.
2025 Rent: $4,200.
Growth: +52% over 10 years (~4.3% CAGR).
Unit 11B (1 Bed):
2018 Rent: $5,000.
2024 Rent: $5,900.
Growth: +18% over 6 years.
Conclusion: Unlike sales prices, rental income has compounded reliably, driven by the structural shortage of West Village rental inventory.
6. B³ SCORING SYSTEM (0–100)
A. Liquidity Score: 82/100
Speed: High (Median DOM often <45 days).
Consistency: Very high. Small units are commodities that clear in almost any market condition.
B. Rent Capture Score: 85/100
Efficiency: Strong ($90–$110 PPSF is excellent for 1980s stock).
Absorption: Fast. Most units rent in <30 days (e.g., 7D took 51 days, but 8A took 7 days),.
C. Appreciation Score: 45/100
Magnitude: Poor. Recent exits show flat or negative returns compared to 2016 entries.
Durability: Weak. The building acts as a "value trap" for capital growth in high-rate environments.
7. COMPOSITE SCORE & CLASSIFICATION
Composite Score: $(82 \times 0.35) + (85 \times 0.30) + (45 \times 0.35) = 28.7 + 25.5 + 15.75 =$ 69.95
Category: Yield-Oriented (While the composite approaches Hybrid, the distinct lack of appreciation (Score 45) forces a Yield classification. This is a cash-flow machine, not a wealth compounder.)
8. TRANSACTION EXAMPLES
Resale Depreciation / Stagnation (The "Lost Decade")
Unit 5N (1 Bed):
Bought Oct 2016: $1,290,000
Sold May 2025: $1,300,000
Change: +0.7% over 9 years (Significant Real Loss).
Driver: Market regime timing (Bought at peak, sold into recovery).
Unit 3J (Studio):
Bought May 2017: $740,000
Sold Apr 2023: $650,000
Change: -12.1%.
Driver: Market regime timing (2017 peak vs 2023 correction).
Unit 8F (1 Bed):
Bought Oct 2015: $1,375,000
Sold Dec 2019: $1,350,000
Change: -1.8%.
Driver: Line-level premium persistence (Inability to hold peak pricing).
Unit 10B (1 Bed):
Bought Jan 2014: $1,875,000 (Unit 10E Comp for context of era)
Current Comp 10B (2025): $1,400,000
Context: 2014 valuations for prime lines were extremely high; current 1-beds struggle to match.
Resale Appreciation (Long Term / Timing Wins)
Unit 10B (1 Bed) - Short Term:
Bought Oct 2022: $1,200,000
Sold Jan 2025: $1,400,000
Change: +16.6%.
Driver: Market regime timing (Bought during 2022 dip).
Unit 2D (Studio):
Prior Sale (inferred ~2004 era based on 2A/2F comps): ~$270k–$300k
Sold Dec 2025: $780,000
Change: +160%+ (Multi-cycle hold).
Driver: Market regime timing (Long-term hold).
Unit 7B (1 Bed):
Bought Jul 2008: $1,350,000
Sold Oct 2019: $1,275,000
Change: -5.5% (Even long holds can lose if timing is 2008 peak to 2019 soft market).
Unit 3N (1 Bed):
Bought Jan 2008: $860,000
Sold Apr 2018: $1,225,000
Change: +42%.
Driver: Market regime timing.
9. RISKS & RED FLAGS
The 2016 Price Ceiling: Buyers should be wary of paying over $1,900 PPSF. History shows the building hits a hard resistance level around $2,000 PPSF (established in 2015) and has failed to break out for a decade.
High Turnover: With 65% of listings being studios/1-beds, the building has a transient feel. This supports rentals but can lead to "wear and tear" and a lack of community stability compared to larger co-ops.
Underperformance: The building underperforms the West Village sub-market by 25%. It is a "value" play, not a "trophy" play.
10. EXECUTIVE SUMMARY
The Sequoia is a high-velocity Yield-Oriented asset that functions as an efficient rental engine at the intersection of Chelsea and the West Village. Post-sponsor behavior reveals a building where capital appreciation has stalled; units purchased during the 2015–2017 peak have largely traded flat or at a loss in the 2024–2025 market (e.g., Unit 5N). However, the building excels at liquidity and rent capture, with studios clearing rapidly and commanding over $100/SF in rent. It is an ideal asset for investors seeking steady cash flow and minimal vacancy, but a poor choice for those banking on aggressive equity compounding.
B³ SCORECARD
Metric | Score |
Liquidity | 82 |
Rent Capture | 85 |
Appreciation | 45 |
COMPOSITE | 69.95 |
Category | Yield-Oriented |
Unit Mix (Transaction Weighted):
Studio: 47% (Dominant/Commodity)
1 Bed: 32%
2 Bed: 11%
Other: 10%