Market Analysis

BROKER MARKET ANALYSIS Prepared for: The Estate of Beth Levine Property Address: 59 West 12th Street, #15A New York, NY 10011 PREPARED BY PRESENTED BY BOND New York Real Estate Stephanie Bierlein Licensed Real Estate Broker 810 Seventh Avenue, 39th Floor New York, NY 10019 Phone: 310-962-3199 Email: [email protected]

PROPERTY DESCRIPTION APARTMENT 15A AT 59 W 12TH STREET IS A TWO BEDROOM, TWO BATH UNIT IN APPROXIMATELY 1,495 SQUARE FEET. THE APARTMENT INCLUDES A LARGE TERRACE, APPROXIMATELY 750 SQUARE FEET OF ADDITIONAL PRIVATE OUTDOOR SPACE. THE HOME FEATURES THE SLEEPING QUARTERS ON THE EAST END, WITH THE LIVINGROOM AND TERRACE ON THE OPPOSITE END. MOST OF THE WINDOWS ARE SOUTH FACING, WITH THE ENTRY TO THE TERRACE B EING WEST FACING. SURELY THIS MAKES FOR BRIGHT DAYS AND GORGEOUS SUNSETS TO BE ENJOYED. WHILE I HAVEN’T SEEN THE APARTMENT FIRSTHAND, PHOTOGRAPHS SHOW THE UNIT TO BE IN AVERAGE TO GOOD CONDITION. COSMETIC CHANGES TO THE KITCHEN AND BATHROOMS WOULD HELP BRING THE HOME UP TO CONTEMPORARY STANDARDS FOR A LUXURY PROPERTY. 59 W 12TH ST. IS A CONDOMINIUM LOCATED ON A CHARMING TREE LINED BLOCK IN THE PRESTIGIOUS GOLD COAST OF GREENWICH VILLAGE. IT WAS COMPLETED IN 1931 BY A LEGENDARY DUO RESPONSIBLE FOR MANY OF NEW YORK’S ICONIC BUILDINGS -- ARCHITECT EMERY ROTH AND DEVELOPERS BING & BING. THE BUILDING AND THE NEIGHBORHOOD BOAST A RICH HISTORY THAT ONLY ADDS TO THE APARTMENT’S VALUE. PAGE 1 WWW.BONDNEWYORK.COM

PROPERTY DATA Property Type: CONDOMINIUM Neighborhood Type: URBAN Does the property conform to the YES neighborhood? Are taxes typical for the neighbor- YES hood? Building Size: 17 STORIES / 103 APARTMENTS Common Charges: $2,335.00/MONTH Property Values: STABLE Supply & Demand: IN BALANCE Typical Buyer: YOUNG PROFESSIONALS, FAMILIES, EMPTY NESTERS, PIED- A-TERRE BUYERS PAGE 2 WWW.BONDNEWYORK.COM

MARKET FORECAST ALL MARKET INDICATORS POINT TO CONTINUED PRICE STABILITY, WITH STEADY INCREASES AS WE EMERGE FROM THE COVID-19 PANDEMIC. SPRING 2021 IS WITNESS TO A GOOD DEAL OF PENT-UP DEMAND. WITH SEVERAL LARGE COMPANIES ASKING THEIR EMPLOYEES TO RETURN TO THEIR OFFICES THIS FALL, WE EXPECT THE DEMAND FOR HOUSING TO INCREASE AND THE MARKET TO REMAIN ACTIVE. ADDITIONALLY, THE ANTICIPATED INCREASE IN INTEREST RATES IN THE COMING MONTHS IS SPURRING DEMAND. PAGE 3 WWW.BONDNEWYORK.COM

COMPETITION Competing Listing #1 Competing Listing #2 Competing Listing #3 45 CHRISTOPHER ST., #6E Address 4/21/2021 45 CHRISTOPHER ST., #10B 59 W 12TH ST., #2C Original List Date $3,495,000 Original List Price $3,495,000 4/20/2021 9/21/2020 Current List Price Date of Last Price Change 5 $3,450,000 $3,000,000 Days on Market BUILT 1931 Age of Property 1200 $3,450,000 $2,800,000 Square Feet NO Deck/Patio/Terrace 1 WB 3/12/2021 Fireplaces 6 201 BUILT 1931 BUILT 1931 1210 1400 NO NO 1 WB 1 WB Similarities BATHROOMS EN SUITE LIGHT / VIEWS SAME BUILDING, SIMILAR SIZE, BATHROOMS EN Superior Features RECENTLY UPDATED, EAT-IN KITCHEN SUITE Inferior Features MOVE-IN READY N/A N/A N/A LOW FLOOR PAGE 4 WWW.BONDNEWYORK.COM

COMPARABLE SALES Address Comparable Sale #1 Comparable Sale #2 Comparable Sale #3 Sale Price 59 W 12TH ST. #5E 14 E 4TH ST. #1122 299 W 12TH ST. #16GH Closing Date $2,870,000 $2,700,000 $3,500,000 Proximity to Subject 5/8/2020 11/30/2020 4/9/2021 Days on Market SAME .7 MILES .5 MILES Original List Price 367 126 293 Final List Price $4,000,000 $2,950,000 $4,395,000 Square Feet $3,475,000 $2,700,000 $3,800,000 Deck/Patio/Terrace 1400 1390 1400 Fireplaces NO YES, 228 SQ FT NO 1 WB 1G 2 WB Similarities SAME BUILDING, ROOM TERRACE EMORY ROTH + BING & Superior Features SIZES BING 2 FIREPLACES Inferior Features COMPLETELY RENOVATED, SOLARIUM, WET BAR, UPDATED APPLIANCES, UPDATED APPLIANCES, SMALL KITCHEN ADDITIONAL CLOSETS, AU- CEILINGS OVER 11 FEET TOMATED ELECTRICS NO TERRACE, LOWER TRIPLEX FLOOR = LESS LIGHT/ VIEWS PAGE 5 WWW.BONDNEWYORK.COM

MARKETING Q&A WHAT IS YOUR INITIAL STRATEGY FOR THE FIRST 30 DAYS TO MARKET THE HOME? STAGING THE HOME, BROKER TO BROKER PROMOTION OF THE PROPERTY, TRADITIONAL ONLINE ADVERTISING ACROSS ALL PLATFORMS, SOCIAL MEDIA MARKETING, OPEN HOUSES BY APPOINTMENT, VIDEO TOURS. IF THIS PROPERTY DOES NOT SELL IN THE FIRST 30 DAYS, WHAT ACTION STEPS WOULD YOU SUGGEST IN ORDER TO GENERATE A SALE? ADDITIONAL VIDEO CONTENT AND PROMOTION, OBTAIN FEEDBACK FROM BUYERS’ AGENTS, CONTINUED DEDICATED OUTREACH TO AGENTS ACTIVE IN THE BUILDING AND NEIGHBORHOOD. IF THIS PROPERTY DOES NOT SELL IN THE FIRST 60 DAYS, WHAT ACTION STEPS WOULD YOU SUGGEST IN ORDER TO GENERATE A SALE? EVALUATE SHOWING ACTIVITY, NUMBER OF PROSPECTIVE PURCHASERS SCHEDULING REPEAT VISITS, AND NUMBER OF OFFERS RECEIVED. IF ROBUST, HOLD STEADY ON PRICE AND CONTINUE ALL MARKETING EFFORTS. IF LEVEL OF INTEREST, NUMBER OF SHOWINGS, OR FEEDBACK FROM BUYERS’ AGENTS IS DISPLEASING, EVALUATE A REASONABLE PRICE ADJUSTMENT FOR THE SITUATION. HOW WOULD YOU POSITION A PRICE REDUCTION WITH THE HOMEOWNER? TYPICALLY HOW MANY DAYS ON MARKET BEFORE A PRICE REDUCTION IS SUGGESTED? MARKET ACTIVITY COMMUNICATES EVERYTHING WE NEED TO KNOW. WE MUST LISTEN AND REPLY ACCORDINGLY TO SELL THE HOME. AT 90 DAYS, IF NO QUALITY OFFERS HAVE BEEN NEGOTIATED WITH, A PRICE REDUCTION IS IN ORDER. REDUCING THE PRICE PROVIDES NECESSARY INCENTIVE FOR RENEWED AND UPDATED MARKETING EFFORTS, AS WELL. IF THE PRICE REDUCTION WAS APPROPRIATE FOR THE CONDITIONS, A SALE RESULTS SHORTLY THEREAFTER. PAGE 6 WWW.BONDNEWYORK.COM

ESTIMATE IF LISTING THE HOME TODAY, BASED ON THE DATA IN THIS DOCUMENT, ONE COULD REASONABLY PRESENT THIS PROPERTY BETWEEN $3,800,000 AND $3,925,000. HOWEVER, GIVEN RECENT SALES DATA, ONE MIGHT EXPECT THE TRANSFER PRICE TO FALL BETWEEN $3,200,000 AND $3,300,000. THEREFORE, ENTERING THE MARKET AROUND THE $3,500,000 MARK WOULD LIKELY LEAD TO A QUICKER SALE AND, PERHAPS, A HIGHER SALE PRICE. WWW.BONDNEWYORK.COM

© 2021 BOND New York. All material presented herein is intended for information purposes only. While information is believed to be correct, it is represented subject to errors, omissions, changes, or withdrawals without notice. All property information, including but not limited to, square footage and number of bedrooms, is approximate. If your home is currently listed with another broker this is not intended to solicit that listing. Exact measWuremWentWs . B O N D N E W Y O R K . C O M