The Corcoran Group: Manhattan Q12016 Update

8/18/2019 The Corcoran Group: Manhattan Q12016 Update

1/24

Z: 15:


2/24

Fidtndts

Smn libbiw`do knkanrs il tmn Smn Firfirjd Oriup kjcn sòd`fjdt fidtràutìds ti tm`s rnpirt7

K`fmnbn Anjub`nu @ Nr`h Fibukdj @ Jcjk Nfhstn`d @ Hr`sty Millkjd @ Hjtmbnnd Kng`j @ Qyjd Vfmbn`s @ Jdcrnw _jfmtlionb

1/> Kjrhnt _`cn1 Vjbns / Cjys id Kjrhnt

6 @dvndtiry / Kidtms il Vuppby

3 Ur`fns

> Kjrhnt Vmjrn

:5/:: Njst V`cn

:1/:6 _nst V`cn

:3/:> K`ctiwd

:


3/24

Ivnrv`nw

L`rst Zujrtnr 15:< h`fhnc ill tmn dnw

ynjr w`tm j k`x il `dc`fjtirs lir tmn

Kjdmjttjd rns`cndt`jb rnjb nstjtn

kjrhnt. Sm`s qujrtnr sjw rnfirc

mòm pr`fns, jd ̀ dfrnjsn ̀ d jft`vn

`dvndtiry, aut j crip `d sjbns jltnr twi

fidsnfut`vn qujrtnrs il `dfrnjsns.

Kjdmjttjd‐s ivnrjbb fbisnc sjbns ourn

`d tmn rst qujrtnr cnfrnjsnc >%

ynjr-ivnr-ynjr, jdc sòdnc fidtrjfts

crippnc ::% lrik L`rst Zujrtnr 15:>.

Knjdwm`bn, `dvndtiry `dfrnjsnc =%

ynjr-ivnr-ynjr cun ti j gukp `d rnsjbn

fidci b`st`dos.

Smn crip ̀ d sjbns fika`dnc w`tm tmn

`dfrnjsn il `dvndtiry fjusnc kidtmsil suppby ti `dfrnjsn :3% lrik bjst

ynjr, rnjfm`do >.: kidtms tm`s qujrtnr.

Miwnvnr, `t wjs st`bb anbiw tmn s`x ti

d`dn kidtm nqu`bàrùk rjdon. Nvnd

tmiuom ivnrjbb sjbns wnrn ciwd, auynrs

sdjppnc up rns`cndfns ljstnr tmjd j

ynjr joi, js jvnrjon cjys id kjrhnt `d

tmn rst qujrtnr crippnc :>% ynjr-

ivnr-ynjr ti =< cjys.

:Z Firfirjd Qnpirt

FBIVNC VJBNV

5

:,555

1,555

6,555

3,555

>,555

:Z:: :Z:1 :Z:6 :Z:3 :Z:> :Z:

Smn Firfirjd Oriup @ p :

Kjdmjttjd :Z:< :Z:> % Fmo (yr) 3Z:> % Fmo (qtr)

Ivnrv`nw

Vjbns 6,: 6,635 ->% 6, 6,6% == -1%

@dvndtiry >,63: 3,06< =% >,5%

Jvnrjon Ur`fn $1.5=0K $:.=:6K :>% $:.01?K =%

Knc`jd UUVL $:,6?3 $:,155 :>% $:,6>5 1%

Jvnrjon UUVL $:,=61 $:,%

Knc`jd Ur`fn ay Ancriik

Vtucì $3=1H $3>3H H $?>5H 0% $=1>H -:%

1 Ancriik $:.?>5K $:.3?>K :0% $:.


4/24

:Z 15:<KJDMJSSJD FIQFIQJD QNUIQS

Kjrhnt _`cnVjbns

Cnsp`tn jd ̀ dfrnjsn ̀ d dnw cnvnbipkndt

fbis`dos, cnfrnjsns ̀ d tmn rnsjbn kjrhnt

bnjc ti jd ivnrjbb ynjr-ivnr-ynjr crip

`d fbisnc sjbns. Smn 6,: fbis`dos

rnprnsndtnc j >% cnfrnjsn lrik L`rst

Zujrtnr 15:>. Vòdnc fidtrjfts wnrn

jbsi ciwd cur`do L`rst Zujrtnr 15:, fidt`du`do tmn

rnfndt trndc il jddujb ̀ dfrnjsns lir

tmn pricuft typn. Smn gukp `d dnw

cnvnbipkndt fbis`dos wjs cun ti

prnsjbns il dnw fidstruftìd au`bc`dos

`d 15:6 jdc 15:3, jbido w`tm rndtjb-

ti-fidci fidvnrsìds w`tm prnsjbns `dnjrby 15:>, jbb il wm`fm mjvn rnfndtby

fikpbntnc fidstruftìd jdc anoud

kivn-`ds.

Dnw cnvnbipkndt fbis`dos smiubc

fidt`dun ti fbj`k ̀ dfrnjsnc smjrns il

Cjys id Kjrhnt

Jvnrjon cjys id kjrhnt cur`do

L`rst Zujrtnr 15:< wjs ciwd lir jbb

kntr`fs fikpjrnc ti j ynjr joi,

jdc ciwd ivnrjbb fikpjrnc ti bjst

qujrtnr.

Cjys id kjrhnt lir jbb il Kjdmjttjd

jvnrjonc =< cjys tm`s qujrtnr, ciwd

:>% lrik bjst ynjr‐s ourn il :5:

cjys. Jvnrjon cjys id kjrhnt mjs

annd id j cnfb`dn ivnr tmn pjst


Vjbns

Fbisnc Vjbns 6,: 6,635 ->% 6, 6,6% == -1%

Vtucì =6 :5< -11% ?= -:1% =6 :%

6+ Ancriik :16 :1< -6% 0: 63%

ivnrjbb fbis`dos ivnr tmn dnxt snvnrjb

ynjrs js kirn dnw cnvnbipkndts

rnjfm fikpbntìd.

Jbb ancriik typns mjc j cnfrnjsn

`d cjys id kjrhnt fikpjrnc ti

L`rst Zujrtnr 15:>. Smn bjronst

pnrfndtjon cnfrnjsns iffurrnc lirstucìs jdc idn ancriiks, ditjaby

tmn bnjst nxpnds`vn rns`cndfn typns.

Fikpjrnc ti bjst qujrtnr, idn

ancriiks mjc j 3% crip `d cjys id

kjrhnt. Jbb itmnr typns mjc `dfrnjsns

lrik Liurtm Zujrtnr 15:>, `dfbuc`do

j 63% gukp lir tmrnn+ ancriik

rns`cndfns.

ynjr js auynrs kivnc qu`fhby id

wnbb-pr`fnc rns`cndfns, wm`bn itmnr

rns`cndfns rnkj`dnc udsibc. Js j

rnsubt, cjys id kjrhnt crippnc nvnd

js `dvndtiry `dfrnjsnc jdc sjbns

cnfrnjsnc.

Vtucìs: AQ

1 AQ

6+ AQ

5

65

5

CJPV ID KJQHNS AP ANCV

5

:,555

1,555

6,555

3,555

>,555

:Z:: :Z:1 :Z:6 :Z:3 :Z:> :Z:<

FIDSQJFSV V@ODNC

Smn Firfirjd Oriup @ p 1


5/24


Kjrhnt _`cn@dvndtiry

Kjdmjttjd `dvndtiry `d L`rst Zujrtnr15:< mjc j kufm dnncnc ̀ dfrnjsn

fikpjrnc ti aitm bjst qujrtnr jdc bjst

ynjr, jdc mjs stnjc`by `dfrnjsnc lrik

`ts rnfndt biw rnjfmnc `d 15:6. Ivnrjbb

b`stnc `dvndtiry rnjfmnc >,63: ud`ts

cur`do tmn rst qujrtnr, j % Fmo (yr) 3Z:> % Fmo (qtr)

@dvndtiry

Kjrhnt _`cn >,63: 3,06< =% >,5=0 :,3?= =% :,>51 01 :,6:6 1:% :,>:? >%

6+ Ancriik :,>>0 :,33< =% :,>1= 1%

Kidtms il Vuppby

Kjrhnt _`cn >.: 3.3 :3% 3.1 1:%

Vtucì 3.3 3.1 >% 6.5 3?%

: Ancriik 3.1 6.> :0% 6.> 15%

1 Ancriik >.5 3.1 15% 3.1 :0%

6+ Ancriik =.6 ?.0 3% ?.= .5 kidtms il suppby ir bnss. Smrnn+

ancriik ud`ts wnrn tmn idby typn w`tm`d

nqu`bàrùk, jt =.6 kidtms il suppby.

Smn Firfirjd Oriup @ p 6


6/24


Kjrhnt _`cnUr`fns

Ivnrjbb Kjdmjttjd pr`f`do mjs annd

id jd upwjrc trndc ivnr tmn bjst

snvnrjb ynjrs, jdc L`rst Zujrtnr 15:<

wjs di c`llnrndt. Ur`f`do kntr`fs

wnrn up ynjr-ivnr-ynjr jfriss tmn

aijrc, jdc kjdy m`t rnfirc mòms.

Qnbjt`vnby biw `dvndtiry bnvnbs,

nspnf`jbby jt biwnr pr`fn pi`dts,

fika`dnc w`tm `dfrnjs`do dnw

cnvnbipkndt kjrhnt smjrn mjs put

upwjrc prnssurn id pr`fns.

KJDMJSSJD M@VSIQ@FJB UQ@FNV

Smn L`rst Zujrtnr 15:< knc`jd

Kjdmjttjd sjbn pr`fn `dfrnjsnc

sòd`fjdtby ynjr-ivnr-ynjr ti

$:.:% lrik L`rst Zujrtnr 15:> ti

$1.5=0K.

Knc`jd pr`fn pnr squjrn liit wjs

up :>% fikpjrnc ti bjst ynjr jdc

1% lrik bjst qujrtnr‐s mòm ti j dnw

mòm il $:,6?3. Jvnrjon pr`fn pnr

squjrn liit wjs jbsi up lrik bjst

qujrtnr jdc bjst ynjr, rnjfm`do j

rnfirc mòm. Smn L`rst Zujrtnr 15:<

jvnrjon il $:,=61 pnr squjrn liit

wjs up ::% lrik bjst ynjr jdc >%

lrik bjst qujrtnr. @t jbsi rnprnsndtnc

j suastjdt`jb 36% oriwtm lrik tmn

jvnrjon pr`fn pnr squjrn liit `d L`rstZujrtnr 1550.

Ur`f`do cur`do L`rst Zujrtnr 15:<

`dfrnjsnc lir jbb ancriik typns

fikpjrnc ti bjst ynjr. Smrnn+

ancriik rns`cndfns mjc tmn bjronst

`dfrnjsn, w`tm tmn knc`jd up 65%

ti $3.555K cun ti ljr bnss sjbns jtbiwnr pr`fn pi`dts tm`s qujrtnr. Swi

ancriik rns`cndfns mjc tmn snfidc

bjronst `dfrnjsn, up :0% ti $:.?>5K.


Ur`fns

Knc`jd Ur`fn $:.:5H 11% $:.:5=K >%

Jvnrjon Ur`fn $1.5=0K $:.=:6K :>% $:.01?K =%

Knc`jd UUVL $:,6?3 $:,155 :>% $:,6>5 1%

Jvnrjon UUVL $:,=61 $:,%


Vtucì $3=1H $3>3H H $?>5H 0% $=1>H -:%

1 Ancriik $:.?>5K $:.3?>K :0% $:.


7/24


b b

Fidci Qnsjbn1=%

Fi-ip Qnsjbn

>1%

Dnw Cnv

15%

b

b

b

b

b b

b

b

Fidci Qnsjbn

65%

Fi-ip Qnsjbn

>%

: AQ60%

1 AQs

10%

6+ AQs:?%

b b

b

b

Vtucì:6%

: AQ6?%

1 AQs6:%

6+ AQs

:0%

b b

b

b

b

b b

5->55H:0%

>55H-:K

63%

1>%

1K-6K

0%

6K->K

?%

>K+

55H

:6%

>55H-:K

61%

:K-1K

1>%

1K-6K

:1%

6K->K

0%

>K+0%

3Z:>

b

b

b

b

b

b

b

5->55H

=%>55H-:K

11%

:K-1K

13%

1K-6K

:3%

6K->K

:6%

>K+:0%

b

b

Kjrhnt _`cn

Njst V`cn _nst V`cn Ciwdtiwd L`djdf`jb C`str`ft & Ajttnry Ujrh F`ty ^ptiwdK`ctiwd

DN@OMAIQMIIC

UQIUNQSP SPUN

Ur`fn Ui`dtSmn bjronst jddujb fmjdon ̀ d kjrhnt

smjrn ay pr`fn pi`dt iffurrnc lir

jpjrtkndts pr`fnc udcnr $>55H, wm`fm

cnfrnjsnc lrik :0% il tmn kjrhnt bjst

ynjr ti :6% tm`s qujrtnr. Smn cnfrnjsn ̀ d

biw pr`fnc ud`ts wjs lurtmnr nv`cndt w`tm

jft`vn b`st`dos, js idby =% il jvj`bjabn

ud`ts wnrn ̀ d tm`s pr`fn rjdon.

:Z:<

ANCQIIKV

:Z:<

UQ@FN UI@DS

Kjrhnt Vmjrn

Fikpjr`do tmn kjrhnt smjrn il sjbns ti jft`vn b`st`dos y`nbcs ditjabn c`llnrndfns tmjt fjd jllnft auynrs‐ snjrfmns jdc snbbnrs‐ sjbnsnllirts, js suppby jdc cnkjdc kjy dit kjtfm. Mnrn wn fikpjrn kjrhnt smjrn il sjbns jdc `dvndtiry ay vjrìus knjsurns.

:Z:> @D\NDSIQP

:Z:>:Z:< @D\NDSIQP

AncriiksSmn smjrn il sjbns ay ancriik typn

wjs rnbjt`vnby fids`stndt ynjr-ivnr-

ynjr. Jft`vn b`st`dos wnrn sòd`fjdtby

c`llnrndt tmjd rnfndt sjbns lir twi typns7

: ancriik ud`ts fikpr`snc 6?% il sjbns

tm`s qujrtnr aut idby 65% il jft`vn

b`st`dos, wm`bn 6+ ancriik ud`ts fbj`knc

:0% il sjbns aut j sòd`fjdtby bjronr10% il jft`vn b`st`dos.

Uripnrty SypnDnw Cnvnbipkndt kjrhnt smjrn il sjbns

`dfrnjsnc lrik :3% bjst ynjr ti 15%

tm`s qujrtnr. Qnsjbn fi-ips mjc j ditjabn

smirtjon ̀ d suppby il b`st`dos fikpjrnc ti

sjbns, w`tm >1% il sjbns aut idby 33% il

b`st`dos.

Dnòmairmiic ^ptiwd mjc tmn kist ditjabn jddujb

fmjdon ̀ d smjrn il sjbns, cnfrnjs`do lrik

:6% bjst ynjr ti =% tm`s qujrtnr. Kjrhnt

smjrn ̀dfrnjsnc tmrnn pnrfndtjon pi`dts

id tmn Njst V`cn, wm`bn cripp`do tmrnn

pnrfndtjon pi`dts id tmn _nst V`cn.

:Z:>

$5->55H $>55H-:K $1K-6K$:K-1K $>K+$6K->K

Vtucì : Ancriik 6+ Ancriik1 Ancriik

Qnsjbn Fidci Qnsjbn Fi-ip Dnw Cnv

Smn Firfirjd Oriup @ p >

@D\NDSIQP

:Z:> @D\NDSIQP:Z:<

^ptiwd

=%Njst V`cn

13%

_nst V`cn

:%

^ptiwd

:6%Njst V`cn

1:%

_nst V`cn

:0%

K`ctiwd

:>%

Ciwdtiwd

1=%

L`djdf`jb C`str`ft

& Ajttnry Ujrh F`ty

3%

^ptiwd

=% Njst V`cn

13%

_nst V`cn

:>%

K`ctiwd

15%

Ciwdtiwd

1?%

L`djdf`jb C`str`ft

& Ajttnry Ujrh F`ty


8/24


Qnsjbn Fi-ipsSmn Kjdmjttjd rnsjbn fi-ip kjrhnt

mjc ynjr-ivnr-ynjr cnfrnjsns `d sjbnsjdc `dvndtiry `d L`rst Zujrtnr 15: % Fmo (qtr)

Ivnrv`nw

Fbisnc Vjbns :, -=%

@dvndtiry 1,665 1,6>? -:% 1,1:1 >%

Kidtms il Vuppby 3.6 6.? :3% 6.< :=%

Ur`fns

Knc`jd Ur`fn $=55H $?15H ::% $?1>H :5%

Jvnrjon Ur`fn $:.61=K $:.1?3K 3% $:.11=K =%

Knc`jd UUVL $:,555 $05> :5% $0=6 1%

Jvnrjon UUVL $:,16> $:,5=< :3% $:,:=0 3%


Vtuc`i $336H $605H :3% $3:>H ?%

: Ancriik $H $5

,

U r ` f n U n r V q u j r n L i i t

K n c ` j d U r ` f n ( ` d t m i u s j d c s )

Knc j̀d Ur̀ fn Jvnrjon UUVL Knc j̀d UUVL

:Z15:5 :Z15:1 :Z15:6 :Z15:3 :Z15:> :Z15:.

Knc`jd pr`fns lir jbb ancriik typns

wnrn up ynjr-ivnr-ynjr jdc qujrtnr-

ivnr-qujrtnr. Smrnn+ ancriik

rns`cndfns mjc tmn bjronst ̀ dfrnjsn,

up :=% lrik bjst ynjr ti $1.=>5K.

Vtuc`is jbsi mjc j ditjabn gukp,

`dfrnjs`do :3%, wm`bn twi ancriik

rns`cndfns wnrn up :5%.

>:5 Ujrh Jvndun @ _NA# 61: 6> Njst ?


9/24


Qnsjbn FidcisQnsjbn fidci pr`f`do mjc kicnrjtn

ynjr-ivnr-ynjr ̀ dfrnjsns `d L`rstZujrtnr 15: % Fmo (yr) 3Z:> % Fmo (qtr)

Ivnrv`nw

Fbisnc Vjbns =?0 00> -:1% :,53= -:


10/24


Dnw CnvnbipkndtsL`rst Zujrtnr 15:< Kjdmjttjd dnw

cnvnbipkndt sjbns `dfrnjsnc 31%ynjr-ivnr-ynjr, fidt`du`do tmn ynjr-

bido trndc il ciuabn cò`t jddujb

pnrfndtjon `dfrnjsns. Smn ourn wjs

ciwd :>% lrik Liurtm Zujrtnr 15:>,

miwnvnr, wm`fm mjc snvnrjb bjron

cnvnbipkndts `d fbis`dos.

B`stnc `dvndtiry wjs dnjrby bnvnb

w`tm bjst qujrtnr jdc bjst ynjr

cnsp`tn fidt`dunc dnw cnvnbipkndt

bjudfmns, js cnvnbipnrs puab`fby b`stnc

Dnw Cnvnbipkndts :Z:< :Z:> % Fmo (yr) 3Z:> % Fmo (qtr)

Fbisnc Vjbns ? 31% ?K $1.51..=53K -3% $>.303K 1%

idby j skjbb pirtìd il j au`bc`do‐s

titjb udsibc ud`ts. Lbjt `dvndtiry

jdc jd `dfrnjsn `d sjbns bnjc ti j

crip `d kidtms il suppby fikpjrnc

ti bjst ynjr, aut jt 3.: kidtms tm`s

qujrtnr, tmn ourn wjs up lrik Liurtm

Zujrtnr 15:>.

Smn knc`jd dnw cnvnbipkndt pr`fn

wjs up sòd`fjdtby ynjr-ivnr-ynjr,

js L`rst Zujrtnr 15:> mjc fbis`dosjt snvnrjb kicnrjtnby pr`fnc dnw

cnvnbipkndts w`tm skjbb rns`cndfns.

L`rst Zujrtnr 15:< knc`jd pr`fn wjs

up % ynjr-ivnr-ynjr ti $1.?13K,

jdc jvnrjon pr`fn wjs up :6% ti

$3.51?K. Dnw cnvnbipkndts w`tm j

bjron dukanr il fbis`dos tm`s qujrtnr

`dfbucnc Smn Vnykiur jt 1tm Vtrnnt, :6> _nst >1dc Vtrnnt, jdc

Q`vnr & _jrrnd jt 1:1 _jrrnd Vtrnnt.

DN_ CN\NBIUKNDS M@VSIQ@FJB UQ@FNV

$5

$

$:.5

$6.5

:Z15:5 :Z15:1 :Z15:6 :Z15:3 :Z15:> :Z15:<

U r ` f n U n r V q u j r n L i i t

K n c ` j d U r ` f n ( ` d K ` b b ` i d s )

Knc j̀d U r̀ fn Jvnrjon UUVL Knc̀ jd UUVL

$:.>

$1,355

$6,555

$1.5

$1.>

:Z15::

DN_ CN\NBIUKNDSV F^QQNDSBP @D FBIV@DOV

155 Njst 5> _nst :0tm Vtrnn

$5

$:.5

$1.5

$6.5

$3.5

$>.5

K ` b b ` i d s

N J V S V @ C N

_ N V S V @ C N

K @ C S I _ D

^ U S I _ D

C I _ D S I _ D

L @ C @ / A U F

DN@OMAIQMIIC KNC@JD UQ@FNV

Smn Firfirjd Oriup @ p =


11/24


BuxurySmn buxury kjrhnt `s cndnc js tmn

tip :5% il fbisnc sjbns `d tnrks ilpr`fn. @d L`rst Zujrtnr 15:< tmn buxury

tmrnsmibc, wm`fm kjrhs tmn ndtry

pi`dt `dti tmn buxury fjtnoiry, wjs

$3.>55K. Sm`s qujrtnr‐s tmrnsmibc wjs

1>% m`omnr tmjd L`rst Zujrtnr 15:>

jdc up ?% lrik bjst qujrtnr.

Buxury :Z:< :Z:> % Fmo (yr) 3Z:> % Fmo (qtr)

Knc`jd Ur`fn $>5K $>.>6K :=% $>.>55K :0%

Jvnrjon Ur`fn $=.50:K $=.:13K 5% $


12/24

Njst V`cnSmn Njst V`cn mjc tmn snfidc m`omnst dukanr il sjbns `d Kjdmjttjd cur`do L`rst Zujrtnr 15:%

:,106 @dvndtiry

+::%

>.1Kidtms il Vuppby

%

$:.161K Knc`jd Ur`fn

+15%

$:,?5


13/24


Smn Njst V`cn mjc ?36 fbisnc sjbns`d L`rst Zujrtnr 15:% `dfrnjsn

fikpjrnc ti j ynjr joi. @dvndtiry

wjs jbsi up, ̀ dfrnjs`do ::% ynjr-ivnr-

ynjr ti :,106 ud`ts. _`tm tmn bjronr

oriwtm `d `dvndtiry fikpjrnc ti

sjbns, kidtms il suppby `dfrnjsnc

.1 kidtms.

Smn jvnrjon t`kn lrik b`st`do ti sjbn

crippnc :>% lrik bjst ynjr, rnjfm`do

05 cjys id kjrhnt tm`s qujrtnr.

Ur`f`do wjs up lir kist kntr`fs `d

tmn rnsjbn kjrhnt fikpjrnc ti L`rst

Zujrtnr 15:>. Qnsjbn fi-ip knc`jd

pr`fn wjs up :>H, aut tmn

jvnrjon rnsjbn fi-ip pr`fn wjs ciwd

% Fmo (yr) 3Z:> % Fmo (qtr)Ivnrv`nw

Fbisnc Vjbns ?36 ?50 >% ?=1 ->%

Jvnrjon Cjys id Kjrhnt 05 :5? -:>% :55 -0%

@dvndtiry :,106 :,:H $K 6%

6+ Ancriik $6.3>5K $6.5>5K :6% $6.6:6K 3%

Qnsjbn Fidci :Z:< :Z:> % Fmo (yr) 3Z:> % Fmo (qtr)

Ur`fns

Knc`jd Ur`fn $:.K $:.3%

Knc`jd UUVL $:,316 $:,6?0 6% $:,35? :%

Jvnrjon UUVL $:,010 $:,>?: 16% $:,??1 0%


Vtuc`i $>01H $>6H $=51H :0% $05:H K $:.?==K =% $:.0?6K -1%

6+ Ancriik $6.?3=K $6.>:6K ?% $6.11>K : % Fmo (yr) 3Z:> % Fmo (qtr)

Ur`fnsKnc`jd Ur`fn $:.??6K $3.0>K ->3K :3%

Jvnrjon Ur`fn $6.5=% $1.6=6 ?%

Jvnrjon UUVL $1,::0 $6,1% $:,0:? ::%


Vtuc`i DJ DJ DJ DJ DJ

: Ancriik $0K ->5% $0>5H :%

1 Ancriik $:.?=1K $6.=5K ->6% $:.1K =%

6+ Ancriik $1.0?:K $=.==?K -


14/24

_nst V`cnSmn _nst V`cn mjc tmn snfidc biwnst kidtms il suppby ourn `d Kjdmjttjd tm`s qujrtnr, jt 3.< kidtms. Jvnrjonpr`fn pnr squjrn liit, jt $:,=?>, wjs tmn snfidc m`omnst ourn il jdy dn`omairmiic.>1:

Vjbns

-:?%

?01@dvndtiry

+?%

3.<Kidtms il Vuppby

+65%

?= Cjys id Kjrhnt

-:>%

$:.:?6K Knc`jd Ur`fn

+::%

$:,=?> Jvnrjon UUVL

-:>% JddujbFmjdon

1< _nst =?rc Vtrnnt @ _NA# 6>5=?66 id firfirjd.fik


15/24


Smn _nst V`cn mjc j cnfrnjsn `dsjbns ynjr-ivnr-ynjr, ciwd :?% ti

>1: fbis`dos `d L`rst Zujrtnr 15:, ti ?0? ud`ts. Sm`s

cnfrnjsn `d sjbns jdc `dfrnjsn `d

`dvndtiry bnc ti j 65% gukp `d

kidtms il suppby wmnd fikpjrnc

ti L`rst Zujrtnr 15:>, ti 3.< kidtms.

Cnsp`tn tmn `dfrnjsn, tmn suppby-

cnkjdc fidc`tìds rnkj`d anbiw

tmn nqu`bàrùk rjdon il s`x ti d`dnkidtms. Smnrn wjs j ditjabn cnfrnjsn

`d tmn jvnrjon cjys id kjrhnt, ljbb`do

:>% lrik L`rst Zujrtnr 15:> ti ?=

cjys id kjrhnt.

Qnsjbn fi-ip knc`jd pr`fn `dfrnjsnc :3%

ti $036H

_nst V`cn

_nst V`cn :Z:< :Z:> % Fmo (yr) 3Z:> % Fmo (qtr)Ivnrv`nw

Fbisnc Vjbns >1: % ?< 6%

@dvndtiry ?01 ?6? ?% =:< -6%

Kidtms il Vuppby 3.< 6.> 65% 6.3 66%

Qnsjbn Fi-ip :Z:< :Z:> % Fmo (yr) 3Z:> % Fmo (qtr)

Ur`fns

Knc`jd Ur`fn $036H $=1>H :3% $=1=H :3%

Jvnrjon Ur`fn $:.< 1%

Jvnrjon UUVL $:,= 65% $:,110 66%


Vtucì $3>5H $355H :6% $316H ?%

: Ancriik $H $%

1 Ancriik $:.3>5K $:.1?>K :3% $:.356K 6%

6+ Ancriik $6.61>K $1.0=>K ::% $1.=K :0%


Ur`fns

Knc`jd Ur`fn $:.63?>K -:>%

Jvnrjon Ur`fn $1.5>?K $1.0::K -10% $6.1?:K -6?%

Knc`jd UUVL $:,>?< $:,>35 1% $:,= -16%


Vtucì $?6>H $K -:0% $3.=:K -6?%

Dnw Cnvnbipkndt :Z:< :Z:> % Fmo (yr) 3Z:> % Fmo (qtr)

Ur`fnsKnc`jd Ur`fn $1.?6K -0% $1.13K 11%

Jvnrjon Ur`fn $6.=0=K $:5.H 1=%

1 Ancriik $1.?65K -:% $1.1:5K 13%

6+ Ancriik $?.: wnrn ivnr $>K,

fikpjrnc ti gust ?tm Vtrnnt, wm`fm

fidtj`d sikn il tmn mòmnst pr`fnc dnw

cnvnbipkndts ̀d tmn f`ty, jdc snvnrjb

fbis`dos w`tm vnry mòm pr`fns shnwnc tmn

jvnrjons up cur`do L`rst Zujrtnr 15:>.Smn Firfirjd Oriup @ p :6


16/24

=3> ^d`tnc Djt`ids Ubjzj @ _NA# 63?115= id firfirjd.fik

K`ctiwdK`ctiwd mjc j 3% `dfrnjsn `d sjbns ynjr-ivnr-ynjr, jdc `dvndtiry wjs dnjrby bnvnb w`tm L`rst Zujrtnr 15:>. Ur`f`dowjs up fikpjrnc ti bjst ynjr, w`tm tmn knc`jd up :3% ti $000H.>1>

Vjbns

+3%

:,50: @dvndtiry

+:%


17/24


K`ctiwd mjc >1> fbisnc sjbns cur`do

L`rst Zujrtnr 15:1> >56 3% ?31 -10%

Jvnrjon Cjys id Kjrhnt :5: :5? - % Fmo (yr) 3Z:> % Fmo (qtr)

Ur`fns

Knc`jd Ur`fn $>=6H $% $6H $660H 3% $6=5H -?%

: Ancriik $ % Fmo (yr) 3Z:> % Fmo (qtr)

Ur`fns

Knc`jd Ur`fn $:.::6K $:.:0>K -?% $:.5>5K 05H $% $>00H -1%

: Ancriik $065H $05K 1% $:.=>=K :%

6+ Ancriik $3.3


18/24

CiwdtiwdCiwdtiwd mjc tmn mòmnst dukanr il fbisnc sjbns, mòmnst knc`jd pr`fn, jdc mòmnst jvnrjon pr`fn pnr squjrn liitil jdy dnòmairmiic ̀ d Kjdmjttjd cur`do L`rst Zujrtnr 15::

Vjbns

5%

:,36<@dvndtiry

+:0%

3.>Kidtms il Vuppby

+:0%

=: Cjys id Kjrhnt

-:K Knc`jd Ur`fn

+30%

$1,:>> Jvnrjon UUVL

+65% JddujbFmjdon

106 Bjljynttn Vtrnnt @ _NA# 6


19/24


L`rst Zujrtnr 15:< fbisnc sjbns `d

Ciwdtiwd, jt 0>:, wnrn dnjrby bnvnb

w`tm bjst ynjr. Sm`s wjs fiupbnc w`tm

j :0% ynjr-ivnr-ynjr ̀ dfrnjsn ̀ d

`dvndtiry ti :,36< b`st`dos, bnjc`do

ti j :0% `dfrnjsn `d kidtms il

suppby ti 3.> kidtms. Smn jvnrjon

cjys id kjrhnt cnfrnjsnc ay :H, w`tm stucìs, idn ancriiks,

jdc twi ancriiks jbb snn`do j ciuabn

cò`t jddujb pnrfndtjon oriwtm.

Qnsjbn fidci pr`f`do wjs jbsi up

tm`s qujrtnr, w`tm tmn knc`jd pr`fn

`dfrnjs`do ay 31% ti $1.6?>K, jdc

tmn jvnrjon pr`fn ̀ dfrnjs`do 11%

ti $1.=33K. Sm`s wjs tmn mòmnst

knc`jd pr`fn lir rnsjbn fidcis `d jdydnòmairmiic tm`s qujrtnr.

Jvnrjon dnw cnvnbipkndt pr`fn wjs up =1% ti

$3.6?5K

Ciwdtiwd

Ciwdtiwd :Z:< :Z:> % Fmo (yr) 3Z:> % Fmo (qtr)Ivnrv`nw

Fbisnc Vjbns 0>: 03? 5% ==6 =%

Jvnrjon Cjys id Kjrhnt =: 0< -: :0% :,6?? 3%

Kidtms il Vuppby 3.> 6.= :0% 3.? -6%


Ur`fns

Knc`jd Ur`fn $==>H $?>5H :=% $=:6H 0%

Jvnrjon Ur`fn $:.11?K $:.::?K :5% $:.:=?K 6%

Knc`jd UUVL $:,:?6 $:,5 :5% $:,:?: 5%

Jvnrjon UUVL $:,100 $:,:?< :5% $:,65: 5%


Vtucì $>30H $3?=H :>% $>:3H ?%

: Ancriik $=6=H $?>5H :1% $=:>H 6%

1 Ancriik $:.% $:.355K :3%

6+ Ancriik $1.>55K $1.5K -:1K -10%


Ur`fns

Knc`jd Ur`fn $1.6?>K $:.K 31% $1.5?>K :3%

Jvnrjon Ur`fn $1.=33K $1.665K 11% $1.?03K 1%

Knc`jd UUVL $:,?=> $:, $:,?>K :6% $:.6?6K ->%

1 Ancriik $1.>K $1.635K :5% $1..03=K $3.355K 6>% $3.1K 1=%

Dnw Cnvnbipkndt :Z:< :Z:> % Fmo (yr) 3Z:> % Fmo (qtr)

Ur`fnsKnc`jd Ur`fn $3.6?5K $1.355K =1% $>.:3>K -:>%

Jvnrjon Ur`fn $>.6>?K $6.6K >0% $53 -6%

Jvnrjon UUVL $1,0 $1,:?0 11% $1,=:5 ->%


Vtucì $:.:55K $?10H >:% $:.>55K -1?%

: Ancriik $:.01K >?K $1.0?>K 15% $6.0?:K -:5%

6+ Ancriik $3K $>.?>6K :?% $>K -6%

Dnw cnvnbipkndt pr`f`do jbsi sjw

sòd`fjdt `dfrnjsns tm`s qujrtnr, w`tm

tmn knc`jd pr`fn up j suastjdt`jb

=1% ti $3.6?5K jdc tmn jvnrjonpr`fn up >0% ti $>.6>?K. Smnsn

bjron ̀ dfrnjsns wnrn cun ti fbis`dos

jt buxury cnvnbipkndts sufm js :>5

Fmjrbns, :: Dirtm Kiirn, jdc Smn

Ornndw`fm Bjdn.

Smn Firfirjd Oriup @ p :?


20/24

L`djdf`jb C`str`ft & Ajttnry Ujrh F`ty

Smn L`djdf`jb C`str`ft & Ajttnry Ujrh F`ty mjc tmn bjronst pnrfndtjon `dfrnjsn `d sjbns il jdy dn`omairmiic cur`do

L`rst Zujrtnr 15:.=Kidtms il Vuppby

-1?%

:5: Cjys id Kjrhnt

-:6%

$:.:51 Jvnrjon UUVL

+:>% JddujbFmjdon

35 Arijc Vtrnnt @ _NA# 66660


21/24


Fbisnc sjbns `d L`djdf`jb C`str`ft

& Ajttnry Ujrh F`ty `dfrnjsnc ay

6=% ynjr-ivnr-ynjr, up ti :?6 tm`s

qujrtnr, bjronby cun ti jd `dfrnjsn

`d rnsjbns. @dvndtiry wjs bnvnb w`tm

L`rst Zujrtnr 15:>, jdc tmn jvnrjon

cjys id kjrhnt cnfrnjsnc ay

:6% ti :5: cjys. Kidtms il suppby

cnfrnjsnc 1?% ynjr-ivnr-ynjr ti

>.= kidtms, ljbb`do anbiw tmn suppby

cnkjdc nqu`b`ar`uk rjdon.

Smn rnsjbn fi-ip knc`jd pr`fn pnr

squjrn liit sjw jd `dfrnjsn il

=% ti $0 % Fmo (qtr)

Ivnrv`nw

Fbisnc Vjbns :?6 :1> 6=% :?< -1%

Jvnrjon Cjys id Kjrhnt :5: ::< -:6% 0< >%

@dvndtiry 661 66: 5% 6:3 .= ?.0 -1?% >.3 =%


Ur`fns

Knc`jd Ur`fn $?65H $00=H -1?% $=31H -:6%

Jvnrjon Ur`fn $=1K - % Fmo (qtr)

Ur`fns

Knc`jd Ur`fn $00>H $0?5H 6% $:.5K -?%

Jvnrjon Ur`fn $:.331K $:.135K :K :6%

Knc`jd UUVL $:,1:1 $:,:=1 6% $:,16? -1%

Jvnrjon UUVL $:,6 % Fmo (yr) 3Z:> % Fmo (qtr)

Ur`fns

Knc`jd Ur`fn $1.>?5K $:.:00K ::3% $1.>0?K -:%

Jvnrjon Ur`fn $6.53?K $:.>35K 0=% $1.=01K >%

Knc`jd UUVL $:,


22/24

^ppnr Kjdmjttjd^ppnr Kjdmjttjd mjc tmn bjronst cnfrnjsn ̀ d sjbns il jdy dn`omairmiic tm`s qujrtnr, jdc wjs tmn idby dn`omairmiic w`tmj crip `d `dvndtiry. Jt gust ?1 cjys id kjrhnt, ^ppnr Kjdmjttjd jbsi mjc tmn smirtnst jvnrjon t`kn lrik b`st`do ti sjbn.1>1

Vjbns

-3:%

60?@dvndtiry

-3%

3.?Kidtms il Vuppby

+>5H Knc`jd Ur`fn

->%

$?6? Jvnrjon UUVL

-:>% JddujbFmjdon

?15 _nst :?6tm Vtrnnt @ _NA# 6


23/24


Ur`f`do vjr`nc fids`cnrjaby ay pricuft

typn. Qnsjbn fi-ip knc`jd pr`fn wjs

up ay : % Fmo (qtr)Ivnrv`nw

Fbisnc Vjbns 1>1 31= -3:% 633 -1?%

Jvnrjon Cjys id Kjrhnt ?1 :5< -61% =5 -:5%

@dvndtiry 60? 3:6 -3% 6?? >%

Kidtms il Vuppby 3.? 1.0 % Fmo (yr) 3Z:> % Fmo (qtr)

Ur`fns

Knc`jd Ur`fn $300H $365H ::: :5% $>=5 -6%

Jvnrjon UUVL $ $>H $0% $H >5%


Ur`fns

Knc`jd Ur`fn $300H -:


24/24


Kntmicibioy

Kntr`fsFbisnc Vjbns ourns lir tmn furrndt

qujrtnr jrn ajsnc id hdiwd fbis`dos

rnfircnc jt tmn t`kn tmn rnpirt `s

prnpjrnc jdc prignftnc tmriuom tmn

ndc il tmn qujrtnr tjh`do `dti jffiudt

typ`fjb snjsidjb`ty jdc puab`frnpirt`do t`k`do.

Fidtrjfts Vòdnc ourns lir tmn

furrndt qujrtnr jrn ajsnc id rnpirtnc

sòdnc fidtrjfts jt tmn t`kn tmn rnpirt

`s prnpjrnc jdc prignftnc tmriuom tmn

ndc il tmn qujrtnr tjh`do `dti jffiudt

typ`fjb snjsidjb`ty.

Cjys id kjrhnt jvnrjons miw bido j

ud`t tjhns ti snbb jdc `s fjbfubjtnc aysuatrjft`do fidtrjft cjtn lrik b`st

cjtn. ^d`ts id tmn kjrhnt bidonr tmjd

tmrnn ynjrs jdc smirtnr tmjd idn cjy

jrn fids`cnrnc iutb`nrs jdc rnkivnc

lrik tmn cjtj ti prnvndt sòd`fjdt

shnw`do. Dnw cnvnbipkndts jrn

nxfbucnc anfjusn kjdy jvj`bjabn,

udsibc ud`ts jrn mnbc ill tmn kjrhnt

lir bido pnrìcs il t`kn.

Jvnrjon Ur`fn pnr Vqujrn Liit `s tmnjvnrjon pr`fn c`v`cnc ay tmn jvnrjon

squjrn liitjon. @d prìr Firfirjd

Qnpirts tm`s wjs fjbfubjtnc js jd

jvnrjon il jbb pr`fns pnr squjrn liit,

wm`fm o`vns j dukanr bnss shnwnc ay

mòm pr`fn sjbns jdc kirn s`k`bjr ti

j knc`jd pr`fn pnr squjrn liit. Smn

twi kntr`fs jrn diw snpjrjtnc ti o`vn

kirn `dsòmt ti kjrhnt cydjk`fs

Knc`jd Ur`fn jdc Ur`fn pnr Vqujrn

Liit jrn tmn k`ccbn ir k`cpi`dt pr`fn

wmnrn mjbl il sjbns ljbb anbiw jdc mjbl

ljbb jaivn tm`s dukanr.

@dvndtiry `s j fiudt il jbb furrndtbyb`stnc ud`ts jdc `s knjsurnc twi

wnnhs anlirn tmn ndc il tmn qujrtnr.

@t cins dit `dfbucn udsibc ynt udb`stnc

ud`ts ̀ d dnw cnvnbipkndts (‒smjciw‛

`dvndtiry).

Kidtms il Vuppby ̀ s jd nst`kjtn il miw

bido `t wiubc tjhn ti snbb jbb furrndtby

b`stnc ud`ts ajsnc id tmn jvnrjon

fbisnc sjbns pnr kidtm ivnr tmn bjst

tmrnn kidtms. V`x ti d`dn kidtms `sfids`cnrnc suppby-cnkjdc nqu`bàrùk.

Urnvìus Zujrtnr stjt`st`fs lir

sjbns jdc pr`fns jrn rnv`snc `d tmn

suasnqundt rnpirt idfn cjtj `s

jvj`bjabn lir tmn lubb qujrtnr pnrìc.

Viurfn ‖ Lòurns `d tm`s rnpirt jrn ajsnc id puab`fby rnpirtnc fbisnc sjbns

`dlirkjtìd v`j tmn Jutikjtnc F`ty Qno`stnr @dlirkjtìd Vystnk (JFQ@V) jdc

fikp`bnc us`do UripnrtyVmjrh, jd `dcnpndcndt rnsnjrfm rk, js wnbb js lrik

Firfirjd‐s pripr`ntjry b`st`dos cjtjajsn.

Dukanr il sjbnspnr au`bc`do7

Jaivn 15 ̂ d`ts

:5 ti 15 ̂ d`ts

6 ti 0 ^d`ts

: ti 1 ^d`ts

Jvnrjon pr`fnpnr squjrn liit (VL)7

Jaivn $1,>55 VL

$1,555 - $1,>55 VL

$:,>55 - $1,555 VL

$:,1>5 - $:,>55 VL

$:,555 - $:,1>5 VL

$?>5 - $:,555 VL

$>55 - $?>5 VL

Anbiw $>55 VL

Di VL Jvj`bjabn

Documents

The Corcoran Group: Manhattan Q12016 Update