New Development Report

First Quarter 2018

*Available inventory includes all units currently on the market as well as those not yet released.

BROOKLYNMANHATTAN

AVERAGE PRICE PER SQ. FT. CLOSED

$1,409AVERAGE PRICE PER SQ. FT. CLOSED

$2,152

AVAILABLE INVENTORY (UNITS)*

1,330AVAILABLE INVENTORY (UNITS)*

6,088

AVERAGE PRICE PER SQ. FT. CONTRACT SIGNED

AVERAGE PRICE PER SQ. FT. ACTIVE

$1,413

$1,475

$2,185

$2,513

AVERAGE PRICE PER SQ. FT. CONTRACT SIGNED

AVERAGE PRICE PER SQ. FT. ACTIVE

5.2% YoY

4.1% YoY

1% YoY

3.7% YoY

100% YoY

3% YoY

5.3% YoY

0% YoY

MANHATTAN BROOKLYN

Summary Points

HPDM | HPDMNY.COM | 2018 First Quarter Report | 2

MEDIAN PRICE PER SQ. FT.

Active $2,289 $1,485

Contract Signed $2,037 $1,341

Closed $1,986 $1,383

AVERAGE PRICE PER SQ. FT.

Active $2,513 $1,475

Contract Signed $2,185 $1,413

Closed $2,152 $1,409

MEDIAN PRICE

Active $3,875,000 $1,700,000

Contract Signed $2,814,500 $1,600,000

Closed $2,850,000 $1,395,000

AVERAGE PRICE

Active $6,363,804 $2,236,433

Contract Signed $4,252,318 $1,959,154

Closed $4,130,221 $1,709,905

TOTAL INVENTORY (UNITS)

Total 11,909 2,585

Units Available 6,088 1,330

% Closed or Contract Signed

48.9% 48.5%

The Upper West Side experienced the largest quarter-over-quarter increase in Average PPSF of any neighborhood in Manhattan at 16.2%, rising to $2,270, due primarily to contracts signed at 250 West 81st, Waterline Square, and 101 West 78th.

Available Inventory in Manhattan declined quarter-

over-quarter for the first time since Q1 2016. The figure dropped 5.2% to 6,088 units, still up 8.23% year-over-year, marking a pause in what has been a two year trend of rising inventory. In Brooklyn available inventory jumped significantly, rising 100%, due almost entirely to the addition of 458 new units at Brooklyn Point (138 Willoughby) in Downtown Brooklyn.

In Brooklyn, new development entering into contract averaged $1,413 PSF, remaining above $1,400 psf for the fourth consecutive quarter and up 3.82% year-over-year.

However, bucking a trend of four consecutive rising quarters, Avg PPSF declined 5.29% quarter-over-quarter. Avg. PPSF for closed new development in Brooklyn rose 10.25% year-over-year to $1,409 as previous contract-signed pricing is beginning to be reflected in delivered units. This lag between contract-signed and closed pricing can take between 12 and 24 months to materialize in closed numbers.

In Manhattan, pricing for new development units entering into contract in Q1 2018 fell 1.0% quarter-over-quarter and 1.5% year-over-year to $2,185 PSF. Avg. PPSF for closed new

development rose 4.1% quarter-over-quarter to $2,152, boosted by closings at 432 Park Avenue, but remained essentially flat year-over-year.

Total absorption in both Manhattan and Brooklyn was softer this quarter versus the same quarter last year. On a quarter-over-quarter basis absorption ticked upward in comparison to a slow

Q4 2017. In Manhattan, just over 280 units entered into contract in Q1 2018, an increase of 21.5% quarter-over-quarter and a decrease of 19.8% year-over-year. In Brooklyn, nearly 60 units entered into contract in Q1 2018, a 51.3% increase quarter-over-quarter and a 56.5% decrease year-over-year. This decrease reflects a lack of large projects launching in key neighborhoods in recent quarters, inhibiting supply in key price points below $2M. These numbers include units that entered into contract and closed within the same quarter.

16.2%

$1,413 PSF

$2,185 PSF

6,088 UNITS

280 UNITS

HPDM | HPDMNY.COM | 2018 First Quarter Report | 3

Introduction METHODOLOGY:

§ All data is provided by proprietary

Halstead Property Development

Marketing research.

§ This report tracks new development

projects only, defined as those new

to the market and currently selling

sponsor units. Buildings that have

fully sold out of sponsor units are

not included, even though they may

be newly built. Resale data is not

included in this report.

§ All listings were compiled as

of 3/19/18.

§§ Total§Inventory is defined as all units

within new development projects

that are currently listed as Active,

Contract Signed, or Closed, as well

as those units not yet released

to the market. Available§Units is

defined as new development units

that are currently listed as Active

as well as those not yet released

to the market. These numbers

include units released prior to 2018,

provided they are in a project that

has not sold out all sponsor units.

By including currently unreleased

units that are not yet listed as

Active this data provides a unique

and comprehensive analysis of the

current new development market.

TABLE OF CONTENTS

MARKET OVERVIEW ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

MARKET OVERVIEW BY QUARTER ... . . . . . . . . . . . . 6

MANHATTAN NEIGHBORHOOD INSIGHT ... . . . .7

ANALYSIS BY UNIT TYPE ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

PRICE POINT ANALYSIS ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

TOTAL INVENTORY ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

FURTHER INSIGHT ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

HPDM is pleased to present our New

Development Report for Q1 2018.

This report focuses exclusively on the

NYC new development condominium

market, and aims to be the only report

of its kind presenting a comprehensive

picture of new development activity.

New development is unique from

the overall real estate market in that

closings often do not occur for 12 to

18 months after a buyer enters into

contract. Therefore, to understand

this market it is critical to track active

listings, listings in contract, closed

listings, as well as total inventory. This

report analyzes Q1 2018 as a whole

and is a snapshot of current new

development market conditions.

In Manhattan, pricing for new

development units entering into

contract in Q1 2018 fell 1.0% quarter-

over-quarter to $2,185 PSF, a 1.5% drop

year-over-year. Avg. PPSF for closed

new development units rose 4.1%

quarter-over-quarter to $2,152, but fell

0.83% year-over-year.

In Brooklyn, new development

entering into contract averaged $1,413

PSF, falling 5.3% quarter-over-quarter,

but rising 3.8% year-over-year as

the longer price trend in Brooklyn is

still rising. Avg. PPSF for closed new

development Brooklyn rose 10.2%

year-over-year to $1,409 as units

entering contract during the rising

price trend over the past several

quarters are now being delivered.

GALERIE 22-22 JACKSON AVE, LONG ISLAND CITY GalerieLIC.com

HPDM | HPDMNY.COM | 2018 First Quarter Report | 5

NUMBER OF UNITS

GROUND UP CONVERSIONS NUMBER OF UNITS

100

200

300

400

500

600

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

HARLEM UWS UES MIDTOWN WEST BILLIONAIRE'S ROW* MIDTOWN EAST DOWNTOWN BROOKLYN**

Ground Up vs. Conversions - Avg. Price per Sq. Ft.

12

94

51

26

8

28

244

134

$1,

188

$2,3

90

$2,1

42

$6

,772

$2,0

73

$2,1

65

$1,

373

$1,

88

9

$1,

312

$2,2

27

$1,

76

6

$1,

74

9

$2,1

44

$1,

322

$1,

513

CONTRACT SIGNED AND CLOSED

GROUND-UP VS. CONVERSIONS — AVG. PRICE PER SQ. FT.

Market OverviewDowntown continued to see the most development activity in Manhattan in Q1 2018 with more than 240 units either entering

into contract or closing. Next to Billionaire’s Row, Downtown shows the highest Avg. Active Price per Sq. Ft. at $2,577. The

highest Avg. Price per Sq. Ft. for Contract Signed deals in Q1 2018 occurred in the Upper West Side, with an average of

$2,456 PSF, an increase of 23% quarter-over-quarter due to contracts signed at 250 West 81st Street, Waterline Square, and

101 West 78th Street.

ACTIVE, CONTRACT SIGNED, CLOSED — AVG. PRICE PER SQ. FT.

*Billionaire's Row comprised of: 432 Park Ave, 53 W 53rd, 520 Park Avenue*Brooklyn neighborhoods tracked: Bedford Stuyvesant, Boerum Hill, Brooklyn Heights, Bushwick, Carroll Gardens, Clinton Hill, Crown Heights, Downtown Brooklyn, DUMBO, Greenpoint, Park Slope, Prospect Heights, Redhook, Williamsburg

ACTIVE CONTRACT SIGNED CLOSED

$2,3

30

$2,1

19

$2,5

04

$2,8

79

$1,

96

3

$1,

75

0

$3

,911

$2,1

43

$2,4

22

$1,

726

$1,

924

$1,

619

$1,

90

8

$2,0

17

$2,2

26

$1,

515

$1,

196

$2,3

68

$2,4

56

$2,0

23$1,

23

2

$2,2

79

$2,1

64

$1,

810

$2,0

00

$1,

777

$1,

96

4

$5

,86

8

$7,7

19

$6

,20

3

$2,4

46

$2,0

38

$2,0

53

$2,5

77

$2,1

56

$2,1

65 $1,

475

$1,

413

$1,

40

9

HARLEM UWS UES MIDTOWN WEST BILLIONAIRE'S ROW*

MIDTOWN EAST DOWNTOWN BROOKLYN**

$9,000

$8,000

$7,000

$6,000

$5,000

$4,000

$3,000

$2,000

$1,000

HPDM | HPDMNY.COM | 2018 First Quarter Report | 6

$2,3

25

$1,

24

5

Q2 2017 Q3 2017 Q4 2017 Q1 2018

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

HARLEM UWS UES MIDTOWN WEST BILLIONAIRE'S ROW*

MIDTOWN EAST DOWNTOWN BROOKLYN**

$1,

373

$1,

922

$1,

910

$5

,10

9

$2,1

40

$2,2

81

$1,

322

$1,

117

$1,

875

$1,

98

7

$5

,48

6

$1,

95

8

$2,3

41

$1,

46

5

$1,

776

$1,

96

1

$7,6

61

$2,0

22

$2,3

26

$1,

378

$1,

199

$1,

95

6

$1,

88

5

$6

,772

$2,0

47

$2,1

61

$1,

410

$1,

419

$2,1

40

$2,0

32

$1,

95

3

$2,2

70

Market Overview by Quarter

CONTRACT SIGNED, CLOSED — AVG. PRICE PER SQ. FT.

*Billionaire's Row comprised of: 432 Park Ave, 53 W 53rd, 520 Park Avenue** Brooklyn neighborhoods tracked: Bedford Stuyvesant, Boerum Hill, Brooklyn Heights, Bushwick, Carroll Gardens, Clinton Hill, Crown Heights, Downtown Brooklyn, DUMBO, Greenpoint,

Park Slope, Prospect Heights, Redhook, Williamsburg.

The graph below depicts pricing for Contract Signed and Closed units by quarter. In Q1 2018 the

Upper West Side experienced the largest quarter-over-quarter increase in Average PPSF at 16.2%,

rising to $2,270, due primarily to contracts signed at 250 West 81st Street, Waterline Square, and 101

West 78th Street. Following the Upper West Side was the Upper East Side, rising 10.1% quarter-over-

quarter. Midtown East rose 1.2% quarter-over-quarter. Harlem, Downtown, and Midtown West each

experienced declines from Q4 2017, with Harlem leading the downswing with an 18.2% decrease.

Meanwhile, Avg. PPSF in Brooklyn experienced a modest 0.8% decrease quarter-over-quarter.

HPDM | HPDMNY.COM | 2018 First Quarter Report | 7

Outside of Billionaire’s Row, the highest average Contract Signed pricing in Manhattan

for Q1 2018 was $3,385 PSF, achieved in the West Village with sales at 160 Leroy Street,

followed by the Flatiron district at $3,096. The highest average Closed pricing outside

of Billionaire’s Row occurred in the West Village at $2,862 PSF due to deliveries at The

Greenwich Lane and 150 Charles Street, followed closely by TriBeCa at $2,831 PSF.

*Billionaire's Row comprised of: 432 Park Ave, 53 W 53rd, 520 Park Avenue

Manhattan Neighborhood Insight

UPTOWN AND MIDTOWN

MANHATTAN — ACTIVE, CONTRACT SIGNED, CLOSED — AVG. PRICE PER SQ. FT.

DOWNTOWN

MANHATTAN — ACTIVE, CONTRACT SIGNED, CLOSED — AVG. PRICE PER SQ. FT.

$1,

515

$2,4

43

$2,4

60

$2,0

24

$1,

196

$1,

232

$2,2

79

$2,1

64

$2,7

05

$1,

810

Harlem UWS UES MidtownWest

MidtownEast

Chelsea WestChelsea

Hell’sKitchen

GramercyPark

Billionaire’sRow*

ACTIVE CONTRACT SIGNED CLOSED

$2,000

$1,000

$3,000

$4,000

$7,000

$6,000

$8,000

$9,000

$5,000

$2,6

43

$2,5

58

$5

,86

8

$7,7

19

$6

,20

3

$2,4

46

$2,0

38

$2,0

53

$2,5

28 $1,

79

6

$2,6

54

$3

,19

9

$2,3

61

$1,

86

8

$1,

571

$1,74

8

$1,

86

4

$1,

55

6

$1,

98

0

Flatiron GreenwichVillage

SoHo NoHo LES FinancialDistrict

TriBeCa WestVillage

EastVillage

ACTIVE CONTRACT SIGNED CLOSED

$3

,023

$2,4

20

$2,2

70

$3

,09

6

$2,7

68

$2,7

73

$2,0

24

$2,4

29

$2,3

21

$3

,64

9

$3

,38

5

$2,8

62

$1,

954

$2,7

20

$2,2

70 $

1,772

$2,0

42

$2,2

89 $

1,8

23

$2,3

77

$2,1

57

$2,8

75

$2,5

81 $2,0

37

$2,8

31

$2,000

$1,000

$3,000

$4,000

$7,000

$6,000

$8,000

$9,000

$5,000

HPDM | HPDMNY.COM | 2018 First Quarter Report | 8

Analysis by Unit TypeMANHATTAN AND BROOKLYN

MANHATTAN — MEDIAN PRICE PER UNIT TYPE

BROOKLYN — MEDIAN PRICE PER UNIT TYPE

MANHATTAN — TOTAL UNITS BY BEDROOM

BROOKLYN — TOTAL UNITS BY BEDROOM

$4M

$2M

$6M

$8M

$10M

$12M

$16M

$14M

54

326

447

364

46

5 BED4 BED3 BED2 BED1 BEDSTUDIO

500

400

300

200

100

600

700

NUMBER OF UNITS

ACTIVE CONTRACT SIGNED CLOSED TOTAL NUMBER OF UNITS

$8

55

K

$9

94

K

$9

22K

$1.

36

M

$1.

48

M

$1.

54

M

$2.6

8M

$2.7

M

$3

M

$5

.37M

$4

.51M

$5

.7M $

8.5

3M

$6

.4M

$8

.22M

$14

.81M

$9

.3M

$7.8

1M

176

4 BED3 BED2 BED1 BEDSTUDIO

NUMBER OF UNITS

ACTIVE CONTRACT SIGNED CLOSED TOTAL NUMBER OF UNITS

$78

0K

$1.

14M

$1.

66

M

$2.5

5M

$5

.1M

$74

8K

$9

50

K

$1.

56

M

$2.6

7M

$9

65

K

$5

64

K $1.

61M

$2.6

5M

50

100

150

200

250

300

$1M

$2M

$3M

$4M

$5M

$6M

15

89

10380

22

$4

.54

M

5 BED4 BED3 BED2 BED1 BEDSTUDIO

37

5

ACTIVE CONTRACT SIGNED CLOSED

193

28

9

25

4

132

71

65

50 2

6

762

93

60 18

50

100

150

200

250

300

350

400

9 8

34

4 BED3 BED2 BED1 BEDSTUDIO

66

ACTIVE CONTRACT SIGNED CLOSED

41

66

45

16

2 8

15 14

40

22 21

6 6

70

50

60

40

30

20

10

7

In Q1 2018 two-bedroom units continued to experience the most deal volume by unit type in Manhattan, with over 150 two-bedroom units entering

into contract or closing. In Brooklyn, one-bedroom units saw the most deal volume with more than 45 units entering into contract or closing. Median

Contract Signed pricing for two-bedrooms in remained essentially flat quarter-over-quarter at $2.69M rising 3.4% year-over-year. In Brooklyn,

median Contract Signed pricing for one-bedrooms rose 2.0% quarter-over-qaurter to $950,000, and rose 3.8% year-over-year. In Manhattan, two-

bedrooms show the most Active listings at nearly 300, with three-bedrooms close behind at just over 250. Two-bedrooms also comprise the most

Active listings in Brooklyn with 66, while three and one-bedrooms follow with 45 and 41 units respectively.

HPDM | HPDMNY.COM | 2018 First Quarter Report | 9

Price Point Analysis MANHATTAN AND BROOKLYN

$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+

37.7

%

10.2

%

10.4

% 7.7

%

16.4

%

17.5

%

$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+

13.4

%

49

.7%

18.9

%

5.6

%

2.2

% 8.9

%

$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+

25

.9%

18.4

%

13.6

%

10.5

% 2

1.9

%

9.6

%

$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+

23

.1%

38

.5%

23

.1%

7.7

%

7.7

%

0%

$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+

4.5

%

27.1

%

13.4

%

7.7

%

24

.7%

22.7

%

1.1% 4

.2%

3.2

% 18.9

%

$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+

38

.9%

33

.7%

38% of all Active new development listings in Manhattan remain priced above $5M,

well below a high of 52% in Q1 2015. Meanwhile, 13.4% of Active listings remain priced

above $10M, down from 15.1% in Q4 2017.

Q1 2018 PRICE POINT MANHATTAN — ACTIVE

Q1 2018 PRICE POINT BROOKLYN — ACTIVE

MANHATTAN — CONTRACT SIGNED

BROOKLYN — CONTRACT SIGNED BROOKLYN — CLOSED

MANHATTAN — CLOSED

In Manhattan, the total percentage of new development deals entering contract

under $5M fell slightly to 78% from 81% in Q4 2017. Conversely, the percentage of

deals over $5M rose to 22% from 19% quarter-over-quarter.

HPDM | HPDMNY.COM | 2018 First Quarter Report | 10

15 HUBERT 15 HUBERT STREET, TRIBECA15Hubert.com

HPDM | HPDMNY.COM | 2018 First Quarter Report | 11

Total Inventory MANHATTAN AND BROOKLYN

The largest amount of available inventory in Manhattan is concentrated in the Lower East Side

with over 900 units, due to One Manhattan Square. The Upper West Side is next with over 600

units of available inventory due largely to Waterline Square and The Belnord. Neighborhoods

with low available inventory (under 50 units) include Chelsea, Flatiron, and Greenwich Village.

In Brooklyn, the highest available inventory is found in Downtown Brooklyn with the recent

addition of Brooklyn Point at 138 Willoughby Street. Areas of low available inventory (under

40 units) include Clinton Hill and Carroll Gardens. The graphs below present total inventory by

neighborhood along with the corresponding percentage of units sold.

MANHATTAN TOTAL INVENTORY

BROOKLYN TOTAL INVENTORY

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

FINANCIALDISTRICT

LESWEST EASTVILLAGE VILLAGE

TRIBECANOHOSOHOGREEN.VILLAGE

FLATIRONGRAM.PARK

HELL'SKITCHEN

WESTCHELSEA

CHELSEAMIDTOWNEAST

BN.ROW*

MIDTOWNWEST

UESUWSHARLEM

72%

27%

18%

64%

81%

65%

21%

61%

52%

41%

814

34 29

4

1,0

93

157

1,19

2

106

1314

24

24

9 38

3

66

1

PERCENTAGE SOLD

72%

52%

66%

53%

28%42%

53%

58%

33%

TOTAL UNITS PERCENT SOLD

1,4

54

1,3

71

60

4

21

610

36

3

79

7

200

400

600

800

1000

1200

1400

1600

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%81%

35%69%

PERCENTAGE SOLD

BOERUM HILL

156

DUMBO

188

PROSPECTHEIGHTS

30

9

45%

PARK SLOPE

137

63%

WILLIAMSBURG

517

GREENPOINT

186

BROOKLYNHEIGHTS

157

CLINTON HILL

115

DOWNTOWNBROOKLYN

579

73% 71% 68%

11%

TOTAL UNITS PERCENT SOLD

100

200

300

500

400

600

CARROLL GARDENS

49

63%

Total Inventory is defined as all new development units, both currently listed as either

Active, Contract Signed, or Closed, as well as those units not yet released to the market.

Available Units is defined as new development units that are either currently listed as

Active or those not yet released to the market. These numbers include units released

prior to 2018, provided they are in a project that has not sold out all sponsor units.

This data provides a comprehensive look at new development inventory by including

unreleased units.

*Billionaire's Row comprised of: 432 Park Ave, 53 W 53rd, 520 Park Avenue

HPDM | HPDMNY.COM | 2018 First Quarter Report | 12

Further Insight

Downtown Manhattan continued to experience the most new development

activity by volume in Q1 2018, followed by Brooklyn. In Manhattan, just over 280

units entered into contract in Q1 2018, an increase of 21.5% quarter-over-quarter

and a decrease of 19.8% year-over-year. In Brooklyn, nearly 60 units entered into

contract in Q1 2018, a 51.3% increase quarter-over-quarter and a 56.5% decrease

year-over-year. This decrease reflects a lack of large projects launching in key

neighborhoods in recent quarters, inhibiting supply in key price points below

$2M. These numbers include units that entered into contract and closed within

the same quarter.

Two-bedroom units in Brooklyn remain more efficiently sized than two-bedrooms in

Manhattan, while one-bedrooms are becoming more similarly sized in each borough.

Median size for two-bedroom units in Brooklyn is 1175 sq.ft, while the median for two-

bedroom units in Manhattan is 1420 sq. ft. Median size for one-bedroom units in Brooklyn

is 723 sq.ft, while the median for one-bedroom units in Manhattan is 797 sq. ft.

NEW DEVELOPMENT LISTINGS BY NEIGHBORHOOD MEDIAN SIZE (SQ. FT.) BY UNIT TYPE

BKLYN**UPPERMANHATTAN

DOWNTOWNBNROW*

MIDTOWNWEST

MIDTOWNEAST

UWSUES

ACTIVE CONTRACT SIGNED CLOSED

83

74 71 6

5

36

55

4

66 17

9

21 5

3

12 16 11 15 3 106

22 39

30 41

5

138

2 95

100

200

300

400

500

600

700

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5 BR4 BR3 BR2 BR1 BRSTUDIO

MANHATTAN BROOKLYN

624

79

7 2,2

46

46

1 723

1,70

2

1,4

20

1,17

5

3,2

24 3,9

29

2,6

50

4,7

31

*Billionaire's Row comprised of: 432 Park Ave, 53 W 53rd, 520 Park Avenue** Brooklyn neighborhoods tracked: Bedford Stuyvesant, Boerum Hill, Brooklyn Heights, Bushwick, Carroll Gardens, Clinton Hill, Crown Heights, Downtown Brooklyn, DUMBO, Greenpoint,

Park Slope, Prospect Heights, Redhook, Williamsburg.

MANHATTAN AND BROOKLYN

Contact

445 Park Avenue, 10th Floor | New York, NY 10022

HPDMNY.com

212 521 5757

539 Fourth StreetPark Slope539FourthSt.com

Skyview RiverdaleRiverdaleSkyviewRiverdale.com

Prepared by Matthew Petrallia, Vice President of Research and AnalyticsThe information presented here has been gathered from resources deemed reliable and refined by HPDM internal research, though it may be subject to errors, omissions, changes or withdrawal without notice. This information may not be copied, commercially used or distributed without HPDM’s prior consent.

For questions or comments regarding this report please contact research@hpdmny.com