Activity & Liquidity: Who moves, how often, and what does it all mean, Basil?

Today, we’ll start digging into 20 Years, 4 Co-ops, & 10002 , our longitudinal study of the four major LES co-ops: Seward, East River, Hillman, and Amalgamated.

You can download the complete report here

The four co-ops in our study behave like siblings : Each linked, almost genetically, but distinct behaviorally.

Three share the same architect, Herman Jessor , and all share a mid-century origin , cooperative governance , and deeply rooted residency . But despite these connections, their market personalities diverge meaningfully — in pricing behavior , turnover , layout mix , and liquidity .

Activity & Liquidity: Who Moves and How Often?

Over a 21-year period, activity levels vary sharply across the four co-ops. (Check out my caveats and considerations post to understand my various excuses around gaps in the data and analysis. )

• Seward → 1,181 listings → 460 closed sales → 39% sale-to-listing ratio

• East River → 1,120 listings → 492 closed sales → 44% sale-to-listing ratio

• Hillman → 554 listings → 262 closed sales → 47% sale-to-listing ratio

• Amalgamated → 151 listings → 71 closed sales → 47% sale-to-listing ratio

While we can’t draw a direct line between listings and sales , we can definitively say that:

Seward is the busiest marketplace by raw volume , generating the highest ongoing visibility in the neighborhood .

East River follows closely , distinguished by its wide range of unit sizes — particularly family-sized layouts (2BR and up) — which tend to stay on market longer and undergo more price repositioning .

Hillman and Amalgamated operate more quietly . Smaller scale and lower turnover keep listing volume down , but when units do come to market, outcomes remain relatively strong .

Next time, we’ll dissect valuation and price hierarchy.