From the premium to the practical: mapping the LES co-op hierarchy, aka "What the Hill-man?"

Last time, we assessed the average valuation for Seward and East River, leaving Hillman and Amalgamated for today.

We’re slowly unpacking 20 Years, 4 Co-ops, & 10002 , a longitudinal study of four LES co-ops, looking at how the co-ops have been priced, valued, and appreciated.

You can download the complete report here

Whereas Seward and East River illustrate the market premium and mid-market clustering, respectively, Hillman and Amalgamated tell a different story — one defined by scarcity and stability .

Hillman remains the most cost-efficient cooperative in the LES , and that position holds consistently at the building level. Across Hillman, average valuations cluster in the mid-$500Ks to just under $600K , while price-per-square-foot (PPSF) metrics sit firmly in the low-to-mid $600s .

Rather than reflecting weak demand, Hillman’s lower PPSF is driven by fewer renovation-driven premiums , and a long-tenured shareholder base . The result is a clear and persistent signal : For buyers, Hillman delivers the strongest livable square footage per dollar in the LES. (For Hillman sellers, though, this interpretation may be less welcome.)

Here’s a closer look , where “Price Data” means the number of listings in the dataset that include pricing information:

500 Grand Street
Avg Valuation → ~$563K
Avg PPSF → ~$659
Price Data → 162 | PPSF Data → 51

530 Grand Street
Avg Valuation → ~$535K lowest valuation
Avg PPSF → ~$652
Price Data → 244 | PPSF Data → 81

550 Grand Street
Avg Valuation → ~$595K
Avg PPSF → ~$643 lowest PPSF
Price Data → 145 | PPSF Data → 70

Despite variation in absolute pricing, all three Hillman buildings occupy the lowest PPSF tier across the LES , reinforcing Hillman’s role as the neighborhood’s value-and-efficiency anchor .

Amalgamated, by contrast, occupies the middle position .

Though represented by a single building, Amalgamated consistently posts stronger PPSF than Hillman and East River while remaining well below Seward’s premium tier . At 504 Grand Street, average valuation sits at approximately $669K, with PPSF around $850, supported by 151 priced listings and 34 PPSF observations.

504 Grand Street
Avg Valuation → ~$669K
Avg PPSF → ~$850
Price Data → 151 | PPSF Data → 34

Amalgamated’s small scale , infrequent listings , and steady demand create a scarcity-driven pricing dynamic with relatively low volatility. In the broader hierarchy, it consistently bridges the gap between value-oriented cooperatives and Seward’s premium positioning.

With pricing by building complete, we’ve moved from crust to mantle . Next up: drilling into the core.