The answer (and not Allen Iverson) ...and see you next year!

In our previous post, we looked at nominal appreciation, i.e., what prices did in plain dollar terms . (Nothing like a “plain” dollar .) This time, we finish the series — and the year — by asking the harder and more consequential question :

How much did the value of the co-ops actually increase after inflation?

You can download the complete report here (and we’d suggest it if you want to understand how we calculated “real appreciation” ).

Brace yourself , because the TL;DR is like a blustery winter wind howling off the East River . Real appreciation is rarer than nominal appreciation — and highly concentrated by building .

Across the three time windows examined, inflation varied meaningfully — especially in the most recent period . From 2016–2020 to 2021–2025, cumulative inflation exceeded 23% , dramatically raising the bar for real gains.

As a result, many buildings continued to rise in nominal terms , but far fewer increased in real, purchasing-power-adjusted terms .

This distinction is the crux of 20 Years, 4 Co-ops, & 10002 .

Seward Park — Strong, but Selective Real Outperformance
Bldg 1 → +24% → +22% → +1%
Bldg 2 → +34% → +17% → −7%
Bldg 3 → +11% → +32% → +8%
Bldg 4 → +22% → +19% → −3%
(2006–10 → 2011–15 → 2016–20 → 2021–25)

Seward remains the strongest long-term real performer across the four cooperatives , but even here the story is building-specific . Buildings 1 and 3 stand out for delivering positive real appreciation across multiple windows, including modest gains in the most inflation-heavy period. Buildings 2 and 4 show meaningful real gains prior to 2020, followed by partial giveback thereafter .

East River — Broad Gains, One Clear Outlier
Bldg 1 → +16% → +17% → −10%
Bldg 2 → +24% → +17% → −9%
Bldg 3 → +18% → +13% → +25%
Bldg 4 → +30% → +16% → −6%
(2006–10 → 2011–15 → 2016–20 → 2021–25)

East River presents a familiar pattern : solid real appreciation through 2020, followed by inflation-driven declines — with one exception .

Building 3 (570 Grand Street) clearly distinguishes itself , posting positive real appreciation across all three windows, including a striking +25% in the most recent period . This result is influenced by the introduction of several high-priced units, including rare combinations and terrace layouts , underscoring how unit mix can materially impact building-level outcomes even when the underlying structure is unchanged.

Hillman — Strong Mid-Cycle Gains, Mixed Recent Results
500 Grand St → +18% → +18% → −3%
530 Grand St → +10% → +30% → +26%
550 Grand St → +44% → +4% → −11%
(2006–10 → 2011–15 → 2016–20 → 2021–25)

Hillman tells one of the most nuanced stories in the dataset . All three buildings post strong real gains in at least one window, with 530 Grand Street emerging as one of the top real performers overall —delivering meaningful inflation-adjusted appreciation even after 2020.

Other Hillman buildings show substantial gains earlier in the cycle , followed by erosion in the most recent window, highlighting how inflation disproportionately affects value-oriented stock when price growth moderates .

Amalgamated — Stable, Inflation-Tracking Performance
504 Grand St → −6% → +20% → +3%
(2006–10 → 2011–15 → 2016–20 → 2021–25)

Amalgamated exhibits the most muted real appreciation profile of the four cooperatives . Its smaller scale, lower turnover, and limited renovation activity result in pricing that largely tracks inflation rather than consistently outpacing it .

That said, its performance remains stable and resilient , avoiding the sharper real declines seen elsewhere and reinforcing Amalgamated’s reputation for predictability over volatility.

“So what,” and “What do we do with this?”

Smooshing the nominal and real together , the data points to a clear conclusion: Long-term ownership alone does not guarantee real wealth creation .

Across twelve buildings only a small subset consistently beat inflation . Most buildings delivered real gains in some cycles, but not all. Inflation meaningfully reshaped outcomes after 2020, but newer buyers and sellers have not enjoyed the same bumps .

Most shareholders in these co-ops want to know: “Has my apartment gone up?”

That’s not really the important question, as that answer categorically is “Yes.”

Caveat : “Yes” is based on the property alone, and not what a shareholder might have invested to improve it and that ROI on that renovation .

Here’s the important question: “Has my building materially outperformed inflation over time?”

This distinction — and linking that to your specific unit — is the core insight of 20 Years, 4 Co-ops, & 10002 .

Thank you for your readership, referrals, and recommendations , and we’ll see you next year in 10002 — the best zip code in New York City .