Two for the shoe , before we hit the road on '25

Two to go —and that’s days in 2025 and remaining posts on 20 Years, 4 Co-ops, & 10002 , our 20-year study on Seward, East River, Hillman, and Amalgamated.

Then, we’ll return to our standard fare —with some data , M&Ms , local profiles , and 80s references mixed in.

But first… let’s get to the payoff on this report, as you may be wondering, “Well, so what?”

You can download the complete report here

Across the LES , all four cooperatives — Seward Park, East River, Hillman, and Amalgamated — have experienced meaningful long-term nominal appreciation over two decades .

This appreciation, though, has neither happened uniformly nor at the same pace .

From the mid-2000s through the late 2010s, nearly every building posted substantial dollar gains . The strongest acceleration occurred during two consecutive windows: 2011–2015 and 2016–2020 . This period coincided with sustained post-crisis demand, historically low interest rates , and significant neighborhood investment — including new retail, infrastructure, and public-space improvements like Essex Market, which opened in 2019 .

Seward Park: Strong, Sustained Nominal Growth
Bldg 1 → $613K → $758K → $924K → $934K
Bldg 2 → $620K → $829K → $974K → $908K
Bldg 3 → $598K → $663K → $878K → $952K
Bldg 4 → $639K → $777K → $924K → $897K
(2006–10 → 2011–15 → 2016–20 → 2021–25)

Across all four Seward buildings, nominal appreciation is both material and persistent . Each building shows clear upward movement across the twenty-year span, with especially strong gains during the 2011–2020 period .

While individual buildings differ in magnitude — reflecting renovation prevalence , unit mix , and exposure — the overall pattern is consistent: Seward has been one of the strongest nominal performers in the LES over the long term .

East River: Broad Gains with Building-Level Variation
Bldg 1 → $604K → $700K → $821K → $737K
Bldg 2 → $554K → $685K → $804K → $733K
Bldg 3 → $516K → $609K → $690K → $863K
Bldg 4 → $499K → $650K → $752K → $705K
(2006–10 → 2011–15 → 2016–20 → 2021–25)

East River also posts solid nominal appreciation across all four buildings , though with slightly more dispersion than Seward .

Most buildings follow a similar arc: steady gains through the mid-2010s, followed by continued — if more moderate — growth into the most recent window . One building stands out with stronger nominal performance, influenced by the presence of several high-priced units brought to market in recent years .

That’s right: “I spy with my little eye, Building 3!”

Hillman: Meaningful Gains from a Lower Base
500 Grand St → $539K → $633K → $748K → $726K
530 Grand St → $515K → $568K → $737K → $928K
550 Grand St → $539K → $779K → $811K → $724K
(2006–10 → 2011–15 → 2016–20 → 2021–25)

Hillman’s nominal appreciation profile reflects strong gains off a lower starting point .

All three buildings post healthy long-term increases in dollar terms , with particularly strong momentum during the 2011–2020 window . These gains coincide with increased renovation activity and growing demand for larger floor plates — factors that lifted headline prices even as Hillman maintained its position as the most cost-efficient cooperative in the LES .

Here, too, we see 530 Grand Street stepping out — but (again) keep in mind the state and source of our data .

Amalgamated: Steady, Moderate Nominal Appreciation
504 Grand St → $599K → $563K → $673K → $693K
(2006–10 → 2011–15 → 2016–20 → 2021–25)

Amalgamated exhibits the most muted nominal appreciation among the four cooperatives — but also one of the most stable .

With a smaller scale, lower turnover , and fewer extreme price outcomes, Amalgamated’s nominal gains track upward steadily rather than sharply . While it does not post the same headline jumps as Seward or select Hillman buildings, its pricing behavior remains predictable and resilient across cycles .

So… what’s the takeaway?

Viewed purely in nominal terms, the takeaway is straightforward: Prices across the LES co-ops have risen meaningfully over time, with all buildings benefitting after 2010 .

But nominal appreciation only answers half the question . It tells us what prices did — but not whether purchasing power actually increased .

Our final post of 2025 will answer the other half .