Growing the Economy, Helping Families Pay the Bills - Airbnb Citizen
Growing the Economy, Helping Families Pay the Bills Analysis of Economic Impacts 2014
FINDINGS REPORT | MAY 2015
Executive Summary Growing the economy through visitor spending Supporting neighborhoods in all five boroughs Making New York more affordable for more families
HR&A Advisors, Inc.
Airbnb, an online marketplace that allows people to list and book rooms and homes, supported substantial economic activity in NYC in 2014. Airbnb properties in NYC
$1.15B TOTAL ECONOMIC ACTIVITY
$301M
$844M
TO HOST HOUSEHOLDS
TO NYC BUSINESSES
10,580 TOTAL JOBS SUPPORTED
Note: All analysis is based on reservation data for January – December 2014 and a survey of NYC guests and hosts who were active in 2014. Economic activity includes $915M in direct spending and $230M in indirect and induced spending according to IMPLAN analysis. Jobs supported include jobs supported by $1.15B in total economic spending as well as the 2.1% of hosts who stated that Airbnb was their primary source of income. See Appendix for more detail.
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 2
Airbnb supports the City of New York’s efforts to create an economy that benefits all New Yorkers through the following three goals:
Growing the Economy, Helping Families Pay the Bills 1. Growing the economy through visitor spending
2. Supporting neighborhoods in all five boroughs
3. Making New York more affordable for more families
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 3
GROWING THE ECONOMY THROUGH VISITOR SPENDING
The number of Airbnb visitors in NYC continues to grow rapidly. Airbnb visitors
767,000 416,000 304,000
84% INCREASE
37% INCREASE
2012
2013*
2014
* 2013 numbers represent the period from August 2012 to July 2013.
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 4
GROWING THE ECONOMY THROUGH VISITOR SPENDING
Since studies conducted in 2012 and 2013, Airbnb economic activity has more than doubled, reaching over $1B in 2014. Total jobs supported
Total economic activity
10,580
$1.15B
$632M 4,575
$428M
81% INCREASE
48%
INCREASE
39%
INCREASE
2012
131%
3,285
INCREASE
2013*
2014
2012
2013*
2014
* 2013 numbers represent the period from August 2012 to July 2013.
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 5
GROWING THE ECONOMY THROUGH VISITOR SPENDING
Airbnb attracts visitors who spend more time and money in NYC.
Airbnb visitors
Hotel visitors
5.8
3.9
AVERAGE NIGHTS STAY
AVERAGE NIGHTS STAY
$1,450 TOTAL TRIP SPENDING
HR&A Advisors, Inc.
$1,370 TOTAL TRIP SPENDING
EXECUTIVE SUMMARY| 6
GROWING THE ECONOMY THROUGH VISITOR SPENDING
Airbnb attracts a new type of visitor to NYC.
87%
81%
82%
OF GUESTS USE AIRBNB BECAUSE THEY WANT TO BE FINANCIALLY CONSCIOUS
OF GUESTS USE AIRBNB BECAUSE THEY WANT TO EXPLORE A SPECIFIC NEIGHBORHOOD
OF GUESTS USE AIRBNB BECAUSE THEY WANT MORE AMENITIES THAN HOTELS OFFER
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 7
SUPPORTING NEIGHBORHOODS IN ALL FIVE BOROUGHS
Airbnb visitors prefer to stay outside of traditional hotel neighborhoods and spend money at local businesses.
$235M ECONOMIC ACTIVITY IN OUTER BOROUGHS
83%
42%
OF AIRBNB PROPERTIES IN NEIGHBORHOODS OUTSIDE OF MAJOR HOTEL AREAS
OF GUEST SPENDING IS IN THE NEIGHBORHOOD WHERE THEY STAYED
Note: “Traditional hotel neighborhoods” refers to Mid-Manhattan between 14th and 59th Streets, where 60-70% of hotel rooms are located.
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 8
MAKING NEW YORK MORE AFFORDABLE FOR MORE FAMILIES
Airbnb helps NYC residents pay the bills in the face of the City’s rising housing costs. Change in Median NYC Income and Rent (2000-2012) 80%
RENT
IN 2012 NEARLY
70%
55%
60% 50%
OF ALL NYC RENTAL HOUSEHOLDS WERE RENT BURDENED. (AN 11% INCREASE SINCE 2000)
40% 30% 20% 10% 0% -10% MEDIAN RENT
INCOME
MEDIAN INCOME
Note: Rent burdened households spend 30% or more of their household income on rent. Source: Office of the NYC Comptroller, The Growing Gap, 2014; City of New York, Housing New York: A Five-Borough, Ten-Year Plan, 2014.
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 9
MAKING NEW YORK MORE AFFORDABLE FOR MORE FAMILIES
Airbnb makes NYC more affordable and helps low- and middleclass residents stay in their homes.
Host households by income
72%
ABOVE MIDDLE-INCOME
OF HOSTS SAY THAT AIRBNB HAS HELPED THEM STAY IN THEIR HOMES
29%
22%
MIDDLE INCOME
29% LOW-INCOME
19% MODERATE INCOME
Note: HR&A analyzed 1- and 2-person host households (73% of survey sample); adequate survey data was not available for Airbnb households containing more than two people. For 1- and 2-person households in NYC, HUD defines low-income as up to $47,032 - $53,768 annual household income respectively (80% AMI); moderate-income as up to $70,547 - $80,653 (120% AMI); and middle-income households up to $117,578 - $134,422 (200% AMI).
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 10
Executive Summary Growing the economy through visitor spending Supporting neighborhoods in all five boroughs Making New York more affordable for more families
HR&A Advisors, Inc.
Growing the economy \ through visitor spending NYC Context: In 2014, tourism supported
359,000 jobs and $21B in wages. City projects that
67M visitors will come to NYC by the end of 2021.
HR&A Advisors, Source: NYC & Co.Inc. press releases, 2014 and 2015.
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 12
Airbnb supported unprecedented economic activity in 2014.
$1.15B
10,580
TOTAL ECONOMIC ACTIVITY
TOTAL JOBS SUPPORTED
$301M
$844M
TO HOST HOUSEHOLDS
TO NYC BUSINESSES
Note: Economic activity includes $915M in direct spending and $230M in indirect and induced spending according to IMPLAN analysis. Jobs supported include jobs supported by $1.15B economic spending as well as 2.1% of hosts who stated that Airbnb was their primary source of income. See Appendix for detail.
HR&A Advisors, Inc.
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 13
Airbnb generated $844 million in spending to NYC businesses across many sectors.
$844M TO NYC BUSINESSES
$301M $233M $197M $173M
$151M $65M Services
HR&A Advisors, Inc.
Food & beverage
Retail
Entertainment
Transport
Industry, manufacturing, and food processing
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 14
Airbnb attracts more guests looking for affordable accommodations and experiences off the beaten path. Affordable accommodations
Local experience
87%
81%
OF GUESTS USE AIRBNB BECAUSE THEY WANT TO BE FINANCIALLY CONSCIOUS
OF GUESTS WANT TO EXPLORE A SPECIFIC NEIGHBORHOOD
AIRBNB GUESTS PAY AN AVERAGE DAILY RATE OF
$160 (46% LESS THAN AVERAGE HOTEL)
HR&A Advisors, Inc.
80% OF AIRBNB VISITORS STAY OUTSIDE MID-MANHATTAN
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 15
Airbnb guests stay longer and spend more per trip than hotel visitors. Airbnb visitors
Hotel visitors
5.8
3.9
AVERAGE NIGHTS STAY
AVERAGE NIGHTS STAY
$1,450
$1,370
TOTAL TRIP SPENDING
$390 ACCOMMODATION SPENDING
TOTAL TRIP SPENDING
$600 ACCOMMODATION SPENDING
$1,060 DAYTIME SPENDING
$770 DAYTIME SPENDING
HR&A Advisors, Inc.
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 16
Airbnb accommodates many international guests, who stay longer and spend more than domestic visitors.
Airbnb visitors
Overnight NYC visitors
17% 40% DOMESTIC
INTERNATIONAL
60% INTERNATIONAL
HR&A Advisors, Inc.
83% DOMESTIC
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 17
By capturing a different visitor segment, Airbnb likely attracts substantial visits and spending that would not occur otherwise.
New visitors
New visits
New spending
51,390
79%
36%
OR 6.7% OF GUESTS, WOULD NOT HAVE STAYED IN NYC WITHOUT AIRBNB
SAY AIRBNB MAKES THEM MORE LIKELY TO RETURN TO NYC
SAY THEY WOULD NOT HAVE STAYED AS LONG WITHOUT AIRBNB
Note: When asked “If Airbnb had not been available, what would you have done?” 6.7% of guests stated they would not have come to NYC.
HR&A Advisors, Inc.
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 18
Airbnb helps solve an accommodation bottleneck, enabling NYC to accommodate more people who want to visit.
Hotel average daily rates and occupancy rates continue to climb despite 240 new hotels opening between 2006-2014.
$237
$261
$126
$132
2009
2010
$273
$281
$290
$142
$145
$144
2011
2012
2013
Hotel ADR
$295
$160
2014
Airbnb ADR
Current 88% average occupancy rate means hotels are full during peak seasons. Note: Because the 88% occupancy rate is an annual average (for 2014), during peak travel seasons, the occupancy rate is much higher, with hotels almost completely full. A 77% occupancy rate is the industry standard to induce new hotel development, indicating supply must expand to meet demand. Source: NYC & Co., STR, HVS Forecast, HR&A analysis.
HR&A Advisors, Inc.
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 19
Executive Summary Growing the economy through visitor spending Supporting neighborhoods in all five boroughs Making New York more affordable for more families
HR&A Advisors, Inc.
Supporting neighborhoods in all five boroughs NYC Context:
Economic development in the outer boroughs supports the growth of jobs closer to where many New Yorkers live.
Employment grew 15% 2004-2013, outpacing Manhattan’s 10%. Source: City of New York, Department of City Planning, New York City Population HR&A Advisors, Inc. & Borough, 2010-2040, 2013. AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 21 Projections by Age/Sex
Most Airbnb guests stay outside main hotel areas throughout NYC. Airbnb properties
83% OF PROPERTIES OUTSIDE OF MID-MANHATTAN
Hotel rooms
60-70% OF HOTEL ROOMS ARE IN MID-MANHATTAN
Note: Size of each dot on hotel map indicates the estimated number of rooms for each hotel. “Mid-Manhattan” refers to Manhattan between 14th and 59th Streets.
HR&A Advisors, Inc.
AIRBNB: SUPPORTING NEIGHBORHOODS IN ALL FIVE BOROUGHS| 22
Airbnb guests spend substantially at local neighborhood businesses.
THE AVERAGE VISITOR SPENDS
THE AVERAGE VISITOR SPENDS
42%
$600
OF VISITORS’ SPENDING OCCURS IN THE NEIGHBORHOODS WHERE THEY STAY
IN THE NEIGHBORHOOD WHERE THEY STAY
HR&A Advisors, Inc.
AIRBNB: SUPPORTING NEIGHBORHOODS IN ALL FIVE BOROUGHS| 23
Airbnb visitors create significant economic activity in the outer boroughs.
$235M
2,860
TOTAL ECONOMIC ACTIVITY IN OUTER BOROUGHS
JOBS SUPPORTED IN OUTER BOROUGHS
Airbnb visitors by where they stayed 5,300 BRONX
STATEN ISLAND
(1%)
$4M $911M BRONX MANHATTAN
(
FINDINGS REPORT | MAY 2015
Executive Summary Growing the economy through visitor spending Supporting neighborhoods in all five boroughs Making New York more affordable for more families
HR&A Advisors, Inc.
Airbnb, an online marketplace that allows people to list and book rooms and homes, supported substantial economic activity in NYC in 2014. Airbnb properties in NYC
$1.15B TOTAL ECONOMIC ACTIVITY
$301M
$844M
TO HOST HOUSEHOLDS
TO NYC BUSINESSES
10,580 TOTAL JOBS SUPPORTED
Note: All analysis is based on reservation data for January – December 2014 and a survey of NYC guests and hosts who were active in 2014. Economic activity includes $915M in direct spending and $230M in indirect and induced spending according to IMPLAN analysis. Jobs supported include jobs supported by $1.15B in total economic spending as well as the 2.1% of hosts who stated that Airbnb was their primary source of income. See Appendix for more detail.
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 2
Airbnb supports the City of New York’s efforts to create an economy that benefits all New Yorkers through the following three goals:
Growing the Economy, Helping Families Pay the Bills 1. Growing the economy through visitor spending
2. Supporting neighborhoods in all five boroughs
3. Making New York more affordable for more families
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 3
GROWING THE ECONOMY THROUGH VISITOR SPENDING
The number of Airbnb visitors in NYC continues to grow rapidly. Airbnb visitors
767,000 416,000 304,000
84% INCREASE
37% INCREASE
2012
2013*
2014
* 2013 numbers represent the period from August 2012 to July 2013.
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 4
GROWING THE ECONOMY THROUGH VISITOR SPENDING
Since studies conducted in 2012 and 2013, Airbnb economic activity has more than doubled, reaching over $1B in 2014. Total jobs supported
Total economic activity
10,580
$1.15B
$632M 4,575
$428M
81% INCREASE
48%
INCREASE
39%
INCREASE
2012
131%
3,285
INCREASE
2013*
2014
2012
2013*
2014
* 2013 numbers represent the period from August 2012 to July 2013.
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 5
GROWING THE ECONOMY THROUGH VISITOR SPENDING
Airbnb attracts visitors who spend more time and money in NYC.
Airbnb visitors
Hotel visitors
5.8
3.9
AVERAGE NIGHTS STAY
AVERAGE NIGHTS STAY
$1,450 TOTAL TRIP SPENDING
HR&A Advisors, Inc.
$1,370 TOTAL TRIP SPENDING
EXECUTIVE SUMMARY| 6
GROWING THE ECONOMY THROUGH VISITOR SPENDING
Airbnb attracts a new type of visitor to NYC.
87%
81%
82%
OF GUESTS USE AIRBNB BECAUSE THEY WANT TO BE FINANCIALLY CONSCIOUS
OF GUESTS USE AIRBNB BECAUSE THEY WANT TO EXPLORE A SPECIFIC NEIGHBORHOOD
OF GUESTS USE AIRBNB BECAUSE THEY WANT MORE AMENITIES THAN HOTELS OFFER
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 7
SUPPORTING NEIGHBORHOODS IN ALL FIVE BOROUGHS
Airbnb visitors prefer to stay outside of traditional hotel neighborhoods and spend money at local businesses.
$235M ECONOMIC ACTIVITY IN OUTER BOROUGHS
83%
42%
OF AIRBNB PROPERTIES IN NEIGHBORHOODS OUTSIDE OF MAJOR HOTEL AREAS
OF GUEST SPENDING IS IN THE NEIGHBORHOOD WHERE THEY STAYED
Note: “Traditional hotel neighborhoods” refers to Mid-Manhattan between 14th and 59th Streets, where 60-70% of hotel rooms are located.
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 8
MAKING NEW YORK MORE AFFORDABLE FOR MORE FAMILIES
Airbnb helps NYC residents pay the bills in the face of the City’s rising housing costs. Change in Median NYC Income and Rent (2000-2012) 80%
RENT
IN 2012 NEARLY
70%
55%
60% 50%
OF ALL NYC RENTAL HOUSEHOLDS WERE RENT BURDENED. (AN 11% INCREASE SINCE 2000)
40% 30% 20% 10% 0% -10% MEDIAN RENT
INCOME
MEDIAN INCOME
Note: Rent burdened households spend 30% or more of their household income on rent. Source: Office of the NYC Comptroller, The Growing Gap, 2014; City of New York, Housing New York: A Five-Borough, Ten-Year Plan, 2014.
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 9
MAKING NEW YORK MORE AFFORDABLE FOR MORE FAMILIES
Airbnb makes NYC more affordable and helps low- and middleclass residents stay in their homes.
Host households by income
72%
ABOVE MIDDLE-INCOME
OF HOSTS SAY THAT AIRBNB HAS HELPED THEM STAY IN THEIR HOMES
29%
22%
MIDDLE INCOME
29% LOW-INCOME
19% MODERATE INCOME
Note: HR&A analyzed 1- and 2-person host households (73% of survey sample); adequate survey data was not available for Airbnb households containing more than two people. For 1- and 2-person households in NYC, HUD defines low-income as up to $47,032 - $53,768 annual household income respectively (80% AMI); moderate-income as up to $70,547 - $80,653 (120% AMI); and middle-income households up to $117,578 - $134,422 (200% AMI).
HR&A Advisors, Inc.
EXECUTIVE SUMMARY| 10
Executive Summary Growing the economy through visitor spending Supporting neighborhoods in all five boroughs Making New York more affordable for more families
HR&A Advisors, Inc.
Growing the economy \ through visitor spending NYC Context: In 2014, tourism supported
359,000 jobs and $21B in wages. City projects that
67M visitors will come to NYC by the end of 2021.
HR&A Advisors, Source: NYC & Co.Inc. press releases, 2014 and 2015.
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 12
Airbnb supported unprecedented economic activity in 2014.
$1.15B
10,580
TOTAL ECONOMIC ACTIVITY
TOTAL JOBS SUPPORTED
$301M
$844M
TO HOST HOUSEHOLDS
TO NYC BUSINESSES
Note: Economic activity includes $915M in direct spending and $230M in indirect and induced spending according to IMPLAN analysis. Jobs supported include jobs supported by $1.15B economic spending as well as 2.1% of hosts who stated that Airbnb was their primary source of income. See Appendix for detail.
HR&A Advisors, Inc.
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 13
Airbnb generated $844 million in spending to NYC businesses across many sectors.
$844M TO NYC BUSINESSES
$301M $233M $197M $173M
$151M $65M Services
HR&A Advisors, Inc.
Food & beverage
Retail
Entertainment
Transport
Industry, manufacturing, and food processing
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 14
Airbnb attracts more guests looking for affordable accommodations and experiences off the beaten path. Affordable accommodations
Local experience
87%
81%
OF GUESTS USE AIRBNB BECAUSE THEY WANT TO BE FINANCIALLY CONSCIOUS
OF GUESTS WANT TO EXPLORE A SPECIFIC NEIGHBORHOOD
AIRBNB GUESTS PAY AN AVERAGE DAILY RATE OF
$160 (46% LESS THAN AVERAGE HOTEL)
HR&A Advisors, Inc.
80% OF AIRBNB VISITORS STAY OUTSIDE MID-MANHATTAN
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 15
Airbnb guests stay longer and spend more per trip than hotel visitors. Airbnb visitors
Hotel visitors
5.8
3.9
AVERAGE NIGHTS STAY
AVERAGE NIGHTS STAY
$1,450
$1,370
TOTAL TRIP SPENDING
$390 ACCOMMODATION SPENDING
TOTAL TRIP SPENDING
$600 ACCOMMODATION SPENDING
$1,060 DAYTIME SPENDING
$770 DAYTIME SPENDING
HR&A Advisors, Inc.
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 16
Airbnb accommodates many international guests, who stay longer and spend more than domestic visitors.
Airbnb visitors
Overnight NYC visitors
17% 40% DOMESTIC
INTERNATIONAL
60% INTERNATIONAL
HR&A Advisors, Inc.
83% DOMESTIC
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 17
By capturing a different visitor segment, Airbnb likely attracts substantial visits and spending that would not occur otherwise.
New visitors
New visits
New spending
51,390
79%
36%
OR 6.7% OF GUESTS, WOULD NOT HAVE STAYED IN NYC WITHOUT AIRBNB
SAY AIRBNB MAKES THEM MORE LIKELY TO RETURN TO NYC
SAY THEY WOULD NOT HAVE STAYED AS LONG WITHOUT AIRBNB
Note: When asked “If Airbnb had not been available, what would you have done?” 6.7% of guests stated they would not have come to NYC.
HR&A Advisors, Inc.
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 18
Airbnb helps solve an accommodation bottleneck, enabling NYC to accommodate more people who want to visit.
Hotel average daily rates and occupancy rates continue to climb despite 240 new hotels opening between 2006-2014.
$237
$261
$126
$132
2009
2010
$273
$281
$290
$142
$145
$144
2011
2012
2013
Hotel ADR
$295
$160
2014
Airbnb ADR
Current 88% average occupancy rate means hotels are full during peak seasons. Note: Because the 88% occupancy rate is an annual average (for 2014), during peak travel seasons, the occupancy rate is much higher, with hotels almost completely full. A 77% occupancy rate is the industry standard to induce new hotel development, indicating supply must expand to meet demand. Source: NYC & Co., STR, HVS Forecast, HR&A analysis.
HR&A Advisors, Inc.
AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 19
Executive Summary Growing the economy through visitor spending Supporting neighborhoods in all five boroughs Making New York more affordable for more families
HR&A Advisors, Inc.
Supporting neighborhoods in all five boroughs NYC Context:
Economic development in the outer boroughs supports the growth of jobs closer to where many New Yorkers live.
Employment grew 15% 2004-2013, outpacing Manhattan’s 10%. Source: City of New York, Department of City Planning, New York City Population HR&A Advisors, Inc. & Borough, 2010-2040, 2013. AIRBNB: GROWING THE ECONOMY THROUGH VISITOR SPENDING| 21 Projections by Age/Sex
Most Airbnb guests stay outside main hotel areas throughout NYC. Airbnb properties
83% OF PROPERTIES OUTSIDE OF MID-MANHATTAN
Hotel rooms
60-70% OF HOTEL ROOMS ARE IN MID-MANHATTAN
Note: Size of each dot on hotel map indicates the estimated number of rooms for each hotel. “Mid-Manhattan” refers to Manhattan between 14th and 59th Streets.
HR&A Advisors, Inc.
AIRBNB: SUPPORTING NEIGHBORHOODS IN ALL FIVE BOROUGHS| 22
Airbnb guests spend substantially at local neighborhood businesses.
THE AVERAGE VISITOR SPENDS
THE AVERAGE VISITOR SPENDS
42%
$600
OF VISITORS’ SPENDING OCCURS IN THE NEIGHBORHOODS WHERE THEY STAY
IN THE NEIGHBORHOOD WHERE THEY STAY
HR&A Advisors, Inc.
AIRBNB: SUPPORTING NEIGHBORHOODS IN ALL FIVE BOROUGHS| 23
Airbnb visitors create significant economic activity in the outer boroughs.
$235M
2,860
TOTAL ECONOMIC ACTIVITY IN OUTER BOROUGHS
JOBS SUPPORTED IN OUTER BOROUGHS
Airbnb visitors by where they stayed 5,300 BRONX
STATEN ISLAND
(1%)
$4M $911M BRONX MANHATTAN
(
