New Development Report
First Quarter 2018
*Available inventory includes all units currently on the market as well as those not yet released.
BROOKLYNMANHATTAN
AVERAGE PRICE PER SQ. FT. CLOSED
$1,409AVERAGE PRICE PER SQ. FT. CLOSED
$2,152
AVAILABLE INVENTORY (UNITS)*
1,330AVAILABLE INVENTORY (UNITS)*
6,088
AVERAGE PRICE PER SQ. FT. CONTRACT SIGNED
AVERAGE PRICE PER SQ. FT. ACTIVE
$1,413
$1,475
$2,185
$2,513
AVERAGE PRICE PER SQ. FT. CONTRACT SIGNED
AVERAGE PRICE PER SQ. FT. ACTIVE
5.2% YoY
4.1% YoY
1% YoY
3.7% YoY
100% YoY
3% YoY
5.3% YoY
0% YoY
MANHATTAN BROOKLYN
Summary Points
HPDM | HPDMNY.COM | 2018 First Quarter Report | 2
MEDIAN PRICE PER SQ. FT.
Active $2,289 $1,485
Contract Signed $2,037 $1,341
Closed $1,986 $1,383
AVERAGE PRICE PER SQ. FT.
Active $2,513 $1,475
Contract Signed $2,185 $1,413
Closed $2,152 $1,409
MEDIAN PRICE
Active $3,875,000 $1,700,000
Contract Signed $2,814,500 $1,600,000
Closed $2,850,000 $1,395,000
AVERAGE PRICE
Active $6,363,804 $2,236,433
Contract Signed $4,252,318 $1,959,154
Closed $4,130,221 $1,709,905
TOTAL INVENTORY (UNITS)
Total 11,909 2,585
Units Available 6,088 1,330
% Closed or Contract Signed
48.9% 48.5%
The Upper West Side experienced the largest quarter-over-quarter increase in Average PPSF of any neighborhood in Manhattan at 16.2%, rising to $2,270, due primarily to contracts signed at 250 West 81st, Waterline Square, and 101 West 78th.
Available Inventory in Manhattan declined quarter-
over-quarter for the first time since Q1 2016. The figure dropped 5.2% to 6,088 units, still up 8.23% year-over-year, marking a pause in what has been a two year trend of rising inventory. In Brooklyn available inventory jumped significantly, rising 100%, due almost entirely to the addition of 458 new units at Brooklyn Point (138 Willoughby) in Downtown Brooklyn.
In Brooklyn, new development entering into contract averaged $1,413 PSF, remaining above $1,400 psf for the fourth consecutive quarter and up 3.82% year-over-year.
However, bucking a trend of four consecutive rising quarters, Avg PPSF declined 5.29% quarter-over-quarter. Avg. PPSF for closed new development in Brooklyn rose 10.25% year-over-year to $1,409 as previous contract-signed pricing is beginning to be reflected in delivered units. This lag between contract-signed and closed pricing can take between 12 and 24 months to materialize in closed numbers.
In Manhattan, pricing for new development units entering into contract in Q1 2018 fell 1.0% quarter-over-quarter and 1.5% year-over-year to $2,185 PSF. Avg. PPSF for closed new
development rose 4.1% quarter-over-quarter to $2,152, boosted by closings at 432 Park Avenue, but remained essentially flat year-over-year.
Total absorption in both Manhattan and Brooklyn was softer this quarter versus the same quarter last year. On a quarter-over-quarter basis absorption ticked upward in comparison to a slow
Q4 2017. In Manhattan, just over 280 units entered into contract in Q1 2018, an increase of 21.5% quarter-over-quarter and a decrease of 19.8% year-over-year. In Brooklyn, nearly 60 units entered into contract in Q1 2018, a 51.3% increase quarter-over-quarter and a 56.5% decrease year-over-year. This decrease reflects a lack of large projects launching in key neighborhoods in recent quarters, inhibiting supply in key price points below $2M. These numbers include units that entered into contract and closed within the same quarter.
16.2%
$1,413 PSF
$2,185 PSF
6,088 UNITS
280 UNITS
HPDM | HPDMNY.COM | 2018 First Quarter Report | 3
Introduction METHODOLOGY:
§ All data is provided by proprietary
Halstead Property Development
Marketing research.
§ This report tracks new development
projects only, defined as those new
to the market and currently selling
sponsor units. Buildings that have
fully sold out of sponsor units are
not included, even though they may
be newly built. Resale data is not
included in this report.
§ All listings were compiled as
of 3/19/18.
§§ Total§Inventory is defined as all units
within new development projects
that are currently listed as Active,
Contract Signed, or Closed, as well
as those units not yet released
to the market. Available§Units is
defined as new development units
that are currently listed as Active
as well as those not yet released
to the market. These numbers
include units released prior to 2018,
provided they are in a project that
has not sold out all sponsor units.
By including currently unreleased
units that are not yet listed as
Active this data provides a unique
and comprehensive analysis of the
current new development market.
TABLE OF CONTENTS
MARKET OVERVIEW ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
MARKET OVERVIEW BY QUARTER ... . . . . . . . . . . . . 6
MANHATTAN NEIGHBORHOOD INSIGHT ... . . . .7
ANALYSIS BY UNIT TYPE ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
PRICE POINT ANALYSIS ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
TOTAL INVENTORY ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
FURTHER INSIGHT ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
HPDM is pleased to present our New
Development Report for Q1 2018.
This report focuses exclusively on the
NYC new development condominium
market, and aims to be the only report
of its kind presenting a comprehensive
picture of new development activity.
New development is unique from
the overall real estate market in that
closings often do not occur for 12 to
18 months after a buyer enters into
contract. Therefore, to understand
this market it is critical to track active
listings, listings in contract, closed
listings, as well as total inventory. This
report analyzes Q1 2018 as a whole
and is a snapshot of current new
development market conditions.
In Manhattan, pricing for new
development units entering into
contract in Q1 2018 fell 1.0% quarter-
over-quarter to $2,185 PSF, a 1.5% drop
year-over-year. Avg. PPSF for closed
new development units rose 4.1%
quarter-over-quarter to $2,152, but fell
0.83% year-over-year.
In Brooklyn, new development
entering into contract averaged $1,413
PSF, falling 5.3% quarter-over-quarter,
but rising 3.8% year-over-year as
the longer price trend in Brooklyn is
still rising. Avg. PPSF for closed new
development Brooklyn rose 10.2%
year-over-year to $1,409 as units
entering contract during the rising
price trend over the past several
quarters are now being delivered.
GALERIE 22-22 JACKSON AVE, LONG ISLAND CITY GalerieLIC.com
HPDM | HPDMNY.COM | 2018 First Quarter Report | 5
NUMBER OF UNITS
GROUND UP CONVERSIONS NUMBER OF UNITS
100
200
300
400
500
600
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
HARLEM UWS UES MIDTOWN WEST BILLIONAIRE'S ROW* MIDTOWN EAST DOWNTOWN BROOKLYN**
Ground Up vs. Conversions - Avg. Price per Sq. Ft.
12
94
51
26
8
28
244
134
$1,
188
$2,3
90
$2,1
42
$6
,772
$2,0
73
$2,1
65
$1,
373
$1,
88
9
$1,
312
$2,2
27
$1,
76
6
$1,
74
9
$2,1
44
$1,
322
$1,
513
CONTRACT SIGNED AND CLOSED
GROUND-UP VS. CONVERSIONS — AVG. PRICE PER SQ. FT.
Market OverviewDowntown continued to see the most development activity in Manhattan in Q1 2018 with more than 240 units either entering
into contract or closing. Next to Billionaire’s Row, Downtown shows the highest Avg. Active Price per Sq. Ft. at $2,577. The
highest Avg. Price per Sq. Ft. for Contract Signed deals in Q1 2018 occurred in the Upper West Side, with an average of
$2,456 PSF, an increase of 23% quarter-over-quarter due to contracts signed at 250 West 81st Street, Waterline Square, and
101 West 78th Street.
ACTIVE, CONTRACT SIGNED, CLOSED — AVG. PRICE PER SQ. FT.
*Billionaire's Row comprised of: 432 Park Ave, 53 W 53rd, 520 Park Avenue*Brooklyn neighborhoods tracked: Bedford Stuyvesant, Boerum Hill, Brooklyn Heights, Bushwick, Carroll Gardens, Clinton Hill, Crown Heights, Downtown Brooklyn, DUMBO, Greenpoint, Park Slope, Prospect Heights, Redhook, Williamsburg
ACTIVE CONTRACT SIGNED CLOSED
$2,3
30
$2,1
19
$2,5
04
$2,8
79
$1,
96
3
$1,
75
0
$3
,911
$2,1
43
$2,4
22
$1,
726
$1,
924
$1,
619
$1,
90
8
$2,0
17
$2,2
26
$1,
515
$1,
196
$2,3
68
$2,4
56
$2,0
23$1,
23
2
$2,2
79
$2,1
64
$1,
810
$2,0
00
$1,
777
$1,
96
4
$5
,86
8
$7,7
19
$6
,20
3
$2,4
46
$2,0
38
$2,0
53
$2,5
77
$2,1
56
$2,1
65 $1,
475
$1,
413
$1,
40
9
HARLEM UWS UES MIDTOWN WEST BILLIONAIRE'S ROW*
MIDTOWN EAST DOWNTOWN BROOKLYN**
$9,000
$8,000
$7,000
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
HPDM | HPDMNY.COM | 2018 First Quarter Report | 6
$2,3
25
$1,
24
5
Q2 2017 Q3 2017 Q4 2017 Q1 2018
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
HARLEM UWS UES MIDTOWN WEST BILLIONAIRE'S ROW*
MIDTOWN EAST DOWNTOWN BROOKLYN**
$1,
373
$1,
922
$1,
910
$5
,10
9
$2,1
40
$2,2
81
$1,
322
$1,
117
$1,
875
$1,
98
7
$5
,48
6
$1,
95
8
$2,3
41
$1,
46
5
$1,
776
$1,
96
1
$7,6
61
$2,0
22
$2,3
26
$1,
378
$1,
199
$1,
95
6
$1,
88
5
$6
,772
$2,0
47
$2,1
61
$1,
410
$1,
419
$2,1
40
$2,0
32
$1,
95
3
$2,2
70
Market Overview by Quarter
CONTRACT SIGNED, CLOSED — AVG. PRICE PER SQ. FT.
*Billionaire's Row comprised of: 432 Park Ave, 53 W 53rd, 520 Park Avenue** Brooklyn neighborhoods tracked: Bedford Stuyvesant, Boerum Hill, Brooklyn Heights, Bushwick, Carroll Gardens, Clinton Hill, Crown Heights, Downtown Brooklyn, DUMBO, Greenpoint,
Park Slope, Prospect Heights, Redhook, Williamsburg.
The graph below depicts pricing for Contract Signed and Closed units by quarter. In Q1 2018 the
Upper West Side experienced the largest quarter-over-quarter increase in Average PPSF at 16.2%,
rising to $2,270, due primarily to contracts signed at 250 West 81st Street, Waterline Square, and 101
West 78th Street. Following the Upper West Side was the Upper East Side, rising 10.1% quarter-over-
quarter. Midtown East rose 1.2% quarter-over-quarter. Harlem, Downtown, and Midtown West each
experienced declines from Q4 2017, with Harlem leading the downswing with an 18.2% decrease.
Meanwhile, Avg. PPSF in Brooklyn experienced a modest 0.8% decrease quarter-over-quarter.
HPDM | HPDMNY.COM | 2018 First Quarter Report | 7
Outside of Billionaire’s Row, the highest average Contract Signed pricing in Manhattan
for Q1 2018 was $3,385 PSF, achieved in the West Village with sales at 160 Leroy Street,
followed by the Flatiron district at $3,096. The highest average Closed pricing outside
of Billionaire’s Row occurred in the West Village at $2,862 PSF due to deliveries at The
Greenwich Lane and 150 Charles Street, followed closely by TriBeCa at $2,831 PSF.
*Billionaire's Row comprised of: 432 Park Ave, 53 W 53rd, 520 Park Avenue
Manhattan Neighborhood Insight
UPTOWN AND MIDTOWN
MANHATTAN — ACTIVE, CONTRACT SIGNED, CLOSED — AVG. PRICE PER SQ. FT.
DOWNTOWN
MANHATTAN — ACTIVE, CONTRACT SIGNED, CLOSED — AVG. PRICE PER SQ. FT.
$1,
515
$2,4
43
$2,4
60
$2,0
24
$1,
196
$1,
232
$2,2
79
$2,1
64
$2,7
05
$1,
810
Harlem UWS UES MidtownWest
MidtownEast
Chelsea WestChelsea
Hell’sKitchen
GramercyPark
Billionaire’sRow*
ACTIVE CONTRACT SIGNED CLOSED
$2,000
$1,000
$3,000
$4,000
$7,000
$6,000
$8,000
$9,000
$5,000
$2,6
43
$2,5
58
$5
,86
8
$7,7
19
$6
,20
3
$2,4
46
$2,0
38
$2,0
53
$2,5
28 $1,
79
6
$2,6
54
$3
,19
9
$2,3
61
$1,
86
8
$1,
571
$1,74
8
$1,
86
4
$1,
55
6
$1,
98
0
Flatiron GreenwichVillage
SoHo NoHo LES FinancialDistrict
TriBeCa WestVillage
EastVillage
ACTIVE CONTRACT SIGNED CLOSED
$3
,023
$2,4
20
$2,2
70
$3
,09
6
$2,7
68
$2,7
73
$2,0
24
$2,4
29
$2,3
21
$3
,64
9
$3
,38
5
$2,8
62
$1,
954
$2,7
20
$2,2
70 $
1,772
$2,0
42
$2,2
89 $
1,8
23
$2,3
77
$2,1
57
$2,8
75
$2,5
81 $2,0
37
$2,8
31
$2,000
$1,000
$3,000
$4,000
$7,000
$6,000
$8,000
$9,000
$5,000
HPDM | HPDMNY.COM | 2018 First Quarter Report | 8
Analysis by Unit TypeMANHATTAN AND BROOKLYN
MANHATTAN — MEDIAN PRICE PER UNIT TYPE
BROOKLYN — MEDIAN PRICE PER UNIT TYPE
MANHATTAN — TOTAL UNITS BY BEDROOM
BROOKLYN — TOTAL UNITS BY BEDROOM
$4M
$2M
$6M
$8M
$10M
$12M
$16M
$14M
54
326
447
364
46
5 BED4 BED3 BED2 BED1 BEDSTUDIO
500
400
300
200
100
600
700
NUMBER OF UNITS
ACTIVE CONTRACT SIGNED CLOSED TOTAL NUMBER OF UNITS
$8
55
K
$9
94
K
$9
22K
$1.
36
M
$1.
48
M
$1.
54
M
$2.6
8M
$2.7
M
$3
M
$5
.37M
$4
.51M
$5
.7M $
8.5
3M
$6
.4M
$8
.22M
$14
.81M
$9
.3M
$7.8
1M
176
4 BED3 BED2 BED1 BEDSTUDIO
NUMBER OF UNITS
ACTIVE CONTRACT SIGNED CLOSED TOTAL NUMBER OF UNITS
$78
0K
$1.
14M
$1.
66
M
$2.5
5M
$5
.1M
$74
8K
$9
50
K
$1.
56
M
$2.6
7M
$9
65
K
$5
64
K $1.
61M
$2.6
5M
50
100
150
200
250
300
$1M
$2M
$3M
$4M
$5M
$6M
15
89
10380
22
$4
.54
M
5 BED4 BED3 BED2 BED1 BEDSTUDIO
37
5
ACTIVE CONTRACT SIGNED CLOSED
193
28
9
25
4
132
71
65
50 2
6
762
93
60 18
50
100
150
200
250
300
350
400
9 8
34
4 BED3 BED2 BED1 BEDSTUDIO
66
ACTIVE CONTRACT SIGNED CLOSED
41
66
45
16
2 8
15 14
40
22 21
6 6
70
50
60
40
30
20
10
7
In Q1 2018 two-bedroom units continued to experience the most deal volume by unit type in Manhattan, with over 150 two-bedroom units entering
into contract or closing. In Brooklyn, one-bedroom units saw the most deal volume with more than 45 units entering into contract or closing. Median
Contract Signed pricing for two-bedrooms in remained essentially flat quarter-over-quarter at $2.69M rising 3.4% year-over-year. In Brooklyn,
median Contract Signed pricing for one-bedrooms rose 2.0% quarter-over-qaurter to $950,000, and rose 3.8% year-over-year. In Manhattan, two-
bedrooms show the most Active listings at nearly 300, with three-bedrooms close behind at just over 250. Two-bedrooms also comprise the most
Active listings in Brooklyn with 66, while three and one-bedrooms follow with 45 and 41 units respectively.
HPDM | HPDMNY.COM | 2018 First Quarter Report | 9
Price Point Analysis MANHATTAN AND BROOKLYN
$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+
37.7
%
10.2
%
10.4
% 7.7
%
16.4
%
17.5
%
$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+
13.4
%
49
.7%
18.9
%
5.6
%
2.2
% 8.9
%
$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+
25
.9%
18.4
%
13.6
%
10.5
% 2
1.9
%
9.6
%
$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+
23
.1%
38
.5%
23
.1%
7.7
%
7.7
%
0%
$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+
4.5
%
27.1
%
13.4
%
7.7
%
24
.7%
22.7
%
1.1% 4
.2%
3.2
% 18.9
%
$0-1M$1M-2M$2M-3M$3M-4M$4M-5M$5M+
38
.9%
33
.7%
38% of all Active new development listings in Manhattan remain priced above $5M,
well below a high of 52% in Q1 2015. Meanwhile, 13.4% of Active listings remain priced
above $10M, down from 15.1% in Q4 2017.
Q1 2018 PRICE POINT MANHATTAN — ACTIVE
Q1 2018 PRICE POINT BROOKLYN — ACTIVE
MANHATTAN — CONTRACT SIGNED
BROOKLYN — CONTRACT SIGNED BROOKLYN — CLOSED
MANHATTAN — CLOSED
In Manhattan, the total percentage of new development deals entering contract
under $5M fell slightly to 78% from 81% in Q4 2017. Conversely, the percentage of
deals over $5M rose to 22% from 19% quarter-over-quarter.
HPDM | HPDMNY.COM | 2018 First Quarter Report | 10
15 HUBERT 15 HUBERT STREET, TRIBECA15Hubert.com
HPDM | HPDMNY.COM | 2018 First Quarter Report | 11
Total Inventory MANHATTAN AND BROOKLYN
The largest amount of available inventory in Manhattan is concentrated in the Lower East Side
with over 900 units, due to One Manhattan Square. The Upper West Side is next with over 600
units of available inventory due largely to Waterline Square and The Belnord. Neighborhoods
with low available inventory (under 50 units) include Chelsea, Flatiron, and Greenwich Village.
In Brooklyn, the highest available inventory is found in Downtown Brooklyn with the recent
addition of Brooklyn Point at 138 Willoughby Street. Areas of low available inventory (under
40 units) include Clinton Hill and Carroll Gardens. The graphs below present total inventory by
neighborhood along with the corresponding percentage of units sold.
MANHATTAN TOTAL INVENTORY
BROOKLYN TOTAL INVENTORY
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FINANCIALDISTRICT
LESWEST EASTVILLAGE VILLAGE
TRIBECANOHOSOHOGREEN.VILLAGE
FLATIRONGRAM.PARK
HELL'SKITCHEN
WESTCHELSEA
CHELSEAMIDTOWNEAST
BN.ROW*
MIDTOWNWEST
UESUWSHARLEM
72%
27%
18%
64%
81%
65%
21%
61%
52%
41%
814
34 29
4
1,0
93
157
1,19
2
106
1314
24
24
9 38
3
66
1
PERCENTAGE SOLD
72%
52%
66%
53%
28%42%
53%
58%
33%
TOTAL UNITS PERCENT SOLD
1,4
54
1,3
71
60
4
21
610
36
3
79
7
200
400
600
800
1000
1200
1400
1600
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%81%
35%69%
PERCENTAGE SOLD
BOERUM HILL
156
DUMBO
188
PROSPECTHEIGHTS
30
9
45%
PARK SLOPE
137
63%
WILLIAMSBURG
517
GREENPOINT
186
BROOKLYNHEIGHTS
157
CLINTON HILL
115
DOWNTOWNBROOKLYN
579
73% 71% 68%
11%
TOTAL UNITS PERCENT SOLD
100
200
300
500
400
600
CARROLL GARDENS
49
63%
Total Inventory is defined as all new development units, both currently listed as either
Active, Contract Signed, or Closed, as well as those units not yet released to the market.
Available Units is defined as new development units that are either currently listed as
Active or those not yet released to the market. These numbers include units released
prior to 2018, provided they are in a project that has not sold out all sponsor units.
This data provides a comprehensive look at new development inventory by including
unreleased units.
*Billionaire's Row comprised of: 432 Park Ave, 53 W 53rd, 520 Park Avenue
HPDM | HPDMNY.COM | 2018 First Quarter Report | 12
Further Insight
Downtown Manhattan continued to experience the most new development
activity by volume in Q1 2018, followed by Brooklyn. In Manhattan, just over 280
units entered into contract in Q1 2018, an increase of 21.5% quarter-over-quarter
and a decrease of 19.8% year-over-year. In Brooklyn, nearly 60 units entered into
contract in Q1 2018, a 51.3% increase quarter-over-quarter and a 56.5% decrease
year-over-year. This decrease reflects a lack of large projects launching in key
neighborhoods in recent quarters, inhibiting supply in key price points below
$2M. These numbers include units that entered into contract and closed within
the same quarter.
Two-bedroom units in Brooklyn remain more efficiently sized than two-bedrooms in
Manhattan, while one-bedrooms are becoming more similarly sized in each borough.
Median size for two-bedroom units in Brooklyn is 1175 sq.ft, while the median for two-
bedroom units in Manhattan is 1420 sq. ft. Median size for one-bedroom units in Brooklyn
is 723 sq.ft, while the median for one-bedroom units in Manhattan is 797 sq. ft.
NEW DEVELOPMENT LISTINGS BY NEIGHBORHOOD MEDIAN SIZE (SQ. FT.) BY UNIT TYPE
BKLYN**UPPERMANHATTAN
DOWNTOWNBNROW*
MIDTOWNWEST
MIDTOWNEAST
UWSUES
ACTIVE CONTRACT SIGNED CLOSED
83
74 71 6
5
36
55
4
66 17
9
21 5
3
12 16 11 15 3 106
22 39
30 41
5
138
2 95
100
200
300
400
500
600
700
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5 BR4 BR3 BR2 BR1 BRSTUDIO
MANHATTAN BROOKLYN
624
79
7 2,2
46
46
1 723
1,70
2
1,4
20
1,17
5
3,2
24 3,9
29
2,6
50
4,7
31
*Billionaire's Row comprised of: 432 Park Ave, 53 W 53rd, 520 Park Avenue** Brooklyn neighborhoods tracked: Bedford Stuyvesant, Boerum Hill, Brooklyn Heights, Bushwick, Carroll Gardens, Clinton Hill, Crown Heights, Downtown Brooklyn, DUMBO, Greenpoint,
Park Slope, Prospect Heights, Redhook, Williamsburg.
MANHATTAN AND BROOKLYN
Contact
445 Park Avenue, 10th Floor | New York, NY 10022
HPDMNY.com
212 521 5757
539 Fourth StreetPark Slope539FourthSt.com
Skyview RiverdaleRiverdaleSkyviewRiverdale.com
Prepared by Matthew Petrallia, Vice President of Research and AnalyticsThe information presented here has been gathered from resources deemed reliable and refined by HPDM internal research, though it may be subject to errors, omissions, changes or withdrawal without notice. This information may not be copied, commercially used or distributed without HPDM’s prior consent.
For questions or comments regarding this report please contact [email protected]