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NYC Has a Condo Transparency Problem. Micky Lalchandani Just Built Something to Fix It.
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Date:
07 Apr 2026
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When Mukul “Micky” Lalchandani tells clients that the NYC luxury condo market has a transparency problem, he is not being provocative. He is describing something measurable.
Buyers at the $5 million-plus price point are making some of the most consequential financial decisions of their lives. And yet the tools available to them – broker opinions, developer brochures, and publicly listed prices — tell almost nothing about the factors that determine long-term value: building reserves, financial health, management quality, absorption trends, and exit liquidity.
“The market is driven more by perception than measurable value,” says Lalchandani, founder and managing broker of Undivided, a boutique NYC luxury brokerage. “There is no structured way to compare buildings. We built the Value Index to solve that.”
What the Value Index Actually Does
The Undivided Value Index is a building rating system, not a pricing tool. It scores NYC luxury condominiums across eight weighted categories including financial fundamentals, building systems quality, amenity ROI, supply and absorption dynamics, and long-term appreciation drivers. Scores are updated quarterly. No developer can pay to influence a rating.
The weighting matters. A building’s walkability score does not carry the same significance as its financial reserve health or resale liquidity. The framework is designed to reflect how a future buyer will evaluate the property, not how a marketing team wants it presented today.
“Think of it like a Michelin Guide for buildings,” Lalchandani says. “We are combining publicly available data with direct experience working in these buildings and turning it into something a buyer can actually use.”
Why It Exists
The premise behind the Value Index is one Lalchandani has built his brokerage around: most buyers optimize for the wrong things. They focus on finishes, floor height, and neighborhood reputation. Experienced buyers optimize for exit liquidity.
Two apartments in the same building can perform very differently at resale. A higher floor does not always command a premium. A larger layout does not always attract the next buyer. Within new developments, factors like sponsor inventory levels, investor unit concentration, and monthly carrying cost trajectories materially affect future demand in ways that are invisible to buyers relying on public information.
The Value Index makes those factors visible.
Who It Is Built For
The tool is designed for serious buyers in the $5M-plus segment, international purchasers navigating an unfamiliar market, and investors who want to pressure-test a building before committing capital.
The launch covers four buildings in Manhattan’s Flatiron and Nomad neighborhoods, with scores ranging from 80 to 92. Expansion to other neighborhoods is planned for subsequent quarters.
“Someone spending $10 million deserves the same analytical rigor applied to any serious investment,” Lalchandani says. “Not a glossy brochure.”
The Undivided Value Index is available now at undividedre.com.
Mukul “Micky” Lalchandani is the founder and managing broker of Undivided, a boutique NYC luxury residential brokerage specializing in luxury condominiums and new development.
Disclosure: Individuals or companies mentioned may have a commercial relationship with KeyCrew.
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