THE CONDO BOOK PROJECT

One 7th

1 Seventh Avenue South, Manhattan, NY 10014

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Overview

Units
4 residential · 1 commercial
Subway
2 min walk to Houston St 1W 4 St-Wash Sq A B C D E F M, 5 min
Developer
Recap Partners Equities LLC
Principals
Jesse Keyes, Widjaja Hatta
Offering price
$10.4 million total

The sponsor of record is Carmine Partners, LLC, represented by Smith, Buss & Jacobs, LLP. The offering plan runs 246 pages. The sponsor has filed 3 amendments, the latest in November 2011. The nearest other condo plan on file is Luminary Condominium, next door.

Plan CD060728 · New · accepted Mar 5, 2007 · AG record ↗

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FigureThis building147 Murray24 units · 1.1 miaccepted 2007Campbell36 units · 1 miaccepted 2008
Average Offering PricePer Apartment$2.61MIn line$3.26M$2.47M

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Unit mix, closings, budgets, finishes and the team, against 47 Murray and Campbell, cited to the offering plans. No credit card required.

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How We Got This
  • Comps: the closest Manhattan plans on size, $/SF and launch date, within 2 miles when possible.
  • Figures: each building's own offering plan, filed with the NY Attorney General. Nothing is estimated.
  • Checked: a price list publishes only when its math adds up, and building pages cite the plan pages.
  • Labels: In line is between the comps; Below/Above peers is past both by up to 15%; Lowest/Highest by more.

Budget

From our research: The Sponsor's Condo-Creation Fee in NYC · NYC Condo Insurance Costs Are Rising · Condo Supplies Cost per Unit, by Size

Team

Sponsor
Carmine Partners, LLC
Developer
Recap Partners Equities LLC
Principals
Jesse Keyes, Widjaja Hatta
Tax estimate
Tuchman, Katz, Korngold & GellesPrepared the first-year real estate tax projection

From our research: Do NYC Developers Rehire the Same Firms?

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