THE CONDO BOOK PROJECT

10 Madison Square West

10 Madison Square West, Manhattan, NY 10010

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Overview

Units
125 residential · 62 storage · 1 commercial
Subway
1 min walk to 23 St R W28 St R W, 4 min
Principals
James F. Stomber, Jr., Scott Alper, Steven Witkoff
Offering price
$817.2 million total $661.3 million when first offered

The sponsor of record is Ms/Wg 1107 Broadway Owner LLC, represented by Ganfer Shore Leeds & Zauderer, LLP. The offering plan runs 490 pages. The sponsor has filed 25 amendments, the latest in October 2017. The nearest other condo plan on file is Madison Park West Condominium, next door.

Plan CD130040 · New · accepted Jun 14, 2013 · AG record ↗

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FigureThis building1150 Charles291 units · 1.2 miaccepted 2013Madison Square Park Tower383 units · 0.2 miaccepted 2014
Average Offering PricePer Apartment$5.29MLowest$7.62M$7.36M

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Unit mix, closings, budgets, finishes and the team, against 150 Charles and Madison Square Park Tower, 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
Ms/Wg 1107 Broadway Owner LLC
Principals
James F. Stomber, Jr., Scott Alper, Steven Witkoff
Tax estimate
Marcus & Pollack LLPPrepared the first-year real estate tax projection
Construction lender
Wells Fargo Bank$233.6 million loan stated in the plan

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

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