THE CONDO BOOK PROJECT

Blue Condominium

103-105 Norfolk Street, Manhattan, NY 10002

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Overview

Units
32 residential · 28 storage · 1 commercial
Subway
1 min walk to Delancey St-Essex St F J M ZBowery J Z, 8 min
Principals
Angelo Cosentini, John Carson
Average $/sf
$1,334Homes in Schedule A, as first offered
Common charges
$683–$2,420 a monthSponsor's first-year estimate in Schedule A, November 1, 2006 - October 31, 2007
Offering price
$48.6 million total $39.5 million when first offered

The sponsor of record is Norfolk Hudson, LLC, represented by Lester Bleckner & Shaw LLP. The offering plan runs 516 pages. The sponsor has filed 16 amendments, the latest in September 2014. The nearest other condo plan on file is Switch Building Condominium, next door.

Plan CD050284 · New · accepted Nov 15, 2005 · AG record ↗

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FigureThis building1River Ridge246 units · 0.2 miaccepted 2007Porter House322 units · 1.8 miaccepted 2003
Average Offering PricePer Apartment$1.23MIn line$945,870$1.33M

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Unit mix, closings, budgets, finishes and the team, against River Ridge and Porter House, 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
Norfolk Hudson, LLC
Principals
Angelo Cosentini, John Carson
Tax estimate
Rubinstein, Levine & Landesman, L.L.P.Prepared the first-year real estate tax projection

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

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