THE CONDO BOOK PROJECT

Shabazz Gardens Condominium* All Units Sold*

105 & 109 West 117th St *Offering Terminated*, Manhattan, NY 10026

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Overview

Units
8 residential
Subway
2 min walk to 116 St 2 3110 St-Malcolm X Plaza 2 3, 7 min
Principals
Eric Bluestone, Ira Lichtiger, Sara B. Herbstman, Steven Bluestone, Thomas Potvin
Common charges
$436–$698 a monthSponsor's first-year estimate in Schedule A, January 1, 2006 through December 31, 2006
Offering price
$2.34 million total

The sponsor of record is Lenox Gardens Homes Corp., represented by Hofheimer, Gartlir & Gross, LLP. The offering plan runs 307 pages. The sponsor has filed 1 amendment, the latest in January 2006. The nearest other condo plan on file is Apollo Condominium, next door.

Plan CD050019 · New · accepted Jun 21, 2005 · AG record ↗

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FigureThis building11630 Madison211 units · 0.5 miaccepted 2002138 Edgecombe310 units · 1.3 miaccepted 2006
Average Offering PricePer Apartment$234,890Below peers$248,082$400,000

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Unit mix, closings, budgets, finishes and the team, against 1630 Madison and 138 Edgecombe, 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.

Closings Pro

Homes closed80% of the homes in Schedule A8 of 10
Closingsfirst and latest recordedAug 3, 2006 – Aug 10, 2006

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 2026: deeds, or transfer tax filings for a building on leased land, of $10,000 or more. A home's first sale since the plan was filed is the sponsor's closing; resales aren't counted. Closing prices are compared with the same home's Schedule A price, as first offered; a deed covering more than one home isn't compared. Amendments often change prices before a home closes, and a deed that includes parking or storage counts its full price. ACRIS records a sale weeks after closing, so recent contracts don't appear yet. Every building's sales.

All 8 closings
HomeRecordedClosing priceSchedule ADifference
105DAug 3, 2006$250,380——
109BAug 3, 2006$250,380——
109CAug 3, 2006$230,380——
105AAug 4, 2006$417,160——
105BAug 4, 2006$250,380——
105CAug 4, 2006$250,380——
109AAug 4, 2006$417,160——
109DAug 10, 2006$250,380——

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Closings are for subscribers

Every home's recorded closing price against its Schedule A price, with the ACRIS document and the plan page.

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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
Lenox Gardens Homes Corp.
Principals
Eric Bluestone, Ira Lichtiger, Sara B. Herbstman, Steven Bluestone, Thomas Potvin
Tax estimate
Goldberg Weprin & Ustin LLPPrepared the first-year real estate tax projection
Construction lender
JPMorgan Chase Bank

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

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