THE CONDO BOOK PROJECT

111 Charles Street Condominium

111 Charles Street, Manhattan, NY 10014

Overview

Units
19 residential · 1 commercial
Subway
5 min walk to Christopher St-Stonewall 114 St/6 Av 1 2 3 F L M, 8 min
Principals
Neil Bender, Robert Cayre
Average $/sf
$3,025Homes in Schedule A, as first offered
Common charges
$1,841–$11,795 a monthSponsor's first-year estimate in Schedule A, April 1, 2023 – March 31, 2024
Offering price
$81.1 million total

The sponsor of record is 540 Hudson Streeet Partners LLC**, represented by Seiden & Schein, PC. The offering plan runs 463 pages. The nearest other condo plan on file is Charles Street Condominium, next door.

Plan CD220117 · New · accepted Feb 1, 2023 · AG record ↗

Compare

FigureThis building1181 Macdougal216 units · 0.4 miaccepted 2024435 W. 19th321 units · 0.7 miaccepted 2022
Common ChargesPer Square Foot / Month$2.74In line$4.42$1.52
Average Offering PricePer Apartment$4.24MAbove peers$4.04M$2.56M
Average PricePer Square Foot$3,025In line$3,164$2,257
Property TaxesPer Square Foot / Month$1.65Above peers$1.36$1.59
Average Unit SizeSquare Feet1,401 SFLarger1,277 SF1,135 SF

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Unit mix, closings, budgets, finishes and the team, against 181 Macdougal and 435 W. 19th, 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
540 Hudson Streeet Partners LLC**
Principals
Neil Bender, Robert Cayre
Tax estimate
Podell, Schwartz, Schechter & Banfield, LLPPrepared the first-year real estate tax projection
Construction lender
Bank OZK$20.3 million loan stated in the plan

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

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