THE CONDO BOOK PROJECT

139 Bowery Condominium

139 Bowery, Manhattan, NY 10002

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Overview

Units
18 residential · 18 commercial
Subway
2 min walk to Grand St B DBowery J Z, 3 min
Principals
Chung F. Lew, Hung Kwong Leung, Kam Hung Ng, Patrick C. Wu
Average $/sf
$2,363Homes in Schedule A, as first offered
Common charges
$842–$1,415 a monthSponsor's first-year estimate in Schedule A, July 1, 2023
Offering price
$59 million total $53.6 million when first offered

The sponsor of record is Global Joint Venture, Inc., represented by The Lau Law Firm Pllc. The offering plan runs 305 pages. The sponsor has filed 3 amendments, the latest in October 2024. The nearest other condo plan on file is 153 Bowery Condominium, next door.

Plan CD220076 · New · accepted Jun 7, 2023 · AG record ↗

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FigureThis building1Grand Mulberry220 units · 0.2 miaccepted 2021435 W. 19th321 units · 1.9 miaccepted 2022
Common ChargesPer Square Foot / Month$1.66Above peers$1.55$1.52
Average Offering PricePer Apartment$1.72MBelow peers$1.94M$2.56M
Average PricePer Square Foot$2,363In line$2,369$2,257
Property TaxesPer Square Foot / Month$1.72Above peers$0.95$1.59
Average Unit SizeSquare Feet726 SFSmaller818 SF1,135 SF

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Unit mix, closings, budgets, finishes and the team, against Grand Mulberry 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
Global Joint Venture, Inc.
Principals
Chung F. Lew, Hung Kwong Leung, Kam Hung Ng, Patrick C. Wu
Counsel
The Lau Law Firm Pllc
Tax estimate
Korngold and Powers LLPPrepared the first-year real estate tax projection
Construction lender
Emerald Creek CapitalLender on the mortgage and building loan agreement recorded July 2019 in ACRIS; $32 million recorded

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

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