THE CONDO BOOK PROJECT

1399 Park Avenue Condominium

1399 Park Avenue, Manhattan, NY 10029

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Overview

Units
72 residential · 1 parking · 1 commercial
Subway
3 min walk to 103 St 6110 St 6, 8 min
Developer
Heritage Real Estate Partners
Principals
David Stern, Jeremy Markowitz
Average $/sf
$1,274Homes in Schedule A, as first offered
Common charges
$616–$3,864 a monthSponsor's first-year estimate in Schedule A, January 1, 2018 to December 31, 2018
Offering price
$120.9 million total $105 million when first offered

The sponsor of record is Terrace On The Park LLC, represented by Marans Weisz & Newman LLC. The offering plan runs 329 pages. The sponsor has filed 24 amendments, the latest in June 2020. The nearest other condo plan on file is Lexington Hill Condominium, next door.

Plan CD160112 · New · accepted Jul 22, 2016 · AG record ↗

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FigureThis building1Vitre248 units · 0.5 miaccepted 2016Cereza352 units · 0.3 miaccepted 2017
Common ChargesPer Square Foot / Month$1.21In line$1.10$1.65
Average Offering PricePer Apartment$1.46MIn line$1.79M$895,077
Average PricePer Square Foot$1,274Below peers$1,650$1,434
Property TaxesPer Square Foot / Month$0.66In line$0.77$0.48
Average Unit SizeSquare Feet1,144 SFLarger1,088 SF624 SF

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Unit mix, closings, budgets, finishes and the team, against Vitre and Cereza, 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 closed100% of the homes in Schedule A72 of 72
Closing prices vs. Schedule A72 homes: $94,219,385 at closing against $104,955,000 in Schedule A (p. 31, p. 32, p. 33)−10.2%
Average closing price72 homes, on their Schedule A square feet$1,144 / SF
Closingsfirst and latest recordedMay 29, 2019 – Jun 30, 2022

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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 72 closings
HomeRecordedClosing priceSchedule ADifference
6EMay 29, 2019$795,000$795,000 p. 310%
7DMay 29, 2019$1,650,000$1,685,000 p. 31−2.1%
8DMay 29, 2019$1,720,000$1,720,000 p. 310%
10CMay 29, 2019$1,181,170$1,160,000 p. 32+1.8%
12BMay 29, 2019$1,275,000$1,125,000 p. 32+13.3%
9AMay 30, 2019$1,125,000$1,095,000 p. 31+2.7%
6DJun 7, 2019$1,650,000$1,650,000 p. 310%
8AJun 7, 2019$1,055,000$1,080,000 p. 31−2.3%
7FJun 13, 2019$877,939$885,000 p. 31−0.8%
9FJun 13, 2019$933,441$905,000 p. 31+3.1%
15CJun 13, 2019$722,958$695,000 p. 32+4%
11CJun 20, 2019$1,306,817$1,175,000 p. 32+11.2%
8FJun 21, 2019$918,000$895,000 p. 31+2.6%
6CJun 28, 2019$1,196,444$1,100,000 p. 31+8.8%
6FJun 28, 2019$875,000$875,000 p. 310%
11BJun 28, 2019$1,155,000$1,100,000 p. 32+5%
8GJul 3, 2019$685,000$670,000 p. 31+2.2%
9BJul 3, 2019$1,089,528$1,070,000 p. 31+1.8%
10BJul 3, 2019$1,104,801$1,085,000 p. 32+1.8%
7BJul 15, 2019$1,160,494$1,040,000 p. 31+11.6%
20/21AAug 5, 2019$3,600,000$3,495,000 p. 33+3%
15BAug 19, 2019$1,272,813$1,175,000 p. 32+8.3%
7AAug 29, 2019$1,050,000$1,065,000 p. 31−1.4%
12DSep 5, 2019$2,443,800$2,200,000 p. 32+11.1%
12ESep 27, 2019$1,375,000$1,350,000 p. 32+1.9%
6BOct 18, 2019$995,000$1,025,000 p. 31−2.9%
11ADec 17, 2019$971,500$1,125,000 p. 32−13.6%
12CDec 17, 2019$616,248$645,000 p. 32−4.5%
8CDec 18, 2019$985,340$1,130,000 p. 31−12.8%
11EDec 18, 2019$895,615$845,000 p. 32+6%
11FDec 18, 2019$877,789$925,000 p. 32−5.1%
12ADec 18, 2019$978,938$1,150,000 p. 32−14.9%
7CDec 20, 2019$984,234$1,115,000 p. 31−11.7%
8EDec 20, 2019$812,274$815,000 p. 31−0.3%
10EDec 20, 2019$820,712$835,000 p. 32−1.7%
10FDec 20, 2019$884,933$915,000 p. 32−3.3%
15ADec 20, 2019$984,266$1,200,000 p. 32−18%
11DDec 25, 2019$1,699,552$1,825,000 p. 32−6.9%
14ADec 25, 2019$1,098,923$1,175,000 p. 32−6.5%
14BDec 25, 2019$1,192,258$1,150,000 p. 32+3.7%
14CJan 21, 2020$689,000$670,000 p. 32+2.8%
6AJan 23, 2020$995,000$1,050,000 p. 31−5.2%
7EJan 30, 2020$775,000$805,000 p. 31−3.7%
14EMar 5, 2020$1,295,000$1,250,000 p. 32+3.6%
9DMay 1, 2020$1,700,000$1,755,000 p. 31−3.1%
22AJul 13, 2020$3,600,000$4,100,000 p. 33−12.2%
15DJul 30, 2020$1,995,515$2,150,000 p. 32−7.2%
6GNov 18, 2020$585,000$650,000 p. 31−10%
10ANov 19, 2020$995,000$1,110,000 p. 32−10.4%
15FDec 11, 2020$730,000$760,000 p. 32−3.9%
17BDec 30, 2020$1,843,033$2,800,000 p. 33−34.2%
16AMar 4, 2021$2,160,000$3,250,000 p. 32−33.5%
10GMar 11, 2021$690,000$690,000 p. 320%
11GMar 11, 2021$695,000$700,000 p. 32−0.7%
12FMar 11, 2021$650,000$710,000 p. 32−8.5%
14FMar 11, 2021$685,000$735,000 p. 32−6.8%
15EMar 15, 2021$1,175,000$1,275,000 p. 32−7.8%
7GMay 21, 2021$634,453$660,000 p. 31−3.9%
9GMay 21, 2021$685,209$680,000 p. 31+0.8%
17AJun 14, 2021$1,934,675$2,650,000 p. 33−27%
18AJun 14, 2021$1,934,675$2,700,000 p. 33−28.3%
19AJun 14, 2021$1,985,588$2,750,000 p. 33−27.8%
14DJun 15, 2021$1,629,200$2,100,000 p. 32−22.4%
10DJul 7, 2021$1,425,550$1,790,000 p. 32−20.4%
16BAug 23, 2021$2,545,625$3,100,000 p. 32−17.9%
18BAug 23, 2021$2,163,781$2,875,000 p. 33−24.7%
23AAug 23, 2021$3,042,750$4,300,000 p. 33−29.2%
8BNov 3, 2021$998,903$1,055,000 p. 31−5.3%
19BNov 12, 2021$1,995,000$2,950,000 p. 33−32.4%
9EDec 16, 2021$806,000$825,000 p. 31−2.3%
9CJun 30, 2022$1,211,718$1,145,000 p. 31+5.8%
20/21BJun 30, 2022$2,952,925$3,950,000 p. 33−25.2%

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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
Terrace On The Park LLC
Developer
Heritage Real Estate Partners
Principals
David Stern, Jeremy Markowitz
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Madison Realty Capital$53.4 million loan stated in the plan

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