THE CONDO BOOK PROJECT

1402 York Avenue Owners Housing Development Fund Company, Inc.

1402 York Avenue, Manhattan, NY 10021

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Overview

Units
10 residential
Subway
8 min walk to 72 St Q77 St 6, 13 min
Developer
Rise Above III LLC
Principals
Enrico Scarda
Common charges
$731–$910 a monthSponsor's first-year estimate in Schedule A, July 1, 2021 through June 30, 2022
Offering price
$594,056 total $320,650 when first offered

The sponsor of record is Beach Path, LLC, represented by Hirschen Singer & Epstein LLP. The offering plan runs 458 pages. The sponsor has filed 3 amendments, the latest in February 2023. The nearest other condo plan on file is Lux Condominium, next door.

Plan CC200001 · New · accepted Jul 28, 2021 · AG record ↗

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FigureThis building1323 East 53rd211 units · 1.1 miaccepted 2021Minuet315 units · 1.2 miaccepted 2020
Average Offering PricePer Apartment$59,406Lowest$950,000$2.72M

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Unit mix, closings, budgets, finishes and the team, against 323 East 53rd and Minuet, 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
Beach Path, LLC
Developer
Rise Above III LLC
Principals
Enrico Scarda
Construction lender
BNB Bank

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

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