THE CONDO BOOK PROJECT

141 Fifth Avenue

141 Fifth Avenue, Manhattan, NY 10010

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Overview

Units
38 residential
Subway
2 min walk to 23 St R W23 St-Baruch College 6, 4 min
Developers
Savanna Properties, Savanna 141 Principals LLC
Principals
Christopher Schlank, Nicholas Bienstock
Average $/sf
$1,909Homes in Schedule A, as first offered
Common charges
$979–$2,764 a monthSponsor's first-year estimate in Schedule A, January 1, 2008 To December 31, 2008
Offering price
$119.3 million total

The sponsor of record is 141 Acquisition Associates LLC, represented by Starr Associates LLP. The offering plan runs 905 pages. The sponsor has filed 15 amendments, the latest in January 2011. The nearest other condo plan on file is 9 West 20th Condominium, next door.

Plan CD060195 · New · accepted Apr 24, 2007 · AG record ↗

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FigureThis building1Artisan Lofts238 units · 1.9 miaccepted 200740 Mercer341 units · 1.4 miaccepted 2005
Common ChargesPer Square Foot / Month$0.82Below peers$0.87$1.10
Average Offering PricePer Apartment$3.31MBelow peers$3.67M$4.71M
Average PricePer Square Foot$1,909In line$1,595$2,265
Property TaxesPer Square Foot / Month$1.01Highest$0.69$0.14
Average Unit SizeSquare Feet1,735 SFSmallest2,298 SF2,081 SF

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Unit mix, closings, budgets, finishes and the team, against Artisan Lofts and 40 Mercer, 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 A38 of 38
Closing prices vs. Schedule A26 homes: $70,966,968 at closing against $78,465,000 in Schedule A (p. 74)−9.6%
Average closing price26 homes, on their Schedule A square feet$1,620 / SF
Closingsfirst and latest recordedNov 9, 2009 – Apr 10, 2017

Sales recorded with the Department of Finance (ACRIS) through May 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 38 closings
HomeRecordedClosing priceSchedule ADifference
11Nov 9, 2009$3,150,000$3,375,000 p. 74−6.7%
2627Nov 23, 2009$4,645,500——
18/19Dec 22, 2009$4,550,000——
23Dec 28, 2009$3,000,000$3,000,000 p. 740%
30/31Dec 28, 2009$4,915,000——
22Jan 19, 2010$1,575,000$1,645,000 p. 74−4.3%
32Jan 19, 2010$3,700,000$4,000,000 p. 74−7.5%
35Feb 22, 2010$3,375,000$3,375,000 p. 740%
37Mar 3, 2010$3,050,000$3,050,000 p. 740%
17Mar 10, 2010$2,571,081$2,700,000 p. 74−4.8%
34Mar 11, 2010$1,781,938$1,770,000 p. 74+0.7%
20Mar 16, 2010$3,300,000$3,700,000 p. 74−10.8%
5Mar 25, 2010$1,825,000$1,825,000 p. 740%
24Mar 31, 2010$3,200,000$3,800,000 p. 74−15.8%
21Apr 12, 2010$2,750,000$2,750,000 p. 740%
15Apr 16, 2010$2,675,000$2,900,000 p. 74−7.8%
9/10Apr 27, 2010$4,520,000——
7Apr 29, 2010$3,100,440$3,250,000 p. 74−4.6%
39May 27, 2010$2,700,000$3,150,000 p. 74−14.3%
8May 28, 2010$2,300,000$2,500,000 p. 74−8%
25Jun 14, 2010$2,500,000$2,800,000 p. 74−10.7%
12Jun 30, 2010$2,450,000$2,675,000 p. 74−8.4%
OFF-2Jul 8, 2010$3,731,898——
33Jul 19, 2010$2,545,625$2,900,000 p. 74−12.2%
16Aug 20, 2010$3,150,000$3,550,000 p. 74−11.3%
38Aug 27, 2010$3,700,000$4,200,000 p. 74−11.9%
36Sep 20, 2010$3,200,000$4,100,000 p. 74−22%
29Sep 28, 2010$2,400,000$2,850,000 p. 74−15.8%
14Oct 21, 2010$1,347,884$1,875,000 p. 74−28.1%
28Dec 1, 2010$3,200,000$3,900,000 p. 74−17.9%
6Dec 17, 2010$2,420,000$2,825,000 p. 74−14.3%
PH-WEFeb 3, 2011$5,142,163——
PH-EAMar 7, 2011$4,137,413——
CUPOLApr 6, 2011$13,290,225——
PH-NOApr 6, 2011$13,290,225——
RET1Feb 17, 2012$36,000,000——
RET2Feb 17, 2012$10,000,000——
PH-EApr 10, 2017$4,900,000——

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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
141 Acquisition Associates LLC
Developers
Savanna Properties, Savanna 141 Principals LLC
Principals
Christopher Schlank, Nicholas Bienstock
Tax estimate
Tuchman, Katz, Schwartz, Gelles, Korngold & Weiss, LLPPrepared the first-year real estate tax projection
Construction lender
Wells Fargo Bank$89.1 million recorded

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

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