THE CONDO BOOK PROJECT

Campbell

148 Chambers Street, Manhattan, NY 10007

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Overview

Units
6 residential · 1 commercial
Subway
1 min walk to Chambers St 1 2 3Chambers St/WTC/Park Place/Cortlandt St 2 3 A C E R W, 2 min
Principals
James W. Stockwell, Steven van der Zwan
Average $/sf
$1,312Homes in Schedule A, as first offered
Common charges
$843–$1,231 a monthSponsor's first-year estimate in Schedule A, June 1, 2008 - May 31, 2009
Offering price
$17.3 million total

The sponsor of record is Toja Enterprises, LLP, represented by Richard L. Yellen & Associates, LLP. The offering plan runs 287 pages. The sponsor has filed 9 amendments, the latest in December 2012. The nearest other condo plan on file is 148 Chambers Condominium, next door.

Plan CD080192 · New · accepted Sep 23, 2008 · AG record ↗

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FigureThis building147 Murray24 units · 0.1 miaccepted 2007209 East 2nd36 units · 1.5 miaccepted 2007
Common ChargesPer Square Foot / Month$0.49In line$0.44$1.02
Average Offering PricePer Apartment$2.47MIn line$3.26M$1.59M
Average PricePer Square Foot$1,312Above peers$1,258$1,077
Property TaxesPer Square Foot / Month$0.35In line$0.61$0.20
Average Unit SizeSquare Feet1,882 SFIn line2,595 SF1,572 SF

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Unit mix, closings, budgets, finishes and the team, against 47 Murray and 209 East 2nd, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $14,101,407 at closing against $17,285,000 in Schedule A (p. 31)−18.4%
Average closing price7 homes, on their Schedule A square feet$1,070 / SF
Closingsfirst and latest recordedMar 18, 2010 – Dec 28, 2012

Sales recorded with the Department of Finance (ACRIS) through Aug 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 7 closings
HomeRecordedClosing priceSchedule ADifference
1Mar 18, 2010$2,119,333$2,300,000 p. 31−7.9%
2Mar 18, 2010$1,476,463$1,995,000 p. 31−26%
6Apr 22, 2010$1,552,831$2,195,000 p. 31−29.3%
5Apr 30, 2010$1,705,569$2,150,000 p. 31−20.7%
4May 10, 2010$1,650,000$2,095,000 p. 31−21.2%
3Jul 18, 2011$1,797,211$2,050,000 p. 31−12.3%
PHDec 28, 2012$3,800,000$4,500,000 p. 31−15.6%

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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
Toja Enterprises, LLP
Principals
James W. Stockwell, Steven van der Zwan
Tax estimate
Leitner Group, Inc.Prepared the first-year real estate tax projection

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

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