THE CONDO BOOK PROJECT

Maurice

151 Lenox Avenue, Manhattan, NY 10026

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Overview

Units
4 residential · 1 commercial
Subway
2 min walk to 116 St 2 3110 St-Malcolm X Plaza 2 3, 7 min
Developers
Steeplechase Real Estate Development, Urban Green Investments, LLC
Principals
Alexander Perras, David McCloskey, Francisco Pineda, Novak Vukasinovic
Average $/sf
$1,015Homes in Schedule A, as first offered
Common charges
$844–$1,040 a monthSponsor's first-year estimate in Schedule A, October 1, 2015 ·September 30, 2016
Offering price
$5.98 million total $4.38 million when first offered

The sponsor of record is 151 Lenox LLC, represented by Starr Associates LLP. The offering plan runs 419 pages. The sponsor has filed 5 amendments, the latest in September 2016. The nearest other condo plan on file is Lenox Gardens *All Units Sold**, next door.

Plan CD140402 · Rehab · accepted Apr 2, 2015 · AG record ↗

Compare

FigureThis building1San Giorgio26 units · 0.5 miaccepted 2014Park Mansion36 units · 2 miaccepted 2016
Common ChargesPer Square Foot / Month$0.88In line$0.64$0.98
Average Offering PricePer Apartment$1.09MIn line$870,833$7.03M
Average PricePer Square Foot$1,015In line$908$2,281
Property TaxesPer Square Foot / Month$1.29Below peers$1.39$1.93
Average Unit SizeSquare Feet1,079 SFIn line959 SF3,083 SF

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Unit mix, closings, budgets, finishes and the team, against San Giorgio and Park Mansion, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $4,224,539 at closing against $4,380,000 in Schedule A (p. 42)−3.5%
Average closing price4 homes, on their Schedule A square feet$979 / SF
Closingsfirst and latest recordedSep 13, 2016 – Dec 1, 2016

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 5 closings
HomeRecordedClosing priceSchedule ADifference
3Sep 13, 2016$1,214,968$1,190,000 p. 42+2.1%
2Sep 15, 2016$1,150,623$1,150,000 p. 42+0.1%
5Oct 17, 2016$934,949$1,075,000 p. 42−13%
4Oct 27, 2016$924,000$965,000 p. 42−4.2%
1Dec 1, 2016$1,100,000——

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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
151 Lenox LLC
Developers
Steeplechase Real Estate Development, Urban Green Investments, LLC
Principals
Alexander Perras, David McCloskey, Francisco Pineda, Novak Vukasinovic
Tax estimate
Goldberg Weprin Finkel GoldsteinPrepared the first-year real estate tax projection
Construction lender
First Republic Bank$1.7 million recorded

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

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