THE CONDO BOOK PROJECT

Artisan Lofts Condo

157 Chambers Street, Manhattan, NY 10007

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Overview

Units
38 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, 3 min
Principals
Elliott Ingerman, William Brodsky
Average $/sf
$1,595Homes in Schedule A, as first offered
Common charges
$1,249–$3,559 a monthSponsor's first-year estimate in Schedule A, January 1, 2008 to December 31, 2008
Offering price
$140.6 million total

The sponsor of record is Artisan Lofts Development Owner, LLC, represented by Starr Associates LLP. The offering plan runs 696 pages. The sponsor has filed 15 amendments, the latest in December 2010. The nearest other condo plan on file is Noordzee Condominium/138-142 Reade Street, next door.

Plan CD060413 · New · accepted Feb 28, 2007 · AG record ↗

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FigureThis building1141 Fifth238 units · 1.9 miaccepted 200740 Mercer341 units · 0.6 miaccepted 2005
Common ChargesPer Square Foot / Month$0.87In line$0.82$1.10
Average Offering PricePer Apartment$3.67MIn line$3.31M$4.71M
Average PricePer Square Foot$1,595Lowest$1,909$2,265
Property TaxesPer Square Foot / Month$0.69In line$1.01$0.14
Average Unit SizeSquare Feet2,298 SFLarger1,735 SF2,081 SF

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Unit mix, closings, budgets, finishes and the team, against 141 Fifth 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 A35 homes: $114,109,322 at closing against $120,405,000 in Schedule A (p. 175)−5.2%
Average closing price35 homes, on their Schedule A square feet$1,459 / SF
Closingsfirst and latest recordedDec 17, 2008 – Jan 12, 2011

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 40 closings
HomeRecordedClosing priceSchedule ADifference
7BDec 17, 2008$2,291,063$2,195,000 p. 175+4.4%
7CDec 19, 2008$2,952,925$2,795,000 p. 175+5.7%
8BDec 30, 2008$2,367,431$2,250,000 p. 175+5.2%
8CDec 30, 2008$3,013,481$2,850,000 p. 175+5.7%
9CDec 30, 2008$3,116,506$2,895,000 p. 175+7.7%
6BJan 16, 2009$2,036,500$2,095,000 p. 175−2.8%
2DFeb 4, 2009$2,336,884$2,195,000 p. 175+6.5%
5CMar 13, 2009$2,744,184$2,445,000 p. 175+12.2%
5AApr 3, 2009$3,660,609$3,595,000 p. 175+1.8%
7AApr 13, 2009$4,378,475$4,125,000 p. 175+6.1%
9AApr 23, 2009$4,800,000$4,495,000 p. 175+6.8%
6CMay 15, 2009$2,240,150$2,625,000 p. 175−14.7%
10AJun 3, 2009$4,125,000$4,595,000 p. 175−10.2%
10CJun 30, 2009$3,050,000$2,950,000 p. 175+3.4%
3AJul 6, 2009$3,630,000$3,895,000 p. 175−6.8%
12AJul 31, 2009$5,270,000$6,200,000 p. 175−15%
11AAug 19, 2009$4,097,183$4,625,000 p. 175−11.4%
4CSep 21, 2009$2,326,701$2,395,000 p. 175−2.9%
11COct 30, 2009$2,810,370$2,985,000 p. 175−5.9%
TW16SOct 30, 2009$6,631,500——
2BNov 13, 2009$1,731,025$1,835,000 p. 175−5.7%
3CDec 8, 2009$2,316,519$2,325,000 p. 175−0.4%
14ADec 16, 2009$3,182,031$3,595,000 p. 175−11.5%
4ADec 18, 2009$3,207,488$3,495,000 p. 175−8.2%
12CJan 13, 2010$4,683,950$4,795,000 p. 175−2.3%
6AJan 25, 2010$3,500,000$3,795,000 p. 175−7.8%
9BFeb 11, 2010$1,934,675$2,295,000 p. 175−15.7%
14BFeb 11, 2010$2,494,713$2,595,000 p. 175−3.9%
10BFeb 16, 2010$2,065,097$2,375,000 p. 175−13%
TW17SFeb 18, 2010$5,368,827——
11BMar 4, 2010$2,325,000$2,425,000 p. 175−4.1%
2AMar 8, 2010$2,851,100$3,095,000 p. 175−7.9%
8AMar 29, 2010$3,750,000$4,395,000 p. 175−14.7%
15AApr 6, 2010$3,500,000$4,295,000 p. 175−18.5%
4BApr 13, 2010$3,050,000$3,295,000 p. 175−7.4%
15BMay 19, 2010$4,500,000$4,795,000 p. 175−6.2%
TW17NJun 14, 2010$5,753,113——
COM1Jan 6, 2011$6,200,000——
COM2Jan 6, 2011$6,200,000——
PenthouseJan 12, 2011$7,770,263$8,795,000 p. 175−11.7%

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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
Artisan Lofts Development Owner, LLC
Principals
Elliott Ingerman, William Brodsky
Tax estimate
Podell, Schwartz, Schechter & Banfield LLPPrepared the first-year real estate tax projection
Construction lender
Morgan Stanley Mortgage Capital$75 million recorded

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

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