THE CONDO BOOK PROJECT

160 Leroy Street Condominium

160 Leroy Street, Manhattan, NY 10014

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Overview

Units
47 residential · 11 parking · 49 storage · 1 commercial
Subway
7 min walk to Houston St 1Christopher St-Stonewall 1, 10 min
Developers
Ian Schrager Company, AREA Property Partners, Ares Management LLC, Robert Martin Company
Principals
Ian Schrager, Lee S. Neibart
Average $/sf
$3,295Homes in Schedule A, as first offered
Common charges
$1,477–$8,701 a monthSponsor's first-year estimate in Schedule A, 11/1/2017 through 10/31/2018
Offering price
$34 million total

The sponsor of record is 160 Leroy LLC, represented by Starr Associates LLP. The offering plan runs 462 pages. The sponsor has filed 23 amendments, the latest in September 2021. The nearest other condo plan on file is 80 Clarkson, next door.

Plan CD150182 · New · accepted Nov 2, 2015 · AG record ↗

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FigureThis building175 Kenmare238 units · 0.9 miaccepted 2017One Vandam325 units · 0.5 miaccepted 2013
Common ChargesPer Square Foot / Month$1.44Above peers$1.12$1.38
Average Offering PricePer Apartment$8.01MHighest$3.68M$6.1M
Average PricePer Square Foot$3,295Above peers$3,287$3,003
Property TaxesPer Square Foot / Month$1.40Above peers$0.87$1.31
Average Unit SizeSquare Feet2,635 SFLargest1,119 SF2,030 SF

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Unit mix, closings, budgets, finishes and the team, against 75 Kenmare and One Vandam, 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
160 Leroy LLC
Developers
Ian Schrager Company, AREA Property Partners, Ares Management LLC, Robert Martin Company
Principals
Ian Schrager, Lee S. Neibart
Tax estimate
Tuchman Korngold Weiss Liebman & Gelles, LLPPrepared the first-year real estate tax projection
Construction lender
First Credit BankLender on the mortgage and building loan agreement recorded June 2013 in ACRIS; $26.9 million recorded

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

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