THE CONDO BOOK PROJECT

Broadway Arms Condominium

170 Broadway, Manhattan, NY 11211

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Overview

Units
12 residential
Subway
1 min walk to Fulton St 2 3 4 5 A C J ZChambers St/WTC/Park Place/Cortlandt St 2 3 A C E R W, 1 min
Principals
Anthony Gurino, Jack Korn
Average $/sf
$584Homes in Schedule A, as first offered
Common charges
$279–$324 a monthSponsor's first-year estimate in Schedule A, April 1, 2004 through March 31, 2005
Offering price
$5.66 million total

The sponsor of record is Broadway-Driggs Associates LLC, represented by Sonnenschein, Sherman, Deutsch, LLP. The offering plan runs 250 pages. The sponsor has filed 2 amendments, the latest in May 2004. The nearest other condo plan on file is Diamond Exchange Condominium, next door.

Plan CD030192 · New · accepted Jan 15, 2004 · AG record ↗

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FigureThis building1Cocoa Exchange220 units · 0.3 miaccepted 2006Perla'S Pueblo324 units · 1.9 miaccepted 2001
Average Offering PricePer Apartment$471,667In line$661,012$412,500

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Unit mix, closings, budgets, finishes and the team, against Cocoa Exchange and Perla'S Pueblo, 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
Broadway-Driggs Associates LLC
Principals
Anthony Gurino, Jack Korn
Tax estimate
Mishkoff Associates, LLCPrepared the first-year real estate tax projection
Construction lender
North Fork Bank

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

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