THE CONDO BOOK PROJECT

179 Ludlow Street Condominium

179 Ludlow Street, Manhattan, NY 10002

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Overview

Units
6 residential · 1 commercial
Subway
3 min walk to 2 Av FDelancey St-Essex St F J M Z, 5 min
Developer
Enclave Equities
Principals
Michael Goldberg
Average $/sf
$1,660Homes in Schedule A, as first offered
Common charges
$820–$957 a monthSponsor's first-year estimate in Schedule A, First Year Of Operation Commencing January 1, 2015
Offering price
$14.7 million total $13.5 million when first offered

The sponsor of record is 179 Ludlow Holding LLC, represented by Marshall S. Schiff, P.C.. The offering plan runs 302 pages. The sponsor has filed 7 amendments, the latest in September 2015. The nearest other condo plan on file is 196 Orchard Street Condominium, next door.

Plan CD140024 · New · accepted Jun 20, 2014 · AG record ↗

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FigureThis building1536 East 13th211 units · 0.6 miaccepted 2015328 Grand35 units · 0.4 miaccepted 2016
Common ChargesPer Square Foot / Month$0.76Highest$0.63$0.41
Average Offering PricePer Apartment$1.83MAbove peers$1.31M$1.74M
Average PricePer Square Foot$1,660In line$1,594$1,732
Property TaxesPer Square Foot / Month$1.00In line$1.01$0.72
Average Unit SizeSquare Feet1,103 SFLarger821 SF1,004 SF

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Unit mix, closings, budgets, finishes and the team, against 536 East 13th and 328 Grand, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $11,338,431 at closing against $10,985,000 in Schedule A (p. 9)+3.2%
Average closing price6 homes, on their Schedule A square feet$1,713 / SF
Closingsfirst and latest recordedJun 15, 2015 – Jul 29, 2015

Sales recorded with the Department of Finance (ACRIS) through Feb 28, 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 6 closings
HomeRecordedClosing priceSchedule ADifference
4Jun 15, 2015$1,715,751$1,685,000 p. 9+1.8%
PHJun 17, 2015$2,443,800$2,400,000 p. 9+1.8%
5Jun 18, 2015$1,741,208$1,700,000 p. 9+2.4%
3Jun 19, 2015$1,665,056$1,650,000 p. 9+0.9%
2Jul 10, 2015$1,832,850$1,800,000 p. 9+1.8%
6Jul 29, 2015$1,939,766$1,750,000 p. 9+10.8%

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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
179 Ludlow Holding LLC
Developer
Enclave EquitiesReported by commercialobserver.com
Principals
Michael Goldberg
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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