THE CONDO BOOK PROJECT

196 Orchard Street Condominium

196 Orchard Street, Manhattan, NY 10002

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Overview

Units
94 residential · 75 storage
Subway
2 min walk to 2 Av FDelancey St-Essex St F J M Z, 6 min
Developers
Magnum Real Estate Group, Real Estate Equities Corporation
Average $/sf
$2,328Homes in Schedule A, as first offered
Common charges
$741–$3,447 a monthSponsor's first-year estimate in Schedule A, January 1, 2018 through December 31, 2018
Offering price
$291.5 million total

The sponsor of record is Mb-Reec Houston Property Owner LLC, represented by Starr Associates LLP. The offering plan runs 516 pages. The sponsor has filed 27 amendments, the latest in March 2024. The nearest other condo plan on file is 179 Ludlow Street Condominium, next door.

Plan CD150263 · New · accepted May 16, 2016 · AG record ↗

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FigureThis building1200 East 21st267 units · 1 miaccepted 2017570 Broome354 units · 1 miaccepted 2017
Common ChargesPer Square Foot / Month$1.35Highest$1.01$1.07
Average Offering PricePer Apartment$2.18MLowest$3.1M$2.76M
Average PricePer Square Foot$2,328In line$2,247$2,410
Property TaxesPer Square Foot / Month$1.85In line$1.89$1.65
Average Unit SizeSquare Feet938 SFSmallest1,379 SF1,144 SF

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Unit mix, closings, budgets, finishes and the team, against 200 East 21st and 570 Broome, 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 A94 of 94
Closing prices vs. Schedule A83 homes: $162,727,736 at closing against $177,761,000 in Schedule A (p. 53, p. 54)−8.5%
Average closing price83 homes, on their Schedule A square feet$2,117 / SF
Closingsfirst and latest recordedSep 27, 2018 – Nov 4, 2024

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 115 closings
HomeRecordedClosing priceSchedule ADifference
6DSep 27, 2018$2,672,906$2,800,000 p. 53−4.5%
6ESep 27, 2018$1,463,225$1,545,000 p. 53−5.3%
6FSep 27, 2018$1,463,225$1,545,000 p. 53−5.3%
6GSep 27, 2018$2,232,004$2,335,000 p. 53−4.4%
8GSep 27, 2018$2,326,701$2,435,000 p. 54−4.4%
8HSep 27, 2018$3,084,279$3,235,000 p. 54−4.7%
SU20Sep 27, 2018$2,672,906——
SU21Sep 27, 2018$2,232,004——
SU22Sep 27, 2018$2,326,701——
SU23Sep 27, 2018$3,084,279——
6NOct 4, 2018$965,000$1,120,000 p. 53−13.8%
6HNov 16, 2018$3,159,575$3,100,000 p. 53+1.9%
6CNov 21, 2018$1,410,000$1,455,000 p. 53−3.1%
6BDec 7, 2018$1,340,091$1,325,000 p. 53+1.1%
8FDec 7, 2018$1,581,288$1,575,000 p. 54+0.4%
6PDec 11, 2018$939,999$1,215,000 p. 53−22.6%
4BDec 12, 2018$1,275,000$1,275,000 p. 530%
5ADec 13, 2018$1,500,000$1,550,000 p. 53−3.2%
5CDec 13, 2018$1,400,000$1,435,000 p. 53−2.4%
5FDec 14, 2018$1,545,649$1,515,000 p. 53+2%
5PDec 18, 2018$980,000$1,200,000 p. 53−18.3%
7CDec 18, 2018$1,464,189$1,485,000 p. 54−1.4%
7EDec 19, 2018$1,545,413$1,565,000 p. 54−1.3%
8EDec 19, 2018$1,607,509$1,575,000 p. 54+2.1%
SU6Dec 19, 2018$1,607,509——
SU25Dec 19, 2018$1,545,413——
7HDec 20, 2018$3,138,956$3,175,000 p. 54−1.1%
4CDec 21, 2018$1,385,000$1,416,000 p. 53−2.2%
5NDec 21, 2018$965,000$1,110,000 p. 53−13.1%
6LDec 21, 2018$1,120,075$1,100,000 p. 53+1.8%
SU4Dec 21, 2018$1,385,000——
7FDec 26, 2018$1,582,281$1,565,000 p. 54+1.1%
4NDec 27, 2018$934,699$1,100,000 p. 53−15%
5GDec 28, 2018$2,150,000$2,310,000 p. 53−6.9%
7DJan 8, 2019$2,899,189$2,850,000 p. 54+1.7%
SU24Jan 8, 2019$2,899,189——
5EJan 10, 2019$1,465,000$1,515,000 p. 53−3.3%
8DJan 15, 2019$3,032,294$2,975,000 p. 54+1.9%
5RJan 16, 2019$1,647,474$1,700,000 p. 53−3.1%
7KJan 30, 2019$1,275,813$1,250,000 p. 54+2.1%
5BFeb 4, 2019$1,295,000$1,295,000 p. 530%
SU1Feb 4, 2019$1,295,000——
4EFeb 8, 2019$1,500,000$1,500,000 p. 530%
PH11EFeb 12, 2019$3,617,788——
PH11DFeb 15, 2019$3,274,128——
PH11FFeb 28, 2019$4,070,909——
4FMar 11, 2019$1,448,915$1,500,000 p. 53−3.4%
10DMar 26, 2019$3,875,000$4,200,000 p. 54−7.7%
SU7Mar 26, 2019$3,875,000——
4RMar 28, 2019$1,725,000$1,995,000 p. 53−13.5%
SU8Mar 28, 2019$1,725,000——
5QMay 7, 2019$1,180,000$1,400,000 p. 53−15.7%
6JMay 14, 2019$1,478,000$1,630,000 p. 53−9.3%
6KMay 14, 2019$1,468,000$1,605,000 p. 53−8.5%
SU10May 14, 2019$1,478,000——
SU11May 14, 2019$1,468,000——
7BMay 16, 2019$1,314,000$1,380,000 p. 54−4.8%
6QMay 30, 2019$1,243,267$1,425,000 p. 53−12.8%
4DJun 3, 2019$2,420,000$2,750,000 p. 53−12%
4GJun 14, 2019$1,995,000$2,285,000 p. 53−12.7%
8RJun 28, 2019$1,620,000$1,775,000 p. 54−8.7%
RTL1Jul 17, 2019$88,750,000——
RTL2Jul 17, 2019$88,750,000——
8BAug 15, 2019$2,045,570$2,325,000 p. 54−12%
SU9Aug 15, 2019$2,045,570——
6MAug 19, 2019$950,000$1,145,000 p. 53−17%
4LAug 28, 2019$1,767,500$1,075,000 p. 53+64.4%
8QOct 25, 2019$1,272,000$1,475,000 p. 54−13.8%
9GOct 25, 2019$1,500,000$1,685,000 p. 54−11%
SU5Oct 25, 2019$1,500,000——
5JJan 30, 2020$1,265,630$1,615,000 p. 53−21.6%
4JJan 31, 2020$1,217,827$1,600,000 p. 53−23.9%
6AFeb 3, 2020$1,330,000$1,650,000 p. 53−19.4%
7MFeb 13, 2020$2,329,701$1,100,000 p. 54+111.8%
5DMar 4, 2020$2,375,000$2,775,000 p. 53−14.4%
7QMar 19, 2020$1,117,000$1,450,000 p. 54−23%
6RMar 24, 2020$1,380,000$1,725,000 p. 53−20%
9DMar 26, 2020$3,455,000$4,150,000 p. 54−16.7%
SU13Mar 26, 2020$3,455,000——
4KMar 31, 2020$1,425,000$1,575,000 p. 53−9.5%
4AApr 14, 2020$1,210,000$1,525,000 p. 53−20.7%
5LJun 26, 2020$1,749,500$1,085,000 p. 53+61.2%
SU12Jun 26, 2020$1,749,500——
7AAug 21, 2020$1,425,000$1,675,000 p. 53−14.9%
10EMar 15, 2021$4,390,000$5,590,000 p. 54−21.5%
SU14Mar 15, 2021$4,390,000——
7GApr 20, 2021$1,986,513$2,385,000 p. 54−16.7%
7LMay 12, 2021$2,795,000$3,325,000 p. 54−15.9%
4HAug 3, 2021$2,885,000$3,050,000 p. 53−5.4%
5KAug 11, 2021$1,500,000$1,590,000 p. 53−5.7%
10FAug 17, 2021$2,495,000$2,850,000 p. 54−12.5%
9CAug 19, 2021$4,077,896$4,800,000 p. 54−15%
SU15Aug 19, 2021$4,077,896——
5HSep 21, 2021$2,995,000$3,075,000 p. 53−2.6%
PH11GJan 24, 2022$1,700,000——
9BMar 11, 2022$2,245,000$2,350,000 p. 54−4.5%
9FJun 10, 2022$2,543,534$2,800,000 p. 54−9.2%
8AJun 28, 2022$2,475,000$2,600,000 p. 54−4.8%
7JJul 11, 2022$1,403,094$1,635,000 p. 54−14.2%
10GJul 13, 2022$1,595,000$1,725,000 p. 54−7.5%
PH11CSep 23, 2022$4,795,000——
SU16Sep 23, 2022$4,795,000——
9ANov 21, 2022$2,475,000$2,715,000 p. 54−8.8%
7RFeb 3, 2023$1,395,000$1,750,000 p. 54−20.3%
10AApr 12, 2023$3,977,500$2,650,000 p. 54+50.1%
SU17Apr 12, 2023$3,977,500——
4QMay 22, 2023$1,475,306$1,700,000 p. 53−13.2%
4PJul 5, 2023$1,107,801$1,500,000 p. 53−26.1%
10CJul 18, 2023$3,692,350$4,950,000 p. 54−25.4%
9EDec 27, 2023$4,795,000$6,500,000 p. 54−26.2%
SU3Dec 27, 2023$4,795,000——
PH11AJun 6, 2024$3,495,000——
SU18Jun 6, 2024$3,495,000——
8JNov 4, 2024$4,495,000$6,500,000 p. 54−30.8%
SU26Nov 4, 2024$4,495,000——

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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
Mb-Reec Houston Property Owner LLC
Developers
Magnum Real Estate Group, Real Estate Equities Corporation
Tax estimate
Tuchman, Korngold, Weiss, Liebman & Gelles, LLPPrepared the first-year real estate tax projection
Construction lender
Bbcn BankLender on the mortgage and building loan agreement recorded August 2013 in ACRIS; $7.5 million recorded

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

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