THE CONDO BOOK PROJECT

20 Pine Street Condominium

20 Pine Street, Manhattan, NY 10005

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Overview

Units
409 residential · 250 storage
Subway
1 min walk to Wall St 2 3Broad St J Z, 1 min
Developers
Al Properties and Developments (USA) Corp., Boymelgreen Family LLC
Principals
Pinchas Cohen
Offering price
$436.7 million total

The sponsor of record is 20 Pine Street, LLC, represented by Kramer Levin Naftalis & Frankel LLP. The offering plan runs 778 pages. The sponsor has filed 24 amendments, the latest in August 2011. The nearest other condo plan on file is 14 Wall Street, next door.

Plan CD050163 · New · accepted Jan 3, 2006 · AG record ↗

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FigureThis building115 William2320 units · 0.2 miaccepted 2006Visionaire3252 units · 0.4 miaccepted 2006
Average Offering PricePer Apartment$1.07MLowest$1.4M$1.64M

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Unit mix, closings, budgets, finishes and the team, against 15 William and Visionaire, 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
20 Pine Street, LLC
Developers
Al Properties and Developments (USA) Corp., Boymelgreen Family LLC
Principals
Pinchas Cohen
Tax estimate
Tuchman, Katz, Schwartz, Korngold & Weiss, LLPPrepared the first-year real estate tax projection
Construction lenders
Bank Leumi, Bank of America, KeyBank$120 million recorded

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

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