THE CONDO BOOK PROJECT

204 Forsyth Street Condominium

204 Forsyth Street, Manhattan, NY 10002

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Overview

Units
11 residential · 2 parking
Subway
2 min walk to 2 Av FBowery J Z, 6 min
Principals
Charles Saulson
Common charges
$577–$1,153 a monthSponsor's first-year estimate in Schedule A, January 1-December 31, 2016
Offering price
$47.8 million total $44.6 million when first offered

The sponsor of record is 204 Forsyth Street, LLC, represented by Belkin Burden Wenig & Goldman LLP. The offering plan runs 351 pages. The sponsor has filed 14 amendments, the latest in September 2018. The nearest other condo plan on file is Treetop Condominium, next door.

Plan CD140246 · New · accepted Dec 2, 2014 · AG record ↗

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FigureThis building1D'Orsay221 units · 1.2 miaccepted 2015210 Bowery37 units · 0.2 miaccepted 2016
Average Offering PricePer Apartment$3.99MAbove peers$3.75M$3.38M

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Unit mix, closings, budgets, finishes and the team, against D'Orsay and 210 Bowery, 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 A11 of 11
Closing prices vs. Schedule A3 homes: $17,582,111 at closing against $19,250,000 in Schedule A (p. 38)−8.7%
Closingsfirst and latest recordedDec 29, 2017 – Oct 25, 2021

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2025: 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 11 closings
HomeRecordedClosing priceSchedule ADifference
PHDec 29, 2017$7,475,000$7,500,000 p. 38−0.3%
2SJan 11, 2018$2,600,000——
5NJan 11, 2018$3,563,875——
3NJan 16, 2018$2,850,000——
5SJan 16, 2018$3,300,000——
4SJan 18, 2018$2,950,000——
3SJan 31, 2018$2,850,000——
1Jul 13, 2018$4,107,111$4,250,000 p. 38−3.4%
4NAug 16, 2018$3,360,225——
6Mar 12, 2019$6,000,000$7,500,000 p. 38−20%
2NOct 25, 2021$2,250,000——

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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
204 Forsyth Street, LLC
Principals
Charles Saulson
Tax estimate
Goldberg Weprin Finkel Goldstein LLPPrepared the first-year real estate tax projection
Construction lender
Hrc Fund V REITLender on the mortgage and building loan agreement recorded September 2014 in ACRIS; $19.3 million recorded

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

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