THE CONDO BOOK PROJECT

Blackfriars Condominium

2457 Frederick Douglass Boulevard, Manhattan, NY 10027

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Overview

Units
8 residential · 1 commercial
Subway
4 min walk to 135 St B C125 St A B C D, 6 min
Developer
Almat Group
Principals
Donald Matheson, Uchechukwu Alozie
Average $/sf
$960Homes in Schedule A, as first offered
Common charges
$381–$923 a monthSponsor's first-year estimate in Schedule A, January 1, 2019-- December 31, 2019
Offering price
$6.9 million total $6.85 million when first offered

The sponsor of record is Ag Ebenezer LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 351 pages. The sponsor has filed 3 amendments, the latest in January 2020. The nearest other condo plan on file is 308 West 133rd Street Condominium, next door.

Plan CD180176 · Rehab · accepted Feb 1, 2019 · AG record ↗

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FigureThis building1Jumel Mansion24 units · 1.4 miaccepted 2020265 West 131st36 units · 0.1 miaccepted 2022
Common ChargesPer Square Foot / Month$0.57Above peers$0.50$0.39
Average Offering PricePer Apartment$856,250Below peers$914,000$870,833
Average PricePer Square Foot$960In line$957$971
Property TaxesPer Square Foot / Month$0.19Lowest$0.82$0.86
Average Unit SizeSquare Feet892 SFSmaller955 SF897 SF

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Unit mix, closings, budgets, finishes and the team, against Jumel Mansion and 265 West 131st, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $6,543,500 at closing against $6,850,000 in Schedule A (p. 34)−4.5%
Average closing price8 homes, on their Schedule A square feet$917 / SF
Closingsfirst and latest recordedSep 30, 2020 – Aug 18, 2021

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 8 closings
HomeRecordedClosing priceSchedule ADifference
5ASep 30, 2020$1,400,000$1,573,000 p. 34−11%
2AOct 14, 2020$630,000$681,000 p. 34−7.5%
3AOct 15, 2020$625,000$711,000 p. 34−12.1%
3BOct 15, 2020$700,000$625,000 p. 34+12%
4AOct 16, 2020$640,000$711,000 p. 34−10%
2BDec 11, 2020$681,000$622,000 p. 34+9.5%
4BJan 5, 2021$702,500$625,000 p. 34+12.4%
5BAug 18, 2021$1,165,000$1,302,000 p. 34−10.5%

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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
Ag Ebenezer LLC
Developer
Almat Group
Principals
Donald Matheson, Uchechukwu Alozie
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Savoy Bank$2.8 million recorded

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

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