THE CONDO BOOK PROJECT

318 West 47 Condominium

318 West 47 Street, Manhattan, NY 10036

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Overview

Units
5 residential
Subway
3 min walk to 50 St C ETimes Sq-42 St/Port Authority Bus Terminal 1 2 3 7 A C E N Q R S W, 4 min
Developer
Shore Assets, Inc.
Principals
Eric Schwartz, Marc Shore, William Shore
Average $/sf
$1,989Homes in Schedule A, as first offered
Common charges
$1,424–$3,556 a monthSponsor's first-year estimate in Schedule A, January 1, 2017 through December 31, 2017
Offering price
$14.8 million total $18.3 million when first offered

The sponsor of record is 318 West 47th Street LLC, represented by Meister Seelig & Fein, LLP. The offering plan runs 310 pages. The sponsor has filed 9 amendments, the latest in November 2018. The nearest other condo plan on file is 306 West 48th Street, next door.

Plan CD160009 · New · accepted Apr 15, 2016 · AG record ↗

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FigureThis building1805 Ninth25 units · 0.4 miaccepted 2017132-134 West 83rd36 units · 1.8 miaccepted 2018
Common ChargesPer Square Foot / Month$1.16Highest$0.56$0.46
Average Offering PricePer Apartment$3.73MIn line$1.78M$4.83M
Average PricePer Square Foot$1,989In line$1,243$2,132
Property TaxesPer Square Foot / Month$0.35Lowest$1.46$1.67
Average Unit SizeSquare Feet1,873 SFIn line1,432 SF2,265 SF

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Unit mix, closings, budgets, finishes and the team, against 805 Ninth and 132-134 West 83rd, 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 A5 of 5
Closing prices vs. Schedule A5 homes: $14,199,065 at closing against $18,630,000 in Schedule A (p. 35)−23.8%
Average closing price5 homes, on their Schedule A square feet$1,516 / SF
Closingsfirst and latest recordedJul 7, 2017 – May 9, 2019

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 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 5 closings
HomeRecordedClosing priceSchedule ADifference
4Jul 7, 2017$2,450,000$2,595,000 p. 35−5.6%
3Jul 26, 2017$2,367,431$2,550,000 p. 35−7.2%
2Aug 4, 2017$2,235,059$2,495,000 p. 35−10.4%
1Mar 13, 2019$3,990,000$5,995,000 p. 35−33.4%
5May 9, 2019$3,156,575$4,995,000 p. 35−36.8%

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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
318 West 47th Street LLC
Developer
Shore Assets, Inc.
Principals
Eric Schwartz, Marc Shore, William Shore
Tax estimate
Goldberg Weprin Finkel Goldstein LLPPrepared the first-year real estate tax projection
Construction lender
Metropolitan Commercial Bank$8.9 million recorded

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

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