THE CONDO BOOK PROJECT

Urban Glass House

330 Spring Street, Manhattan, NY 10012

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Overview

Units
40 residential · 2 commercial
Subway
6 min walk to Canal St 1Spring St C E, 6 min
Principals
Charles Blaichman, Abram Shnay, Scott Sabbagh
Offering price
$105.2 million total

The sponsor of record is Glass House Development, LLC, represented by Stroock & Stroock & Lavan LLP. The offering plan runs 642 pages. The sponsor has filed 16 amendments, the latest in June 2010. The nearest other condo plan on file is Spice Warehouse Condominium, next door.

Plan CD050160 · New · accepted Oct 11, 2005 · AG record ↗

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FigureThis building140 Mercer241 units · 0.6 miaccepted 2005141 Fifth338 units · 1.4 miaccepted 2007
Average Offering PricePer Apartment$2.63MLowest$4.71M$3.31M

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Unit mix, closings, budgets, finishes and the team, against 40 Mercer and 141 Fifth, 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
Glass House Development, LLC
Principals
Charles Blaichman, Abram Shnay, Scott Sabbagh
Tax estimate
Lawrence J. Berger, P.C.Prepared the first-year real estate tax projection
Construction lender
Mercantile Safe Deposit and Trust Company, in its capacity

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

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