THE CONDO BOOK PROJECT

Society House Condominium

335 West 35th Street, Manhattan, NY 10013

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Overview

Units
66 residential · 1 commercial
Subway
2 min walk to 34 St-Penn Station A C ETimes Sq-42 St/Port Authority Bus Terminal 1 2 3 7 A C E N Q R S W, 7 min
Principals
Julie Chen, Lucia Chen, Ted Chen, Tsing Fang Chen aka Dr. T.F. Chen
Average $/sf
$1,767Homes in Schedule A, as first offered
Common charges
$414–$2,056 a monthSponsor's first-year estimate in Schedule A, October 1, 2019 - September 30, 2020
Offering price
$90.9 million total $99.2 million when first offered

The sponsor of record is Neo Image Enterprises, LLC & New Tenant, LLC, represented by Marans Weisz & Newman LLC. The offering plan runs 485 pages. The sponsor has filed 3 amendments, the latest in April 2022. The nearest other condo plan on file is 315 West 36 Condominium, next door.

Plan CD180067 · Rehab · accepted May 13, 2019 · AG record ↗

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FigureThis building1350 West 71st238 units · 1.8 miaccepted 2017One11 Residences399 units · 1.1 miaccepted 2022
Common ChargesPer Square Foot / Month$0.94Below peers$1.02$2.00
Average Offering PricePer Apartment$1.36MLowest$2.75M$2.46M
Average PricePer Square Foot$1,767In line$1,765$2,918
Property TaxesPer Square Foot / Month$1.93Above peers$1.57$1.78
Average Unit SizeSquare Feet768 SFSmaller1,556 SF843 SF

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Unit mix, closings, budgets, finishes and the team, against 350 West 71st and One11 Residences, 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
Neo Image Enterprises, LLC & New Tenant, LLC
Principals
Julie Chen, Lucia Chen, Ted Chen, Tsing Fang Chen aka Dr. T.F. Chen
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Shanghai Commercial Bank

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

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