THE CONDO BOOK PROJECT

Orion Condominium

350 West 42nd Street, Manhattan, NY 10036

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Overview

Units
245 residential · 1 commercial
Subway
3 min walk to Times Sq-42 St/Port Authority Bus Terminal 1 2 3 7 A C E N Q R S W34 St-Penn Station A C E, 10 min
Developers
The Carlyle Group, Intell Management and Investment Company
Principals
Gary Barnett
Offering price
$419.4 million total

The sponsor of record is Extell Orion Holdings LLC, represented by Stroock & Stroock & Lavan LLP. The offering plan runs 757 pages. The sponsor has filed 17 amendments, the latest in November 2008. The nearest other condo plan on file is Lightsquare Condominium, 0.1 mi away.

Plan CD040285 · New · accepted Feb 4, 2005 · AG record ↗

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FigureThis building1325 Fifth2250 units · 0.8 miaccepted 2005The Link3210 units · 0.5 miaccepted 2005
Average Offering PricePer Apartment$1.71MHighest$1.34M$1.09M

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Unit mix, closings, budgets, finishes and the team, against 325 Fifth and The Link, 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
Extell Orion Holdings LLC
Developers
The Carlyle Group, Intell Management and Investment Company
Principals
Gary Barnett
Tax estimate
Mazursky Group, Inc.Prepared the first-year real estate tax projection
Construction lender
Hypo Real Estate Capital Corporation$211 million recorded

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

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