THE CONDO BOOK PROJECT

Lumiere/350 West 53rd Street

350 West 53rd Street, Manhattan, NY 10019

Overview

Units
66 residential
Subway
5 min walk to 50 St C E7 Av B D E, 5 min
Developer
Victor Seven, Inc.
Principals
Moshe Shuster
Average $/sf
$828Homes in Schedule A, as first offered
Common charges
$484–$2,200 a monthSponsor's first-year estimate in Schedule A, July 1, 2005 to June 30, 2006
Offering price
$43.5 million total

The sponsor of record is Victor At W. 53 LLC, represented by Marans & Weisz, LLC. The offering plan runs 292 pages. The sponsor has filed 9 amendments, the latest in December 2005. The nearest other condo plan on file is 362 West 53rd Street Condominium, next door.

Plan CD040343 · New · accepted Jan 3, 2005 · AG record ↗

Compare

FigureThis building1260 Park Avenue South2110 units · 0.8 miaccepted 2004Clinton West344 units · 0.4 miaccepted 2006
Common ChargesPer Square Foot / Month$1.24Highest$0.81$0.58
Average Offering PricePer Apartment$659,848Lowest$1.52M$845,136
Average PricePer Square Foot$828Below peers$1,013$938
Property TaxesPer Square Foot / Month$0.18In line$0.81$0.07
Average Unit SizeSquare Feet797 SFSmaller1,501 SF901 SF

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Unit mix, closings, budgets, finishes and the team, against 260 Park Avenue South and Clinton West, 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 A66 of 66
Closing prices vs. Schedule A52 homes: $34,688,438 at closing against $29,975,000 in Schedule A (p. 25, p. 26)+15.7%
Average closing price52 homes, on their Schedule A square feet$929 / SF
Closingsfirst and latest recordedJul 11, 2005 – Aug 8, 2019

Sales recorded with the Department of Finance (ACRIS) through Jul 31, 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 69 closings
HomeRecordedClosing priceSchedule ADifference
3DJul 11, 2005$605,859$565,000 p. 25+7.2%
3HJul 12, 2005$687,318$665,000 p. 25+3.4%
2FJul 18, 2005$370,110$350,000 p. 25+5.7%
3FJul 20, 2005$395,460$360,000 p. 25+9.9%
4IJul 20, 2005$446,160$395,000 p. 26+13%
4DJul 21, 2005$590,585$580,000 p. 25+1.8%
4EJul 21, 2005$390,390$370,000 p. 26+5.5%
2IJul 22, 2005$380,250$375,000 p. 25+1.4%
2BJul 26, 2005$365,040$325,000 p. 25+12.3%
3AJul 26, 2005$667,177$540,000 p. 25+23.6%
2AJul 28, 2005$534,581$525,000 p. 25+1.8%
6EJul 29, 2005$471,510$390,000 p. 26+20.9%
2DAug 1, 2005$682,228$550,000 p. 25+24%
4HAug 2, 2005$743,323$680,000 p. 26+9.3%
4AAug 3, 2005$636,406$555,000 p. 25+14.7%
5HAug 3, 2005$819,691$695,000 p. 26+17.9%
3IAug 4, 2005$476,580$385,000 p. 25+23.8%
4FAug 4, 2005$420,810$370,000 p. 26+13.7%
4JAug 5, 2005$1,120,075$825,000 p. 26+35.8%
6BAug 9, 2005$456,300$365,000 p. 26+25%
4CAug 10, 2005$1,018,250$1,000,000 p. 25+1.8%
5BAug 10, 2005$436,020$355,000 p. 26+22.8%
2JAug 11, 2005$972,429$785,000 p. 25+23.9%
5DAug 12, 2005$682,228$595,000 p. 26+14.7%
6IAug 12, 2005$505,986$415,000 p. 26+21.9%
6DAug 15, 2005$743,323$610,000 p. 26+21.9%
5CAug 16, 2005$1,043,706$1,025,000 p. 26+1.8%
2EAug 18, 2005$415,740$350,000 p. 25+18.8%
3EAug 18, 2005$410,670$360,000 p. 25+14.1%
6HAug 19, 2005$841,332$710,000 p. 26+18.5%
6GAug 22, 2005$738,474$595,000 p. 26+24.1%
5GAug 23, 2005$647,813$580,000 p. 26+11.7%
6FAug 23, 2005$471,510$390,000 p. 26+20.9%
2HAug 24, 2005$672,045$650,000 p. 25+3.4%
3JAug 24, 2005$805,000$805,000 p. 250%
3GAug 25, 2005$605,859$550,000 p. 25+10.2%
4GAug 25, 2005$621,133$565,000 p. 26+9.9%
5IAug 25, 2005$420,810$405,000 p. 26+3.9%
5AAug 26, 2005$677,136$570,000 p. 26+18.8%
5EAug 26, 2005$430,950$380,000 p. 26+13.4%
1CTHCAug 30, 2005$1,145,531——
1HTHHAug 30, 2005$1,013,159——
2CAug 31, 2005$1,237,500$950,000 p. 25+30.3%
5FAug 31, 2005$451,230$380,000 p. 26+18.7%
1ITHISep 1, 2005$695,419——
1JTHJSep 1, 2005$695,419——
1ATHASep 2, 2005$661,863——
4BSep 6, 2005$349,830$345,000 p. 25+1.4%
1BTHBSep 7, 2005$763,688——
7APHASep 8, 2005$1,807,394——
6ASep 12, 2005$712,775$585,000 p. 26+21.8%
6JSep 12, 2005$1,170,988$865,000 p. 26+35.4%
7BPHBSep 13, 2005$1,809,634——
2GSep 15, 2005$560,038$535,000 p. 25+4.7%
5JSep 19, 2005$860,421$845,000 p. 26+1.8%
7CPHCSep 23, 2005$1,578,288——
1ETHESep 26, 2005$660,713——
3CSep 26, 2005$1,298,269$975,000 p. 25+33.2%
1GTHGSep 27, 2005$1,120,075——
3BSep 30, 2005$339,690$335,000 p. 25+1.4%
7FPHFOct 17, 2005$1,705,569——
1FTHFOct 24, 2005$525,000——
6COct 31, 2005$1,042,433$1,050,000 p. 26−0.7%
1DTHDNov 7, 2005$987,654——
THDJul 9, 2007$1,375,000$995,000 p. 25+38.2%
THBSep 17, 2007$870,000$555,000 p. 25+56.8%
ICTHCAug 11, 2010$1,160,000——
7DPHDAug 16, 2011$1,330,000——
7EPHEAug 8, 2019$1,485,000——

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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
Victor At W. 53 LLC
Developer
Victor Seven, Inc.
Principals
Moshe Shuster
Tax estimate
Herrick, Feinstein LLPPrepared the first-year real estate tax projection
Construction lender
Bank Leumi$48.6 million recorded

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

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