THE CONDO BOOK PROJECT

359 Second Avenue Condominium

359 Second Avenue, Manhattan, NY 10010

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Overview

Units
53 residential · 6 storage · 3 commercial
Subway
8 min walk to 23 St-Baruch College 63 Av L, 8 min
Principals
Claudio Soifer
Average $/sf
$2,233Homes in Schedule A, as first offered
Common charges
$615–$2,926 a monthSponsor's first-year estimate in Schedule A, Janaury 1, 2022 - December 31, 2022
Offering price
$152.8 million total

The sponsor of record is Sd Second Avenue Property, LLC, represented by Marans, Weisz & Newman, LLC. The offering plan runs 413 pages. The sponsor has filed 8 amendments, the latest in December 2023. The nearest other condo plan on file is Gramercy Square Condominium, next door.

Plan CD190420 · New · accepted Nov 23, 2021 · AG record ↗

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FigureThis building1Hxh Residences260 units · 1.5 miaccepted 2021The Lexi343 units · 0.5 miaccepted 2021
Common ChargesPer Square Foot / Month$1.15In line$1.16$0.97
Average Offering PricePer Apartment$2.48MHighest$1.75M$1.73M
Average PricePer Square Foot$2,233Above peers$2,123$2,015
Property TaxesPer Square Foot / Month$1.42Above peers$1.13$1.32
Average Unit SizeSquare Feet1,111 SFLargest824 SF858 SF

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Unit mix, closings, budgets, finishes and the team, against Hxh Residences and The Lexi, 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 closed98% of the homes in Schedule A53 of 54
Closing prices vs. Schedule A53 homes: $124,040,361 at closing against $131,415,000 in Schedule A (p. 49, p. 50)−5.6%
Average closing price53 homes, on their Schedule A square feet$2,105 / SF
Closingsfirst and latest recordedNov 14, 2022 – Feb 27, 2024

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 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 53 closings
HomeRecordedClosing priceSchedule ADifference
2ANov 14, 2022$3,751,256$3,650,000 p. 49+2.8%
3CNov 16, 2022$1,374,638$1,250,000 p. 49+10%
4ANov 17, 2022$3,904,369$3,800,000 p. 49+2.7%
4BNov 17, 2022$2,316,519$2,250,000 p. 49+3%
2DNov 18, 2022$1,547,740$1,495,000 p. 49+3.5%
3BNov 18, 2022$2,265,606$2,200,000 p. 49+3%
4FNov 18, 2022$1,272,813$1,225,000 p. 49+3.9%
5ENov 18, 2022$1,221,900$1,050,000 p. 49+16.4%
3ENov 22, 2022$1,013,159$995,000 p. 49+1.8%
4ENov 23, 2022$1,069,163$1,025,000 p. 49+4.3%
3DDec 1, 2022$1,349,181$1,295,000 p. 49+4.2%
5DDec 7, 2022$1,654,656$1,350,000 p. 49+22.6%
5FDec 8, 2022$1,451,006$1,250,000 p. 49+16.1%
2BDec 15, 2022$2,265,606$2,150,000 p. 49+5.4%
4DDec 16, 2022$1,374,638$1,325,000 p. 49+3.7%
2CDec 21, 2022$941,881$895,000 p. 49+5.2%
4CJan 6, 2023$1,298,269$1,275,000 p. 49+1.8%
6EJan 10, 2023$1,120,075$1,075,000 p. 49+4.2%
3AJan 11, 2023$3,827,813$3,725,000 p. 49+2.8%
7FJan 12, 2023$1,501,919$1,300,000 p. 49+15.5%
5CJan 17, 2023$1,629,200$1,300,000 p. 49+25.3%
3FJan 24, 2023$1,247,356$1,200,000 p. 49+3.9%
6AJan 25, 2023$4,057,481$3,950,000 p. 49+2.7%
6FJan 25, 2023$1,323,725$1,275,000 p. 49+3.8%
6BFeb 6, 2023$2,418,344$2,350,000 p. 49+2.9%
9DFeb 6, 2023$1,527,375$1,450,000 p. 50+5.3%
7DFeb 7, 2023$1,578,288$1,400,000 p. 49+12.7%
10AFeb 9, 2023$5,995,000$5,500,000 p. 50+9%
8EFeb 15, 2023$1,196,444$1,125,000 p. 49+6.4%
7EFeb 17, 2023$1,148,781$1,100,000 p. 49+4.4%
8BFeb 17, 2023$2,520,169$2,450,000 p. 49+2.9%
9CFeb 27, 2023$1,629,200$1,400,000 p. 50+16.4%
9EMar 8, 2023$1,221,900$1,150,000 p. 50+6.3%
6CMar 10, 2023$1,349,181$1,325,000 p. 49+1.8%
7BMar 10, 2023$2,571,081$2,400,000 p. 49+7.1%
9AMar 14, 2023$4,287,150$4,175,000 p. 50+2.7%
8DMar 16, 2023$1,501,919$1,425,000 p. 49+5.4%
9FMar 16, 2023$1,552,831$1,350,000 p. 50+15%
8FMar 23, 2023$1,500,000$1,325,000 p. 50+13.2%
8CMar 24, 2023$1,552,831$1,375,000 p. 49+12.9%
8AMar 30, 2023$4,210,594$4,100,000 p. 49+2.7%
7CMar 31, 2023$1,374,638$1,350,000 p. 49+1.8%
PHDMar 31, 2023$5,750,000$5,750,000 p. 500%
6DApr 6, 2023$1,425,550$1,375,000 p. 49+3.7%
11AApr 7, 2023$5,295,000$5,295,000 p. 500%
PHCApr 17, 2023$5,750,000$5,500,000 p. 50+4.5%
5AMay 12, 2023$3,995,000$3,875,000 p. 49+3.1%
5BOct 5, 2023$2,596,538$2,300,000 p. 49+12.9%
7AJan 22, 2024$3,674,700$4,025,000 p. 49−8.7%
10BFeb 27, 2024$3,082,791$6,500,000 p. 50−52.6%
11BFeb 27, 2024$2,882,729$5,995,000 p. 50−51.9%
PHAFeb 27, 2024$2,787,772$5,750,000 p. 50−51.5%
PHBFeb 27, 2024$2,884,590$5,995,000 p. 50−51.9%

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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
Sd Second Avenue Property, LLC
Principals
Claudio Soifer
Tax estimate
Tuchman, Korngold, Weiss, Liebman & Lindemann, LLPPrepared the first-year real estate tax projection
Construction lender
21st Street Lender$64.2 million recorded

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

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