THE CONDO BOOK PROJECT

Porter House Condominium

366 West 15th Street A/K/A 66 Ninth Ave., Manhattan, NY 10011

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Overview

Units
22 residential
Subway
3 min walk to 14 St/8 Av A C E L14 St/6 Av 1 2 3 F L M, 7 min
Developers
G2 Development, LLC, Jeffrey M. Brown Associates, Inc.
Average $/sf
$766Homes in Schedule A, as first offered
Offering price
$29.3 million total

The sponsor of record is 66 Ninth, LLC, represented by D'Agostino, Levine, Landesman & Lederman, LLP. The offering plan runs 399 pages. The sponsor has filed 20 amendments, the latest in September 2015. The nearest other condo plan on file is 345 West 14th Street Condominium, next door.

Plan CD030018 · New · accepted Apr 25, 2003 · AG record ↗

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FigureThis building1Sugar Warehouse233 units · 1.4 miaccepted 2002Solita316 units · 1.5 miaccepted 2001
Common ChargesPer Square Foot / Month$0.68Highest$0.45$0.43
Average Offering PricePer Apartment$1.33MBelow peers$1.93M$1.41M
Average PricePer Square Foot$766Above peers$701$667
Average Unit SizeSquare Feet1,737 SFSmallest2,754 SF2,119 SF

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Unit mix, closings, budgets, finishes and the team, against Sugar Warehouse and Solita, 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 closed82% of the homes in Schedule A18 of 22
Closing prices vs. Schedule A18 homes: $27,120,580 at closing against $23,925,000 in Schedule A (p. 33)+13.4%
Average closing price18 homes, on their Schedule A square feet$877 / SF
Closingsfirst and latest recordedNov 5, 2003 – Jun 5, 2006

Sales recorded with the Department of Finance (ACRIS) through Aug 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 18 closings
HomeRecordedClosing priceSchedule ADifference
2WNov 5, 2003$1,369,546$1,345,000 p. 33+1.8%
7WNov 6, 2003$1,573,196$1,450,000 p. 33+8.5%
9ENov 6, 2003$1,639,383$1,450,000 p. 33+13.1%
PHENov 10, 2003$1,781,938$1,525,000 p. 33+16.8%
4WNov 12, 2003$1,369,546$1,345,000 p. 33+1.8%
2ENov 13, 2003$1,211,208$1,185,000 p. 33+2.2%
5ENov 13, 2003$1,624,109$1,450,000 p. 33+12%
3ENov 14, 2003$1,420,459$1,185,000 p. 33+19.9%
4NNov 14, 2003$636,406$625,000 p. 33+1.8%
5NNov 14, 2003$809,509$695,000 p. 33+16.5%
3WNov 19, 2003$1,522,284$1,345,000 p. 33+13.2%
8ENov 20, 2003$1,675,021$1,400,000 p. 33+19.6%
2NNov 25, 2003$636,406$625,000 p. 33+1.8%
PHW*Dec 1, 2003$4,225,738$3,200,000 p. 33+32.1%
7EDec 8, 2003$1,756,481$1,650,000 p. 33+6.5%
3NJan 11, 2005$636,406$625,000 p. 33+1.8%
6EJan 26, 2005$1,934,675$1,550,000 p. 33+24.8%
8WJun 5, 2006$1,298,269$1,275,000 p. 33+1.8%

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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
66 Ninth, LLC
Developers
G2 Development, LLC, Jeffrey M. Brown Associates, Inc.
Tax estimate
Leitner Group, Inc.Prepared the first-year real estate tax projection
Construction lenders
Builders Bank, CIG, International$8.22 million recorded

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

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