385 First Avenue Condominium

385 First Avenue, Manhattan, NY 10010

Overview

Units: 138 residential · 47 storage · 3 commercial
Subway: 9 min walk to 1 Av L23 St-Baruch College 6, 9 min
Developer: Magnum Real Estate Group
Principals: Benjamin Shaoul
Average $/sf: $1,721Homes in Schedule A, as first offered
Common charges: $575–$1,719 a monthSponsor's first-year estimate in Schedule A, January 1, 2017 - December 31, 2017
Offering price: $178.7 million total $177.3 million when first offered
Floor plans: Pages 324–332 of the plan

The sponsor of record is Mf 385 First Ave LLC, represented by Starr Associates LLP. The offering plan runs 610 pages. The sponsor has filed 27 amendments, the latest in July 2021. The nearest other condo plan on file is Gramercy Condo, next door.

Plan CD140383 · Conversion · accepted Sep 15, 2015 · AG record ↗

Compare

Figure	This building¹	301 West 53rd²262 units · 1.9 miaccepted 2014	Fifth Avenue³150 units · 4.5 miaccepted 2018
Common ChargesPer Square Foot / Month	$1.34Highest	$0.93	$1.08
Average Offering PricePer Apartment	$1.31MIn line	$1.44M	$1.07M
Average PricePer Square Foot	$1,721Above peers	$1,706	$1,123
Property TaxesPer Square Foot / Month	$1.65Highest	$1.12	$0.60
Average Unit SizeSquare Feet	759 SFSmaller	845 SF	951 SF

Free Account

See the Full Comp

Unit mix, closings, budgets, finishes and the team, against 301 West 53rd and Fifth Avenue, cited to the offering plans. No credit card required.

Create a free account

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 closed84% of the homes in Schedule A	117 of 139
Closing prices vs. Schedule A114 homes: $172,599,856 at closing against $152,577,500 in Schedule A (p. 53, p. 54, p. 55)	+13.1%
Average closing price114 homes, on their Schedule A square feet	$1,916 / SF
Closingsfirst and latest recorded	May 5, 2017 – Mar 30, 2022

Sales recorded with the Department of Finance (ACRIS) through Sep 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 117 closings

Home	Recorded	Closing price	Schedule A	Difference
12A	May 5, 2017	$1,224,650	$1,285,000 p. 54	−4.7%
8A	May 15, 2017	$1,163,244	$1,225,000 p. 53	−5%
11D	May 15, 2017	$1,055,367	$1,062,500 p. 54	−0.7%
3H	May 17, 2017	$954,814	$995,000 p. 53	−4%
2H	May 19, 2017	$1,112,788	$1,100,000 p. 53	+1.2%
15A	May 24, 2017	$1,988,338	$1,315,000 p. 54	+51.2%
9E	May 25, 2017	$1,970,544	$2,125,000 p. 53	−7.3%
2D	May 26, 2017	$898,810	$950,000 p. 53	−5.4%
4H	May 30, 2017	$977,520	$1,010,000 p. 53	−3.2%
9D	May 31, 2017	$1,059,184	$1,037,500 p. 53	+2.1%
16B	Jun 1, 2017	$1,265,380	$1,215,000 p. 54	+4.1%
17B	Jun 2, 2017	$1,321,112	$1,230,000 p. 54	+7.4%
4D	Jun 6, 2017	$994,169	$975,000 p. 53	+2%
7A	Jun 7, 2017	$1,163,555	$1,210,000 p. 53	−3.8%
18B	Jun 9, 2017	$1,313,704	$1,245,000 p. 54	+5.5%
10A	Jun 14, 2017	$1,181,170	$1,255,000 p. 53	−5.9%
8G	Jun 15, 2017	$1,120,000	$1,265,000 p. 53	−11.5%
18G	Jun 15, 2017	$1,194,103	$1,400,000 p. 54	−14.7%
5H	Jun 20, 2017	$1,046,456	$1,025,000 p. 53	+2.1%
7H	Jun 21, 2017	$1,023,350	$1,055,000 p. 53	−3%
10D	Jun 22, 2017	$1,060,956	$1,050,000 p. 54	+1%
8D	Jun 23, 2017	$1,015,909	$1,025,000 p. 53	−0.9%
11A	Jun 23, 2017	$1,270,000	$1,270,000 p. 54	0%
3D	Jun 28, 2017	$980,066	$962,500 p. 53	+1.8%
5D	Jun 29, 2017	$1,008,272	$987,500 p. 53	+2.1%
3F	Jun 30, 2017	$1,030,000	$1,100,000 p. 53	−6.4%
14D	Jul 6, 2017	$1,110,097	$1,087,500 p. 54	+2.1%
6D	Jul 10, 2017	$988,943	$1,000,000 p. 53	−1.1%
10E	Jul 13, 2017	$2,021,000	$2,150,000 p. 54	−6%
7D	Jul 14, 2017	$981,601	$1,012,500 p. 53	−3.1%
16G	Jul 17, 2017	$1,264,156	$1,370,000 p. 54	−7.7%
14H	Jul 18, 2017	$1,151,778	$1,240,000 p. 54	−7.1%
14G	Jul 19, 2017	$1,259,111	$1,340,000 p. 54	−6%
9G	Jul 20, 2017	$1,151,778	$1,280,000 p. 53	−10%
10H	Jul 31, 2017	$1,071,913	$1,195,000 p. 54	−10.3%
12F	Aug 2, 2017	$1,143,190	$1,235,000 p. 54	−7.4%
14A	Aug 15, 2017	$1,245,015	$1,300,000 p. 54	−4.2%
11F	Aug 17, 2017	$1,200,000	$1,220,000 p. 54	−1.6%
11G	Aug 17, 2017	$1,199,194	$1,310,000 p. 54	−8.5%
9F	Aug 24, 2017	$1,112,788	$1,190,000 p. 53	−6.5%
17G	Aug 28, 2017	$1,284,339	$1,385,000 p. 54	−7.3%
10G	Aug 29, 2017	$1,170,000	$1,295,000 p. 54	−9.7%
9A	Aug 31, 2017	$1,274,544	$1,240,000 p. 53	+2.8%
3B	Sep 26, 2017	$1,626,859	$1,035,000 p. 53	+57.2%
14E	Oct 11, 2017	$1,900,000	$2,225,000 p. 54	−14.6%
5F	Oct 16, 2017	$1,049,000	$1,130,000 p. 53	−7.2%
14B	Oct 16, 2017	$1,845,000	$1,185,000 p. 54	+55.7%
7G	Oct 26, 2017	$1,114,806	$1,160,000 p. 53	−3.9%
12G	Oct 30, 2017	$1,260,289	$1,325,000 p. 54	−4.9%
3G	Nov 7, 2017	$1,015,909	$1,100,000 p. 53	−7.6%
6H	Nov 9, 2017	$1,061,730	$1,040,000 p. 53	+2.1%
15G	Nov 14, 2017	$1,306,110	$1,355,000 p. 54	−3.6%
4B	Nov 29, 2017	$1,615,000	$1,050,000 p. 53	+53.8%
6G	Nov 30, 2017	$1,145,000	$1,145,000 p. 53	0%
8H	Jan 5, 2018	$1,060,000	$1,165,000 p. 53	−9%
7F	Jan 17, 2018	$1,070,000	$1,160,000 p. 53	−7.8%
8F	Jan 23, 2018	$1,085,000	$1,175,000 p. 53	−7.7%
6F	Feb 1, 2018	$1,060,000	$1,145,000 p. 53	−7.4%
4F	Mar 23, 2018	$1,045,000	$1,115,000 p. 53	−6.3%
8E	Apr 6, 2018	$1,800,000	$2,100,000 p. 53	−14.3%
9H	Apr 12, 2018	$1,060,000	$1,180,000 p. 53	−10.2%
18H	Apr 25, 2018	$1,240,000	$1,300,000 p. 54	−4.6%
17F	May 10, 2018	$2,079,980	$785,000 p. 54	+165%
12H	May 11, 2018	$1,082,095	$1,225,000 p. 54	−11.7%
17D	May 18, 2018	$1,988,338	$2,375,000 p. 54	−16.3%
17H	May 18, 2018	$1,163,555	$1,285,000 p. 54	−9.5%
10F	May 22, 2018	$1,143,190	$1,205,000 p. 54	−5.1%
14F	Jun 14, 2018	$1,290,836	$1,250,000 p. 54	+3.3%
5B	Jun 26, 2018	$1,620,000	$1,065,000 p. 53	+52.1%
6A	Jul 18, 2018	$1,219,559	$1,195,000 p. 53	+2.1%
7E	Aug 9, 2018	$1,830,509	$2,075,000 p. 53	−11.8%
15H	Aug 30, 2018	$1,188,472	$1,255,000 p. 54	−5.3%
6E	Aug 31, 2018	$1,805,053	$2,050,000 p. 53	−11.9%
5E	Sep 25, 2018	$1,792,000	$2,025,000 p. 53	−11.5%
11H	Oct 9, 2018	$1,138,099	$1,210,000 p. 54	−5.9%
16H	Oct 26, 2018	$1,260,289	$1,270,000 p. 54	−0.8%
4E	Oct 29, 2018	$1,825,418	$2,000,000 p. 53	−8.7%
6B	Feb 5, 2019	$1,650,000	$1,080,000 p. 53	+52.8%
4A	Mar 22, 2019	$1,138,404	$1,165,000 p. 53	−2.3%
7B	May 23, 2019	$1,665,000	$1,095,000 p. 53	+52.1%
2F	May 24, 2019	$995,000	$1,085,000 p. 53	−8.3%
4G	May 31, 2019	$1,154,000	$1,115,000 p. 53	+3.5%
5G	Jun 7, 2019	$1,140,000	$1,130,000 p. 53	+0.9%
16A	Jun 18, 2019	$1,835,000	$1,330,000 p. 54	+38%
12D	Jun 27, 2019	$1,094,619	$1,075,000 p. 54	+1.8%
8B	Jun 28, 2019	$1,700,000	$1,110,000 p. 53	+53.2%
15C	Jun 28, 2019	$4,416,903	$700,000 p. 54	+531%
18D	Jun 28, 2019	$2,617,391	$2,400,000 p. 54	+9.1%
18F	Jun 28, 2019	$2,856,592	$797,500 p. 54	+258.2%
19A	Jun 28, 2019	$5,143,311	$2,350,000 p. 54	+118.9%
19C	Jun 28, 2019	$4,414,523	$1,350,000 p. 54	+227%
20A	Jun 28, 2019	$2,465,502	$2,375,000 p. 54	+3.8%
20C	Jun 28, 2019	$2,863,431	$1,262,500 p. 55	+126.8%
21A	Jun 28, 2019	$2,614,888	$2,400,000 p. 55	+9%
21B	Jun 28, 2019	$2,532,733	$2,320,000 p. 55	+9.2%
21C	Jun 28, 2019	$3,522,033	$1,275,000 p. 55	+176.2%
2B	Sep 13, 2019	$1,695,000	$1,275,000 p. 53	+32.9%
2G	Sep 13, 2019	$1,087,000	$1,200,000 p. 53	−9.4%
5A	Nov 1, 2019	$1,145,000	$1,180,000 p. 53	−3%
2E	Dec 24, 2019	$1,988,338	$1,950,000 p. 53	+2%
3A	Jan 8, 2020	$1,065,000	$1,150,000 p. 53	−7.4%
15F	Jan 27, 2020	$1,995,000	$760,000 p. 54	+162.5%
11E	Jan 30, 2020	$1,900,000	$2,175,000 p. 54	−12.6%
20B	Apr 20, 2020	$1,675,000	$2,295,000 p. 55	−27%
18A	Jun 10, 2020	$1,795,000	$1,360,000 p. 54	+32%
3E	Jun 24, 2020	$1,626,859	$1,975,000 p. 53	−17.6%
12E	Jun 25, 2020	$1,920,000	$2,200,000 p. 54	−12.7%
17A	Oct 26, 2020	$1,750,000	$1,345,000 p. 54	+30.1%
9B	Nov 2, 2020	$1,495,000	$1,125,000 p. 53	+32.9%
11B	Nov 23, 2020	$1,529,107	$1,155,000 p. 54	+32.4%
10B	Jan 25, 2021	$1,529,107	$1,140,000 p. 53	+34.1%
16F	Mar 23, 2021	$1,650,000	$772,500 p. 54	+113.6%
16D	May 13, 2021	$1,595,000	$2,350,000 p. 54	−32.1%
12B	May 18, 2021	$1,530,125	$1,170,000 p. 54	+30.8%
COM.1	Mar 30, 2022	$371,467	—	—
COM.2	Mar 30, 2022	$371,467	—	—
COM.3	Mar 30, 2022	$371,467	—	—

Pro

Closings are for subscribers

Every home's recorded closing price against its Schedule A price, with the ACRIS document and the plan page.

Subscribe to see Already a member? Sign in

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: Mf 385 First Ave LLC
Developer: Magnum Real Estate GroupReported by 6sqft.com
Principals: Benjamin Shaoul
Counsel: Starr Associates LLP
Tax estimate: Tuchman, Korngold, Weiss, Liebman & Gelles, LLPPrepared the first-year real estate tax projection
Construction lender: Post Collection FundingLender on the mortgage and building loan agreement recorded September 2014 in ACRIS

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

Nearby

Gramercy Condonext door · 207 units · 2006
Gramercy 1860 Condominiumnext door · 11 units · 2021
316 East Condominiumnext door · 6 units · 5 parking · 2008
Tempo0.1 mi · 103 units · 2008
Sage 19 Condominium0.2 mi · 7 units
355 E19 Condominium0.2 mi · 7 units · 2015

Unit Mix
Amenities
Finishes & Appliances
Utilities
Operating Expenses