THE CONDO BOOK PROJECT

389 East 89th Street Condominium

389 East 89th Street, Manhattan, NY 10128

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Overview

Units
199 residential · 22 storage · 1 commercial
Subway
5 min walk to 86 St Q96 St Q, 7 min
Principals
Benjamin Shaoul
Offering price
$266.3 million total $265.2 million when first offered

The sponsor of record is Mf 389 East 89 LLC, represented by Starr Associates LLP. The offering plan runs 617 pages. The sponsor has filed 35 amendments, the latest in April 2021. The nearest other condo plan on file is Citizen 360 Condominium, next door.

Plan CD140381 · Conversion · accepted Sep 15, 2015 · AG record ↗

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FigureThis building1The Astor2199 units · 1.8 miaccepted 2014Carnegie Park3325 units · 0.3 miaccepted 2014
Average Offering PricePer Apartment$1.33MIn line$1.59M$1.18M

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Unit mix, closings, budgets, finishes and the team, against The Astor and Carnegie Park, 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 closed79% of the homes in the plan157 of 199
Closingsfirst and latest recordedJan 13, 2017 – Mar 9, 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 157 closings
HomeRecordedClosing priceSchedule ADifference
16BJan 13, 2017$1,077,004——
17CJan 30, 2017$1,728,684——
17BJan 31, 2017$1,087,186——
16CFeb 1, 2017$1,680,000——
16FFeb 2, 2017$1,099,710——
17EFeb 10, 2017$939,540——
17FFeb 10, 2017$1,112,643——
12CFeb 24, 2017$1,667,589——
11BFeb 27, 2017$1,071,913——
9BFeb 28, 2017$1,015,909——
15FFeb 28, 2017$1,100,000——
11CMar 3, 2017$1,649,565——
12AMar 6, 2017$1,265,380——
16EMar 7, 2017$992,698——
12BMar 8, 2017$1,046,456——
10AMar 9, 2017$1,163,555——
10EMar 13, 2017$954,814——
15AMar 13, 2017$1,239,924——
12FMar 16, 2017$1,102,460——
11AMar 23, 2017$1,168,646——
10CMar 24, 2017$1,667,589——
9EMar 27, 2017$964,996——
9FMar 27, 2017$998,599——
12EMar 27, 2017$970,088——
11EMar 28, 2017$982,611——
16AMar 28, 2017$1,250,106——
9CApr 3, 2017$1,621,768——
15EApr 4, 2017$985,361——
15BApr 12, 2017$1,087,186——
9AApr 20, 2017$1,153,373——
10FApr 24, 2017$980,270——
10GApr 27, 2017$2,018,885——
11GMay 1, 2017$2,054,524——
14EMay 3, 2017$934,449——
14FMay 3, 2017$1,153,373——
8AMay 4, 2017$1,173,738——
15GMay 8, 2017$2,191,988——
14AMay 12, 2017$1,189,011——
9GMay 18, 2017$1,988,338——
8BMay 23, 2017$1,041,365——
15CMay 24, 2017$1,698,136——
12GMay 26, 2017$2,095,254——
18GMay 26, 2017$2,375,273——
26CMay 31, 2017$2,232,718——
14BJun 1, 2017$1,056,639——
17AJun 6, 2017$1,224,650——
14CJun 12, 2017$1,682,863——
24CJun 21, 2017$2,202,170——
5CJun 28, 2017$1,392,661——
31DJun 29, 2017$1,917,060——
7BJul 5, 2017$1,077,004——
19AJul 6, 2017$2,718,728——
11FJul 13, 2017$990,453——
25BJul 14, 2017$2,456,733——
27DJul 14, 2017$1,855,965——
28DJul 14, 2017$1,871,239——
4GJul 19, 2017$1,199,194——
24BJul 25, 2017$2,436,368——
26DJul 25, 2017$1,840,691——
18BJul 27, 2017$1,138,099——
27BJul 27, 2017$2,507,645——
7CJul 28, 2017$1,743,958——
7EJul 28, 2017$893,719——
31BJul 28, 2017$2,609,470——
4CJul 31, 2017$1,377,388——
20CJul 31, 2017$2,141,075——
31CJul 31, 2017$2,309,086——
18EAug 2, 2017$959,905——
24DAug 2, 2017$1,810,144——
4JAug 3, 2017$756,255——
21AAug 3, 2017$2,853,850——
22CAug 3, 2017$2,171,623——
22DAug 3, 2017$1,779,596——
6GAug 4, 2017$1,232,083——
20DAug 4, 2017$1,749,049——
21BAug 4, 2017$2,365,090——
32CAug 4, 2017$2,300,000——
32DAug 7, 2017$1,952,699——
19DAug 8, 2017$1,733,775——
28BAug 9, 2017$2,528,010——
25AAug 11, 2017$2,996,405——
25DAug 11, 2017$1,825,418——
10BAug 14, 2017$1,061,730——
6BAug 15, 2017$1,301,019——
29BAug 16, 2017$2,558,558——
29DAug 16, 2017$1,886,513——
30CAug 16, 2017$2,291,063——
5JAug 17, 2017$773,870——
19CAug 17, 2017$2,125,801——
6FAug 18, 2017$906,243——
8EAug 18, 2017$898,810——
21DAug 18, 2017$1,761,573——
18AAug 21, 2017$1,255,198——
22BAug 21, 2017$2,385,455——
20AAug 22, 2017$2,823,303——
20BAug 22, 2017$2,344,725——
32BAug 22, 2017$2,640,018——
6IAug 23, 2017$858,080——
18CAug 24, 2017$1,759,231——
16GAug 25, 2017$2,247,991——
18FSep 1, 2017$1,133,008——
4BSep 11, 2017$1,168,700——
7FOct 11, 2017$1,565,764——
6JOct 17, 2017$786,803——
23DOct 17, 2017$1,794,870——
7AOct 31, 2017$1,367,205——
30BOct 31, 2017$2,578,923——
30DNov 2, 2017$1,901,786——
5INov 14, 2017$842,806——
21CNov 21, 2017$2,137,049——
6HDec 15, 2017$999,412——
23BDec 21, 2017$2,405,820——
5HJan 10, 2018$945,905——
6AJan 23, 2018$1,443,574——
5BJan 25, 2018$1,270,471——
5GFeb 13, 2018$1,214,468——
22AFeb 14, 2018$2,802,938——
25CMar 1, 2018$2,217,444——
14GMar 29, 2018$2,186,896——
27CApr 2, 2018$2,247,991——
5FApr 3, 2018$893,719——
8FApr 3, 2018$1,514,851——
19BApr 12, 2018$2,280,000——
PH2May 14, 2018$4,890,350——
26BJun 1, 2018$2,402,869——
4EJun 14, 2018$1,397,753——
6CJun 19, 2018$1,413,026——
26AJun 29, 2018$2,902,013——
23AJul 3, 2018$2,828,394——
24AJul 16, 2018$2,777,481——
17GJul 17, 2018$2,344,725——
4HJul 31, 2018$985,361——
4IAug 3, 2018$822,441——
4FAug 16, 2018$873,354——
3BOct 19, 2018$1,180,000——
8GNov 1, 2018$1,590,000——
30ADec 19, 2018$2,958,730——
5EDec 27, 2018$1,390,000——
PH1Jun 26, 2019$4,325,000——
3FJun 28, 2019$1,494,590——
COMOct 16, 2019$15,300,000——
31ANov 12, 2019$2,680,000——
29CDec 13, 2019$1,978,138——
23CDec 26, 2019$1,934,983——
28CFeb 18, 2020$1,995,000——
6EMar 4, 2020$1,300,000——
7GMar 13, 2020$1,460,000——
5AJun 15, 2020$1,316,527——
29AJun 30, 2020$2,635,000——
28AFeb 26, 2021$2,599,000——
27AApr 22, 2021$2,745,000——
3EMay 19, 2021$1,130,000——
32AJun 10, 2021$2,637,098——
3CJun 11, 2021$1,120,075——
8CJul 19, 2021$1,606,494——
3AJul 22, 2021$1,351,931——
4AMar 9, 2022$1,245,000——

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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
Mf 389 East 89 LLC
Principals
Benjamin Shaoul
Tax estimate
Tuchman, Korngold, Weiss, Liebman & Gelles, LLPPrepared the first-year real estate tax projection
Construction lender
Post Collection Funding

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

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