THE CONDO BOOK PROJECT

391 Broadway Condominium

391 Broadway, Manhattan, NY 10013

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Overview

Units
4 residential · 4 storage · 1 commercial
Subway
2 min walk to Canal St 6 J N Q R W ZCanal St A C E, 4 min
Developer
Itzhaki Acquisitions
Principals
Erez Itzhaki, Gil Boosidan, Martin Hollander
Average $/sf
$2,114Homes in Schedule A, as first offered
Common charges
$1,595–$2,392 a monthSponsor's first-year estimate in Schedule A, January 1, 2018 - December 31, 2018
Offering price
$24.9 million total $27 million when first offered

The sponsor of record is 391 Broadway LLC, represented by Seiden & Schein, PC. The offering plan runs 411 pages. The sponsor has filed 10 amendments, the latest in June 2020. The nearest other condo plan on file is 60 White Street Condominium, next door.

Plan CD160391 · Rehab · accepted May 31, 2017 · AG record ↗

Compare

FigureThis building178 Irving Place27 units · 1.5 miaccepted 201537 East 12th36 units · 1.2 miaccepted 2014
Common ChargesPer Square Foot / Month$0.82Lowest$1.82$2.07
Average Offering PricePer Apartment$5.13MLowest$7.64M$14.2M
Average PricePer Square Foot$2,114Lowest$3,157$3,504
Property TaxesPer Square Foot / Month$1.42Highest$1.16$0.86
Average Unit SizeSquare Feet2,425 SFIn line2,418 SF4,053 SF

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Unit mix, closings, budgets, finishes and the team, against 78 Irving Place and 37 East 12th, 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 closed25% of the homes in Schedule A1 of 4
Closing prices vs. Schedule A1 home: $2,870,000 at closing against $3,880,000 in Schedule A (p. 40)−26%
Average closing price1 home, on their Schedule A square feet$1,407 / SF
Closingsfirst and latest recordedApr 6, 2020

Sales recorded with the Department of Finance (ACRIS) through Mar 31, 2021: 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 1 closings
HomeRecordedClosing priceSchedule ADifference
2Apr 6, 2020$2,870,000$3,880,000 p. 40−26%

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Closings are for subscribers

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
391 Broadway LLC
Developer
Itzhaki Acquisitions
Principals
Erez Itzhaki, Gil Boosidan, Martin Hollander
Tax estimate
Brandt, Steinberg, Lewis & Blond LLPPrepared the first-year real estate tax projection
Construction lender
Signature Bank$9.45 million recorded

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

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