THE CONDO BOOK PROJECT

Setai Condominium Residences At 40 Broad St.

40 Broad Street, Manhattan, NY 10004

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Overview

Units
166 residential · 1 parking · 11 commercial
Subway
1 min walk to Broad St J ZWall St 4 5, 3 min
Developer
Zamir Equities
Principals
Asher Roshanzamir, Ebrahim Kashani, Jeffrey Cohen, Joshua Roshanzamir
Offering price
$184.4 million total

The sponsor of record is 40 Broad LLC, represented by Holland & Knight LLP. The offering plan runs 646 pages. The sponsor has filed 33 amendments, the latest in July 2013. The nearest other condo plan on file is Exchange At 25 Broad Street Condominium, next door.

Plan CD060098 · New · accepted Nov 24, 2006 · AG record ↗

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FigureThis building1Be@William2113 units · 0.3 miaccepted 200715 William3320 units · 0.1 miaccepted 2006
Average Offering PricePer Apartment$1.11MIn line$849,469$1.4M

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Unit mix, closings, budgets, finishes and the team, against Be@William and 15 William, 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.

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
40 Broad LLC
Developer
Zamir Equities
Principals
Asher Roshanzamir, Ebrahim Kashani, Jeffrey Cohen, Joshua Roshanzamir
Tax estimate
Podell, Schwartz, Schechter & BanfieldPrepared the first-year real estate tax projection

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

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