THE CONDO BOOK PROJECT

40 Mercer Street Condominium

40 Mercer Street, Manhattan, NY 10013

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Overview

Units
41 residential · 1 parking · 5 commercial
Subway
3 min walk to Canal St 6 J N Q R W ZCanal St A C E, 6 min
Developers
Hines Broadway Grand Limited Partnership, HotelsAB I, LLC, Whitehall Parallel Real Estate Limited Partnership XIII, Whitehall Street Real Estate Limited Partnership XII, Whitehall Street Real Estate Limited Partnership XIII, Whitehall X Real Estate L.P.
Principals
David Penick, Andre Balazs, Jerome S. Karr, Kenneth Hubbard, Stuart Rothenberg, Tommy Craig
Average $/sf
$2,265Homes in Schedule A, as first offered
Common charges
$1,333–$4,516 a monthSponsor's first-year estimate in Schedule A, September 1, 2006 - August 31, 2007
Offering price
$190.9 million total

The sponsor of record is Wxiv/Broadway Grand Realty, LLC, represented by Starr Associates LLP. The offering plan runs 604 pages. The sponsor has filed 25 amendments, the latest in July 2009. The nearest other condo plan on file is Mercer 44 Condominium, next door.

Plan CD050154 · New · accepted Aug 16, 2005 · AG record ↗

Compare

FigureThis building140 Bond227 units · 0.5 miaccepted 2005141 Fifth338 units · 1.4 miaccepted 2007
Common ChargesPer Square Foot / Month$1.10Highest$0.83$0.82
Average Offering PricePer Apartment$4.71MIn line$8.03M$3.31M
Average PricePer Square Foot$2,265Above peers$2,058$1,909
Property TaxesPer Square Foot / Month$0.14In line$0.09$1.01
Average Unit SizeSquare Feet2,081 SFIn line3,904 SF1,735 SF

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Unit mix, closings, budgets, finishes and the team, against 40 Bond and 141 Fifth, 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 closed100% of the homes in Schedule A41 of 41
Closing prices vs. Schedule A36 homes: $153,333,176 at closing against $150,715,000 in Schedule A (p. 131, p. 132)+1.7%
Average closing price36 homes, on their Schedule A square feet$2,138 / SF
Closingsfirst and latest recordedMar 14, 2007 – Apr 12, 2010

Sales recorded with the Department of Finance (ACRIS) through Jul 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 47 closings
HomeRecordedClosing priceSchedule ADifference
10Mar 14, 2007$4,241,011$3,900,000 p. 131+8.7%
4Mar 15, 2007$3,563,875$3,775,000 p. 131−5.6%
1Mar 16, 2007$3,003,838$3,150,000 p. 131−4.6%
3Mar 16, 2007$2,291,063$2,250,000 p. 131+1.8%
9Mar 16, 2007$2,392,888$2,350,000 p. 131+1.8%
17Mar 16, 2007$2,800,188$2,500,000 p. 131+12%
5Mar 19, 2007$4,174,825$4,100,000 p. 131+1.8%
20Mar 19, 2007$2,800,188$2,900,000 p. 131−3.4%
19Mar 21, 2007$4,709,406$4,400,000 p. 131+7%
8Mar 23, 2007$5,223,623$4,700,000 p. 131+11.1%
7Mar 27, 2007$3,309,313$3,250,000 p. 131+1.8%
16Mar 27, 2007$5,040,338$4,950,000 p. 131+1.8%
26Mar 28, 2007$4,989,425$4,800,000 p. 131+3.9%
6Mar 29, 2007$3,034,385$3,050,000 p. 131−0.5%
27Mar 29, 2007$3,309,313$3,100,000 p. 132+6.8%
15Apr 3, 2007$3,767,525$3,450,000 p. 131+9.2%
11Apr 4, 2007$4,531,213$4,250,000 p. 131+6.6%
21Apr 4, 2007$2,698,363$2,595,000 p. 131+4%
22Apr 4, 2007$3,436,594$3,575,000 p. 131−3.9%
12Apr 5, 2007$2,672,906$2,775,000 p. 131−3.7%
2Apr 11, 2007$4,582,125$4,500,000 p. 131+1.8%
23Apr 18, 2007$5,498,550$5,200,000 p. 131+5.7%
18Apr 20, 2007$3,640,244$4,050,000 p. 131−10.1%
28May 2, 2007$2,800,188$2,745,000 p. 132+2%
32May 17, 2007$5,931,306$5,825,000 p. 132+1.8%
24May 22, 2007$2,672,906$2,700,000 p. 131−1%
29May 22, 2007$12,728,125——
37May 24, 2007$5,432,364$5,350,000 p. 132+1.5%
31May 30, 2007$5,447,638$5,000,000 p. 132+9%
35May 31, 2007$5,243,988$5,150,000 p. 132+1.8%
PH-2Jun 1, 2007$8,247,825——
40Jun 4, 2007$7,076,838$6,750,000 p. 132+4.8%
25Jun 12, 2007$3,411,138$4,350,000 p. 131−21.6%
30Jun 12, 2007$9,927,938——
36Jun 12, 2007$6,924,100$6,250,000 p. 132+10.8%
33Jun 20, 2007$4,989,425$5,050,000 p. 132−1.2%
38Jun 28, 2007$5,956,763$6,450,000 p. 132−7.6%
14Jul 3, 2007$865,513——
39Jul 12, 2007$5,371,269$5,525,000 p. 132−2.8%
PH-1Jul 12, 2007$13,135,425——
34Jul 31, 2007$6,364,063$6,000,000 p. 132+6.1%
GARGEFeb 23, 2009$8,890,000——
RET-AApr 12, 2010$41,900,000——
RET-BApr 12, 2010$41,900,000——
RET-CApr 12, 2010$41,900,000——
RET-DApr 12, 2010$41,900,000——
RET-EApr 12, 2010$41,900,000——

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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
Wxiv/Broadway Grand Realty, LLC
Developers
Hines Broadway Grand Limited Partnership, HotelsAB I, LLC, Whitehall Parallel Real Estate Limited Partnership XIII, Whitehall Street Real Estate Limited Partnership XII, Whitehall Street Real Estate Limited Partnership XIII, Whitehall X Real Estate L.P.
Principals
David Penick, Andre Balazs, Jerome S. Karr, Kenneth Hubbard, Stuart Rothenberg, Tommy Craig
Tax estimate
William Block P.C.Prepared the first-year real estate tax projection

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

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