THE CONDO BOOK PROJECT

424w52 Condominium

424 West 52nd Street, Manhattan, NY 10019

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Overview

Units
7 residential
Subway
6 min walk to 50 St C E7 Av B D E, 9 min
Principals
Bentley Zhao
Average $/sf
$1,825Homes in Schedule A, as first offered
Common charges
$450–$602 a monthSponsor's first-year estimate in Schedule A, January 1, 2020 - December 31, 2020
Offering price
$14.6 million total $16.1 million when first offered

The sponsor of record is 424w52 Enterprises LLC, represented by Marcus Attorneys, Pllc. The offering plan runs 318 pages. The sponsor has filed 7 amendments, the latest in November 2021. The nearest other condo plan on file is 432 West 52 Condominium, next door.

Plan CD180172 · New · accepted May 24, 2019 · AG record ↗

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FigureThis building1422 West 49th28 units · 0.1 miaccepted 2020The Westerley39 units · 0.7 miaccepted 2020
Common ChargesPer Square Foot / Month$0.40Lowest$0.54$0.85
Average Offering PricePer Apartment$2.29MIn line$2.22M$2.36M
Average PricePer Square Foot$1,825Above peers$1,715$1,599
Property TaxesPer Square Foot / Month$1.28Above peers$0.53$1.15
Average Unit SizeSquare Feet1,257 SFSmaller1,295 SF1,475 SF

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Unit mix, closings, budgets, finishes and the team, against 422 West 49th and The Westerley, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $14,609,394 at closing against $16,050,000 in Schedule A (p. 29)−9%
Average closing price7 homes, on their Schedule A square feet$1,661 / SF
Closingsfirst and latest recordedJun 28, 2021 – Dec 27, 2021

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 2023: 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 7 closings
HomeRecordedClosing priceSchedule ADifference
7Jun 28, 2021$2,391,869$2,750,000 p. 29−13%
3Jun 30, 2021$1,999,000$2,250,000 p. 29−11.2%
5Jul 1, 2021$2,123,051$2,350,000 p. 29−9.7%
1Aug 16, 2021$1,820,579$1,850,000 p. 29−1.6%
6Sep 9, 2021$2,225,895$2,400,000 p. 29−7.3%
2Nov 19, 2021$1,949,000$2,150,000 p. 29−9.3%
4Dec 27, 2021$2,100,000$2,300,000 p. 29−8.7%

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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
424w52 Enterprises LLC
Principals
Bentley Zhao
Tax estimate
Empire Consulting Service, IncPrepared the first-year real estate tax projection
Construction lender
Midfirst Bank

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

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