THE CONDO BOOK PROJECT

449 Washington Condominium

449 Washington Street, Manhattan, NY 10013

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Overview

Units
4 residential
Subway
5 min walk to Canal St 1Canal St A C E, 7 min
Developer
DI Development LLC
Principals
Gizman Abbas
Average $/sf
$2,334Homes in Schedule A, as first offered
Common charges
$1,483–$2,883 a monthSponsor's first-year estimate in Schedule A, July 1, 2013 to June 30, 2014
Offering price
$22.7 million total

The sponsor of record is 449 Washington LLC, represented by Stempel Bennett Claman & Hochberg, P.C.. The offering plan runs 302 pages. The sponsor has filed 1 amendment, the latest in October 2013. The nearest other condo plan on file is Goldstar Condominium, next door.

Plan CD130039 · New · accepted Jun 12, 2013 · AG record ↗

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FigureThis building1Obsidian House24 units · 0.6 miaccepted 2014Five Sixty38 units · 1.8 miaccepted 2013
Common ChargesPer Square Foot / Month$0.89Lowest$1.16$1.39
Average Offering PricePer Apartment$5.67MIn line$4.13M$9.79M
Average PricePer Square Foot$2,334In line$2,189$2,893
Property TaxesPer Square Foot / Month$1.03Below peers$1.06$1.56
Average Unit SizeSquare Feet2,431 SFIn line1,885 SF3,383 SF

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Unit mix, closings, budgets, finishes and the team, against Obsidian House and Five Sixty, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $17,269,237 at closing against $22,700,000 in Schedule A (p. 30)−23.9%
Average closing price4 homes, on their Schedule A square feet$1,776 / SF
Closingsfirst and latest recordedFeb 5, 2015 – Apr 1, 2016

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2025: 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 4 closings
HomeRecordedClosing priceSchedule ADifference
2Feb 5, 2015$3,044,285$3,000,000 p. 30+1.5%
3Feb 6, 2015$3,029,294$3,100,000 p. 30−2.3%
4Feb 12, 2016$6,109,500$10,000,000 p. 30−38.9%
1Apr 1, 2016$5,086,159$6,600,000 p. 30−22.9%

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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
449 Washington LLC
Developer
DI Development LLC
Principals
Gizman Abbas
Tax estimate
Mazursky Group, Inc.Prepared the first-year real estate tax projection
Construction lender
First Republic Bank$3.83 million recorded

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

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