THE CONDO BOOK PROJECT

Abi Chelsea Condominium

455 West 19th Street, Manhattan, NY 10011

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Overview

Units
10 residential · 1 commercial
Subway
9 min walk to 14 St/8 Av A C E L23 St C E, 10 min
Developer
Al Amir Holdings
Principals
Cary Paik
Average $/sf
$3,367Homes in Schedule A, as first offered
Offering price
$101.7 million total $77.5 million when first offered

The sponsor of record is NYC Prince LLC, represented by Gilbride, Tusa, Last & Spellane LLC. The offering plan runs 414 pages. The sponsor has filed 8 amendments, the latest in November 2021. The nearest other condo plan on file is Node House Condominium, next door.

Plan CD170257 · New · accepted Feb 7, 2018 · AG record ↗

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FigureThis building1The Emerson28 units · 0.3 miaccepted 2018111 Leroy313 units · 1 miaccepted 2017
Common ChargesPer Square Foot / Month$2.42 ⚠Highest$1.79$1.26
Average Offering PricePer Apartment$6.42MIn line$7.24M$5.65M
Average PricePer Square Foot$3,367Above peers$2,984$2,611
Average Unit SizeSquare Feet1,905 SFSmaller2,427 SF2,164 SF

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Unit mix, closings, budgets, finishes and the team, against The Emerson and 111 Leroy, 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.

⚠ Read from a partly legible Schedule B.

Closings Pro

Homes closed80% of the homes in Schedule A8 of 10
Closing prices vs. Schedule A8 homes: $46,968,842 at closing against $43,750,000 in Schedule A (p. 46)+7.4%
Average closing price8 homes, on their Schedule A square feet$3,574 / SF
Closingsfirst and latest recordedFeb 24, 2021 – Apr 19, 2022

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 8 closings
HomeRecordedClosing priceSchedule ADifference
6SFeb 24, 2021$3,680,825$3,060,000 p. 46+20.3%
4NMar 3, 2021$3,674,700$3,950,000 p. 46−7%
6NMar 3, 2021$3,092,873$3,030,000 p. 46+2.1%
7Mar 3, 2021$7,349,400$7,800,000 p. 46−5.8%
5NApr 14, 2021$3,196,710$2,940,000 p. 46+8.7%
5SApr 14, 2021$3,225,060$2,970,000 p. 46+8.6%
Penthouse 1Oct 27, 2021$20,000,000$17,300,000 p. 46+15.6%
4SApr 19, 2022$2,749,275$2,700,000 p. 46+1.8%

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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
NYC Prince LLC
Developer
Al Amir HoldingsReported by web.archive.org
Principals
Cary Paik
Tax estimate
Mazursky Group, Inc.Prepared the first-year real estate tax projection
Construction lender
Interaudi Bank$19 million recorded

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

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