THE CONDO BOOK PROJECT

47 Murray Street Condominium

47 Murray Street, Manhattan, NY 10007

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Overview

Units
4 residential · 1 commercial
Subway
1 min walk to Chambers St/WTC/Park Place/Cortlandt St 2 3 A C E R WChambers St 1 2 3, 3 min
Principals
Burt Haims, Lorraine Sosnow, Mark Stumer, Neil Feldstein, Oded Nachmani, Robert N. Beer, Ron J. Horowitz, Stuart Gelb
Average $/sf
$1,258Homes in Schedule A, as first offered
Common charges
$991–$1,563 a monthSponsor's first-year estimate in Schedule A, May 1, 2007 to April 30, 2008
Offering price
$15.7 million total

The sponsor of record is 47 Murray Street, LLC, represented by Certilman Balin Adler & Hyman, LLP. The offering plan runs 305 pages. The sponsor has filed 6 amendments, the latest in November 2013. The nearest other condo plan on file is Southwestern Tribeca Loft Condominium, next door.

Plan CD060783 · New · accepted Feb 8, 2007 · AG record ↗

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FigureThis building1209 East 2nd26 units · 1.5 miaccepted 2007Campbell36 units · 0.1 miaccepted 2008
Common ChargesPer Square Foot / Month$0.44Below peers$1.02$0.49
Average Offering PricePer Apartment$3.26MHighest$1.59M$2.47M
Average PricePer Square Foot$1,258In line$1,077$1,312
Property TaxesPer Square Foot / Month$0.61Highest$0.20$0.35
Average Unit SizeSquare Feet2,595 SFLargest1,572 SF1,882 SF

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Unit mix, closings, budgets, finishes and the team, against 209 East 2nd and Campbell, 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 A1 home: $4,760,319 at closing against $5,073,000 in Schedule A (p. 30)−6.2%
Average closing price1 home, on their Schedule A square feet$1,523 / SF
Closingsfirst and latest recordedNov 9, 2007 – May 20, 2014

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2024: 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 5 closings
HomeRecordedClosing priceSchedule ADifference
COMNov 9, 2007$2,318,063——
2Jul 30, 2010$2,100,000——
3Jul 28, 2011$2,290,714——
4Sep 15, 2011$2,412,000——
PenthouseMay 20, 2014$4,760,319$5,073,000 p. 30−6.2%

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Closings are for subscribers

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
47 Murray Street, LLC
Principals
Burt Haims, Lorraine Sosnow, Mark Stumer, Neil Feldstein, Oded Nachmani, Robert N. Beer, Ron J. Horowitz, Stuart Gelb
Tax estimate
Anthony Como Associates Property Tax ConsultantsPrepared the first-year real estate tax projection
Construction lender
North Fork Bank$6.4 million recorded

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

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