THE CONDO BOOK PROJECT

500 West 25th Street Condominium

500 West 25th Street, Manhattan, NY 10001

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Overview

Units
8 residential · 1 commercial
Subway
7 min walk to 23 St C E34 St-Hudson Yards 7, 10 min
Developers
GDS Development, Global Design Strategies LLC (GDS)
Principals
Alan Rudikoff, Michael Kirchmann, Muhannad Abulhasan
Average $/sf
$2,984Homes in Schedule A, as first offered
Offering price
$54.8 million total $57.7 million when first offered

The sponsor of record is 500 W25th Owner LLC, represented by Phillips Nizer, LLP. The offering plan runs 347 pages. The sponsor has filed 4 amendments, the latest in July 2021. The nearest other condo plan on file is 245 10th Avenue Condominium, next door.

Plan CD180065 · New · accepted Sep 12, 2018 · AG record ↗

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FigureThis building1Abi Chelsea210 units · 0.3 miaccepted 201810 Greene34 units · 2 miaccepted 2018
Common ChargesPer Square Foot / Month$1.79 ⚠In line$2.42$0.75
Average Offering PricePer Apartment$7.24MIn line$6.42M$8.12M
Average PricePer Square Foot$2,984In line$3,367$2,834
Average Unit SizeSquare Feet2,427 SFIn line1,905 SF2,867 SF

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Unit mix, closings, budgets, finishes and the team, against Abi Chelsea and 10 Greene, 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 closed100% of the homes in Schedule A8 of 8
Closing prices vs. Schedule A1 home: $12,200,000 at closing against $16,950,000 in Schedule A (p. 50)−28%
Average closing price1 home, on their Schedule A square feet$2,803 / SF
Closingsfirst and latest recordedOct 4, 2021 – Feb 2, 2022

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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 8 closings
HomeRecordedClosing priceSchedule ADifference
801Oct 4, 2021$4,400,000——
PHOct 5, 2021$12,200,000$16,950,000 p. 50−28%
701Oct 12, 2021$4,400,000——
401Dec 13, 2021$4,100,000——
601Dec 17, 2021$4,500,000——
501Dec 29, 2021$4,300,000——
301Dec 30, 2021$4,000,000——
201Feb 2, 2022$4,000,000——

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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
500 W25th Owner LLC
Developers
GDS Development, Global Design Strategies LLC (GDS)
Principals
Alan Rudikoff, Michael Kirchmann, Muhannad Abulhasan
Tax estimate
Tuchman, Komgold, Weiss, Liebman & Lindemann, LLPPrepared the first-year real estate tax projection
Construction lender
500 West 25th Street Lender$26.6 million loan stated in the plan

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

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