THE CONDO BOOK PROJECT

Aurora Condominium

554-556 Third Avenue, Manhattan, NY 10016

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Overview

Units
5 residential
Subway
6 min walk to Grand Central-42 St 4 5 6 7 S33 St 6, 7 min
Developers
Fashion Wear Realty Co., Inc., R&D Maidman Family Limited Partnership
Average $/sf
$1,028Homes in Schedule A, as first offered
Common charges
$2,461 a monthSponsor's first-year estimate in Schedule A, October 1, 2003 through September 30, 2004
Offering price
$24.9 million total $18.3 million when first offered

The sponsor of record is 556 Condo Holding Corp., represented by 556 Condo Holding Corp. The offering plan runs 333 pages. The sponsor has filed 11 amendments, the latest in October 2022. The nearest other condo plan on file is 153-155 East 37th Street Condominium, next door.

Plan CD030127 · New · accepted Oct 1, 2003 · AG record ↗

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FigureThis building1Empire 3026 units · 0.4 miaccepted 2004331 East 8th35 units · 1.6 miaccepted 2005
Common ChargesPer Square Foot / Month$0.69Highest$0.24$0.53
Average Offering PricePer Apartment$3.65MHighest$1.78M$1.44M
Average PricePer Square Foot$1,028In line$1,233$823
Property TaxesPer Square Foot / Month$1.07Above peers$1.06$0.10
Average Unit SizeSquare Feet3,549 SFLargest1,446 SF1,754 SF

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Unit mix, closings, budgets, finishes and the team, against Empire 30 and 331 East 8th, 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
Average closing price1 home, on their Schedule A square feet$817 / SF
Closingsfirst and latest recordedNov 10, 2006 – Nov 25, 2008

Sales recorded with the Department of Finance (ACRIS) through Apr 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
PHGNov 10, 2006$2,900,000——
PHAJan 25, 2007$14,949,000one deed, 5 homes$3,450,000 p. 28—
PHBJan 25, 2007$14,949,000one deed, 5 homes$3,550,000 p. 28—
PHCJan 25, 2007$14,949,000one deed, 5 homes$3,650,000 p. 28—
PHDJan 25, 2007$14,949,000one deed, 5 homes$3,750,000 p. 28—
PHEJan 25, 2007$14,949,000one deed, 5 homes$3,850,000 p. 28—
PHA2Jul 10, 2007$1,686,528——
PHB-2Nov 25, 2008$1,629,200——

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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
556 Condo Holding Corp.
Developers
Fashion Wear Realty Co., Inc., R&D Maidman Family Limited Partnership
Counsel
556 Condo Holding Corp
Tax estimate
Podell, Schwartz, Schechter & Banfield, LLPPrepared the first-year real estate tax projection
Construction lender
CIBC$37.5 million loan stated in the plan

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

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