THE CONDO BOOK PROJECT

560 West 24th Street Condominium

560 West 24th Street, Manhattan, NY 10011

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Overview

Units
8 residential · 1 commercial
Subway
10 min walk to 23 St C E34 St-Hudson Yards 7, 12 min
Average $/sf
$2,893Homes in Schedule A, as first offered
Common charges
$3,611–$7,338 a monthSponsor's first-year estimate in Schedule A, June 1, 2014-May 31, 2015
Offering price
$90.9 million total

The sponsor of record is NY Art Residences LLC, represented by Starr Associates LLP. The offering plan runs 406 pages. The sponsor has filed 6 amendments, the latest in March 2016. The nearest other condo plan on file is 200 Eleventh Avenue Condominium, next door.

Plan CD130020 · New · accepted Jul 25, 2013 · AG record ↗

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FigureThis building1449 Washington24 units · 1.8 miaccepted 201334 Prince37 units · 1.9 miaccepted 2015
Common ChargesPer Square Foot / Month$1.39In line$0.89$1.77
Average Offering PricePer Apartment$9.79MIn line$5.67M$10.1M
Average PricePer Square Foot$2,893In line$2,334$2,964
Property TaxesPer Square Foot / Month$1.56Highest$1.03$1.34
Average Unit SizeSquare Feet3,383 SFIn line2,431 SF3,408 SF

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Unit mix, closings, budgets, finishes and the team, against 449 Washington and 34 Prince, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $66,036,288 at closing against $78,300,000 in Schedule A (p. 41)−15.7%
Average closing price8 homes, on their Schedule A square feet$2,440 / SF
Closingsfirst and latest recordedJul 16, 2015 – Sep 16, 2016

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 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 9 closings
HomeRecordedClosing priceSchedule ADifference
1Jul 16, 2015$6,950,000$6,950,000 p. 410%
2Jul 21, 2015$7,250,000$7,250,000 p. 410%
3Jul 21, 2015$7,750,000$7,750,000 p. 410%
6Aug 20, 2015$8,604,213$8,950,000 p. 41−3.9%
NON-ROct 27, 2015$8,499,563——
4May 2, 2016$7,232,075$8,250,000 p. 41−12.3%
5Aug 3, 2016$7,000,000$8,500,000 p. 41−17.6%
PH ASep 16, 2016$13,250,000$18,000,000 p. 41−26.4%
PH BSep 16, 2016$8,000,000$12,650,000 p. 41−36.8%

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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
NY Art Residences LLC
Tax estimate
Marcus & Pollack LLPPrepared the first-year real estate tax projection
Construction lender
Paradigm Credit Corp.Lender on the mortgage and building loan agreement recorded May 2008 in ACRIS; $8.04 million recorded

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

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