THE CONDO BOOK PROJECT

61 Rivington Condominium

61 Rivington Street, Manhattan, NY 10002

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Overview

Units
11 residential
Subway
4 min walk to 2 Av FDelancey St-Essex St F J M Z, 5 min
Principals
David Marom, Shay Moskovich
Average $/sf
$2,071Homes in Schedule A, as first offered
Common charges
$455–$1,699 a monthSponsor's first-year estimate in Schedule A, May 1, 2021 through April 30, 2022
Offering price
$26 million total $25.3 million when first offered

The sponsor of record is Fathers Lane, LLC / Horizon At 61 Rivington LLC, represented by Certilman Balin Adler & Hyman, LLP. The offering plan runs 386 pages. The sponsor has filed 3 amendments, the latest in July 2021. The nearest other condo plan on file is Rivington Tower Condominium, next door.

Plan CD200193 · New · accepted Dec 21, 2020 · AG record ↗

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FigureThis building1Sixty Six Clinton212 units · 0.3 miaccepted 2022175 Chrystie314 units · 0.1 miaccepted 2020
Common ChargesPer Square Foot / Month$0.89Lowest$1.76$1.24
Average Offering PricePer Apartment$2.3MLowest$2.72M$3.98M
Average PricePer Square Foot$2,071Below peers$2,112$2,339
Property TaxesPer Square Foot / Month$1.02In line$1.29$1.02
Average Unit SizeSquare Feet1,110 SFSmaller1,289 SF1,703 SF

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Unit mix, closings, budgets, finishes and the team, against Sixty Six Clinton and 175 Chrystie, 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 A11 of 11
Closing prices vs. Schedule A11 homes: $25,811,403 at closing against $25,300,000 in Schedule A (p. 42)+2%
Average closing price11 homes, on their Schedule A square feet$2,113 / SF
Closingsfirst and latest recordedJan 6, 2021 – Jan 19, 2022

Sales recorded with the Department of Finance (ACRIS) through Mar 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 11 closings
HomeRecordedClosing priceSchedule ADifference
2AJan 6, 2021$1,160,000$1,250,000 p. 42−7.2%
1AFeb 24, 2021$2,006,394$1,975,000 p. 42+1.6%
3AOct 14, 2021$2,488,163$2,450,000 p. 42+1.6%
4AOct 21, 2021$1,548,954$1,500,000 p. 42+3.3%
PHANov 9, 2021$4,121,752$3,975,000 p. 42+3.7%
1BNov 10, 2021$2,472,506$2,425,000 p. 42+2%
2BNov 10, 2021$1,326,975$1,350,000 p. 42−1.7%
2CNov 10, 2021$2,141,575$2,050,000 p. 42+4.5%
3BNov 15, 2021$2,034,659$1,975,000 p. 42+3%
PHBNov 16, 2021$3,875,000$3,800,000 p. 42+2%
4BJan 19, 2022$2,635,426$2,550,000 p. 42+3.4%

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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
Fathers Lane, LLC / Horizon At 61 Rivington LLC
Principals
David Marom, Shay Moskovich
Tax estimate
Tuchman, Korngold, Weiss, Liebman & Lindemann, LLPPrepared the first-year real estate tax projection
Construction lender
Bank Leumi$11.7 million recorded

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

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