THE CONDO BOOK PROJECT

Cassa NY Condominium

66-70 West 45th Street, Manhattan, NY 10036

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Overview

Units
57 residential · 3 commercial
Subway
3 min walk to 47-50 Sts-Rockefeller Ctr B D F M42 St-Bryant Pk/5 Av 7 B D F M, 3 min
Principals
Ezak Assa, Salim Assa
Offering price
$117.6 million total

The sponsor of record is Waterscape Resort, LLC, represented by Forman & Associates, P.C.. The offering plan runs 524 pages. The sponsor has filed 10 amendments, the latest in January 2013. The nearest other condo plan on file is Bar Building Condominium, next door.

Plan CD080121 · New · accepted Sep 17, 2008 · AG record ↗

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FigureThis building1141 Fifth238 units · 1.2 miaccepted 2007Clinton West344 units · 0.8 miaccepted 2006
Average Offering PricePer Apartment$2.06MIn line$3.31M$845,136

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Unit mix, closings, budgets, finishes and the team, against 141 Fifth and Clinton West, 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.

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
Waterscape Resort, LLC
Principals
Ezak Assa, Salim Assa
Tax estimate
Leitner Group Inc.Prepared the first-year real estate tax projection
Construction lender
U.s. BankLender on the mortgage and building loan agreement recorded June 2007 in ACRIS

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

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