THE CONDO BOOK PROJECT

7 Harrison Street Condominium

7 Harrison Street, Manhattan, NY 10013

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Overview

Units
12 residential · 1 commercial
Subway
4 min walk to Franklin St 1Chambers St 1 2 3, 4 min
Developer
Matrix Development, LLC
Principals
Scott Sabbagh, Bohdy Hedgcock, Doug Bowen, Sean Zalka, Shane Neuringer
Average $/sf
$2,701Homes in Schedule A, as first offered
Offering price
$98 million total $82.1 million when first offered

The sponsor of record is Harrison Street Residences, LLC, represented by Starr Associates LLP. The offering plan runs 482 pages. The sponsor has filed 16 amendments, the latest in August 2015. The nearest other condo plan on file is 15 Jay Street Condominium, next door.

Plan CD130064 · Rehab · accepted Oct 2, 2013 · AG record ↗

Compare

FigureThis building1Cast Iron House213 units · 0.3 miaccepted 201478 Irving Place37 units · 1.8 miaccepted 2015
Common ChargesPer Square Foot / Month$1.43In line$1.16$1.82
Average Offering PricePer Apartment$6.55MBelow peers$7.95M$7.64M
Average PricePer Square Foot$2,701In line$2,207$3,157
Average Unit SizeSquare Feet2,425 SFIn line3,601 SF2,418 SF

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Unit mix, closings, budgets, finishes and the team, against Cast Iron House and 78 Irving Place, 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 closed25% of the homes in Schedule A3 of 12
Closing prices vs. Schedule A3 homes: $13,350,000 at closing against $14,700,000 in Schedule A (p. 43)−9.2%
Average closing price3 homes, on their Schedule A square feet$2,043 / SF
Closingsfirst and latest recordedNov 7, 2013 – May 25, 2023

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2024: 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 3 closings
HomeRecordedClosing priceSchedule ADifference
1Nov 7, 2013$5,550,000$4,950,000 p. 43+12.1%
3May 4, 2023$4,600,000$4,500,000 p. 43+2.2%
4May 25, 2023$3,200,000$5,250,000 p. 43−39%

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Closings are for subscribers

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
Harrison Street Residences, LLC
Developer
Matrix Development, LLC
Principals
Scott Sabbagh, Bohdy Hedgcock, Doug Bowen, Sean Zalka, Shane Neuringer
Tax estimate
Marcus & PollackPrepared the first-year real estate tax projection
Construction lender
Doral Property Finance$24.8 million recorded

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

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