THE CONDO BOOK PROJECT

Visionaire Condominium

70 Little West Street, Manhattan, NY 10004

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Overview

Units
252 residential · 126 storage · 4 commercial
Subway
5 min walk to Rector St 1Rector St R W, 6 min
Developers
Albanese Organization, Inc., Albanese Battery Place, LLC, SOF-VII Management, L.L.C., Starwood Capital Group Global L.L.C., Starwood Global Opportunity Fund VII - A, L.P., Starwood Global Opportunity Fund VII - B, L.P., Starwood U.S. Opportunity Fund VII - D, L.P., Starwood U.S. Opportunity Fund VII D-2, L.P., VII Battery Place Holdings, L.L.C.
Principals
Christopher V. Albanese, Russell C. Albanese, Dwight Ian Arnesen
Offering price
$413.9 million total

The sponsor of record is Battery Place Green, LLC, represented by Albanese & Albanese LLP. The offering plan runs 820 pages. The sponsor has filed 33 amendments, the latest in August 2012. The nearest other condo plan on file is River Watch Condominium, next door.

Plan CD060248 · New · accepted Dec 18, 2006 · AG record ↗

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FigureThis building115 William2320 units · 0.4 miaccepted 2006Setai Condominium Residences At 40 Broad St.3166 units · 0.3 miaccepted 2006
Average Offering PricePer Apartment$1.64MHighest$1.4M$1.11M

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Unit mix, closings, budgets, finishes and the team, against 15 William and Setai Condominium Residences At 40 Broad St., 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
Battery Place Green, LLC
Developers
Albanese Organization, Inc., Albanese Battery Place, LLC, SOF-VII Management, L.L.C., Starwood Capital Group Global L.L.C., Starwood Global Opportunity Fund VII - A, L.P., Starwood Global Opportunity Fund VII - B, L.P., Starwood U.S. Opportunity Fund VII - D, L.P., Starwood U.S. Opportunity Fund VII D-2, L.P., VII Battery Place Holdings, L.L.C.
Principals
Christopher V. Albanese, Russell C. Albanese, Dwight Ian Arnesen
Tax estimate
Marcus and Pollack LLPPrepared the first-year real estate tax projection

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

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