THE CONDO BOOK PROJECT

70 Vestry Condominium

70 Vestry Street, Manhattan, NY 10013

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Overview

Units
47 residential · 9 parking · 29 storage
Subway
6 min walk to Canal St 1Canal St A C E, 7 min
Principals
Jeff T. Blau, Stephen M. Ross, Bruce A. Beal, Jr., Bryan Cho, Benjamin K. Joseph
Offering price
$746.8 million total

The sponsor of record is Bridge Land Vestry, LLC, represented by Kramer Levin Naftalis & Frankel, LLP. The offering plan runs 529 pages. The sponsor has filed 13 amendments, the latest in February 2021. The nearest other condo plan on file is 67 Vestry Street Condominium, next door.

Plan CD150165 · New · accepted Feb 24, 2016 · AG record ↗

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FigureThis building1Woolworth Tower Residences234 units · 0.8 miaccepted 2014160 Leroy347 units · 0.5 miaccepted 2015
Average Offering PricePer Apartment$14.69MAbove peers$13.05M$8.01M

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Unit mix, closings, budgets, finishes and the team, against Woolworth Tower Residences and 160 Leroy, 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 closed98% of the homes in Schedule A46 of 47
Closing prices vs. Schedule A31 homes: $507,286,082 at closing against $517,610,000 in Schedule A (p. 85, p. 86)−2%
Closingsfirst and latest recordedJun 12, 2018 – May 18, 2021

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 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 46 closings
HomeRecordedClosing priceSchedule ADifference
4AJun 12, 2018$8,255,000$8,550,000 p. 85−3.5%
4CJun 12, 2018$7,630,000$6,750,000 p. 85+13%
4DJun 13, 2018$10,100,000$8,975,000 p. 85+12.5%
5FJun 14, 2018$7,800,500$7,795,000 p. 85+0.1%
5EJun 15, 2018$11,357,988$11,150,000 p. 85+1.9%
4EJun 18, 2018$10,188,000$10,750,000 p. 85−5.2%
3DJun 20, 2018$6,115,000$6,250,000 p. 85−2.2%
5AJul 11, 2018$8,914,188$8,750,000 p. 85+1.9%
5BJul 12, 2018$11,710,275$11,850,000 p. 85−1.2%
4BJul 19, 2018$11,755,500$11,550,000 p. 85+1.8%
3BJul 24, 2018$10,556,500$10,550,000 p. 85+0.1%
3AJul 25, 2018$7,954,500$7,950,000 p. 85+0.1%
6BJul 27, 2018$12,936,275$12,150,000 p. 85+6.5%
8SAug 23, 2018$24,006,500$26,000,000 p. 86−7.7%
8NSep 6, 2018$28,000,000$29,500,000 p. 86−5.1%
9NSep 12, 2018$23,500,000$25,700,000 p. 86−8.6%
10NSep 27, 2018$26,989,125$25,000,000 p. 86+8%
10SOct 2, 2018$18,805,000$20,000,000 p. 86−6%
12NOct 23, 2018$25,462,250$29,500,000 p. 86−13.7%
5CNov 29, 2018$6,869,032$6,950,000 p. 85−1.2%
1ADec 5, 2018$2,549,625$2,500,000 p. 85+2%
PENTHOUSE-SDec 10, 2018$56,010,250$65,000,000 p. 86−13.8%
5DDec 14, 2018$11,255,500$9,295,000 p. 85+21.1%
9SDec 14, 2018$21,412,500$21,000,000 p. 86+2%
PENTHOUSE-NDec 20, 2018$40,735,500$50,000,000 p. 86−18.5%
3CFeb 12, 2019$36,681,561one deed, 15 homes$5,350,000 p. 85—
6CFeb 12, 2019$36,681,561one deed, 15 homes$7,150,000 p. 85—
6DFeb 12, 2019$36,681,561one deed, 15 homes$9,595,000 p. 85—
6EFeb 12, 2019$36,681,561one deed, 15 homes$11,550,000 p. 85—
6FFeb 12, 2019$36,681,561one deed, 15 homes$7,995,000 p. 85—
7AFeb 12, 2019$36,681,561one deed, 15 homes$9,350,000 p. 85—
7BFeb 12, 2019$36,681,561one deed, 15 homes$12,750,000 p. 86—
7CFeb 12, 2019$36,681,561one deed, 15 homes$7,550,000 p. 86—
7DFeb 12, 2019$36,681,561one deed, 15 homes$10,250,000 p. 86—
7EFeb 12, 2019$36,681,561one deed, 15 homes$12,350,000 p. 86—
7FFeb 12, 2019$36,681,561one deed, 15 homes$8,395,000 p. 86—
8WFeb 12, 2019$36,681,561one deed, 15 homes$14,000,000 p. 86—
9WFeb 12, 2019$36,681,561one deed, 15 homes$12,000,000 p. 86—
10WFeb 12, 2019$36,681,561one deed, 15 homes$12,500,000 p. 86—
11WFeb 12, 2019$36,681,561one deed, 15 homes$13,000,000 p. 86—
12SFeb 15, 2019$39,285,000$26,000,000 p. 86+51.1%
6ADec 5, 2019$8,955,350$8,950,000 p. 85+0.1%
3EMay 27, 2020$9,506,100$9,850,000 p. 85−3.5%
11NFeb 18, 2021$24,620,625$24,500,000 p. 86+0.5%
3FMar 10, 2021$6,500,000$7,250,000 p. 85−10.3%
4FMay 18, 2021$7,550,000$7,595,000 p. 85−0.6%

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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
Bridge Land Vestry, LLC
Principals
Jeff T. Blau, Stephen M. Ross, Bruce A. Beal, Jr., Bryan Cho, Benjamin K. Joseph
Tax estimate
Marcus & Pollack LLPPrepared the first-year real estate tax projection
Construction lenders
Bank of America, Israel Discount Bank of New York, Santander Bank, Citizens Bank$200 million loan stated in the plan

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

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