THE CONDO BOOK PROJECT

78 Irving Place Condominium

78 Irving Place, Manhattan, NY 10003

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Overview

Units
7 residential · 2 storage
Subway
5 min walk to 23 St-Baruch College 614 St-Union Sq 4 5 6 B D F L M N Q R W, 6 min
Developer
Downtown RE Holdings LLC
Principals
Brian Shatz, Joshua Zegen
Average $/sf
$3,157Homes in Schedule A, as first offered
Common charges
$1,908–$9,658 a monthSponsor's first-year estimate in Schedule A, January 1, 2016 to December 31, 2016
Offering price
$57.4 million total $53.5 million when first offered

The sponsor of record is Irving Place Investor LLC, represented by Holland & Knight LLP. The offering plan runs 443 pages. The sponsor has filed 9 amendments, the latest in April 2022. The nearest other condo plan on file is 67 Irving Place Condominium, next door.

Plan CD150024 · Rehab · accepted May 18, 2015 · AG record ↗

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FigureThis building137 East 12th26 units · 0.4 miaccepted 2014391 Broadway34 units · 1.5 miaccepted 2017
Common ChargesPer Square Foot / Month$1.82In line$2.07$0.82
Average Offering PricePer Apartment$7.64MIn line$14.2M$5.13M
Average PricePer Square Foot$3,157In line$3,504$2,114
Property TaxesPer Square Foot / Month$1.16In line$0.86$1.42
Average Unit SizeSquare Feet2,418 SFSmaller4,053 SF2,425 SF

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Unit mix, closings, budgets, finishes and the team, against 37 East 12th and 391 Broadway, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $52,402,944 at closing against $53,450,000 in Schedule A (p. 61)−2%
Average closing price7 homes, on their Schedule A square feet$3,096 / SF
Closingsfirst and latest recordedOct 17, 2016 – Sep 20, 2017

Sales recorded with the Department of Finance (ACRIS) through May 31, 2025: 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 7 closings
HomeRecordedClosing priceSchedule ADifference
4Oct 17, 2016$7,076,838$6,625,000 p. 61+6.8%
3Nov 29, 2016$6,389,519$6,275,000 p. 61+1.8%
5Dec 22, 2016$7,102,294$6,975,000 p. 61+1.8%
2Feb 7, 2017$6,593,169$5,975,000 p. 61+10.3%
1ASep 20, 2017$2,060,500$2,625,000 p. 61−21.5%
1BSep 20, 2017$5,151,250$6,225,000 p. 61−17.2%
PHSep 20, 2017$18,029,375$18,750,000 p. 61−3.8%

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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
Irving Place Investor LLC
Developer
Downtown RE Holdings LLC
Principals
Brian Shatz, Joshua Zegen
Tax estimate
Aaron Valuation, Inc.Prepared the first-year real estate tax projection
Construction lender
Natixis Real Estate Capital$17 million recorded

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

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