THE CONDO BOOK PROJECT

Pearline Soap Atelier Condo

78 Laight Street A/K/A 414 Washington Street, Manhattan, NY 10013

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Overview

Units
13 residential
Subway
6 min walk to Canal St A C ECanal St 1, 7 min
Principals
Rusi Sanjana, Carmela Basile, Gerard Longo
Average $/sf
$2,137Homes in Schedule A, as first offered
Common charges
$1,149–$4,831 a monthSponsor's first-year estimate in Schedule A, January 1, 2008 - December 31, 2008
Offering price
$42.4 million total

The sponsor of record is Atlantic Walk, LLC, represented by Goldberg Weprin Finkel Goldstein LLP. The offering plan runs 390 pages. The sponsor has filed 5 amendments, the latest in September 2009. The nearest other condo plan on file is Glass Condominium, next door.

Plan CD070306 · New · accepted Oct 31, 2007 · AG record ↗

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FigureThis building188 Washington Place214 units · 0.9 miaccepted 2005Altair 20 (15 West 20th Street Condominium)317 units · 1.6 miaccepted 2005
Common ChargesPer Square Foot / Month$1.01In line$0.50$1.07
Average Offering PricePer Apartment$3.26MHighest$2.02M$2.64M
Average PricePer Square Foot$2,137Highest$1,216$1,125
Property TaxesPer Square Foot / Month$0.12Lowest$0.27$0.62
Average Unit SizeSquare Feet1,524 SFSmaller1,663 SF2,345 SF

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Unit mix, closings, budgets, finishes and the team, against 88 Washington Place and Altair 20 (15 West 20th Street Condominium), 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 closed62% of the homes in Schedule A8 of 13
Closing prices vs. Schedule A7 homes: $29,034,381 at closing against $27,150,000 in Schedule A (p. 35)+6.9%
Average closing price7 homes, on their Schedule A square feet$2,438 / SF
Closingsfirst and latest recordedAug 1, 2008 – Dec 31, 2009

Sales recorded with the Department of Finance (ACRIS) through May 31, 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 8 closings
HomeRecordedClosing priceSchedule ADifference
3AAug 1, 2008$4,582,125$2,600,000 p. 35+76.2%
2ANov 3, 2008$3,767,525$2,500,000 p. 35+50.7%
5ANov 13, 2008$4,774,574$3,000,000 p. 35+59.2%
4AMar 27, 2009$4,098,456$2,600,000 p. 35+57.6%
1A*Oct 27, 2009$1,629,200$2,300,000 p. 35−29.2%
6AOct 27, 2009$4,174,825$3,750,000 p. 35+11.3%
C1Oct 27, 2009$407,300——
PHDec 31, 2009$6,007,675$10,400,000 p. 35−42.2%

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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
Atlantic Walk, LLC
Principals
Rusi Sanjana, Carmela Basile, Gerard Longo
Tax estimate
Moseson & AssociatesPrepared the first-year real estate tax projection
Construction lender
First Bank of Beverly Hills

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

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