THE CONDO BOOK PROJECT

River Ridge Condominium

78 Ridge Street, Manhattan, NY 10002

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Overview

Units
46 residential
Subway
4 min walk to Delancey St-Essex St F J M ZEast Broadway F, 10 min
Principals
Philip W. Chong
Offering price
$51 million total $43.5 million when first offered

The sponsor of record is East Soho Corp, represented by Thomas E. Berinato Attorney At Law. The offering plan runs 337 pages. The sponsor has filed 12 amendments, the latest in October 2019. The nearest other condo plan on file is 208 Delancey Condominium, next door.

Plan CD070238 · New · accepted Aug 23, 2007 · AG record ↗

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FigureThis building1Blue232 units · 0.2 miaccepted 200577 Reade330 units · 1.3 miaccepted 2008
Average Offering PricePer Apartment$945,870Lowest$1.23M$2.54M

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Unit mix, closings, budgets, finishes and the team, against Blue and 77 Reade, 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
East Soho Corp
Principals
Philip W. Chong
Tax estimate
The Mazursky Group, Inc.Prepared the first-year real estate tax projection
Construction lender
Shanghai Commercial BankLender on the mortgage and building loan agreement recorded June 2006 in ACRIS; $9.97 million recorded

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

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