THE CONDO BOOK PROJECT

Rushmore

80 Riverside Boulevard, Manhattan, NY 10069

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Overview

Units
289 residential · 205 storage · 3 commercial
Subway
11 min walk to 66 St-Lincoln Center 172 St 1 2 3, 14 min
Principals
Gary Barnett
Average $/sf
$1,677Homes in Schedule A, as first offered
Common charges
$348–$2,457 a monthSponsor's first-year estimate in Schedule A, 9/1/08 to 8/31/09
Offering price
$788.7 million total

The sponsor of record is Crp/Extell Parcel I, L.P., represented by Stroock & Stroock & Lavan, LLP. The offering plan runs 762 pages. The sponsor has filed 25 amendments, the latest in July 2013. The nearest other condo plan on file is Aldyn F/K/A Alden, next door.

Plan CD050600 · New · accepted Aug 11, 2006 · AG record ↗

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FigureThis building1Plaza Hotel - Condominiums2181 units · 1.1 miaccepted 2006Orion3245 units · 1.2 miaccepted 2005
Average Offering PricePer Apartment$2.73MAbove peers$2.41M$1.71M

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Unit mix, closings, budgets, finishes and the team, against Plaza Hotel - Condominiums and Orion, 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
Crp/Extell Parcel I, L.P.
Principals
Gary Barnett
Tax estimate
Marcus & Pollack LLPPrepared the first-year real estate tax projection

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

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