THE CONDO BOOK PROJECT

88 Washington Place Condominium

88 Washington Place, Manhattan, NY 10011

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Overview

Units
14 residential · 14 storage
Subway
2 min walk to W 4 St-Wash Sq A B C D E F MChristopher St-Stonewall 1, 4 min
Average $/sf
$1,216Homes in Schedule A, as first offered
Common charges
$633–$1,257 a monthSponsor's first-year estimate in Schedule A, 01/01/06 - 12/31/06
Offering price
$28.6 million total

The sponsor of record is Paxton 350, LLC And Ciao-Di Restaurant Corp., represented by Cohen & Coleman, LLP. The offering plan runs 342 pages. The sponsor has filed 7 amendments, the latest in January 2008. The nearest other condo plan on file is 525 6th Avenue Condominium, next door.

Plan CD050046 · New · accepted Jun 1, 2005 · AG record ↗

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FigureThis building1Altair 20 (15 West 20th Street Condominium)217 units · 0.7 miaccepted 200540 Bond327 units · 0.5 miaccepted 2005
Common ChargesPer Square Foot / Month$0.50Lowest$1.07$0.83
Average Offering PricePer Apartment$2.02MLowest$2.64M$8.03M
Average PricePer Square Foot$1,216In line$1,125$2,058
Property TaxesPer Square Foot / Month$0.27In line$0.62$0.09
Average Unit SizeSquare Feet1,663 SFSmallest2,345 SF3,904 SF

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Unit mix, closings, budgets, finishes and the team, against Altair 20 (15 West 20th Street Condominium) and 40 Bond, 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 closed93% of the homes in Schedule A13 of 14
Closing prices vs. Schedule A13 homes: $27,295,210 at closing against $26,570,000 in Schedule A (p. 29)+2.7%
Average closing price13 homes, on their Schedule A square feet$1,262 / SF
Closingsfirst and latest recordedJul 30, 2007 – Aug 23, 2007

Sales recorded with the Department of Finance (ACRIS) through Sep 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 13 closings
HomeRecordedClosing priceSchedule ADifference
4CJul 30, 2007$2,387,796$2,325,000 p. 29+2.7%
3DJul 31, 2007$1,675,021$1,645,000 p. 29+1.8%
4DAug 1, 2007$1,746,299$1,695,000 p. 29+3%
5DAug 1, 2007$1,832,850$1,775,000 p. 29+3.3%
PHAAug 1, 2007$2,923,396$2,750,000 p. 29+6.3%
3AAug 2, 2007$1,960,131$1,925,000 p. 29+1.8%
5BAug 2, 2007$1,675,021$1,595,000 p. 29+5%
3CAug 6, 2007$2,112,869$2,250,000 p. 29−6.1%
3BAug 7, 2007$1,522,284$1,495,000 p. 29+1.8%
5CAug 9, 2007$2,291,063$2,395,000 p. 29−4.3%
PHBAug 9, 2007$3,584,240$3,500,000 p. 29+2.4%
4BAug 12, 2007$1,573,196$1,545,000 p. 29+1.8%
4AAug 23, 2007$2,011,044$1,675,000 p. 29+20.1%

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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
Paxton 350, LLC And Ciao-Di Restaurant Corp.
Tax estimate
Lippman Krasnow & Kelton LLPPrepared the first-year real estate tax projection
Construction lender
HSBC Bank$14.1 million recorded

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

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