THE CONDO BOOK PROJECT

Obsidian House Condominium

93 Reade Street, Manhattan, NY 10013

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Overview

Units
4 residential · 1 commercial
Subway
1 min walk to Chambers St/WTC/Park Place/Cortlandt St 2 3 A C E R WChambers St 1 2 3, 2 min
Principals
Jourdan E. Krauss
Average $/sf
$2,189Homes in Schedule A, as first offered
Common charges
$1,672–$3,690 a monthSponsor's first-year estimate in Schedule A, April 1, 2015 through March 31, 2016
Offering price
$17 million total

The sponsor of record is 93 Reade Street Associates LLC, represented by Starr Associates LLP. The offering plan runs 438 pages. The sponsor has filed 7 amendments, the latest in July 2016. The nearest other condo plan on file is 105 Chambers Street Condo, next door.

Plan CD140032 · New · accepted Dec 12, 2014 · AG record ↗

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FigureThis building152 Wooster24 units · 0.6 miaccepted 2015449 Washington34 units · 0.6 miaccepted 2013
Common ChargesPer Square Foot / Month$1.16In line$1.36$0.89
Average Offering PricePer Apartment$4.13MLowest$7M$5.67M
Average PricePer Square Foot$2,189Below peers$2,683$2,334
Property TaxesPer Square Foot / Month$1.06In line$1.26$1.03
Average Unit SizeSquare Feet1,885 SFSmallest2,610 SF2,431 SF

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Unit mix, closings, budgets, finishes and the team, against 52 Wooster and 449 Washington, 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 A4 of 4
Closing prices vs. Schedule A1 home: $7,924,381 at closing against $7,450,000 in Schedule A (p. 46)+6.4%
Average closing price1 home, on their Schedule A square feet$2,525 / SF
Closingsfirst and latest recordedJun 16, 2016 – Jul 12, 2016

Sales recorded with the Department of Finance (ACRIS) through Dec 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 4 closings
HomeRecordedClosing priceSchedule ADifference
2Jun 16, 2016$3,159,325——
4Jun 16, 2016$3,057,500——
3Jun 17, 2016$3,108,413——
PHJul 12, 2016$7,924,381$7,450,000 p. 46+6.4%

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Closings are for subscribers

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
93 Reade Street Associates LLC
Principals
Jourdan E. Krauss
Tax estimate
Tuchman, Korngold, Weiss and Gelles, LLPPrepared the first-year real estate tax projection
Construction lender
Valley National Bank$9.66 million recorded

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

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