THE CONDO BOOK PROJECT

Sutton Condominium

959 First Avenue, Manhattan, NY 10022

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Overview

Units
113 residential · 12 storage · 2 commercial
Subway
6 min walk to Lexington Av/51-53 Sts 6 E F M
Principals
David Von Spreckelsen, Richard Hartman
Offering price
$265.5 million total $271.9 million when first offered

The sponsor of record is Toll First Avenue LLC, represented by Seiden & Schein, P.C.. The offering plan runs 591 pages. The sponsor has filed 19 amendments, the latest in June 2020. The nearest other condo plan on file is Beekman Regent Condominium, next door.

Plan CD140253 · New · accepted Dec 5, 2014 · AG record ↗

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FigureThis building1325 Lex2125 units · 0.8 miaccepted 2014The Perrie395 units · 0.4 miaccepted 2015
Average Offering PricePer Apartment$2.41MHighest$1.4M$1.45M

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Unit mix, closings, budgets, finishes and the team, against 325 Lex and The Perrie, 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
Toll First Avenue LLC
Principals
David Von Spreckelsen, Richard Hartman
Tax estimate
Israel Schechter, PLLCPrepared the first-year real estate tax projection

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

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