THE CONDO BOOK PROJECT

322 West 57th Street Condominium (The Sheffield)

322 West 57th Street, Manhattan, NY 10019

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Overview

The Sheffield is an 845-unit condo conversion in Manhattan, with 1 parking unit, 56 storage units and 4 commercial units.

  • Offering plan: Accepted June 2006
  • Prices: $71.2 million in all ($888.1 million when first offered)
  • Sponsor: Rsp 57 Property LLC, represented by The Rsp Companies, Real Estate Invest & Mgmt
  • Neighborhood: Hell's Kitchen, Manhattan
  • Subway: 1-minute walk to 59 St-Columbus Circle (1, A, B, C, D); 5 minutes to 57 St-7 Av (N, Q, R, W)
  • Amendments: 50, the latest in May 2024
  • Other filings: CD890455 (condo plan, filed 1989), NA150140 (no-action filing, filed 2015, withdrawn)
  1. SubmittedAugust 2006
  2. AcceptedJune 2006
  3. 50 amendments

Amendments

Amendment 50 May 14, 2024

This amendment discloses a lawsuit and a sponsor loan, names Wexler & Kaufman, PLLC as the new closing counsel and escrow agent, sets a $2,750.00 attorney fee, and replaces the purchase agreement form for the OSS Units.

  • Limited Sponsor is a defendant in a Nassau County lawsuit (Index No. 604352/21) alleging an unrepaid loan; Sponsor states the claim does not pertain to the OSS Units
  • Limited Sponsor's loan with First Republic Bank, now part of JPMorgan Chase, disclosed: principal amount $2,978,647.04, matures January of 2048, interest rate currently 8%
  • Wexler & Kaufman, PLLC named as Limited Sponsor's closing counsel for the Purchase Agreements and Closings; MNTN remains counsel for the Offering Plan
  • Wexler & Kaufman, PLLC becomes the new escrow agent for existing and future Down Payments, with deposits held in an IOLA account at First Horizon Bank, Memphis, TN
  • Down Payment checks must be payable to "Wexler & Kaufman, PLLC, as Escrow Agent"; deposits earn no interest and are FDIC-insured to $250,000 per deposit
  • Limited Sponsor's attorney's legal fee payable by Purchaser at closing is $2,750.00
  • Purchase Agreement form for the OSS Units replaced with the new form annexed as Exhibit A

Amendment 49 Aug 31, 2023

This amendment extends the offering plan's term by twelve months, replaces the selling agent, escrow agent and sponsor's attorney, swaps in a new purchase agreement form, and sets a $3,500.00 sponsor's attorney fee payable by buyers at closing.

  • Plan term extended by twelve (12) months from the filing date of this Amendment
  • New selling agent Anchor Associates Midtown LLC for the OSS Units
  • New escrow agent Marans Newman Tsolis & Nazinitsky LLC at Capital One Bank; future down payments payable to "Marans Newman Tsolis & Nazinitsky LLC, as Escrow Agent"
  • Purchase agreement form replaced with Exhibit A
  • Purchaser to pay sponsor's attorney legal fees of $3,500.00 at closing
  • Olivia Campanella is now principal of Limited Sponsor for the OSS Units
  • Units 35P and 46M remain unsold
  • Sponsor has relinquished control of the Board; financial statements for year ending December 31, 2021 (Exhibit B) and budget for year ending December 31, 2023 (Exhibit C) added

Amendment 48 Sep 10, 2021

This amendment makes buyers pay the transfer taxes and a $2,000 attorneys' fee on sales of unsold units, extends how long the plan can be used, and updates the sponsor-designee's financial disclosures, board roster, budget, and federal reporting notice.

  • Purchasers must pay New York State and New York City transfer taxes plus a $2,000 attorneys' fee, amending Paragraph 8 of Amendment 19
  • Plan may be used for one (1) year from the date this Amendment is accepted for filing
  • Sponsor-designee's monthly common charges on unsold units are approximately $23,434.12
  • Sponsor-designee's monthly real estate taxes on unsold units are approximately $37,683.54
  • Rental and use and occupancy payments for occupied unsold units total $90,257.09
  • Unsold units are not pledged as collateral under any loan
  • Condominium Board member list updated; RSP 57 Property LLC not in control of the Board
  • 2021 budget and financial statements for fiscal years 2019 and 2020 annexed
What each amendment changed, line by lineSee it free →

Team

Sponsor
Rsp 57 Property LLC
Construction lender
Column FinancialLender on the mortgage and building loan agreement recorded July 2006 in ACRIS; $582.8 million recorded

From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?

Zoning

Zoning district
C6-4
Special district
Special Clinton District (CL)

Today's zoning, from city data (PLUTO 26v2).

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