450 Washington Street Owners Corp. F/K/A 34 Desbrosses Condominium
450 Washington Street, Manhattan, NY 10013
Overview
450 Washington Street Owners Corp. F/K/A 34 Desbrosses is a 176-unit condo conversion in Manhattan. Its offering plan was accepted in September 2022. It's a 6-minute walk to Canal St (1) and 8 minutes to Canal St (A, C, E). The developers are The Related Companies, L.P. and Yukon Holdings, L.L.C., with Jeff T. Blau, Justin Metz and Robert Bernstein named as the sponsor's principals. Schedule A prices the homes at an average of $2,712 a square foot as first offered. The offering totals $538.6 million ($504.7 million when first offered).
- Units
- 176 residential
- Subway
- 6 min walk to Canal St 1Canal St A C E, 8 min
- Developers
- The Related Companies, L.P., Yukon Holdings, L.L.C.
- Principals
- Jeff T. Blau, Justin Metz, Robert Bernstein
- Average $/sf
- $2,712Homes in Schedule A, as first offered
- Offering price
- $538.6 million total $504.7 million when first offered
The sponsor of record is Rref Ii 34 Desbrosses Owner, LLC, represented by Kramer Levin Naftalis & Frankel, LLP. The offering plan runs 921 pages. The sponsor has filed 8 amendments, the latest in September 2025. The nearest other condo plan on file is 450 Washington Street Condominium, next door.
Plan C190004 · Conversion · accepted Sep 27, 2022 · AG record ↗
Units & Prices
Budget
From our research: How Close Are Offering Plan Tax Estimates to the Real Bill? · What New NYC Condos Spend on Staff, by Building Size · The Sponsor's Condo-Creation Fee in NYC
The Building
Amendments
Amendment 8
This eighth amendment updates the 450 Washington Street co-op plan with a 2025 budget, 2024 financial statements, new prices for five apartments, a plan term extension, and disclosures about sponsor control, unsold units, and reserve funds.
- Offering prices changed for Apartments 203 ($895,000), 205 ($4,695,000), 223 ($1,450,000), 601 and 609
- Plan term expires twelve (12) months from the filing of this Amendment
- 2025 projected budget (January 1, 2025 to December 31, 2025) added, with projected maintenance of $818.97 per share
- Financial statements for the year ending December 31, 2024 added
- Sponsor no longer controls the Coop Board; Robert Bernstein and Robert Silpe are Sponsor-affiliated directors
- Sponsor's monthly maintenance on Unsold Shares approximately $56,099.62 as of August 21, 2025
- Reserve Fund balance approximately $4,292,732.38 as of July 25, 2025
- Mortgage on Unsold Shares satisfied in full; none remains
Amendment 7
This Seventh Amendment updates the Plan with July 15, 2024 figures on Sponsor-held unsold apartments, Sponsor's carrying costs and rental income, the reserve and working capital funds, and co-op board control, and extends the Plan's term for twelve months from filing.
- Plan term extended: it expires twelve (12) months from the filing of this Amendment
- Sponsor's monthly Maintenance Charges for Unsold Shares are approximately $163,661 in the aggregate as of July 15, 2024
- 5 Unsold Apartments are leased or occupied by tenants, producing approximately $46,695 per month in rental income for Sponsor as of July 15, 2024
- Sponsor relinquished control of the Co-Op Board at the first annual meeting held February 28, 2024; Sponsor employees hold two of five Co-Op Board seats
- Reserve Fund balance is approximately $4,119,674.71 as of July 15, 2024, up from the original $3,922,796.79 deposit made June 9, 2023
- Working Capital Fund has approximately $857,040 deposited as of July 15, 2024
- Sponsor's mortgage on Unsold Shares has been satisfied in full; no mortgage currently secures them
- Condominium and Apartment Corporation fiscal years commence January 1 effective January 1, 2025
Amendment 6 May 28, 2024
This amendment changes the purchase price of Apartment 301 to the amount shown on the revised Schedule A and reserves the sponsor's right to revise other prices and terms, subject to the rights of buyers with signed purchase agreements.
- Purchase Price of Apartment 301 set at $979,000 per revised Schedule A
- Schedule A shows Apartment 301 with 22.00 share allocation and projected maintenance of $3,322.96 monthly ($16,733.75 annual) at $760.62 per share
- Sponsor may further revise Purchase Prices and other terms of sale of Apartments under the Plan
- No price or term change may affect an Apartment with a purchase agreement in effect without that purchaser's consent
Amendment 5
This amendment offers 50 parking licenses in the garage at a $125,000 issuance fee each, discloses the first apartment closing on May 17, 2023, and updates the reserve fund and related plan disclosures.
- 50 parking licenses offered at a $125,000 license issuance fee each
- Monthly parking charge of $305 per licensee, subject to future increases
- $650.00 license preparation fee payable to Sponsor's counsel
- Parking licensees must be shareholders; maximum vehicle size 76 x 80 x 210 inches
- First closing held May 17, 2023 (Apartment 801)
- Reserve Fund established June 9, 2023 in the amount of $3,922,796.79
- Sponsor took a capital replacement credit of up to 1% of the Total Price
- Apartment Corporation formed April 19, 2023; condominium created and Co-Op Unit deeded to the corporation May 11, 2023
Amendment 4 May 1, 2023
This amendment changes the purchase prices of 19 listed apartments, as set out in a revised Schedule A.
- Purchase prices changed for 19 apartments: 204, 304, 404, 504, 512, 604, 701, 704, 705, 805, 905, 1004, 1104, 1105, 1201, 1204, 1401, 1404 and PH1601
- Revised Schedule A gives new offering prices for eligible tenants and non-tenant purchasers for those apartments
- Sponsor may revise prices and other sale terms further, but not for an apartment with a Purchase Agreement in effect unless that purchaser consents
Amendment 3 March 8, 2023
This amendment lowers the Eligible Tenant offering prices for all apartments, changes the Non-Tenant Purchaser prices for five apartments, and gives Eligible Tenants a new 30-day Exclusive Purchase Period.
- Eligible Tenant offering prices reduced for all apartments, with updated prices shown on Exhibit A
- Non-Tenant Purchaser prices amended for Apartments 212, 312, 412, 519 and 1107
- New 30-day Exclusive Purchase Period for Eligible Tenants, running from the Presentation Date of this Amendment
- Total Price stated as $196,139,840
- Sponsor may revise purchase prices and other sale terms further, but not for an Apartment under a Purchase Agreement in effect without that Purchaser's consent
Amendment 2 April __, 2023
This amendment declares the plan effective based on 30 purchase agreements, modifies certain apartment purchase prices, sets a reserve fund credit, reduces real estate tax and maintenance charge projections, and updates floor plans, the temporary certificate of occupancy, the architect of record, and condominium insurance provisions.
- Plan declared effective as of March 9, 2023, with 30 purchase agreements (approximately 17.00% of the Apartments)
- Purchase prices of certain Apartments modified; Total Price for Eligible Tenants is $196,633,825.00 per Third Amendment to Plan dated March 8, 2023
- Reserve Fund Credit for window replacement (total approximate cost $7,201,000) capped at $1,961,398.40
- Real estate taxes reduced and projected monthly and annual Maintenance Charges reduced
- Projected Co-Op Unit real estate taxes: $2,236,892 for 6 months of 2022/23 and $2,433,268 for 6 months of 2023/24, totaling $4,670,160
- Temporary certificate of occupancy (CO Number 1087707-0000009) expires April 19, 2023
- Floor plans added for Apartments 309, 314, 320, 409, 420, 509, 520, 609 and 620
- Condominium Declaration and By-Laws revised for insurance requirements
Amendment 1 October 7, 2022
This amendment changes the purchase prices of 16 apartments, which are set out in a revised Schedule A for the first year of cooperative operation, January 1, 2023 to December 31, 2023.
- Purchase prices changed for apartments 708, 803, 808, 902, 903, 908, 1002, 1003, 1008, 1102, 1103, 1108, 1202, 1203, 1402 and 1403
- Revised Schedule A replaces the prior schedule for the first year of cooperative operation, January 1, 2023 - December 31, 2023
- Sponsor may revise purchase prices and other terms of sale further, but not for an apartment with a purchase agreement in effect without the purchaser's consent
Summarized from the amendments' text (scanned ones read with OCR); the filings themselves are on the Attorney General's site.
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Team
- Sponsor
- Rref Ii 34 Desbrosses Owner, LLC
- Developers
- The Related Companies, L.P., Yukon Holdings, L.L.C.
- Principals
- Jeff T. Blau, Justin Metz, Robert Bernstein
From our research: Should You Use the Sponsor's Preferred Lender for a New Condo? · The Top NYC Condo Developers, and What Each One Builds · Who Manages New NYC Condos, and What the Managing Agent Costs
Nearby
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- 70 Vestry Condominiumnext door · 47 units · 9 parking · 2016
- 465 Washington Street Condominiumnext door · 8 units · 2017
- 67 Vestry Street Condominiumnext door · 17 units · 3 parking · 2019
- Pearline Soap Atelier Condo0.1 mi · 13 units · 2007
- Sugar Warehouse0.1 mi · 33 units · 1 parking · 2002
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