THE CONDO BOOK PROJECT

7 Harrison Street Condominium

7 Harrison Street, Manhattan, NY 10013

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Overview

7 Harrison Street is a 12-unit condo in Manhattan, with 1 commercial unit.

  • Offering plan: Accepted October 2013 · 482 pages · floor plans on page 44
  • Finishes: Engineered wood floors, marble kitchen countertops, a washer and dryer in each apartment and a VRF heat pump system for heating and cooling
  • Prices: $2,701 a square foot on average, as first offered; $98 million in all ($82.1 million when first offered)
  • Developer: Matrix Development, LLC; principals Scott Sabbagh, Bohdy Hedgcock, Doug Bowen, Sean Zalka and Shane Neuringer
  • Sponsor: Harrison Street Residences, LLC, represented by Starr Associates LLP
  • Subway: 4-minute walk to Franklin St (1); 4 minutes to Chambers St (1, 2, 3)
  • Amendments: 16, the latest in August 2015
  1. SubmittedMarch 2014
  2. AcceptedOctober 2013
  3. 16 amendments
  4. First sale
  5. Latest sale

Sales

3 of 12homes sold (25%)
Every sale: 3 homes, with price and dateSee it free →

From city records (ACRIS), through Sep 30, 2024.

First-Year Budget

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Ask Claude or ChatGPT: How do 7 Harrison Street's common charges compare with similar buildings? →

Property Taxes

The plan's first-year tax estimate, checked against the city's real bills.

Each home's estimate, city bills and tax breaksSee it free →

Closing Costs

The buyer pays the NYC and NY State transfer taxes, which a seller usually pays.

All 2 closing costs in the plan, with their pagesSee it free →

Amendments

Amendment 16 2015

Sixteenth amendment updates working capital fund amount, condominium board members, sponsor financial disclosures, and anticipated permanent certificate of occupancy timing.

  • Working Capital Fund on deposit with Citibank as of July 1, 2015 in approximate amount of $85,907
  • Permanent Certificate of Occupancy anticipated within approximately 3 months
  • Sponsor's monthly common charges on unsold units approximately $9,467
  • Sponsor's monthly real estate taxes on unsold units approximately $6,920
  • Condominium board members: Scott Sabbagh (President), Doug Bowen (Vice President), Sean Zalka (Secretary/Treasurer)

Amendment 15 Feb 27, 2015

Fifteenth amendment documenting the first closing on January 9, 2015, board composition, financial status, escrow bank change, and permanent certificate of occupancy status.

  • First closing occurred January 9, 2015 for Unit 6N
  • Condominium declaration recorded November 25, 2014
  • Working capital account established at Citibank with $51,942.82 as of February 15, 2015
  • Escrow bank changed to Signature Bank at 261 Madison Avenue with interest rate approximately .30%
  • Sponsor sold 9 residential units; 3 remain unsold
  • Retail unit sold January 9, 2015
  • $45,000 deposited for permanent certificate of occupancy escrow
  • Permanent certificate of occupancy anticipated within approximately six months from December 4, 2014

Amendment 14 Jan 20, 2015

Unit 58 price changed to $5,650,000.

Amendment 13 Oct 17, 2014

Updates offering prices and common charges for units in the condominium.

  • Schedule A updated with current offering prices for all residential units and retail unit
  • Projected common charges and real estate taxes provided for First Year of Condominium Operation October 1, 2014 - September 30, 2015
  • Total offering price for all residential units: $93,675,000
  • Total retail unit offering price: $4,000,000
  • Grand total offering price: $97,675,000

Amendment 12 Oct 1, 2014

Price of one retail unit changed to $4,000,000.

Amendment 11 Sep 17, 2014

Price of Unit 10 (7N) changed to $9,000,000.

Amendment 10 Jul 2, 2014

Unit 3@8 price changed to $4,625,000.

Amendment 9 Jun 19, 2014

Change in selling agent for the condominium.

  • Selling agent changed to Urban Compass, effective June 4, 2014
  • Urban Compass office at 19 Union Square West, 10th Floor, New York, New York 10003, telephone (212) 913-9085

Amendment 8 Jun 4, 2014

Plan declared effective upon receipt of 6 purchase agreements representing 50% of 12 residential units.

  • Plan declared effective
  • 6 purchase agreements received from bona fide purchasers (50% of 12 units)
  • Unit designations clarified
  • Plan expires 6 months after filing unless extended or amended

Amendment 7 May 19, 2014

Price of one unit owned by the Sponsor changed.

Amendment 6 May 12, 2014

Purchase prices of two units are changed.

  • Unit 4(4N) price changed to $6,150,000
  • Unit 8(6N) price changed to $6,600,000

Amendment 5 Apr 25, 2014

Price of one unit changed.

Amendment 4 Apr 21, 2014

Updated Schedule A with current purchase prices for all units.

Amendment 3 Apr 18, 2014

Price of one unit changed.

Amendment 2 Apr 9, 2014

Updated Schedule A with current unit purchase prices for 7 Harrison Street Condominium.

  • Schedule A replaced with updated offering prices for all units
  • Common charges and real estate tax projections provided for first year (October 1, 2014 - September 30, 2015)
  • Second year carrying charges and RE taxes estimated for year of condominium operation
  • Unit prices range from $3,500,000 (retail unit) to $25,000,000 (penthouse)

Amendment 1 Mar 20, 2014

Amendment updates Schedule A offering prices, Schedule B budget, and related exhibits, with First Year of Condominium Operation commencing October 1, 2014.

  • First Year of Condominium Operation revised to commence October 1, 2014
  • Schedule A — Purchase Prices and Related Information updated
  • Schedule B — Budget for First Year revised for period October 1, 2014 - September 30, 2015
  • Schedule B-1 — Projected Individual Energy Costs Budget updated
  • Certifications of Budget Expert updated
  • Real Estate Tax Opinion Letter updated
  • Plan extended for six (6) months following Filing Date of this Amendment
What each amendment changed, line by lineSee it free →

Team

Sponsor
Harrison Street Residences, LLC
Developer
Matrix Development, LLC
Principals
Scott Sabbagh, Bohdy Hedgcock, Doug Bowen, Sean Zalka, Shane Neuringer
Tax estimate
Marcus & PollackPrepared the first-year real estate tax projection
Construction lender
Doral Property Finance$24.8 million recorded
Structural engineer
GACE Consulting Engineers PCNamed on p. 33
MEP engineer
Glickman Engineering AssociatesMechanical, electrical and plumbing · Named on p. 33
Interior designer
Rees Roberts + PartnersReported by cityrealty.com

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Zoning

Zoning district
C6-2A
Special district
Special Tribeca Mixed Use District (TMU)

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

Nearby

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The Condo Book Project Are 7 Harrison Street's common charges high for the area? Yes, they're on the high side. 7 Harrison Street budgets $1.43 per square foot a month, against a $1.04 median for the 10 most similar Manhattan plans.Schedule A Do you want to see the list of similar buildings?
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