THE CONDO BOOK PROJECT

101 Condominium

101 East 2nd Street, Manhattan, NY 10009

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Overview

Units
22 residential · 1 commercial
Subway
2 min walk to 2 Av FBroadway-Lafayette St/Bleecker St 6 B D F M, 8 min
Principals
Semyon Vays, Sergey Rybak, Jason Reznik
Average $/sf
$2,041Homes in Schedule A, as first offered
Offering price
$42.9 million total $43.4 million when first offered

The sponsor of record is 24 1st Avenue Project LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 315 pages. The sponsor has filed 6 amendments, the latest in March 2024. The nearest other condo plan on file is 64 East 1st Street Condominium, next door.

Plan CD190281 · New · accepted Feb 13, 2020 · AG record ↗

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FigureThis building1Novum East Village Condomiinium220 units · 0.3 miaccepted 2020No. 45e7321 units · 0.3 miaccepted 2020
Common ChargesPer Square Foot / Month$0.96In line$0.65$1.90
Average Offering PricePer Apartment$1.59MBelow peers$1.87M$2.09M
Average PricePer Square Foot$2,041In line$1,885$2,484
Average Unit SizeSquare Feet780 SFSmaller991 SF841 SF

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Unit mix, closings, budgets, finishes and the team, against Novum East Village Condomiinium and No. 45e7, 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 A22 of 22
Closing prices vs. Schedule A22 homes: $33,258,589 at closing against $35,015,000 in Schedule A (p. 41, p. 42)−5%
Average closing price22 homes, on their Schedule A square feet$1,939 / SF
Closingsfirst and latest recordedMar 18, 2022 – Jul 11, 2022

Sales recorded with the Department of Finance (ACRIS) through Jul 31, 2026: 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 22 closings
HomeRecordedClosing priceSchedule ADifference
2AMar 18, 2022$1,095,000$1,165,000 p. 41−6%
3DMar 22, 2022$1,595,000$1,625,000 p. 41−1.8%
3AMar 25, 2022$1,169,500$1,190,000 p. 41−1.7%
2DMar 28, 2022$1,509,000$1,600,000 p. 41−5.7%
4BMar 30, 2022$1,950,000$1,965,000 p. 41−0.8%
4AMar 31, 2022$1,200,000$1,215,000 p. 41−1.2%
PH1Apr 1, 2022$3,050,000$3,295,000 p. 42−7.4%
5AApr 5, 2022$1,200,000$1,235,000 p. 41−2.8%
5CApr 8, 2022$888,000$965,000 p. 42−8%
6AApr 8, 2022$1,225,000$1,255,000 p. 42−2.4%
2BApr 12, 2022$1,799,500$1,915,000 p. 41−6%
6BApr 12, 2022$1,995,000$1,995,000 p. 420%
5DApr 20, 2022$1,650,000$1,675,000 p. 42−1.5%
PH2Apr 21, 2022$2,890,613$2,915,000 p. 42−0.8%
3BMay 3, 2022$1,925,000$1,940,000 p. 41−0.8%
4DMay 5, 2022$1,625,000$1,650,000 p. 41−1.5%
5BMay 13, 2022$1,950,000$1,980,000 p. 42−1.5%
6DJun 13, 2022$1,670,000$1,695,000 p. 42−1.5%
3CJun 16, 2022$371,074$920,000 p. 41−59.7%
2CJun 24, 2022$796,186$895,000 p. 41−11%
6CJul 1, 2022$861,605$980,000 p. 42−12.1%
4CJul 11, 2022$843,111$945,000 p. 41−10.8%

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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
24 1st Avenue Project LLC
Principals
Semyon Vays, Sergey Rybak, Jason Reznik
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection
Construction lender
Bank Hapoalim$18 million loan stated in the plan

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

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