THE CONDO BOOK PROJECT

118 East 59th Street Condominium

118 East 59th Street, Manhattan, NY 10022

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Overview

Units
29 residential · 1 commercial
Subway
1 min walk to Lexington Av/59 St 4 5 6 N R WLexington Av/63 St M Q, 5 min
Developer
Euro Properties
Principals
Kwok Ying Lan, Neo Que Yau
Common charges
$2,196–$12,576 a monthSponsor's first-year estimate in Schedule A, 12/1/17-11/30/18
Offering price
$263.9 million total $210.6 million when first offered

The sponsor of record is 118 East 59th Street Realty LLC, represented by Goldberg, Weprin, Finkel Goldstein LLP. The offering plan runs 363 pages. The nearest other condo plan on file is Beacon Court Condominium, next door.

Plan CD140339 · New · accepted Oct 1, 2015 · AG record ↗

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FigureThis building1221 West 77th226 units · 1.5 miaccepted 2015180 East 88th348 units · 1.5 miaccepted 2015
Average Offering PricePer Apartment$7.79MAbove peers$7.62M$6.38M

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Unit mix, closings, budgets, finishes and the team, against 221 West 77th and 180 East 88th, 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
118 East 59th Street Realty LLC
Developer
Euro PropertiesReported by nyrej.com
Principals
Kwok Ying Lan, Neo Que Yau
Tax estimate
Goldberg Weprin Finkel Goldstein LLPPrepared the first-year real estate tax projection

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

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