THE CONDO BOOK PROJECT

138 Edgecombe Avenue Condominium

138 Edgecombe Avenue, Manhattan, NY 10030

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Overview

Units
10 residential
Subway
5 min walk to 145 St A B C D135 St B C, 5 min
Principals
Marc Chemtob, David Chemtob, Samuel Kairy
Average $/sf
$571Homes in Schedule A, as first offered
Common charges
$159–$250 a monthSponsor's first-year estimate in Schedule A, April 1, 2007 - March 31, 2008
Offering price
$3.9 million total

The sponsor of record is 138 Edgecombe, LLC, represented by Harold L. Gruber, P.C.. The offering plan runs 190 pages. The sponsor has filed 3 amendments, the latest in September 2008. The nearest other condo plan on file is 140 Edgecombe Avenue Condominium, next door.

Plan CD060572 · New · accepted Dec 4, 2006 · AG record ↗

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FigureThis building1Palomar215 units · 1.4 miaccepted 2007Bridge313 units · 1.3 miaccepted 2006
Common ChargesPer Square Foot / Month$0.25Lowest$0.70$0.80
Average Offering PricePer Apartment$400,000Lowest$683,216$646,923
Average PricePer Square Foot$571In line$563$669
Average Unit SizeSquare Feet700 SFSmallest1,213 SF967 SF

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Unit mix, closings, budgets, finishes and the team, against Palomar and Bridge, 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 A10 of 10
Closing prices vs. Schedule A2 homes: $720,068 at closing against $790,000 in Schedule A (p. 15)−8.9%
Average closing price2 homes, on their Schedule A square feet$554 / SF
Closingsfirst and latest recordedSep 11, 2008 – Dec 16, 2008

Sales recorded with the Department of Finance (ACRIS) through Jan 31, 2025: 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 10 closings
HomeRecordedClosing priceSchedule ADifference
3ESep 11, 2008$319,410——
4WSep 17, 2008$400,023——
PHESep 17, 2008$319,538$345,000 p. 15−7.4%
GARNNSep 18, 2008$420,810——
GARNSOct 3, 2008$446,160——
PHWOct 22, 2008$400,530$445,000 p. 15−10%
2EOct 23, 2008$344,760——
4EOct 23, 2008$304,200——
3WOct 30, 2008$359,970——
2WDec 16, 2008$380,250——

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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
138 Edgecombe, LLC
Principals
Marc Chemtob, David Chemtob, Samuel Kairy
Tax estimate
Ben Rottenstein Associates Inc.Prepared the first-year real estate tax projection

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

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