THE CONDO BOOK PROJECT

1438 Third Avenue Condo. Maison East

1438 Third Avenue, Manhattan, NY 10028

Overview

Units
147 residential · 1 commercial
Subway
5 min walk to 86 St Q86 St 4 5 6, 6 min
Principals
Raymond Chalme
Average $/sf
$1,053Homes in Schedule A, as first offered
Common charges
$362–$701 a monthSponsor's first-year estimate in Schedule A, January 1, 2007 - December 31, 2007
Offering price
$136.8 million total

The sponsor of record is 81st And 3rd Owner LLC, represented by Cutler Minikes & Adelman LLP. The offering plan runs 342 pages. The sponsor has filed 19 amendments, the latest in April 2009. The nearest other condo plan on file is 176 East 82nd Street Condominium, next door.

Plan CD050637 · Conversion · accepted Aug 25, 2006 · AG record ↗

Compare

FigureThis building1Wellington Tower2147 units · 0.3 miaccepted 2006L'Ecole Condominium/211 East 46th St *3261 units · 1.8 miaccepted 2007
Average Offering PricePer Apartment$930,419In line$967,449$819,973

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See the Full Comp

Unit mix, closings, budgets, finishes and the team, against Wellington Tower and L'Ecole Condominium/211 East 46th St *, 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
81st And 3rd Owner LLC
Principals
Raymond Chalme
Tax estimate
Marcus & Pollack LLPPrepared the first-year real estate tax projection
Construction lender
American International GroupLender on the mortgage and building loan agreement recorded September 2005 in ACRIS; $148.8 million recorded

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

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