THE CONDO BOOK PROJECT

150 East 78th Street Condominium

150 East 78th Street, Manhattan, NY 10075

Overview

Units
25 residential · 25 storage · 1 commercial
Subway
1 min walk to 77 St 686 St 4 5 6, 9 min
Developer
EJS Group
Principals
Theodore Segal, John Usdan
Average $/sf
$3,234Homes in Schedule A, as first offered
Common charges
$665–$7,770 a monthSponsor's first-year estimate in Schedule A, June 1, 2021 - May 31, 2022
Offering price
$209.1 million total

The sponsor of record is 150 E 78th Street Property Owner LLC, represented by Starr Associates, LLP. The offering plan runs 542 pages. The sponsor has filed 5 amendments, the latest in December 2022. The nearest other condo plan on file is 151 East 78th Street Condominium, next door.

Plan CD190168 · New · accepted Jan 15, 2020 · AG record ↗

Compare

FigureThis building1The Benson217 units · 0.2 miaccepted 2020Beckford House332 units · 0.3 miaccepted 2018
Common ChargesPer Square Foot / Month$1.64In line$1.78$1.47
Average Offering PricePer Apartment$8.31MIn line$14.67M$5.77M
Average PricePer Square Foot$3,234In line$3,652$2,629
Property TaxesPer Square Foot / Month$1.03Lowest$1.40$1.61
Average Unit SizeSquare Feet2,570 SFIn line4,016 SF2,196 SF

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Unit mix, closings, budgets, finishes and the team, against The Benson and Beckford House, 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 closed88% of the homes in Schedule A22 of 25
Closing prices vs. Schedule A20 homes: $169,009,325 at closing against $147,875,000 in Schedule A (p. 61)+14.3%
Average closing price20 homes, on their Schedule A square feet$3,417 / SF
Closingsfirst and latest recordedMar 15, 2022 – Feb 28, 2023

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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
4AMar 15, 2022$7,850,000$7,850,000 p. 610%
3AMar 16, 2022$7,650,000$7,750,000 p. 61−1.3%
5AMar 21, 2022$7,900,000$7,950,000 p. 61−0.6%
6AMar 24, 2022$8,219,788$8,050,000 p. 61+2.1%
7AMar 30, 2022$8,000,000$8,150,000 p. 61−1.8%
4BApr 27, 2022$5,400,000$5,500,000 p. 61−1.8%
6BApr 28, 2022$5,850,000$5,950,000 p. 61−1.7%
7BApr 28, 2022$6,024,150$6,000,000 p. 61+0.4%
DP11AApr 28, 2022$19,600,000——
2CMay 4, 2022$2,125,000$2,125,000 p. 610%
5BMay 4, 2022$5,450,000$5,550,000 p. 61−1.8%
9BMay 6, 2022$5,950,000$6,100,000 p. 61−2.5%
10BMay 9, 2022$6,382,438$6,250,000 p. 61+2.1%
9AMay 10, 2022$8,050,000$8,350,000 p. 61−3.6%
2BMay 11, 2022$5,150,000$5,150,000 p. 610%
3BMay 20, 2022$5,250,000$5,450,000 p. 61−3.7%
10AMay 23, 2022$8,250,000$8,650,000 p. 61−4.6%
PH 14Jun 9, 2022$17,000,000$17,500,000 p. 61−2.9%
8AOct 6, 2022$14,159,212$8,250,000 p. 61+71.6%
2DNov 1, 2022$916,425$900,000 p. 61+1.8%
PH 16Nov 1, 2022$33,432,313$16,400,000 p. 61+103.9%
DP11BFeb 28, 2023$16,000,000——

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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
150 E 78th Street Property Owner LLC
Developer
EJS Group
Principals
Theodore Segal, John Usdan
Tax estimate
Marcus & Pollack LLPPrepared the first-year real estate tax projection
Construction lender
Bank OZK$80 million recorded

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

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