THE CONDO BOOK PROJECT

Chelsea Green Condominium

151 West 21st Street, Manhattan, NY 10011

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Overview

Units
51 residential
Subway
3 min walk to 23 St 118 St 1, 4 min
Developers
Hauer Family #2 LLC, Nahum Family Investments LLC, RP Holdings Group LLC
Principals
Michael Namer
Average $/sf
$1,505Homes in Schedule A, as first offered
Common charges
$705–$4,324 a monthSponsor's first-year estimate in Schedule A, From January 1, 2014 through December 31, 2014
Offering price
$82 million total $70.5 million when first offered

The sponsor of record is First West 21st Street, LLC, represented by Ganfer Shore Leeds & Zauderer, LLP. The offering plan runs 430 pages. The sponsor has filed 10 amendments, the latest in December 2014. The nearest other condo plan on file is 140 West 22nd Street Condominium, next door.

Plan CD110177 · New · accepted Apr 20, 2012 · AG record ↗

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FigureThis building1422 West 20th239 units · 0.5 miaccepted 201235 Xv356 units · 0.3 miaccepted 2012
Common ChargesPer Square Foot / Month$1.16In line$1.46$1.04
Average Offering PricePer Apartment$1.63MIn line$1.13M$4.04M
Average PricePer Square Foot$1,505In line$1,233$2,193
Property TaxesPer Square Foot / Month$0.48Lowest$0.98$0.63
Average Unit SizeSquare Feet1,082 SFIn line920 SF1,841 SF

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Unit mix, closings, budgets, finishes and the team, against 422 West 20th and 35 Xv, 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 closed98% of the homes in Schedule A50 of 51
Closing prices vs. Schedule A49 homes: $79,953,198 at closing against $77,974,000 in Schedule A (p. 51)+2.5%
Average closing price49 homes, on their Schedule A square feet$1,527 / SF
Closingsfirst and latest recordedOct 14, 2014 – Dec 29, 2014

Sales recorded with the Department of Finance (ACRIS) through Aug 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 50 closings
HomeRecordedClosing priceSchedule ADifference
3EOct 14, 2014$1,616,472$1,560,000 p. 51+3.6%
8BOct 14, 2014$1,827,759$1,745,000 p. 51+4.7%
8COct 15, 2014$999,922$920,000 p. 51+8.7%
9COct 15, 2014$1,028,433$945,000 p. 51+8.8%
11BOct 15, 2014$2,749,275$2,500,000 p. 51+10%
5COct 16, 2014$952,064$860,000 p. 51+10.7%
4EOct 17, 2014$1,624,109$1,595,000 p. 51+1.8%
7AOct 17, 2014$966,319$939,000 p. 51+2.9%
8DOct 17, 2014$1,033,524$1,015,000 p. 51+1.8%
9AOct 17, 2014$1,017,232$999,000 p. 51+1.8%
12BOct 17, 2014$2,851,100$2,600,000 p. 51+9.7%
11AOct 20, 2014$2,851,100$2,725,000 p. 51+4.6%
1BOct 21, 2014$2,138,325$1,925,000 p. 51+11.1%
4AOct 21, 2014$864,494$849,000 p. 51+1.8%
4BOct 22, 2014$1,619,018$1,590,000 p. 51+1.8%
2AOct 27, 2014$813,582$799,000 p. 51+1.8%
3AOct 27, 2014$833,947$819,000 p. 51+1.8%
7DOct 27, 2014$1,094,619$990,000 p. 51+10.6%
10AOct 27, 2014$3,090,389$3,025,000 p. 51+2.2%
7EOct 28, 2014$1,807,394$1,735,000 p. 51+4.2%
9EOct 28, 2014$1,831,832$1,799,000 p. 51+1.8%
10BOct 28, 2014$2,978,381$2,800,000 p. 51+6.4%
5BOct 29, 2014$1,649,565$1,620,000 p. 51+1.8%
8AOct 29, 2014$992,919$969,000 p. 51+2.5%
3BOct 30, 2014$1,588,470$1,560,000 p. 51+1.8%
5DOct 30, 2014$952,064$935,000 p. 51+1.8%
7BOct 30, 2014$1,853,215$1,710,000 p. 51+8.4%
9BOct 30, 2014$1,965,223$1,780,000 p. 51+10.4%
5EOct 31, 2014$1,753,936$1,645,000 p. 51+6.6%
PHOct 31, 2014$8,349,650$9,388,000 p. 51−11.1%
2BNov 3, 2014$1,507,010$1,525,000 p. 51−1.2%
8ENov 5, 2014$1,807,394$1,775,000 p. 51+1.8%
PH2Nov 6, 2014$6,109,625——
2DNov 7, 2014$911,334$865,000 p. 51+5.4%
5ANov 12, 2014$895,000$879,000 p. 51+1.8%
3CNov 14, 2014$829,874$815,000 p. 51+1.8%
6CNov 14, 2014$972,429$880,000 p. 51+10.5%
6ANov 17, 2014$941,882$909,000 p. 51+3.6%
9DNov 17, 2014$1,053,889$1,035,000 p. 51+1.8%
1ANov 24, 2014$1,960,131$1,925,000 p. 51+1.8%
6BNov 24, 2014$1,705,569$1,675,000 p. 51+1.8%
7CNov 24, 2014$957,155$900,000 p. 51+6.4%
12ANov 24, 2014$2,952,925$2,825,000 p. 51+4.5%
3DDec 19, 2014$906,367$890,000 p. 51+1.8%
2CDec 24, 2014$809,509$795,000 p. 51+1.8%
4CDec 24, 2014$850,239$835,000 p. 51+1.8%
4DDec 24, 2014$931,699$915,000 p. 51+1.8%
2EDec 29, 2014$1,552,831$1,525,000 p. 51+1.8%
6DDec 29, 2014$982,611$965,000 p. 51+1.8%
6EDec 29, 2014$1,731,025$1,700,000 p. 51+1.8%

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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
First West 21st Street, LLC
Developers
Hauer Family #2 LLC, Nahum Family Investments LLC, RP Holdings Group LLC
Principals
Michael Namer
Tax estimate
Podell, Schwartz, Schechter & Banfield, LLPPrepared the first-year real estate tax projection
Construction lender
M&T Bank$29.5 million loan stated in the plan

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

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