THE CONDO BOOK PROJECT

152 Elizabeth Street Condominium

152 Elizabeth Street, Manhattan, NY 10012

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Overview

Units
7 residential · 10 parking · 7 storage · 1 commercial
Subway
2 min walk to Bowery J ZSpring St 6, 4 min
Principals
Amit Khurana, Saif Sumaida
Offering price
$99.3 million total $100.8 million when first offered

The sponsor of record is 152 Elizabeth Development LLC, represented by Starr Associates LLP. The offering plan runs 461 pages. The sponsor has filed 14 amendments, the latest in August 2021. The nearest other condo plan on file is Brewster Carriage House Condominium, next door.

Plan CD140348 · Rehab · accepted Apr 28, 2015 · AG record ↗

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FigureThis building137 East 12th26 units · 0.9 miaccepted 201478 Irving Place37 units · 1.2 miaccepted 2015
Average Offering PricePer Apartment$14.4MAbove peers$14.2M$7.64M

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Unit mix, closings, budgets, finishes and the team, against 37 East 12th and 78 Irving Place, 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
152 Elizabeth Development LLC
Principals
Amit Khurana, Saif Sumaida
Tax estimate
Marcus & Pollack LLPPrepared the first-year real estate tax projection
Construction lender
Deutsche Bank AGLender on the mortgage and building loan agreement recorded July 2015 in ACRIS; $42.2 million recorded

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

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