THE CONDO BOOK PROJECT

200 East 21st Street Condominium

200 East 21st Street, Manhattan, NY 10010

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Overview

Units
67 residential · 14 storage
Subway
5 min walk to 23 St-Baruch College 63 Av L, 7 min
Principals
Michael Namer, Jacob Namer, Matthew Namer
Average $/sf
$2,247Homes in Schedule A, as first offered
Common charges
$688–$4,358 a monthSponsor's first-year estimate in Schedule A, From January 1, 2019 through December 31, 2019
Offering price
$205.4 million total $208.4 million when first offered

The sponsor of record is Alfa Gramercy Park LLC**, represented by Seiden & Schein, P.C.. The offering plan runs 406 pages. The sponsor has filed 19 amendments, the latest in May 2021. The nearest other condo plan on file is 200 East 20th Street Condominium, next door.

Plan CD160374 · New · accepted Jul 13, 2017 · AG record ↗

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FigureThis building1570 Broome254 units · 1.5 miaccepted 2017Charlie West3123 units · 1.7 miaccepted 2017
Common ChargesPer Square Foot / Month$1.01Below peers$1.07$1.09
Average Offering PricePer Apartment$3.1MAbove peers$2.76M$2.2M
Average PricePer Square Foot$2,247In line$2,410$1,966
Property TaxesPer Square Foot / Month$1.89Above peers$1.65$0.95
Average Unit SizeSquare Feet1,379 SFLargest1,144 SF1,114 SF

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Unit mix, closings, budgets, finishes and the team, against 570 Broome and Charlie West, 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 A67 of 67
Closing prices vs. Schedule A67 homes: $196,024,071 at closing against $207,565,000 in Schedule A (p. 43, p. 44)−5.6%
Average closing price67 homes, on their Schedule A square feet$2,122 / SF
Closingsfirst and latest recordedDec 28, 2018 – Mar 18, 2022

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 68 closings
HomeRecordedClosing priceSchedule ADifference
RUDec 28, 2018$74,400,000——
8AApr 23, 2019$2,650,000$3,045,000 p. 43−13%
6CMay 6, 2019$2,925,000$3,225,000 p. 43−9.3%
5AMay 9, 2019$2,495,000$2,885,000 p. 43−13.5%
4DMay 10, 2019$1,438,003$1,430,000 p. 43+0.6%
9CMay 10, 2019$3,946,357$3,950,000 p. 44−0.1%
15BMay 10, 2019$1,750,000$1,715,000 p. 44+2%
10BMay 13, 2019$1,639,383$1,640,000 p. 44−0%
5DMay 14, 2019$1,471,371$1,445,000 p. 43+1.8%
7DJun 4, 2019$1,501,919$1,475,000 p. 43+1.8%
4AJun 5, 2019$2,475,000$2,845,000 p. 43−13%
3CJun 6, 2019$2,770,000$3,075,000 p. 43−9.9%
14BJun 6, 2019$1,695,000$1,665,000 p. 44+1.8%
4CJun 7, 2019$2,920,000$3,125,000 p. 43−6.6%
6AJun 7, 2019$2,575,000$2,925,000 p. 43−12%
3AJun 10, 2019$2,585,000$2,945,000 p. 43−12.2%
10CJun 11, 2019$4,031,454$4,050,000 p. 44−0.5%
5BJun 12, 2019$1,578,288$1,550,000 p. 43+1.8%
7CJun 12, 2019$3,280,802$3,275,000 p. 43+0.2%
12BJun 12, 2019$1,700,448$1,670,000 p. 44+1.8%
17AJun 12, 2019$3,920,263$3,975,000 p. 44−1.4%
7AJun 18, 2019$2,515,000$2,965,000 p. 43−15.2%
19BJun 19, 2019$5,310,174$5,215,000 p. 44+1.8%
8BJun 24, 2019$1,639,383$1,610,000 p. 43+1.8%
11BJun 28, 2019$1,650,000$1,655,000 p. 44−0.3%
3EJul 2, 2019$2,107,778$2,070,000 p. 43+1.8%
4BJul 2, 2019$1,554,053$1,540,000 p. 43+0.9%
5CJul 8, 2019$2,850,000$3,175,000 p. 43−10.2%
7BJul 10, 2019$1,608,835$1,580,000 p. 43+1.8%
3DJul 15, 2019$1,405,185$1,415,000 p. 43−0.7%
6DJul 22, 2019$1,486,645$1,460,000 p. 43+1.8%
11DAug 1, 2019$3,054,750$3,195,000 p. 44−4.4%
15DAug 7, 2019$3,342,956$3,445,000 p. 44−3%
12DAug 27, 2019$3,075,000$3,295,000 p. 44−6.7%
8DSep 12, 2019$2,775,348$3,045,000 p. 43−8.9%
10ASep 12, 2019$2,700,250$3,125,000 p. 44−13.6%
11COct 10, 2019$4,000,255$4,150,000 p. 44−3.6%
2BOct 30, 2019$1,395,255$1,395,000 p. 43+0%
18BNov 25, 2019$6,595,000$6,300,000 p. 44+4.7%
8CNov 26, 2019$3,540,246$3,850,000 p. 43−8%
9ADec 12, 2019$2,700,250$3,085,000 p. 44−12.5%
9BDec 12, 2019$1,670,250$1,625,000 p. 44+2.8%
20ADec 13, 2019$4,145,255$4,175,000 p. 44−0.7%
6BDec 16, 2019$1,600,000$1,565,000 p. 43+2.2%
18ADec 16, 2019$4,075,255$4,025,000 p. 44+1.2%
12ADec 17, 2019$2,750,255$3,205,000 p. 44−14.2%
19ADec 18, 2019$4,225,992$4,075,000 p. 44+3.7%
16ADec 20, 2019$4,292,091$4,250,000 p. 44+1%
12CDec 27, 2019$3,800,255$4,250,000 p. 44−10.6%
15ADec 27, 2019$2,984,745$3,345,000 p. 44−10.8%
15CFeb 24, 2020$4,100,255$4,550,000 p. 44−9.9%
11AMar 26, 2020$2,720,255$3,165,000 p. 44−14.1%
14AApr 29, 2020$2,895,000$3,245,000 p. 44−10.8%
3BMay 12, 2020$1,485,255$1,525,000 p. 43−2.6%
2AMay 15, 2020$1,630,255$1,695,000 p. 43−3.8%
5ENov 6, 2020$1,690,255$2,020,000 p. 43−16.3%
4EDec 7, 2020$1,600,000$1,995,000 p. 43−19.8%
10DDec 30, 2020$2,498,022$3,145,000 p. 44−20.6%
9DJan 26, 2021$2,550,000$3,095,000 p. 44−17.6%
14CFeb 16, 2021$3,800,000$4,350,000 p. 44−12.6%
PHMar 23, 2021$10,800,000$11,925,000 p. 44−9.4%
16BMar 24, 2021$6,500,000$6,600,000 p. 44−1.5%
7EMay 27, 2021$1,725,000$2,070,000 p. 43−16.7%
20BJun 21, 2021$5,056,030$4,925,000 p. 44+2.7%
6EJun 28, 2021$1,700,000$2,045,000 p. 43−16.9%
2CJan 5, 2022$1,595,000$1,675,000 p. 43−4.8%
14DFeb 2, 2022$2,995,000$3,345,000 p. 44−10.5%
17BMar 18, 2022$6,485,000$6,200,000 p. 44+4.6%

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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
Alfa Gramercy Park LLC**
Principals
Michael Namer, Jacob Namer, Matthew Namer
Tax estimate
Podell, Schwartz, Schechter & Banfield, LLPPrepared the first-year real estate tax projection
Construction lender
Wells Fargo Bank$113.6 million recorded

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