THE CONDO BOOK PROJECT

208 Delancey Condominium

208 Delancey Street, Manhattan, NY 10002

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Overview

Units
70 residential · 9 parking · 45 storage
Subway
5 min walk to Delancey St-Essex St F J M ZEast Broadway F, 10 min
Principals
Bentley Zhao
Average $/sf
$1,908Homes in Schedule A, as first offered
Common charges
$437–$1,646 a monthSponsor's first-year estimate in Schedule A, August 1, 2022 - July 31, 2023
Offering price
$107.7 million total

The sponsor of record is Nere Li Development LLC, represented by Marcus Attorneys, Pllc. The offering plan runs 509 pages. The sponsor has filed 12 amendments, the latest in December 2023. The nearest other condo plan on file is River Ridge Condominium, next door.

Plan CD200008 · New · accepted Feb 12, 2021 · AG record ↗

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FigureThis building1The Lexi243 units · 1.8 miaccepted 2021The Edison Gramercy353 units · 1.3 miaccepted 2021
Common ChargesPer Square Foot / Month$1.17Above peers$0.97$1.15
Average Offering PricePer Apartment$1.23MLowest$1.73M$2.48M
Average PricePer Square Foot$1,908Below peers$2,015$2,233
Property TaxesPer Square Foot / Month$1.51Above peers$1.32$1.42
Average Unit SizeSquare Feet645 SFSmallest858 SF1,111 SF

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Unit mix, closings, budgets, finishes and the team, against The Lexi and The Edison Gramercy, 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 closed99% of the homes in Schedule A84 of 85
Closing prices vs. Schedule A81 homes: $100,843,513 at closing against $100,240,000 in Schedule A (p. 57, p. 58, p. 59)+0.6%
Average closing price81 homes, on their Schedule A square feet$1,920 / SF
Closingsfirst and latest recordedOct 6, 2022 – Dec 18, 2024

Sales recorded with the Department of Finance (ACRIS) through Apr 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 84 closings
HomeRecordedClosing priceSchedule ADifference
5COct 6, 2022$1,272,813$1,250,000 p. 58+1.8%
7DOct 6, 2022$1,450,000$1,450,000 p. 580%
4IOct 7, 2022$636,500$670,000 p. 58−5%
8FOct 7, 2022$1,900,000$2,010,000 p. 58−5.5%
3AOct 11, 2022$835,856$970,000 p. 57−13.8%
8DOct 11, 2022$1,500,000$1,465,000 p. 58+2.4%
3COct 13, 2022$805,000$805,000 p. 570%
3BOct 14, 2022$707,684$695,000 p. 57+1.8%
2DOct 17, 2022$1,095,000$1,195,000 p. 57−8.4%
7FOct 17, 2022$2,178,000$2,260,000 p. 58−3.6%
9BOct 17, 2022$1,055,000$1,250,000 p. 58−15.6%
5AOct 18, 2022$985,000$1,000,000 p. 58−1.5%
6GOct 18, 2022$712,775$715,000 p. 58−0.3%
5HOct 20, 2022$679,000$685,000 p. 58−0.9%
9AOct 20, 2022$1,275,000$1,150,000 p. 58+10.9%
11BOct 20, 2022$1,150,000$1,275,000 p. 59−9.8%
PH3Oct 20, 2022$1,350,000$1,350,000 p. 590%
4AOct 21, 2022$980,000$980,000 p. 570%
4HOct 21, 2022$660,500$695,000 p. 57−5%
8BOct 21, 2022$1,662,533$1,475,000 p. 58+12.7%
10BOct 21, 2022$1,340,000$1,260,000 p. 58+6.3%
11AOct 21, 2022$1,305,000$1,170,000 p. 59+11.5%
PH2Oct 21, 2022$1,570,000$1,550,000 p. 59+1.3%
6FOct 24, 2022$1,195,000$1,160,000 p. 58+3%
9EOct 24, 2022$850,000$825,000 p. 58+3%
4CNov 7, 2022$810,000$810,000 p. 570%
7BNov 7, 2022$1,500,000$1,550,000 p. 58−3.2%
8ANov 7, 2022$1,125,000$975,000 p. 58+15.4%
11ENov 7, 2022$957,155$835,000 p. 59+14.6%
6HNov 8, 2022$680,000$690,000 p. 58−1.4%
7ANov 8, 2022$999,000$1,035,000 p. 58−3.5%
10FNov 8, 2022$2,200,000$2,125,000 p. 59+3.5%
2HNov 9, 2022$1,002,976$985,000 p. 57+1.8%
3DNov 9, 2022$1,100,000$1,085,000 p. 57+1.4%
3INov 9, 2022$641,498$665,000 p. 57−3.5%
5BNov 9, 2022$1,150,000$1,150,000 p. 580%
4BNov 10, 2022$700,000$700,000 p. 570%
4DNov 10, 2022$1,155,714$1,095,000 p. 57+5.5%
6BNov 10, 2022$1,102,000$1,160,000 p. 58−5%
5GNov 14, 2022$678,030$710,000 p. 58−4.5%
2BNov 16, 2022$705,000$690,000 p. 57+2.2%
9FNov 16, 2022$2,150,000$2,080,000 p. 58+3.4%
6CNov 18, 2022$1,270,000$1,260,000 p. 58+0.8%
11CNov 18, 2022$1,109,893$1,250,000 p. 59−11.2%
1ANov 23, 2022$745,000$750,000 p. 57−0.7%
2FNov 23, 2022$794,000$835,000 p. 57−4.9%
6ANov 30, 2022$975,000$1,010,000 p. 58−3.5%
2ADec 6, 2022$2,670,668one deed, 3 homes$975,000 p. 57—
2CDec 6, 2022$2,670,668one deed, 3 homes$800,000 p. 57—
5EDec 6, 2022$2,670,668one deed, 3 homes$850,000 p. 58—
9DDec 6, 2022$1,614,140$1,480,000 p. 58+9.1%
1CDec 14, 2022$625,000$685,000 p. 57−8.8%
3HDec 23, 2022$699,000$690,000 p. 57+1.3%
10EJan 9, 2023$900,000$830,000 p. 59+8.4%
6IJan 20, 2023$1,556,904$1,590,000 p. 58−2.1%
11DJan 20, 2023$1,644,474$1,510,000 p. 59+8.9%
9CJan 24, 2023$1,410,000$1,225,000 p. 58+15.1%
2EFeb 3, 2023$1,720,000$1,720,000 p. 570%
4JFeb 16, 2023$1,550,000$1,550,000 p. 580%
10CFeb 16, 2023$1,476,463$1,235,000 p. 58+19.6%
11FFeb 16, 2023$2,291,063$2,145,000 p. 59+6.8%
5FFeb 23, 2023$1,175,000$1,150,000 p. 58+2.2%
8CFeb 28, 2023$1,315,000$1,500,000 p. 58−12.3%
5IMar 9, 2023$1,575,000$1,575,000 p. 580%
8EMar 9, 2023$875,000$820,000 p. 58+6.7%
10AMar 17, 2023$1,288,086$1,160,000 p. 58+11%
3FMar 30, 2023$809,000$840,000 p. 57−3.7%
4FApr 7, 2023$860,421$845,000 p. 57+1.8%
7EApr 7, 2023$882,823$810,000 p. 58+9%
PH5Apr 12, 2023$2,695,000$2,500,000 p. 59+7.8%
4GApr 17, 2023$1,160,805$1,125,000 p. 57+3.2%
PH1May 1, 2023$3,100,000$3,125,000 p. 59−0.8%
7CMay 19, 2023$1,265,000$1,475,000 p. 58−14.2%
6EMay 23, 2023$873,995$855,000 p. 58+2.2%
10DJun 2, 2023$1,705,569$1,495,000 p. 58+14.1%
PH4Jul 13, 2023$970,000$900,000 p. 59+7.8%
3GAug 17, 2023$1,075,000$1,115,000 p. 57−3.6%
6DAug 23, 2023$1,839,000$1,895,000 p. 58−3%
2GAug 28, 2023$799,000$785,000 p. 57+1.8%
5DAug 28, 2023$1,776,846$1,875,000 p. 58−5.2%
3EJan 5, 2024$1,680,000$1,735,000 p. 57−3.2%
4EJan 15, 2024$1,735,000$1,750,000 p. 57−0.9%
1BFeb 12, 2024$1,850,000$1,615,000 p. 57+14.6%
1DDec 18, 2024$1,350,000$1,880,000 p. 57−28.2%

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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
Nere Li Development LLC
Developer
New Empire Corp.Reported by nyrej.com
Principals
Bentley Zhao
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Axos Bank$41.5 million recorded

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

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