THE CONDO BOOK PROJECT

L'Ecole Condominium/211 East 46th St *

211 East 46th Street & 212 East 47th Street, Manhattan, NY 10017

Overview

Units
261 residential
Subway
6 min walk to Grand Central-42 St 4 5 6 7 SLexington Av/51-53 Sts 6 E F M, 8 min
Developers
Extell Development Company, Cammeby’s International Ltd.
Principals
Gary Barnett, Rubin Schron
Average $/sf
$1,117Homes in Schedule A, as first offered
Common charges
$492–$987 a monthSponsor's first-year estimate in Schedule A, 01/01/2008 - 12/31/2008
Offering price
$214 million total

The sponsor of record is 211 East 46th Owners, LLC, represented by Ganfer Shore Leeds & Zauderer, LLP. The offering plan runs 730 pages. The sponsor has filed 16 amendments, the latest in August 2010. The nearest other condo plan on file is 234 East 46th Street Condominium, next door.

Plan CD060234 · Conversion · accepted Mar 20, 2007 · AG record ↗

Compare

FigureThis building1254 Pas2203 units · 1.3 miaccepted 2008Maison East3147 units · 1.8 miaccepted 2006
Average Offering PricePer Apartment$819,973Below peers$993,732$930,419

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Unit mix, closings, budgets, finishes and the team, against 254 Pas and Maison East, 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
211 East 46th Owners, LLC
Developers
Extell Development Company, Cammeby’s International Ltd.
Principals
Gary Barnett, Rubin Schron
Tax estimate
Jerome MazurskyPrepared the first-year real estate tax projection
Construction lender
Barclays Capital Real EstateLender on the mortgage and building loan agreement recorded January 2006 in ACRIS; $243 million recorded

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

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