THE CONDO BOOK PROJECT

Terra 48 Condominium

221 East 48th Street, Manhattan, NY 10017

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Overview

Units
6 residential
Subway
5 min walk to Lexington Av/51-53 Sts 6 E F MGrand Central-42 St 4 5 6 7 S, 8 min
Principals
Chen Ji, Chok Lei, Ricky Liang
Average $/sf
$1,695Homes in Schedule A, as first offered
Offering price
$12.4 million total $12.7 million when first offered

The sponsor of record is Cmcssg 221e48 LLC, represented by Marans Newman Tsolis & Nazinitsky LLC. The offering plan runs 311 pages. The sponsor has filed 1 amendment, the latest in August 2025. The nearest other condo plan on file is Alexander Condominium, next door.

Plan CD240029 · Rehab · accepted Aug 8, 2024 · AG record ↗

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FigureThis building1Lucia27 units · 0.6 miaccepted 2025327 West 22nd38 units · 1.7 miaccepted 2021
Common ChargesPer Square Foot / Month$0.49Lowest$0.87$0.97
Average Offering PricePer Apartment$2.08MIn line$1.33M$2.83M
Average PricePer Square Foot$1,695In line$1,328$2,119
Average Unit SizeSquare Feet1,224 SFIn line999 SF1,333 SF

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Unit mix, closings, budgets, finishes and the team, against Lucia and 327 West 22nd, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $10,649,000 at closing against $12,450,000 in Schedule A (p. 49)−14.5%
Average closing price6 homes, on their Schedule A square feet$1,450 / SF
Closingsfirst and latest recordedDec 5, 2025 – Jul 23, 2026

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 6 closings
HomeRecordedClosing priceSchedule ADifference
5Dec 5, 2025$1,900,000$1,975,000 p. 49−3.8%
4Dec 8, 2025$1,800,000$1,950,000 p. 49−7.7%
3Dec 16, 2025$1,650,000$1,925,000 p. 49−14.3%
2Dec 22, 2025$1,500,000$1,900,000 p. 49−21.1%
6May 14, 2026$1,999,000$2,300,000 p. 49−13.1%
1Jul 23, 2026$1,800,000$2,400,000 p. 49−25%

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Closings are for subscribers

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
Cmcssg 221e48 LLC
Principals
Chen Ji, Chok Lei, Ricky Liang
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection
Construction lender
Shc Lending$10.5 million recorded

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

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