THE CONDO BOOK PROJECT

222 East 81st Street Condominium

222 East 81st Street, Manhattan, NY 10028

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Overview

Units
3 residential
Subway
4 min walk to 86 St Q77 St 6, 7 min
Principals
Terrence Lowenberg, Todd Cohen
Average $/sf
$2,063Homes in Schedule A, as first offered
Common charges
$8,978–$10,657 a monthSponsor's first-year estimate in Schedule A, July 1, 2021 - June 30, 2022
Offering price
$32.7 million total $22.3 million when first offered

The sponsor of record is 222 East 81 Realty LLC, represented by Seiden & Schein, P.C.. The offering plan runs 403 pages. The sponsor has filed 4 amendments, the latest in November 2022. The nearest other condo plan on file is 225 East 81st Street Condominium, next door.

Plan CD180427 · Conversion · accepted Dec 17, 2020 · AG record ↗

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FigureThis building1350 East 81st23 units · 0.2 miaccepted 2020The Gianna35 units · 0.9 miaccepted 2017
Common ChargesPer Square Foot / Month$2.65Highest$1.25$1.42
Average Offering PricePer Apartment$7.43MHighest$4.9M$5.95M
Average PricePer Square Foot$2,063In line$1,532$3,076
Property TaxesPer Square Foot / Month$1.17In line$1.17$1.14
Average Unit SizeSquare Feet3,602 SFLarger3,198 SF1,935 SF

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Unit mix, closings, budgets, finishes and the team, against 350 East 81st and The Gianna, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $16,635,000 at closing against $22,300,000 in Schedule A (p. 49)−25.4%
Average closing price3 homes, on their Schedule A square feet$1,539 / SF
Closingsfirst and latest recordedApr 8, 2022 – Jul 6, 2023

Sales recorded with the Department of Finance (ACRIS) through Feb 28, 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 3 closings
HomeRecordedClosing priceSchedule ADifference
1Apr 8, 2022$5,535,000$8,000,000 p. 49−30.8%
3Apr 26, 2022$5,850,000$7,300,000 p. 49−19.9%
2Jul 6, 2023$5,250,000$7,000,000 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
222 East 81 Realty LLC
Principals
Terrence Lowenberg, Todd Cohen
Tax estimate
Goldberg Weprin Finkel Goldstein LLPPrepared the first-year real estate tax projection
Construction lender
Signature BankLender on the mortgage and building loan agreement recorded June 2017 in ACRIS; $8.9 million recorded

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

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