THE CONDO BOOK PROJECT

Novum East Village Condomiinium

238 East 3rd Street, Manhattan, NY 10009

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Overview

Units
20 residential
Subway
10 min walk to 2 Av FDelancey St-Essex St F J M Z, 11 min
Average $/sf
$1,885Homes in Schedule A, as first offered
Offering price
$37.3 million total

The sponsor of record is 238-240 E3 Street Realty LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 295 pages. The nearest other condo plan on file is Casa Bella Condominium, next door.

Plan CD190298 · New · accepted Apr 23, 2020 · AG record ↗

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FigureThis building1The 101222 units · 0.3 miaccepted 2020Graydon Chelsea330 units · 1.6 miaccepted 2020
Common ChargesPer Square Foot / Month$0.65Lowest$0.96$1.93
Average Offering PricePer Apartment$1.87MIn line$1.59M$2.19M
Average PricePer Square Foot$1,885Below peers$2,041$2,005
Average Unit SizeSquare Feet991 SFIn line780 SF1,093 SF

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Unit mix, closings, budgets, finishes and the team, against The 101 and Graydon Chelsea, 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
238-240 E3 Street Realty LLC
Tax estimate
Jeffrey Golkin PartnersPrepared the first-year real estate tax projection
Construction lender
Midfirst Bank$13.2 million loan stated in the plan

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

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