THE CONDO BOOK PROJECT

New Theatre Condominium

240 East 10th Street, Manhattan, NY 10003

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Overview

Units
37 residential · 1 commercial
Subway
5 min walk to 1 Av L3 Av L, 8 min
Developer
Wildwood Development Corp.
Principals
Gerald Rosengarten
Offering price
$20.4 million total

The sponsor of record is New City Associates LLC, represented by Shaw & Associates. The offering plan runs 640 pages. The sponsor has filed 18 amendments, the latest in December 2010. The nearest other condo plan on file is 239 East 10th Street, next door.

Plan CD990153 · New · accepted May 2, 2000 · AG record ↗

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FigureThis building1Perla'S Pueblo224 units · 0.6 miaccepted 2001American Tract Society Building345 units · 1.6 miaccepted 2001
Average Offering PricePer Apartment$550,310In line$412,500$801,044

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Unit mix, closings, budgets, finishes and the team, against Perla'S Pueblo and American Tract Society Building, 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
New City Associates LLC
Developer
Wildwood Development Corp.
Principals
Gerald Rosengarten
Tax estimate
New York Advisory Services, Inc.Prepared the first-year real estate tax projection
Construction lenders
Chinatrust Bank, Grand Pacific Financial

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

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