THE CONDO BOOK PROJECT

245 East 53rd Street Condominium

245 East 53rd Street, Manhattan, NY 10022

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Overview

Units
5 residential · 1 commercial
Subway
2 min walk to Lexington Av/51-53 Sts 6 E F MLexington Av/59 St 4 5 6 N R W, 9 min
Developer
Vinbaytel Property Development LLC
Principals
Gary Vinbaytel, Natan Vinbaytel, Ronald Vinbaytel
Average $/sf
$1,536Homes in Schedule A, as first offered
Offering price
$2 million total $11.3 million when first offered

The sponsor of record is 245 East 53rd Street Realty, LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 290 pages. The sponsor has filed 3 amendments, the latest in July 2020. The nearest other condo plan on file is 1009 2nd Avenue Condominium, next door.

Plan CD180166 · New · accepted Mar 11, 2019 · AG record ↗

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FigureThis building1424w5227 units · 1.3 miaccepted 2019The Westerley39 units · 1.5 miaccepted 2020
Common ChargesPer Square Foot / Month$0.46 ⚠In line$0.40$0.85
Average Offering PricePer Apartment$2.13MBelow peers$2.29M$2.36M
Average PricePer Square Foot$1,536Below peers$1,825$1,599
Average Unit SizeSquare Feet1,386 SFIn line1,257 SF1,475 SF

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Unit mix, closings, budgets, finishes and the team, against 424w52 and The Westerley, 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.

⚠ Read from a partly legible Schedule B.

Closings Pro

Homes closed100% of the homes in Schedule A5 of 5
Closing prices vs. Schedule A5 homes: $9,117,689 at closing against $10,640,000 in Schedule A (p. 35)−14.3%
Average closing price5 homes, on their Schedule A square feet$1,316 / SF
Closingsfirst and latest recordedMay 26, 2020 – Oct 3, 2025

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 2025: 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 5 closings
HomeRecordedClosing priceSchedule ADifference
5May 26, 2020$1,850,000$2,175,000 p. 35−14.9%
3Jun 26, 2020$1,733,571$1,995,000 p. 35−13.1%
4Jul 21, 2020$1,764,118$2,095,000 p. 35−15.8%
6Aug 5, 2020$1,995,000$2,400,000 p. 35−16.9%
2Oct 3, 2025$1,775,000$1,975,000 p. 35−10.1%

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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
245 East 53rd Street Realty, LLC
Developer
Vinbaytel Property Development LLCReported by nyrej.com
Principals
Gary Vinbaytel, Natan Vinbaytel, Ronald Vinbaytel
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection
Construction lender
Popular Bank$6.9 million loan stated in the plan

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

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