THE CONDO BOOK PROJECT

249 E 50th Street Condominium

249 East 50th Street, Manhattan, NY 10022

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Overview

Units
27 residential
Subway
5 min walk to Lexington Av/51-53 Sts 6 E F MGrand Central-42 St 4 5 6 7 S, 11 min
Developers
Tun-Chiong Family Limited Partnership, Yin Yin Aye Myint Family Limited Partnership
Principals
Richard Myint, Fanny Chiong, Kyaw Myint, Yolanda Tun-Chiong
Average $/sf
$1,523Homes in Schedule A, as first offered
Common charges
$723–$3,658 a monthSponsor's first-year estimate in Schedule A, December 1, 2021 - November 30, 2022
Offering price
$55 million total

The sponsor of record is 50 Tun Trust, Daw Khin Su Limted Partnership, E 50th Street Realty LLC, Hu Family Tru, represented by Meister Seelig & Fein, LLP. The offering plan runs 428 pages. The sponsor has filed 2 amendments, the latest in June 2022. The nearest other condo plan on file is 232 East 50th Street Condominium, next door.

Plan CD210147 · New · accepted Nov 1, 2021 · AG record ↗

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FigureThis building1Minuet215 units · 0.1 miaccepted 2020The Edison Gramercy353 units · 1.5 miaccepted 2021
Common ChargesPer Square Foot / Month$1.07Below peers$1.26$1.15
Average Offering PricePer Apartment$2.04MLowest$2.72M$2.48M
Average PricePer Square Foot$1,523Lowest$2,026$2,233
Property TaxesPer Square Foot / Month$1.87Highest$0.91$1.42
Average Unit SizeSquare Feet1,337 SFIn line1,343 SF1,111 SF

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Unit mix, closings, budgets, finishes and the team, against Minuet and The Edison Gramercy, 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 closed78% of the homes in Schedule A21 of 27
Closing prices vs. Schedule A21 homes: $41,144,018 at closing against $44,230,000 in Schedule A (p. 40)−7%
Average closing price21 homes, on their Schedule A square feet$1,431 / SF
Closingsfirst and latest recordedNov 7, 2022 – Nov 10, 2022

Sales recorded with the Department of Finance (ACRIS) through Aug 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 21 closings
HomeRecordedClosing priceSchedule ADifference
3ANov 7, 2022$1,104,944$1,130,000 p. 40−2.2%
3BNov 7, 2022$1,706,284$1,700,000 p. 40+0.4%
3CNov 7, 2022$995,376$1,010,000 p. 40−1.4%
5ANov 7, 2022$1,104,944$1,150,000 p. 40−3.9%
5DNov 7, 2022$970,320$1,010,000 p. 40−3.9%
6DNov 7, 2022$970,320$1,030,000 p. 40−5.8%
7ANov 7, 2022$2,749,275$2,740,000 p. 40+0.3%
7BNov 7, 2022$979,642$1,060,000 p. 40−7.6%
7DNov 7, 2022$970,320$1,050,000 p. 40−7.6%
11Nov 7, 2022$2,800,188$3,060,000 p. 40−8.5%
15Nov 7, 2022$2,787,053$3,160,000 p. 40−11.8%
3DNov 10, 2022$970,320$1,000,000 p. 40−3%
5BNov 10, 2022$1,686,411$1,730,000 p. 40−2.5%
6ANov 10, 2022$1,104,944$1,170,000 p. 40−5.6%
6CNov 10, 2022$983,784$1,050,000 p. 40−6.3%
9Nov 10, 2022$2,877,686$2,960,000 p. 40−2.8%
10Nov 10, 2022$2,787,053$3,010,000 p. 40−7.4%
12Nov 10, 2022$2,754,590$3,110,000 p. 40−11.4%
16Nov 10, 2022$2,754,591$3,200,000 p. 40−13.9%
PHNov 10, 2022$4,921,648$5,800,000 p. 40−15.1%
TH2Nov 10, 2022$3,164,325$3,100,000 p. 40+2.1%

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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
50 Tun Trust, Daw Khin Su Limted Partnership, E 50th Street Realty LLC, Hu Family Tru
Developers
Tun-Chiong Family Limited Partnership, Yin Yin Aye Myint Family Limited Partnership
Principals
Richard Myint, Fanny Chiong, Kyaw Myint, Yolanda Tun-Chiong
Tax estimate
Korngold Powers LLPPrepared the first-year real estate tax projection
Construction lender
Cathay Bank$28 million recorded

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

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