THE CONDO BOOK PROJECT

Veneto Condominium /250 East 53rd Street

250 East 53rd Street, Manhattan, NY 10022

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Overview

Units
137 residential · 1 parking · 1 commercial
Subway
3 min walk to Lexington Av/51-53 Sts 6 E F MLexington Av/59 St 4 5 6 N R W, 9 min
Developers
The Related Companies, L.P., Related Realty Group, Inc., Related Management Company, Daisy Holdings, L.L.C., Related Urban Development
Principals
Jeff T. Blau, Stephen M. Ross, Bruce A. Beal, Jr., Gregory Gushee, David J. Wine, Bryan Cho
Average $/sf
$1,304Homes in Schedule A, as first offered
Common charges
$698–$2,546 a monthSponsor's first-year estimate in Schedule A, November 1, 2007 - October 31, 2008
Offering price
$241.5 million total

The sponsor of record is 53rd & 2nd Associates, LLC, represented by Ganfer Shore Leeds & Zauderer, LLP. The offering plan runs 678 pages. The sponsor has filed 19 amendments, the latest in November 2008. The nearest other condo plan on file is 245 East 53rd Street Condominium, next door.

Plan CD050644 · New · accepted Apr 20, 2006 · AG record ↗

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FigureThis building1Plaza Hotel - Condominiums2181 units · 0.6 miaccepted 2006260 Park Avenue South3110 units · 0.4 miaccepted 2004
Average Offering PricePer Apartment$1.76MIn line$2.41M$1.52M

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Unit mix, closings, budgets, finishes and the team, against Plaza Hotel - Condominiums and 260 Park Avenue South, 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
53rd & 2nd Associates, LLC
Developers
The Related Companies, L.P., Related Realty Group, Inc., Related Management Company, Daisy Holdings, L.L.C., Related Urban Development
Principals
Jeff T. Blau, Stephen M. Ross, Bruce A. Beal, Jr., Gregory Gushee, David J. Wine, Bryan Cho
Tax estimate
Leitner Group, Inc.Prepared the first-year real estate tax projection

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

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