THE CONDO BOOK PROJECT

253 East 7th Street Condominium

253 East 7th Street, Manhattan, NY 10009

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Overview

Units
7 residential
Subway
13 min walk to 1 Av L2 Av F, 15 min
Principals
Amir Nechmad
Average $/sf
$1,772Homes in Schedule A, as first offered
Common charges
$543–$1,469 a monthSponsor's first-year estimate in Schedule A, Projected Financial Information for the First Year of Condominium Operation Based on Projectede Commencement on July 1, 2018
Offering price
$15.6 million total $15.9 million when first offered

The sponsor of record is Drk East 7th Street LLC, represented by Phillips Nizer LLP. The offering plan runs 331 pages. The sponsor has filed 6 amendments, the latest in March 2021. The nearest other condo plan on file is Flowerbox Condominium, next door.

Plan CD170213 · New · accepted Apr 20, 2018 · AG record ↗

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FigureThis building1Idylls25 units · 0.9 miaccepted 2018148 Attorney36 units · 0.4 miaccepted 2018
Common ChargesPer Square Foot / Month$0.80In line$0.87$0.52
Average Offering PricePer Apartment$2.23MIn line$2.29M$2.01M
Average PricePer Square Foot$1,772Above peers$1,771$1,595
Property TaxesPer Square Foot / Month$1.44Above peers$1.40$0.66
Average Unit SizeSquare Feet1,259 SFSmaller1,293 SF1,262 SF

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Unit mix, closings, budgets, finishes and the team, against Idylls and 148 Attorney, 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 closed100% of the homes in Schedule A7 of 7
Closing prices vs. Schedule A3 homes: $5,332,539 at closing against $7,090,000 in Schedule A (p. 40)−24.8%
Average closing price3 homes, on their Schedule A square feet$1,329 / SF
Closingsfirst and latest recordedDec 10, 2019 – May 29, 2026

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 2026: 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 8 closings
HomeRecordedClosing priceSchedule ADifference
8Dec 10, 2019$3,000,000——
4BDec 20, 2019$1,438,003——
3Dec 30, 2019$1,268,975——
3BJan 23, 2020$1,257,539$1,300,000 p. 40−3.3%
THMar 24, 2021$1,950,000$2,995,000 p. 40−34.9%
4AOct 15, 2021$950,000——
2ANov 12, 2021$1,080,000——
5May 29, 2026$2,125,000$2,795,000 p. 40−24%

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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
Drk East 7th Street LLC
Principals
Amir Nechmad
Tax estimate
Tuchman, Komgold, Weiss, Liebman & Gelles LLPPrepared the first-year real estate tax projection
Construction lender
Esquire Bank$3.8 million recorded

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

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