THE CONDO BOOK PROJECT

Seymour Condominium

261 West 25th Street, Manhattan, NY 10001

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Overview

Units
49 residential
Subway
1 min walk to 23 St C E23 St 1, 5 min
Principals
Miki Naftali
Average $/sf
$1,908Homes in Schedule A, as first offered
Common charges
$530–$2,460 a monthSponsor's first-year estimate in Schedule A, Twelve Month Period Commencing January 1, 2016 and Ending December 31, 2016 ("First Year")
Offering price
$122.1 million total $116.2 million when first offered

The sponsor of record is 261 Owner LLC, represented by Kramer Levin Naftalis & Frankel LLP. The offering plan runs 556 pages. The sponsor has filed 11 amendments, the latest in April 2016. The nearest other condo plan on file is 237 West 26th Street Condominium, next door.

Plan CD140042 · New · accepted Jul 8, 2014 · AG record ↗

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FigureThis building1Sorting House230 units · 1.3 miaccepted 201535 Xv356 units · 0.6 miaccepted 2012
Common ChargesPer Square Foot / Month$1.17In line$1.36$1.04
Average Offering PricePer Apartment$2.36MIn line$1.93M$4.04M
Average PricePer Square Foot$1,908In line$1,707$2,193
Property TaxesPer Square Foot / Month$1.29Above peers$1.28$0.63
Average Unit SizeSquare Feet1,239 SFIn line1,133 SF1,841 SF

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Unit mix, closings, budgets, finishes and the team, against Sorting House and 35 Xv, 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 A49 of 49
Closing prices vs. Schedule A45 homes: $116,689,198 at closing against $108,995,000 in Schedule A (p. 52, p. 53)+7.1%
Average closing price45 homes, on their Schedule A square feet$2,055 / SF
Closingsfirst and latest recordedJan 28, 2016 – May 5, 2016

Sales recorded with the Department of Finance (ACRIS) through Sep 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 49 closings
HomeRecordedClosing priceSchedule ADifference
2EJan 28, 2016$1,295,000$1,195,000 p. 52+8.4%
2AFeb 1, 2016$1,247,356$1,125,000 p. 52+10.9%
3AFeb 1, 2016$1,232,083$1,140,000 p. 52+8.1%
2BFeb 2, 2016$2,744,184$2,625,000 p. 52+4.5%
3CFeb 2, 2016$2,133,234$1,965,000 p. 52+8.6%
4AFeb 2, 2016$1,298,269$1,155,000 p. 52+12.4%
4EFeb 4, 2016$1,400,094$1,260,000 p. 52+11.1%
5EFeb 9, 2016$1,415,368$1,275,000 p. 52+11%
2CFeb 10, 2016$1,135,349$1,050,000 p. 52+8.1%
6CFeb 11, 2016$2,290,000$2,215,000 p. 52+3.4%
3EFeb 16, 2016$1,333,908$1,210,000 p. 52+10.2%
7BFeb 16, 2016$2,947,834$2,715,000 p. 52+8.6%
4CFeb 18, 2016$2,158,690$1,990,000 p. 52+8.5%
7AFeb 22, 2016$1,344,090$1,200,000 p. 52+12%
7CFeb 22, 2016$2,357,249$2,240,000 p. 52+5.2%
2DFeb 23, 2016$3,253,309$2,975,000 p. 52+9.4%
4DFeb 23, 2016$3,553,693$3,235,000 p. 52+9.9%
5DFeb 23, 2016$3,592,485$3,275,000 p. 52+9.7%
6AFeb 24, 2016$1,308,451$1,185,000 p. 52+10.4%
6BFeb 24, 2016$2,740,000$2,685,000 p. 52+2%
5BFeb 25, 2016$2,606,720$2,455,000 p. 52+6.2%
8AFeb 25, 2016$1,425,550$1,265,000 p. 52+12.7%
8BFeb 25, 2016$2,947,834$2,845,000 p. 53+3.6%
5CFeb 26, 2016$2,184,146$2,015,000 p. 52+8.4%
8DFeb 26, 2016$4,031,454$3,795,000 p. 53+6.2%
3BFeb 29, 2016$2,545,625$2,395,000 p. 52+6.3%
5AFeb 29, 2016$1,323,725$1,170,000 p. 52+13.1%
6EMar 2, 2016$1,430,641$1,290,000 p. 52+10.9%
7EMar 2, 2016$1,476,463$1,305,000 p. 52+13.1%
4BMar 4, 2016$2,576,173$2,425,000 p. 52+6.2%
7DMar 10, 2016$3,904,989$3,630,000 p. 52+7.6%
9BMar 10, 2016$4,709,406$4,495,000 p. 53+4.8%
6DMar 11, 2016$3,864,259$3,590,000 p. 52+7.6%
3DMar 15, 2016$3,450,000$3,195,000 p. 52+8%
8EMar 15, 2016$1,512,101$1,370,000 p. 53+10.4%
9AMar 15, 2016$1,695,000$1,585,000 p. 53+6.9%
9CMar 16, 2016$4,036,500$3,845,000 p. 53+5%
10CMar 21, 2016$3,258,400$2,995,000 p. 53+8.8%
10AMar 22, 2016$1,578,288$1,395,000 p. 53+13.1%
10BMar 24, 2016$4,022,088$3,795,000 p. 53+6%
PHBApr 4, 2016$4,288,781$4,195,000 p. 53+2.2%
PHAApr 6, 2016$4,953,786$4,795,000 p. 53+3.3%
11AApr 7, 2016$5,549,463$5,195,000 p. 53+6.8%
11BApr 7, 2016$4,073,000$3,895,000 p. 53+4.6%
GRDNAApr 20, 2016$2,621,994——
GRDNBApr 20, 2016$687,319——
GRDNDApr 21, 2016$2,591,446——
GRNDCMay 2, 2016$1,165,896——
8CMay 5, 2016$2,464,165$2,345,000 p. 53+5.1%

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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
261 Owner LLC
Principals
Miki Naftali
Tax estimate
Aaron Valuation Inc.Prepared the first-year real estate tax projection
Construction lender
TD BankLender on the mortgage and building loan agreement recorded June 2014 in ACRIS; $50.6 million recorded

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

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