THE CONDO BOOK PROJECT

Palomar

266 West 115th Street, Manhattan, NY 10026

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Overview

Units
15 residential
Subway
2 min walk to 116 St B CCathedral Pkwy (110 St) B C, 6 min
Principals
Kathleen A. Dunn
Average $/sf
$563Homes in Schedule A, as first offered
Common charges
$793–$1,118 a monthSponsor's first-year estimate in Schedule A, -
Offering price
$10.2 million total

The sponsor of record is 266 West 115th Street, LLC, represented by Bryan Cave LLP. The offering plan runs 281 pages. The sponsor has filed 5 amendments, the latest in February 2008. The nearest other condo plan on file is 237 & 247 West 115th Street Condominium, next door.

Plan CD060506 · New · accepted Feb 16, 2007 · AG record ↗

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FigureThis building1245 W. 115th220 units · 0 miaccepted 2006Altair 20 (15 West 20th Street Condominium)317 units · 4.8 miaccepted 2005
Common ChargesPer Square Foot / Month$0.70Lowest$1.26$1.07
Average Offering PricePer Apartment$683,216In line$252,000$2.64M
Average PricePer Square Foot$563Below peers$642$1,125
Property TaxesPer Square Foot / Month$0.00Lowest$0.39$0.62
Average Unit SizeSquare Feet1,213 SFIn line393 SF2,345 SF

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See the Full Comp

Unit mix, closings, budgets, finishes and the team, against 245 W. 115th and Altair 20 (15 West 20th Street Condominium), 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 A15 of 15
Closing prices vs. Schedule A15 homes: $10,348,684 at closing against $10,248,235 in Schedule A (p. 24)+1%
Average closing price15 homes, on their Schedule A square feet$569 / SF
Closingsfirst and latest recordedOct 19, 2007 – Jun 26, 2008

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 15 closings
HomeRecordedClosing priceSchedule ADifference
3AOct 19, 2007$691,610$681,520 p. 24+1.5%
3BOct 31, 2007$657,620$667,700 p. 24−1.5%
1BNov 14, 2007$544,764$472,050 p. 24+15.4%
2BNov 15, 2007$656,771$655,560 p. 24+0.2%
4ANov 15, 2007$702,593$693,690 p. 24+1.3%
4BNov 16, 2007$692,410$679,840 p. 24+1.8%
7ANov 16, 2007$749,723$736,285 p. 24+1.8%
PHNov 16, 2007$906,243$958,750 p. 24−5.5%
2ANov 28, 2007$682,228$669,350 p. 24+1.9%
1ADec 7, 2007$549,855$485,100 p. 24+13.3%
7BDec 19, 2007$740,000$728,400 p. 24+1.6%
5AJan 25, 2008$715,322$705,860 p. 24+1.3%
5BJun 4, 2008$677,136$691,980 p. 24−2.1%
6AJun 20, 2008$690,000$718,030 p. 24−3.9%
6BJun 26, 2008$692,410$704,120 p. 24−1.7%

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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
266 West 115th Street, LLC
Principals
Kathleen A. Dunn
Tax estimate
Ben Rottenstein Associates Inc.Prepared the first-year real estate tax projection

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

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