THE CONDO BOOK PROJECT

3 East Third Street Condominium

3 East Third Street, Manhattan, NY 10003

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Overview

Units
5 residential · 1 commercial
Subway
5 min walk to 2 Av FBroadway-Lafayette St/Bleecker St 6 B D F M, 5 min
Principals
Alexander Barrett
Average $/sf
$2,410Homes in Schedule A, as first offered
Common charges
$1,069–$1,316 a monthSponsor's first-year estimate in Schedule A, From April 1, 2019 To March 31, 2020
Offering price
$30 million total $31.4 million when first offered

The sponsor of record is 3 East 3rd Street LLC, represented by Marcus Attorneys. The offering plan runs 286 pages. The sponsor has filed 6 amendments, the latest in February 2021. The nearest other condo plan on file is 347 Bowery Condominium, next door.

Plan CD180095 · New · accepted Dec 4, 2018 · AG record ↗

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FigureThis building1100 Franklin210 units · 0.9 miaccepted 201910 Greene34 units · 0.7 miaccepted 2018
Common ChargesPer Square Foot / Month$0.61Lowest$1.37$0.75
Average Offering PricePer Apartment$4.58MBelow peers$4.75M$8.12M
Average PricePer Square Foot$2,410In line$2,349$2,834
Property TaxesPer Square Foot / Month$1.44In line$1.80$1.39
Average Unit SizeSquare Feet1,901 SFSmaller2,021 SF2,867 SF

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Unit mix, closings, budgets, finishes and the team, against 100 Franklin and 10 Greene, 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 A5 of 5
Closing prices vs. Schedule A5 homes: $18,335,000 at closing against $22,900,000 in Schedule A (p. 29)−19.9%
Average closing price5 homes, on their Schedule A square feet$1,929 / SF
Closingsfirst and latest recordedJan 17, 2020 – Dec 8, 2020

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 2022: 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 5 closings
HomeRecordedClosing priceSchedule ADifference
2Jan 17, 2020$4,300,000$4,500,000 p. 29−4.4%
4Oct 15, 2020$3,250,000$4,250,000 p. 29−23.5%
6Oct 15, 2020$4,310,000$5,650,000 p. 29−23.7%
5Nov 2, 2020$3,300,000$4,300,000 p. 29−23.3%
3Dec 8, 2020$3,175,000$4,200,000 p. 29−24.4%

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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
3 East 3rd Street LLC
Principals
Alexander Barrett
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Connectone Bank$15.7 million recorded

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

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