THE CONDO BOOK PROJECT

325 Lex

325 Lexington Avenue, Manhattan, NY 10016

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Overview

Units
125 residential · 1 commercial
Subway
4 min walk to Grand Central-42 St 4 5 6 7 S33 St 6, 7 min
Developers
Carmel Partners, Time Square Construction & Development
Principals
Ron Zeff
Offering price
$186.8 million total $175.3 million when first offered

The sponsor of record is Cp Iv Ts Lexington Owner, LLC, represented by Starr Associates LLP. The offering plan runs 552 pages. The sponsor has filed 17 amendments, the latest in January 2017. The nearest other condo plan on file is 153-155 East 37th Street Condominium, next door.

Plan CD140149 · New · accepted Sep 4, 2014 · AG record ↗

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FigureThis building1The Perrie295 units · 0.4 miaccepted 2015Nine 52nd3155 units · 1.2 miaccepted 2016
Average Offering PricePer Apartment$1.4MBelow peers$1.45M$1.5M

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Unit mix, closings, budgets, finishes and the team, against The Perrie and Nine 52nd, 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
Cp Iv Ts Lexington Owner, LLC
Developers
Carmel Partners, Time Square Construction & Development
Principals
Ron Zeff
Tax estimate
Marcus & Pollack LLPPrepared the first-year real estate tax projection

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

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