THE CONDO BOOK PROJECT

Gramercy 1860 Condominium

327 East 22nd Street, Manhattan, NY 10010

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Overview

Units
11 residential
Subway
8 min walk to 23 St-Baruch College 61 Av L, 9 min
Developer
Jiangsu Weiye Construction Group
Principals
Bin Yu Wang
Average $/sf
$2,248Homes in Schedule A, as first offered
Common charges
$677–$1,483 a monthSponsor's first-year estimate in Schedule A, July 1, 2021- June 30, 2022
Offering price
$35.6 million total $37.3 million when first offered

The sponsor of record is Gramercy 1860 LLC, represented by Marans Newman Tsolis & Nazinitsky LLC. The offering plan runs 317 pages. The sponsor has filed 4 amendments, the latest in March 2024. The nearest other condo plan on file is Gramercy Condo, next door.

Plan CD190109 · New · accepted Sep 30, 2021 · AG record ↗

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FigureThis building1Treetop210 units · 1.1 miaccepted 2022Sixty Six Clinton312 units · 1.2 miaccepted 2022
Common ChargesPer Square Foot / Month$0.57Lowest$0.77$1.76
Average Offering PricePer Apartment$3.47MAbove peers$3.4M$2.72M
Average PricePer Square Foot$2,248Above peers$2,134$2,112
Property TaxesPer Square Foot / Month$1.20Below peers$1.44$1.29
Average Unit SizeSquare Feet1,546 SFIn line1,592 SF1,289 SF

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Unit mix, closings, budgets, finishes and the team, against Treetop and Sixty Six Clinton, 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 A11 of 11
Closing prices vs. Schedule A11 homes: $28,047,559 at closing against $38,215,850 in Schedule A (p. 46)−26.6%
Average closing price11 homes, on their Schedule A square feet$1,650 / SF
Closingsfirst and latest recordedMar 3, 2023 – Jul 31, 2024

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 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 11 closings
HomeRecordedClosing priceSchedule ADifference
1BMar 3, 2023$3,850,000$4,859,900 p. 46−20.8%
5BMar 8, 2023$2,682,465$2,888,400 p. 46−7.1%
6BMar 30, 2023$2,775,094$3,036,000 p. 46−8.6%
7Apr 6, 2023$4,375,000$5,184,000 p. 46−15.6%
4ADec 8, 2023$1,840,000$2,841,125 p. 46−35.2%
1AApr 29, 2024$3,250,000$4,859,900 p. 46−33.1%
5AApr 29, 2024$1,875,000$2,888,400 p. 46−35.1%
3AJun 4, 2024$1,800,000$2,824,500 p. 46−36.3%
4BJun 17, 2024$1,850,000$2,841,125 p. 46−34.9%
3BJul 22, 2024$1,800,000$2,824,500 p. 46−36.3%
6AJul 31, 2024$1,950,000$3,168,000 p. 46−38.4%

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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
Gramercy 1860 LLC
Developer
Jiangsu Weiye Construction Group
Principals
Bin Yu Wang
Tax estimate
Tuchman, Korngold, Weiss, Liebman & Lindemann, LLPPrepared the first-year real estate tax projection
Construction lender
G4 Capital Partners$20.2 million recorded

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

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