THE CONDO BOOK PROJECT

327 West 22nd Street Condominium

327 West 22nd Street, Manhattan, NY 10011

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Overview

Units
8 residential
Subway
2 min walk to 23 St C E23 St 1, 6 min
Principals
Achille Fincato, Marco Fincato, Michelangelo Di Battista
Average $/sf
$2,119Homes in Schedule A, as first offered
Common charges
$563–$2,254 a monthSponsor's first-year estimate in Schedule A, November 1, 2021 to October 31, 2022
Offering price
$26.8 million total $22.6 million when first offered

The sponsor of record is Chelsea West 22nd LLC, represented by Meister Seelig & Fein LLP. The offering plan runs 388 pages. The sponsor has filed 5 amendments, the latest in August 2023. The nearest other condo plan on file is Louis Philippe Condominium, next door.

Plan CD210121 · Rehab · accepted Oct 12, 2021 · AG record ↗

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FigureThis building1On Lok Bo28 units · 2.3 miaccepted 202157 Lispenard34 units · 1.8 miaccepted 2024
Common ChargesPer Square Foot / Month$0.97In line$1.19$0.71
Average Offering PricePer Apartment$2.83MIn line$1.26M$4.54M
Average PricePer Square Foot$2,119Above peers$1,500$2,024
Property TaxesPer Square Foot / Month$0.66In line$0.44$2.24
Average Unit SizeSquare Feet1,333 SFIn line838 SF2,245 SF

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Unit mix, closings, budgets, finishes and the team, against On Lok Bo and 57 Lispenard, 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 closed25% of the homes in Schedule A2 of 8
Closing prices vs. Schedule A2 homes: $5,019,968 at closing against $4,950,000 in Schedule A (p. 32)+1.4%
Average closing price2 homes, on their Schedule A square feet$2,074 / SF
Closingsfirst and latest recordedAug 31, 2022 – Mar 17, 2023

Sales recorded with the Department of Finance (ACRIS) through Mar 31, 2023: 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 2 closings
HomeRecordedClosing priceSchedule ADifference
2Aug 31, 2022$2,790,000$2,650,000 p. 32+5.3%
1Mar 17, 2023$2,229,968$2,300,000 p. 32−3%

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Closings are for subscribers

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
Chelsea West 22nd LLC
Principals
Achille Fincato, Marco Fincato, Michelangelo Di Battista
Construction lender
Trevian Capital REIT

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

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