THE CONDO BOOK PROJECT

331 East 8th Street Condominium

331 East 8th Street, Manhattan, NY 10009

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Overview

Units
5 residential
Subway
11 min walk to 1 Av L2 Av F, 15 min
Developer
Helix Partners LLC
Principals
Joseph Lozito, Matthew Brown, William Lozito
Average $/sf
$823Homes in Schedule A, as first offered
Common charges
$748–$1,309 a monthSponsor's first-year estimate in Schedule A, July 1, 2005 to June 30, 2006
Offering price
$7.22 million total

The sponsor of record is 331 E 8 Associates LLC, represented by Robert Castellano, Esq. The offering plan runs 247 pages. The sponsor has filed 6 amendments, the latest in April 2006. The nearest other condo plan on file is Seventh Street East Condominium, next door.

Plan CD050216 · New · accepted Sep 30, 2005 · AG record ↗

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FigureThis building1209 East 2nd26 units · 0.3 miaccepted 2007Empire 3036 units · 1.5 miaccepted 2004
Common ChargesPer Square Foot / Month$0.53In line$1.02$0.24
Average Offering PricePer Apartment$1.44MBelow peers$1.59M$1.78M
Average PricePer Square Foot$823Lowest$1,077$1,233
Property TaxesPer Square Foot / Month$0.10Lowest$0.20$1.06
Average Unit SizeSquare Feet1,754 SFLarger1,572 SF1,446 SF

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Unit mix, closings, budgets, finishes and the team, against 209 East 2nd and Empire 30, 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 A4 homes: $5,869,950 at closing against $5,825,000 in Schedule A (p. 29)+0.8%
Average closing price4 homes, on their Schedule A square feet$921 / SF
Closingsfirst and latest recordedApr 24, 2006 – Dec 2, 2011

Sales recorded with the Department of Finance (ACRIS) through Apr 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 7 closings
HomeRecordedClosing priceSchedule ADifference
103Apr 24, 2006$1,323,725——
101Apr 25, 2006$1,420,459——
104Apr 25, 2006$1,374,638——
2May 10, 2006$1,298,269$1,225,000 p. 29+6%
5Jun 6, 2006$2,221,681$1,950,000 p. 29+13.9%
3Oct 6, 2011$1,100,000$1,300,000 p. 29−15.4%
4Dec 2, 2011$1,250,000$1,350,000 p. 29−7.4%

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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
331 E 8 Associates LLC
Developer
Helix Partners LLC
Principals
Joseph Lozito, Matthew Brown, William Lozito
Tax estimate
Moseson & AssociatesPrepared the first-year real estate tax projection

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

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