THE CONDO BOOK PROJECT

Keystone Condominium

38-44 Warren Street, Manhattan, NY 10007

Overview

Units
24 residential
Subway
1 min walk to Chambers St/WTC/Park Place/Cortlandt St 2 3 A C E R WChambers St 1 2 3, 2 min
Developer
EMJ Builders LLC
Principals
Kenneth S. Horn, Gerald R. Davis, Joel Breitkopf, Esther Bukai, Jay Plasky, Matthew Scherr
Average $/sf
$543Homes in Schedule A, as first offered
Offering price
$27.2 million total

The sponsor of record is East Tribeca Associates LLC, represented by Sonnenschein, Sherman & Deutsch, LLP. The offering plan runs 287 pages. The sponsor has filed 1 amendment, the latest in February 2001. The nearest other condo plan on file is 146 Church Street Condominium, next door.

Plan CD000139 · New · accepted Jan 18, 2001 · AG record ↗

Compare

FigureThis building1Solita216 units · 0.6 miaccepted 2001Perla'S Pueblo324 units · 1.7 miaccepted 2001
Common ChargesPer Square Foot / Month$0.30In line$0.43$0.28
Average Offering PricePer Apartment$1.13MIn line$1.41M$412,500
Average PricePer Square Foot$543In line$667$450
Average Unit SizeSquare Feet2,090 SFIn line2,119 SF917 SF

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Unit mix, closings, budgets, finishes and the team, against Solita and Perla'S Pueblo, 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 closed79% of the homes in Schedule A19 of 24
Closing prices vs. Schedule A13 homes: $27,342,872 at closing against $13,555,000 in Schedule A (p. 48)+101.7%
Average closing price13 homes, on their Schedule A square feet$988 / SF
Closingsfirst and latest recordedSep 26, 2002 – Jan 27, 2020

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2025: 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 19 closings
HomeRecordedClosing priceSchedule ADifference
3CSep 26, 2002$1,267,721$1,190,000 p. 48+6.5%
8BDec 5, 2002$1,272,813$1,245,000 p. 48+2.2%
9CApr 4, 2003$1,644,474——
6BApr 11, 2003$1,272,813——
8ANov 12, 2003$960,000$790,000 p. 48+21.5%
9BDec 15, 2003$1,455,000——
5CMar 4, 2004$2,195,000$1,335,000 p. 48+64.4%
2CApr 1, 2005$1,975,000$1,095,000 p. 48+80.4%
3BJul 15, 2005$2,000,000$870,000 p. 48+129.9%
9AJun 22, 2006$1,900,000——
6CSep 12, 2007$2,687,500——
3AMay 2, 2008$3,151,000$1,180,000 p. 48+167%
4BAug 4, 2010$2,250,000$940,000 p. 48+139.4%
7CMar 15, 2012$2,150,000$1,095,000 p. 48+96.3%
2BJul 16, 2012$2,675,000$795,000 p. 48+236.5%
6AMay 23, 2013$2,400,000——
7BOct 23, 2013$3,000,000$1,140,000 p. 48+163.2%
7AJul 23, 2014$2,195,000$735,000 p. 48+198.6%
8CJan 27, 2020$2,251,338$1,145,000 p. 48+96.6%

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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
East Tribeca Associates LLC
Developer
EMJ Builders LLC
Principals
Kenneth S. Horn, Gerald R. Davis, Joel Breitkopf, Esther Bukai, Jay Plasky, Matthew Scherr
Construction lender
Corus Bank

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

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