THE CONDO BOOK PROJECT

39 East 29th Street Condominium

39 East 29th Street, Manhattan, NY 10016

Overview

Units
132 residential · 1 commercial
Subway
2 min walk to 28 St 633 St 6, 4 min
Developers
Espais Promocions Immobiliaries E.P.I., S.A., Landscape Espais, S.L.
Principals
Luis Casamitjana Serraclara, Ricard San Jose Sorroche
Offering price
$162 million total

The sponsor of record is East 29th Street, LLC, represented by Tuchman Korngold Weiss Liebman & Gelles, LLP. The offering plan runs 773 pages. The sponsor has filed 15 amendments, the latest in February 2014. The nearest other condo plan on file is Rose Hill Condominium, next door.

Plan CD060822 · New · accepted May 22, 2007 · AG record ↗

Compare

FigureThis building1Caledonia2190 units · 1.2 miaccepted 2006Veneto Condominium /250 East 53rd Street3137 units · 1.2 miaccepted 2006
Average Offering PricePer Apartment$1.23MIn line$1.2M$1.76M

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Unit mix, closings, budgets, finishes and the team, against Caledonia and Veneto Condominium /250 East 53rd Street, 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
East 29th Street, LLC
Developers
Espais Promocions Immobiliaries E.P.I., S.A., Landscape Espais, S.L.
Principals
Luis Casamitjana Serraclara, Ricard San Jose Sorroche
Tax estimate
Metropolitan Valuation ServicesPrepared the first-year real estate tax projection
Construction lender
Istar Financial$100 million loan stated in the plan

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

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