THE CONDO BOOK PROJECT

438 East 12th Street Condominium

438 East 12th Street, Manhattan, NY 10009

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Overview

Units
82 residential · 6 parking · 32 storage · 1 commercial
Subway
3 min walk to 1 Av L3 Av L, 10 min
Developer
Steiner NYC
Principals
David S. Steiner, Douglas C. Steiner
Offering price
$222.4 million total $214.7 million when first offered

The sponsor of record is 181 Avenue A, LLC, represented by Seiden & Schein, P.C.. The offering plan runs 416 pages. The sponsor has filed 19 amendments, the latest in September 2019. The nearest other condo plan on file is 416 East 11th Street Condominium, next door.

Plan CD150281 · New · accepted Jan 26, 2016 · AG record ↗

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FigureThis building1196 Orchard294 units · 0.5 miaccepted 2016200 East 21st367 units · 0.6 miaccepted 2017
Average Offering PricePer Apartment$2.62MIn line$2.18M$3.1M

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Unit mix, closings, budgets, finishes and the team, against 196 Orchard and 200 East 21st, 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 the plan82 of 82
Closingsfirst and latest recordedDec 27, 2017 – Jun 15, 2020

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 88 closings
HomeRecordedClosing priceSchedule ADifference
4QDec 27, 2017$2,825,550——
4ADec 28, 2017$1,552,831——
5DJan 5, 2018$3,304,884——
3TJan 17, 2018$1,527,375——
5GJan 23, 2018$2,693,271——
3UJan 26, 2018$1,654,656——
4PJan 26, 2018$1,298,269——
3LJan 30, 2018$1,120,075——
4NJan 30, 2018$1,350,000——
4RJan 30, 2018$2,336,884——
3PFeb 2, 2018$1,313,543——
4BFeb 2, 2018$2,235,059——
4SFeb 2, 2018$1,776,846——
5AFeb 7, 2018$1,624,109——
3QFeb 8, 2018$2,825,644——
5KFeb 8, 2018$2,708,545——
4HFeb 9, 2018$1,440,824——
5CFeb 9, 2018$2,446,346——
3SFeb 12, 2018$1,588,470——
3RFeb 14, 2018$2,235,059——
5MFeb 14, 2018$3,859,168——
5BFeb 16, 2018$2,352,158——
4MFeb 20, 2018$3,044,568——
5EFeb 20, 2018$1,588,470——
4CFeb 21, 2018$2,315,942——
3DFeb 22, 2018$2,214,694——
5FFeb 22, 2018$2,395,000——
3KFeb 27, 2018$2,540,534——
4UFeb 27, 2018$1,690,284——
4TMar 2, 2018$1,542,649——
5RMar 6, 2018$3,450,000——
6DMar 7, 2018$3,415,000——
4LMar 8, 2018$1,170,988——
6FMar 8, 2018$2,540,534——
GRDAMar 8, 2018$1,822,668——
2SMar 12, 2018$2,011,044——
2UMar 13, 2018$2,011,044——
3AMar 14, 2018$1,349,181——
6BMar 19, 2018$2,445,000——
3MMar 21, 2018$2,987,725——
5PMar 21, 2018$2,884,700——
6AMar 21, 2018$1,629,200——
6PMar 21, 2018$3,034,086——
6MMar 23, 2018$3,809,447——
3JMar 26, 2018$2,295,000——
6RMar 26, 2018$3,515,000——
6KMar 27, 2018$2,795,276——
6JMar 28, 2018$2,365,000——
2EMar 30, 2018$1,909,219——
6CApr 3, 2018$2,548,041——
6QApr 6, 2018$2,650,000——
2RApr 12, 2018$1,756,481——
2QApr 16, 2018$1,374,638——
3CApr 16, 2018$2,291,063——
5QApr 23, 2018$2,520,169——
4DApr 24, 2018$2,350,000——
4EApr 30, 2018$2,315,942——
3EMay 1, 2018$2,215,029——
4KMay 4, 2018$2,295,000——
3NMay 25, 2018$1,522,284——
GRDBMay 25, 2018$2,035,991——
PHFMay 30, 2018$5,170,000——
6GJun 7, 2018$2,820,553——
PHAJun 12, 2018$4,727,500one deed, 2 homes——
PKG2Jun 12, 2018$4,727,500one deed, 2 homes——
PHCJun 29, 2018$4,556,669——
2DJul 2, 2018$3,818,438——
PHDJul 2, 2018$8,865,000——
6SJul 6, 2018$2,568,406——
4JJul 9, 2018$2,220,075——
3HJul 11, 2018$1,476,463——
PHBJul 11, 2018$5,345,813——
3BJul 16, 2018$2,235,059——
3FJul 16, 2018$3,820,755——
5UJul 18, 2018$2,469,256——
PHHAug 1, 2018$5,345,813——
5SAug 10, 2018$2,483,535——
5JSep 21, 2018$2,276,337——
GRDCSep 25, 2018$1,700,000——
PKG4Jan 31, 2019$253,500——
4FMar 1, 2019$3,426,116——
PHEJun 27, 2019$5,793,511——
PKG3Jun 27, 2019$61,072——
PHGDec 13, 2019$5,850,000——
PKG5Dec 19, 2019$240,825——
2PDec 27, 2019$1,479,365——
PKG1Dec 27, 2019$256,391——
PKG6Jun 15, 2020$72,150——

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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
181 Avenue A, LLC
Developer
Steiner NYC
Principals
David S. Steiner, Douglas C. Steiner
Tax estimate
Tuchman, Korngold, Weiss, Liebman & Gelles, LLCPrepared the first-year real estate tax projection
Construction lender
Bank of AmericaLender on the mortgage and building loan agreement recorded December 2015 in ACRIS; $132 million recorded

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

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