THE CONDO BOOK PROJECT

540 West 21st Street Condominium

540 West 21st Street, Manhattan, NY 10011

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Overview

Units
34 residential · 2 commercial
Subway
11 min walk to 23 St C E14 St/8 Av A C E L, 13 min
Developer
Casco Real Estate Development
Principals
Noam Teltch, Uri Chaitchik
Offering price
$539.3 million total

The sponsor of record is 540 West 21st Street Holdings LLC, represented by Holland & Knight LLP. The offering plan runs 584 pages. The sponsor has filed 1 amendment, the latest in July 2020. The nearest other condo plan on file is 550 West 21st Street Condominium, next door.

Plan CD180304 · New · accepted Jul 15, 2019 · AG record ↗

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FigureThis building167 Vestry217 units · 1.7 miaccepted 201970 Vestry347 units · 1.7 miaccepted 2016
Average Offering PricePer Apartment$15.68MAbove peers$12.77M$14.69M

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Unit mix, closings, budgets, finishes and the team, against 67 Vestry and 70 Vestry, 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
540 West 21st Street Holdings LLC
Developer
Casco Real Estate Development
Principals
Noam Teltch, Uri Chaitchik
Tax estimate
Marcus & Pollack LLPPrepared the first-year real estate tax projection
Construction lenders
Goldman Sachs Bank, CRECB Funding W21

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

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