THE CONDO BOOK PROJECT

724-728 East 221st Street Condominium

724-728 East 221st Street, Bronx, NY 10467

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Overview

Units
24 residential
Subway
7 min walk to 219 St 2 5225 St 2 5, 9 min
Principals
Kimmarie Gervasi, Nancy Kotkin
Average $/sf
$275Homes in Schedule A, as first offered
Common charges
$218–$307 a monthSponsor's first-year estimate in Schedule A, December 1, 2005
Offering price
$5 million total

The sponsor of record is Nkmb Realty LLC & 741 East 221st St. Corp., represented by Edward Lukashok. The offering plan runs 194 pages. The sponsor has filed 1 amendment, the latest in July 2006. The nearest other condo plan on file is 712 East 220th Street Condominium, next door.

Plan CD050631 · New · accepted Jun 27, 2006 · AG record ↗

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FigureThis building1Sedgwick240 units · 2.3 miaccepted 2007Park South312 units · 2.8 miaccepted 2008
Average Offering PricePer Apartment$208,333Lowest$270,375$302,083

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Unit mix, closings, budgets, finishes and the team, against Sedgwick and Park South, cited to the offering plans. No credit card required.

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How We Got This
  • Comps: the closest Bronx 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
Nkmb Realty LLC & 741 East 221st St. Corp.
Principals
Kimmarie Gervasi, Nancy Kotkin
Tax estimate
William N. Mavrelis Attorney At LawPrepared the first-year real estate tax projection

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

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