Terra 48, 221 East 48th Street
221 East 48th Street, New York, NY 10017
BBL 1013227503 · BIN 1038005
Every recorded sale at this building, 2025–2026
Price-per-square-foot over time, the line- and floor-premium curves, and every recorded sale.
- Median $/sf, 2025
- $1,422
- 4 sales
- Listing discount
- 0.0%
- Recorded sales
- 7
- On record
- 2025–2026
Own an apartment here? See what it would sell for.
A Private Pricing Opinion — what your apartment at Terra 48 would likely sell for today, what it costs to sell, and what you’d walk away with — reviewed personally against condition, exposures, renovation quality, and the competition actually on the market.
Terra 48 is a six-residence condominium made from a 20-foot-wide, 1910 townhouse on East 48th Street in Turtle Bay. The sponsor enlarged the building upward and to the rear and converted it from five apartments to six condominium homes. The offering plan was accepted in August 2024 and declared effective in October 2025.
The sellout was fast and priced tightly. Four homes closed in December 2025, the penthouse in May 2026 and the garden residence in July 2026, at $1,500,000 to $1,999,000 each and $10,649,000 in total. That is about 86% of the plan's last total of $12,450,000. Any purchase here from now on is a resale.
Architecture and residences
City records show a 20-by-100-foot lot and a 1910 building. The Department of Buildings alteration, filed by C3D Architecture as a job requiring a new certificate of occupancy, covers a horizontal and vertical enlargement to six stories and 70 feet, about 9,182 square feet of construction, and an increase from five to six dwelling units. Interior demolition was signed off in October 2023 and the mechanical work in May 2025.
The six homes are Residences 1 through 6, with Residence 1 marketed as the garden residence and Residence 6 as the penthouse. Listing records describe two-bedroom layouts for both. We did not find published square footages for each home; the construction area works out to about 1,530 square feet per home on a gross basis, which overstates the apartments themselves.
Offering and sales record
Per the offering plan filed with the New York State Attorney General (plan CD240029), the plan was submitted January 26, 2024 as a rehabilitation, accepted August 8, 2024 and declared effective October 24, 2025. It covers six residential units. The total offering price was $12,695,000 as first filed and is $12,450,000 now, a reduction of $245,000. The record reports four units sold; ACRIS shows all six deeded, so the record has not caught up. We could not read the individual amendments in this review.
Recorded sponsor sales, per ACRIS:
| Residence | Deed date | Price |
|---|---|---|
| 5 | December 5, 2025 | $1,900,000 |
| 4 | December 8, 2025 | $1,800,000 |
| 3 | December 16, 2025 | $1,650,000 |
| 2 | December 22, 2025 | $1,500,000 |
| 6 (penthouse) | May 14, 2026 | $1,999,000 |
| 1 (garden) | July 23, 2026 | $1,800,000 |
Prices step up with the residence number, from $1.5 million for Residence 2 to $1.9 million for Residence 5, with the penthouse at just under $2 million. Listing records show the garden residence asked $1,950,000 at one point and sold at $1,800,000, and the penthouse sold at its $1,999,000 ask. Without confirmed unit sizes we do not quote prices per square foot.
Local Law 97
This building is below the 25,000 sq ft threshold at which LL97 limits apply to a building on its own. It is still covered if it shares a tax lot or condominium board with buildings totaling over 50,000 sq ft; confirm on DOB’s covered-buildings list.
See full Local Law 97 analysis →Recent sales
Recent closings at this building, from The Roebling Research Library. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.
| Date | Unit | Apartment | Price | PPSF | vs. Ask |
|---|---|---|---|---|---|
| Dec 22, 2025 | 2 | 2 BR · 2 BA · 1,213 sf | $1,500,000 | $1,237/sf | +0.0% |
| Dec 16, 2025 | 3 | 2 BR · 2 BA · 1,213 sf | $1,650,000 | $1,360/sf | — |
| Dec 8, 2025 | 4 | 2 BR · 2 BA · 1,213 sf | $1,800,000 | $1,484/sf | +0.0% |
| Dec 5, 2025 | 5 | 2 BR · 2 BA · 1,213 sf | $1,900,000 | $1,566/sf | +0.0% |
Market read. $/sf is measured on the latest sales with reliable square footage (2025): a median $1,422/sf (recorded) across 4 sales. The building has traded as recently as 2026. Median listing discount 0.0% from the last ask.
Full closing history with price-per-square-foot over time, the complete retrade record, and every line that has traded.
Sales sourced from NYC Department of Finance recorded transfers (BBL 1-01322-7503; each condominium apartment is its own tax lot). Apartment-level facts (line, condition, asking-price context) curated and cross-verified in The Roebling Research Library. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage from recorded condo declarations and offering plans.
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At the recent median sale of $1.65M (5 sales in the past 24 months, since October 31, 2024), a buyer putting 25% down would pay about $69,237 to close, or 4.2% of the price.
- Mansion tax: $16,500
- Mortgage recording tax: $23,822
- Title insurance: $7,425
- Attorneys, lender, building fees, reserves and filings: $21,490
Assumes a resale (the seller pays transfer taxes), a $4,500 attorney fee and a mortgage on the rest.
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What to know if you’re buying
Resales only. The sponsor has sold every home. In a resale the seller customarily pays the transfer taxes and the buyer pays the state mansion tax of 1% at $1 million to $2 million, which is $18,000 on a $1.8 million home.
Price against the sponsor closings. Six recorded sales within eight months give a clean basis for value. Adjust for floor, outdoor space and any changes since.
A six-unit condominium in a narrow building. With six owners, each vote and each assessment carries weight, and there is no staff. Ask the board for the budget, the reserve and any open items on the certificate of occupancy.
Carrying costs. Ask for common charges and the current real estate tax bill for the unit; first-year taxes on a converted building can change once the city assesses each unit.
Sponsor board control. With all units sold, control should have passed or be passing to owners. Confirm the board's composition.
Comparable buildings
If you're considering Terra 48, also look at these Turtle Bay condominiums:
- 249 East 48th Street — postwar condominium of about 160 residences on the same block
- 250 East 49th Street — new-construction condominium of about 75 residences on the same block
- 245 East 50th Street — 16-residence condominium two blocks north
- 216 East 47th Street — 47-residence condominium a block south
- 219 East 44th Street — six full-floor residences, a similar count
- 845 Second Avenue — 18-residence condominium nearby
More Midtown East buildings
- 219 East 44th Street — 2020 condominium
- The Leslie House (220 East 54th Street) — 1960 co-op
- 221 East 50th Street — 1957 co-op
- 225 East 46th Street (Midtown East) — 1955 condominium by H.I. Feldman
- 225 East 47th Street (The Winthrop) — 1939 co-op
- 225 East 57th Street — 1963 co-op
The neighborhood
For the full corridor — architecture, transit, and pricing across Midtown East — read The Roebling Team Guide to Midtown East.
How to read the facts on this page. Items attributed to an offering plan describe the building as it was offered at that filing — unit mix, square footage, the amenity program as planned. They are not a statement about how the building operates today. Tax and compliance figures are sourced separately to current City records and carry their own dates. House rules, staffing and fee policy can change by board resolution without any public filing: treat every policy line here as a starting point for diligence and confirm it with the managing agent. Where this page compares one building or neighborhood to another, that is our analysis of the recorded record — it names the measure, the period and the sample it rests on, and it is an observation about medians rather than a prediction about any particular apartment.
Considering a move at Terra 48?
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646.939.7375 · c.cohen@compass.com