THE CONDO BOOK PROJECT

Polhemus Residences Condominium

100 Amity Street, Brooklyn, NY 11201

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Overview

Units
17 residential
Subway
9 min walk to Bergen St F GBorough Hall/Court St 2 3 4 5 R, 10 min
Principals
Joel Kestenbaum
Average $/sf
$1,684Homes in Schedule A, as first offered
Common charges
$1,360–$5,329 a monthSponsor's first-year estimate in Schedule A, July 1, 2017 - June 30, 2018
Offering price
$69.4 million total

The sponsor of record is Fpg Ch 350 Henry, LLC, represented by Hirschen Singer & Epstein LLP. The offering plan runs 356 pages. The sponsor has filed 14 amendments, the latest in December 2019. The nearest other condo plan on file is 119 Congress Street Condominium, next door.

Plan CD160060 · Rehab · accepted Nov 4, 2016 · AG record ↗

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FigureThis building167 Livingston222 units · 0.3 miaccepted 2018Presidio320 units · 3.2 miaccepted 2017
Common ChargesPer Square Foot / Month$1.42Highest$0.43$0.82
Average Offering PricePer Apartment$3.94MHighest$3.12M$675,600
Average PricePer Square Foot$1,684In line$1,702$956
Property TaxesPer Square Foot / Month$1.39Highest$1.20$0.34
Average Unit SizeSquare Feet2,338 SFLargest1,832 SF707 SF

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Unit mix, closings, budgets, finishes and the team, against 67 Livingston and Presidio, cited to the offering plans. No credit card required.

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How We Got This
  • Comps: the closest Brooklyn 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 closed59% of the homes in Schedule A10 of 17
Closing prices vs. Schedule A10 homes: $18,360,942 at closing against $35,635,000 in Schedule A (p. 44)−48.5%
Average closing price10 homes, on their Schedule A square feet$827 / SF
Closingsfirst and latest recordedApr 25, 2019 – Aug 15, 2019

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 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 10 closings
HomeRecordedClosing priceSchedule ADifference
2BApr 25, 2019$2,300,000$4,500,000 p. 44−48.9%
4CApr 25, 2019$1,685,000$2,650,000 p. 44−36.4%
4BApr 26, 2019$2,550,000$6,500,000 p. 44−60.8%
3BMay 1, 2019$2,350,000$4,600,000 p. 44−48.9%
1BMay 2, 2019$845,000$2,990,000 p. 44−71.7%
1CMay 30, 2019$725,000$1,600,000 p. 44−54.7%
2AJun 5, 2019$2,315,942$3,500,000 p. 44−33.8%
4AJun 20, 2019$2,000,000$2,550,000 p. 44−21.6%
1AJul 1, 2019$1,640,000$3,195,000 p. 44−48.7%
3AAug 15, 2019$1,950,000$3,550,000 p. 44−45.1%

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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
Fpg Ch 350 Henry, LLC
Principals
Joel Kestenbaum
Tax estimate
Tuchman, Korngold, Weiss, Liebman & Gelles, LLPPrepared the first-year real estate tax projection
Construction lender
Bank Leumi$30.9 million recorded

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

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