THE CONDO BOOK PROJECT

1015a President Street Condominium

1015a President Street, Brooklyn, NY 11225

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Overview

Units
8 residential
Subway
3 min walk to Franklin Av-Medgar Evers College/Botanic Garden 2 3 4 5 SPresident St-Medgar Evers College 2 5, 7 min
Principals
Ariel Sholomov
Average $/sf
$1,169Homes in Schedule A, as first offered
Common charges
$289–$576 a monthSponsor's first-year estimate in Schedule A, October 1, 2021-September 30, 2022
Offering price
$6.86 million total $6.55 million when first offered

The sponsor of record is 1015a President St. Condominiums LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 376 pages. The sponsor has filed 2 amendments, the latest in January 2022. The nearest other condo plan on file is 1015 President Street Condominium, next door.

Plan CD200202 · Rehab · accepted Apr 12, 2021 · AG record ↗

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FigureThis building11490 Saint Johns Place28 units · 1.5 miaccepted 2020127 Putnam36 units · 1 miaccepted 2020
Common ChargesPer Square Foot / Month$0.60Highest$0.48$0.33
Average Offering PricePer Apartment$818,750In line$689,375$988,333
Average PricePer Square Foot$1,169In line$1,003$1,213
Property TaxesPer Square Foot / Month$0.68Highest$0.42$0.18
Average Unit SizeSquare Feet701 SFIn line687 SF815 SF

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Unit mix, closings, budgets, finishes and the team, against 1490 Saint Johns Place and 127 Putnam, 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 closed100% of the homes in Schedule A8 of 8
Closing prices vs. Schedule A8 homes: $6,734,278 at closing against $6,550,000 in Schedule A (p. 35)+2.8%
Average closing price8 homes, on their Schedule A square feet$1,201 / SF
Closingsfirst and latest recordedMay 25, 2022 – Feb 23, 2023

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2024: 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 8 closings
HomeRecordedClosing priceSchedule ADifference
3RMay 25, 2022$810,000$795,000 p. 35+1.9%
4FMay 25, 2022$1,059,581$995,000 p. 35+6.5%
2RJun 3, 2022$750,000$750,000 p. 350%
1FJun 10, 2022$597,713$575,000 p. 35+4%
2FJun 13, 2022$795,000$750,000 p. 35+6%
3FJul 6, 2022$840,000$795,000 p. 35+5.7%
4RJul 26, 2022$999,000$995,000 p. 35+0.4%
1RFeb 23, 2023$882,984$895,000 p. 35−1.3%

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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
1015a President St. Condominiums LLC
Principals
Ariel Sholomov
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Bullpath Capital$3.47 million recorded

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

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