THE CONDO BOOK PROJECT

1019 President Street Condominium

1019 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
Yaakov Scharman
Common charges
$283–$604 a monthSponsor's first-year estimate in Schedule A, October 1, 2020
Offering price
$6.26 million total $6.03 million when first offered

The sponsor of record is 57 Himrod LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 371 pages. The sponsor has filed 1 amendment, the latest in November 2020. The nearest other condo plan on file is 1015a President Street Condominium, next door.

Plan CD190341 · Rehab · accepted Feb 21, 2020 · AG record ↗

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FigureThis building11296 Park Place28 units · 1.2 miaccepted 20201015a President38 units · 0 miaccepted 2021
Average Offering PricePer Apartment$754,000In line$697,490$818,750

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Unit mix, closings, budgets, finishes and the team, against 1296 Park Place and 1015a President, 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 closed75% of the homes in Schedule A6 of 8
Closing prices vs. Schedule A6 homes: $4,859,300 at closing against $4,634,000 in Schedule A (p. 33)+4.9%
Closingsfirst and latest recordedMay 21, 2021 – Sep 24, 2021

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 2021: 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 6 closings
HomeRecordedClosing priceSchedule ADifference
4RMay 21, 2021$950,000$949,000 p. 33+0.1%
1RJun 14, 2021$845,000$829,000 p. 33+1.9%
3RJun 18, 2021$760,000$729,000 p. 33+4.3%
4FJun 24, 2021$945,954$949,000 p. 33−0.3%
3FJun 30, 2021$783,034$729,000 p. 33+7.4%
1FSep 24, 2021$575,311$449,000 p. 33+28.1%

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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
57 Himrod LLC
Principals
Yaakov Scharman
Construction lender
1st Constitution Bank$2.7 million recorded

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

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