THE CONDO BOOK PROJECT

102 Summit Street Condominium

102 Summit Street, Brooklyn, NY 11231

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Overview

Units
3 residential
Subway
11 min walk to Carroll St F GSmith-9 Sts F G, 15 min
Principals
Anthony Prestigiacomo, John Prestigiacomo, Salvatore Prestigiacomo
Average $/sf
$1,841Homes in Schedule A, as first offered
Common charges
$291–$495 a monthSponsor's first-year estimate in Schedule A, October 1, 2022 ‐ September 30, 2023
Offering price
$6.5 million total

The sponsor of record is 102 Summit Street LLC, represented by The Law Office Of Claudia V. Murdoch, P.C.. The offering plan runs 270 pages. The sponsor has filed 1 amendment, the latest in October 2022. The nearest other condo plan on file is 100 Summit Street Condominium, next door.

Plan CD220044 · Rehab · accepted Aug 10, 2022 · AG record ↗

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FigureThis building123 Wyckoff24 units · 0.6 miaccepted 2022686 Carroll34 units · 1.4 miaccepted 2022
Common ChargesPer Square Foot / Month$0.34In line$0.52$0.34
Average Offering PricePer Apartment$2.17MAbove peers$2.04M$1.98M
Average PricePer Square Foot$1,841Below peers$1,934$1,871
Property TaxesPer Square Foot / Month$0.37In line$0.54$0.36
Average Unit SizeSquare Feet1,177 SFLarger1,057 SF1,056 SF

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Unit mix, closings, budgets, finishes and the team, against 23 Wyckoff and 686 Carroll, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $6,189,975 at closing against $6,500,000 in Schedule A (p. 33)−4.8%
Average closing price3 homes, on their Schedule A square feet$1,753 / SF
Closingsfirst and latest recordedDec 16, 2022 – Feb 28, 2023

Sales recorded with the Department of Finance (ACRIS) through Dec 31, 2023: 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 3 closings
HomeRecordedClosing priceSchedule ADifference
1Dec 16, 2022$2,349,000$2,500,000 p. 33−6%
2Dec 16, 2022$1,499,000$1,500,000 p. 33−0.1%
3Feb 28, 2023$2,341,975$2,500,000 p. 33−6.3%

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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
102 Summit Street LLC
Principals
Anthony Prestigiacomo, John Prestigiacomo, Salvatore Prestigiacomo
Tax estimate
MGNYPrepared the first-year real estate tax projection

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

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