THE CONDO BOOK PROJECT

103 Douglass Street Condominium

103 Douglass Street, Brooklyn, NY 11231

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Overview

Units
3 residential
Subway
5 min walk to Bergen St F GCarroll St F G, 6 min
Average $/sf
$2,017Homes in Schedule A, as first offered
Offering price
$7.3 million total $4.65 million when first offered

The sponsor of record is 103 Douglass LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 289 pages. The sponsor has filed 2 amendments, the latest in January 2021. The nearest other condo plan on file is 101 Douglass Street Condominium, next door.

Plan CD190338 · New · accepted Jun 18, 2020 · AG record ↗

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FigureThis building1115 St. Marks Place23 units · 0.7 miaccepted 2020320 Sackett33 units · 0.2 miaccepted 2020
Common ChargesPer Square Foot / Month$0.49In line$0.41$0.49
Average Offering PricePer Apartment$2.43MAbove peers$1.83M$2.23M
Average PricePer Square Foot$2,017Highest$1,700$1,672
Average Unit SizeSquare Feet1,207 SFIn line1,079 SF1,333 SF

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Unit mix, closings, budgets, finishes and the team, against 115 St. Marks Place and 320 Sackett, 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: $6,525,000 at closing against $7,300,000 in Schedule A (p. 37)−10.6%
Average closing price3 homes, on their Schedule A square feet$1,802 / SF
Closingsfirst and latest recordedFeb 11, 2021 – Apr 21, 2021

Sales recorded with the Department of Finance (ACRIS) through Mar 31, 2022: 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
2Feb 11, 2021$1,700,000$1,800,000 p. 37−5.6%
3Feb 12, 2021$2,675,000$3,000,000 p. 37−10.8%
1Apr 21, 2021$2,150,000$2,500,000 p. 37−14%

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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
103 Douglass LLC
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Bayport Funding$2.5 million loan stated in the plan

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

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