THE CONDO BOOK PROJECT

103 Meserole Street Condominium

103 Meserole Street, Brooklyn, NY 11206

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Overview

Units
8 residential
Subway
7 min walk to Montrose Av LLorimer St J M, 8 min
Principals
Moses Karpen
Average $/sf
$600Homes in Schedule A, as first offered
Common charges
$217–$419 a monthSponsor's first-year estimate in Schedule A, September 1, 2010 - August 31, 2011
Offering price
$3.47 million total

The sponsor of record is G H Associates Group, LLC, represented by Harold L. Gruber, P.C.. The offering plan runs 186 pages. The sponsor has filed 3 amendments, the latest in December 2011. The nearest other condo plan on file is 147 Manhattan Avenue Condominium, next door.

Plan CD100033 · New · accepted Aug 5, 2010 · AG record ↗

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FigureThis building135 Havemeyer28 units · 0.7 miaccepted 2011Greenpoint Plaza315 units · 1.8 miaccepted 2010
Common ChargesPer Square Foot / Month$0.37Below peers$0.50$0.43
Average Offering PricePer Apartment$433,575Below peers$490,750$459,733
Average PricePer Square Foot$600Lowest$720$707
Property TaxesPer Square Foot / Month$0.05In line$0.03$0.05
Average Unit SizeSquare Feet723 SFLarger681 SF650 SF

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Unit mix, closings, budgets, finishes and the team, against 35 Havemeyer and Greenpoint Plaza, 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: $3,057,946 at closing against $3,468,600 in Schedule A (p. 16)−11.8%
Average closing price8 homes, on their Schedule A square feet$529 / SF
Closingsfirst and latest recordedDec 8, 2011 – Jul 10, 2012

Sales recorded with the Department of Finance (ACRIS) through May 31, 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 8 closings
HomeRecordedClosing priceSchedule ADifference
1BDec 8, 2011$554,946$677,400 p. 16−18.1%
4ADec 14, 2011$422,500$443,400 p. 16−4.7%
2BDec 21, 2011$322,500$352,800 p. 16−8.6%
2ADec 22, 2011$320,000$351,000 p. 16−8.8%
4BDec 22, 2011$425,000$445,200 p. 16−4.5%
3BJan 4, 2012$335,000$352,800 p. 16−5%
3AJan 25, 2012$299,000$351,000 p. 16−14.8%
1AJul 10, 2012$379,000$495,000 p. 16−23.4%

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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
G H Associates Group, LLC
Principals
Moses Karpen
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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