THE CONDO BOOK PROJECT

103 President Street Condominium

103 President Street, Brooklyn, NY 11231

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Overview

Units
3 residential
Subway
11 min walk to Carroll St F GBergen St F G, 17 min
Principals
Carrie Dionisio
Average $/sf
$1,614Homes in Schedule A, as first offered
Common charges
$360–$480 a monthSponsor's first-year estimate in Schedule A, September 1, 2022 through August 30, 2023
Offering price
$5.85 million total

The sponsor of record is 103 President Street Holdings LLC, represented by Rosen Law LLC. The offering plan runs 379 pages. The sponsor has filed 2 amendments, the latest in January 2023. The nearest other condo plan on file is 110 President Street Condominium, next door.

Plan CD210267 · New · accepted Apr 29, 2022 · AG record ↗

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FigureThis building141 Wyckoff24 units · 0.6 miaccepted 2022Francesca34 units · 0.5 miaccepted 2022
Common ChargesPer Square Foot / Month$0.44Below peers$0.48$0.65
Average Offering PricePer Apartment$1.46MLowest$2.05M$1.8M
Average PricePer Square Foot$1,614Below peers$1,735$1,951
Property TaxesPer Square Foot / Month$0.39In line$0.34$0.54
Average Unit SizeSquare Feet906 SFSmaller1,182 SF923 SF

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Unit mix, closings, budgets, finishes and the team, against 41 Wyckoff and Francesca, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $5,332,716 at closing against $5,850,000 in Schedule A (p. 44)−8.8%
Average closing price4 homes, on their Schedule A square feet$1,472 / SF
Closingsfirst and latest recordedDec 30, 2022 – Jan 18, 2023

Sales recorded with the Department of Finance (ACRIS) through Jan 31, 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 4 closings
HomeRecordedClosing priceSchedule ADifference
2Dec 30, 2022$1,069,163$1,200,000 p. 44−10.9%
1Jan 5, 2023$1,488,459$1,850,000 p. 44−19.5%
3Jan 9, 2023$1,160,494$1,200,000 p. 44−3.3%
4Jan 18, 2023$1,614,600$1,600,000 p. 44+0.9%

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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 President Street Holdings LLC
Principals
Carrie Dionisio
Tax estimate
Rosen Law LLCPrepared the first-year real estate tax projection

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

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