THE CONDO BOOK PROJECT

Tracy Mansion Condominium

105 Eighth Avenue, Brooklyn, NY 11215

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Overview

Units
7 residential
Subway
5 min walk to Grand Army Plaza 2 37 Av B Q, 8 min
Average $/sf
$1,698Homes in Schedule A, as first offered
Common charges
$561–$1,114 a monthSponsor's first-year estimate in Schedule A, January 1, 2017 through December 31, 2017
Offering price
$23 million total $22.4 million when first offered

The sponsor of record is 105 Eighth Avenue, LLC, represented by Seiden & Schein, P.C.. The offering plan runs 302 pages. The sponsor has filed 6 amendments, the latest in December 2021. The nearest other condo plan on file is 914 President Street Condominium, next door.

Plan CD160069 · New · accepted Nov 23, 2016 · AG record ↗

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FigureThis building150 1st Place25 units · 1.4 miaccepted 2018132 Cambridge Place34 units · 0.9 miaccepted 2017
Common ChargesPer Square Foot / Month$0.41In line$0.47$0.36
Average Offering PricePer Apartment$3.29MHighest$2.82M$1.62M
Average PricePer Square Foot$1,698Above peers$1,664$1,370
Property TaxesPer Square Foot / Month$0.68Highest$0.19$0.59
Average Unit SizeSquare Feet1,935 SFLarger1,694 SF1,179 SF

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Unit mix, closings, budgets, finishes and the team, against 50 1st Place and 132 Cambridge Place, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $18,498,104 at closing against $23,000,000 in Schedule A (p. 28)−19.6%
Average closing price7 homes, on their Schedule A square feet$1,366 / SF
Closingsfirst and latest recordedMar 28, 2018 – Mar 1, 2022

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 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 7 closings
HomeRecordedClosing priceSchedule ADifference
6Mar 28, 2018$2,189,238$2,150,000 p. 28+1.8%
4Mar 30, 2018$2,180,638$2,150,000 p. 28+1.4%
5Mar 30, 2018$2,545,625$2,500,000 p. 28+1.8%
7Jan 22, 2019$3,003,838$4,200,000 p. 28−28.5%
3Jun 5, 2019$2,750,000$3,900,000 p. 28−29.5%
2Feb 27, 2020$2,625,500$3,900,000 p. 28−32.7%
1Mar 1, 2022$3,203,266$4,200,000 p. 28−23.7%

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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
105 Eighth Avenue, LLC
Tax estimate
Goldberg Weprin Finkel Goldstein LLPPrepared the first-year real estate tax projection
Construction lender
Valley National Bank

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

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