THE CONDO BOOK PROJECT

107 Madison Street Condominium

107 Madison Street, Brooklyn, NY 11216

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Overview

Units
10 residential · 7 storage
Subway
6 min walk to Franklin Av C SNostrand Av A C, 6 min
Principals
Amnon Chacham
Average $/sf
$1,283Homes in Schedule A, as first offered
Common charges
$248–$521 a monthSponsor's first-year estimate in Schedule A, October 1, 2021 - September 30, 2022
Offering price
$9.1 million total $7.79 million when first offered

The sponsor of record is Madison 107 LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 305 pages. The sponsor has filed 1 amendment, the latest in January 2022. The nearest other condo plan on file is 118 Madison Street Condominium, next door.

Plan CD210039 · New · accepted Jul 8, 2021 · AG record ↗

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FigureThis building1197 Quincy210 units · 0.2 miaccepted 202125 Quincy310 units · 0.3 miaccepted 2021
Common ChargesPer Square Foot / Month$0.48Highest$0.33$0.35
Average Offering PricePer Apartment$905,260Below peers$935,000$993,500
Average PricePer Square Foot$1,283In line$1,333$1,168
Property TaxesPer Square Foot / Month$0.31Below peers$0.65$0.34
Average Unit SizeSquare Feet706 SFIn line701 SF851 SF

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Unit mix, closings, budgets, finishes and the team, against 197 Quincy and 25 Quincy, 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 A10 of 10
Closing prices vs. Schedule A10 homes: $9,093,798 at closing against $9,052,600 in Schedule A (p. 31)+0.5%
Average closing price10 homes, on their Schedule A square feet$1,289 / SF
Closingsfirst and latest recordedDec 14, 2021 – Jun 16, 2022

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2025: 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 10 closings
HomeRecordedClosing priceSchedule ADifference
3BDec 14, 2021$979,000$1,000,000 p. 31−2.1%
4CDec 17, 2021$1,286,634$1,225,000 p. 31+5%
4BDec 21, 2021$715,059$719,000 p. 31−0.5%
2CDec 22, 2021$1,097,926$1,098,000 p. 31−0%
2BJan 18, 2022$705,000$713,000 p. 31−1.1%
1AFeb 7, 2022$947,568$1,037,200 p. 31−8.6%
1BMar 28, 2022$1,236,178$1,167,200 p. 31+5.9%
4AMar 28, 2022$705,000$699,000 p. 31+0.9%
3AJun 9, 2022$710,000$697,000 p. 31+1.9%
2AJun 16, 2022$711,433$697,200 p. 31+2%

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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
Madison 107 LLC
Principals
Amnon Chacham
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection

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

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