THE CONDO BOOK PROJECT

108 Jackson Condominium

108 Jackson Street, Brooklyn, NY 11211

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Overview

Units
6 residential
Subway
5 min walk to Graham Av LMetropolitan Av/Lorimer St G L, 5 min
Principals
Kevin Wey
Average $/sf
$1,298Homes in Schedule A, as first offered
Common charges
$191–$667 a monthSponsor's first-year estimate in Schedule A, December 1, 2020 to November 30, 2021
Offering price
$7.5 million total

The sponsor of record is V Development Group LLC, represented by Sichenzia Ross Ference LLP. The offering plan runs 277 pages. The sponsor has filed 3 amendments, the latest in June 2021. The nearest other condo plan on file is Jackson Terrace Condominium, next door.

Plan CD190300 · New · accepted Jul 31, 2020 · AG record ↗

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FigureThis building1383 Manhattan26 units · 0.1 miaccepted 2021141 Green36 units · 1.3 miaccepted 2020
Common ChargesPer Square Foot / Month$0.37Below peers$0.46$0.42
Average Offering PricePer Apartment$1.25MIn line$1.13M$1.55M
Average PricePer Square Foot$1,298Below peers$1,334$1,410
Property TaxesPer Square Foot / Month$0.58In line$1.39$0.38
Average Unit SizeSquare Feet963 SFIn line824 SF1,100 SF

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Unit mix, closings, budgets, finishes and the team, against 383 Manhattan and 141 Green, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $7,385,176 at closing against $7,500,000 in Schedule A (p. 34)−1.5%
Average closing price6 homes, on their Schedule A square feet$1,278 / SF
Closingsfirst and latest recordedJun 24, 2021 – Oct 14, 2021

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 6 closings
HomeRecordedClosing priceSchedule ADifference
1BJun 24, 2021$1,412,775$1,450,000 p. 34−2.6%
PHJun 24, 2021$2,437,037$2,490,000 p. 34−2.1%
3Jul 19, 2021$1,476,463$1,499,000 p. 34−1.5%
2AJul 20, 2021$710,739$698,000 p. 34+1.8%
2BJul 28, 2021$707,684$695,000 p. 34+1.8%
1AOct 14, 2021$640,479$668,000 p. 34−4.1%

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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
V Development Group LLC
Principals
Kevin Wey
Tax estimate
Highpoint Incentives Inc.Prepared the first-year real estate tax projection
Construction lender
Taiwan Cooperative Bank$2.88 million recorded

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

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