THE CONDO BOOK PROJECT

111 Steuben Street Condominium

111 Steuben Street, Brooklyn, NY 11205

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Overview

Units
35 residential · 34 parking · 2 commercial
Subway
9 min walk to Classon Av GClinton-Washington Avs G, 11 min
Principals
Leib Puretz
Average $/sf
$560Homes in Schedule A, as first offered
Common charges
$248–$678 a monthSponsor's first-year estimate in Schedule A, March 1, 2007 - February 28, 2007
Offering price
$25.3 million total

The sponsor of record is 941 Washington Associates, LLC, represented by David S. Frankel, P.C.. The offering plan runs 268 pages. The sponsor has filed 10 amendments, the latest in January 2012. The nearest other condo plan on file is Clinton House Condominium, next door.

Plan CD060633 · New · accepted Jan 5, 2007 · AG record ↗

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FigureThis building1Lot 58 Lofts231 units · 0.5 miaccepted 2007150 North Fifth331 units · 1.5 miaccepted 2007
Common ChargesPer Square Foot / Month$0.36Below peers$0.38$0.47
Average Offering PricePer Apartment$556,514Lowest$761,938$814,548
Average PricePer Square Foot$560Below peers$589$718
Property TaxesPer Square Foot / Month$0.03Lowest$0.19$0.10
Average Unit SizeSquare Feet995 SFSmaller1,294 SF1,135 SF

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Unit mix, closings, budgets, finishes and the team, against Lot 58 Lofts and 150 North Fifth, 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 A35 of 35
Closing prices vs. Schedule A35 homes: $17,785,362 at closing against $19,478,000 in Schedule A (p. 21, p. 22)−8.7%
Average closing price35 homes, on their Schedule A square feet$511 / SF
Closingsfirst and latest recordedApr 2, 2009 – Jan 23, 2013

Sales recorded with the Department of Finance (ACRIS) through Jul 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 35 closings
HomeRecordedClosing priceSchedule ADifference
3HApr 2, 2009$410,000$380,000 p. 22+7.9%
6DMay 27, 2009$818,500$725,000 p. 21+12.9%
3GJul 1, 2009$415,000$380,000 p. 22+9.2%
2AJul 31, 2009$590,750$653,000 p. 22−9.5%
6CAug 18, 2009$450,000$500,000 p. 21−10%
4CAug 19, 2009$550,000$680,000 p. 22−19.1%
4ESep 11, 2009$400,000$465,000 p. 22−14%
4DJan 6, 2010$542,500$650,000 p. 22−16.5%
2HFeb 12, 2010$359,970$400,000 p. 22−10%
5GFeb 22, 2010$712,775$760,000 p. 21−6.2%
2GMar 5, 2010$410,670$500,000 p. 22−17.9%
3DApr 29, 2010$524,399$640,000 p. 22−18.1%
4BMay 17, 2010$375,000$465,000 p. 22−19.4%
5BMay 27, 2010$380,250$475,000 p. 22−19.9%
3BJun 17, 2010$355,000$455,000 p. 22−22%
4GAug 10, 2010$359,970$390,000 p. 22−7.7%
2BAug 18, 2010$342,000$445,000 p. 22−23.1%
4HNov 17, 2010$359,970$390,000 p. 22−7.7%
5CDec 14, 2010$565,000$690,000 p. 22−18.1%
3FFeb 11, 2011$331,578$455,000 p. 22−27.1%
4FMar 24, 2011$375,000$465,000 p. 22−19.4%
2FApr 29, 2011$352,500$445,000 p. 22−20.8%
5EMay 5, 2011$369,000$475,000 p. 22−22.3%
5FMay 25, 2011$360,000$475,000 p. 21−24.2%
3AJun 2, 2011$580,000$655,000 p. 22−11.5%
4AJun 23, 2011$565,000$655,000 p. 22−13.7%
5AJul 13, 2011$575,000$655,000 p. 22−12.2%
5DJul 19, 2011$545,000$660,000 p. 22−17.4%
2EAug 8, 2011$370,000$445,000 p. 22−16.9%
3CSep 6, 2011$575,000$670,000 p. 22−14.2%
3EOct 12, 2011$400,530$455,000 p. 22−12%
2DDec 27, 2011$530,000$630,000 p. 22−15.9%
2CJan 5, 2012$545,000$660,000 p. 22−17.4%
6AAug 27, 2012$1,575,000$1,035,000 p. 21+52.2%
6BJan 23, 2013$815,000$600,000 p. 21+35.8%

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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
941 Washington Associates, LLC
Principals
Leib Puretz
Tax estimate
Moseson & AssociatesPrepared the first-year real estate tax projection

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

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