THE CONDO BOOK PROJECT

1110 Madison Street Condominium

1110 Madison Street, Brooklyn, NY 11221

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Overview

Units
10 residential
Subway
11 min walk to Gates Av J ZHalsey St J, 12 min
Principals
Tomer Erlich
Average $/sf
$944Homes in Schedule A, as first offered
Common charges
$185–$391 a monthSponsor's first-year estimate in Schedule A, January 1, 2021 - December 31, 2021
Offering price
$7.76 million total $7.75 million when first offered

The sponsor of record is 1110 Madison LLC, represented by Eial Girtz, PC. The offering plan runs 273 pages. The sponsor has filed 2 amendments, the latest in December 2020. The nearest other condo plan on file is 1229 Putnam Avenue Condominium, next door.

Plan CD190112 · New · accepted Feb 27, 2020 · AG record ↗

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FigureThis building11269 Dekalb210 units · 0.7 miaccepted 2020766 Decatur310 units · 0.6 miaccepted 2020
Common ChargesPer Square Foot / Month$0.31Lowest$0.54$0.58
Average Offering PricePer Apartment$775,400Above peers$713,530$572,200
Average PricePer Square Foot$944In line$960$831
Property TaxesPer Square Foot / Month$0.84In line$0.85$0.80
Average Unit SizeSquare Feet821 SFLarger743 SF689 SF

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Unit mix, closings, budgets, finishes and the team, against 1269 Dekalb and 766 Decatur, 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: $7,147,217 at closing against $7,754,000 in Schedule A (p. 39)−7.8%
Average closing price10 homes, on their Schedule A square feet$871 / SF
Closingsfirst and latest recordedNov 3, 2020 – Feb 11, 2021

Sales recorded with the Department of Finance (ACRIS) through May 31, 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
3ANov 3, 2020$499,000$559,000 p. 39−10.7%
1ANov 4, 2020$810,000$799,000 p. 39+1.4%
4ANov 4, 2020$535,000$559,000 p. 39−4.3%
2CNov 10, 2020$960,000$1,025,000 p. 39−6.3%
1BNov 19, 2020$875,000$975,000 p. 39−10.3%
2ANov 20, 2020$505,986$549,000 p. 39−7.8%
4CNov 20, 2020$950,000$1,049,000 p. 39−9.4%
3BDec 9, 2020$545,000$565,000 p. 39−3.5%
4BJan 26, 2021$729,000$849,000 p. 39−14.1%
2BFeb 11, 2021$738,231$825,000 p. 39−10.5%

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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
1110 Madison LLC
Principals
Tomer Erlich
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
White Oak Projects$3.24 million loan stated in the plan

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

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