THE CONDO BOOK PROJECT

Alfred On Fleet Condominium

112 Fleet Place, Brooklyn, NY 11201

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Overview

Units
23 residential · 2 parking · 22 storage
Subway
1 min walk to DeKalb Av B Q RJay St-MetroTech A C F R, 4 min
Developer
BFC Partners
Principals
Daniel Pipitone, Giovanni Ferrara, Marco Auteri
Average $/sf
$1,287Homes in Schedule A, as first offered
Common charges
$603–$849 a monthSponsor's first-year estimate in Schedule A, September 1, 2021 - August 31, 2022
Offering price
$27.7 million total

The sponsor of record is Boomerang Building Fund LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 319 pages. The sponsor has filed 5 amendments, the latest in January 2023. The nearest other condo plan on file is Toren Condominium, next door.

Plan CD200104 · New · accepted Oct 9, 2020 · AG record ↗

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FigureThis building1552 Prospect Place222 units · 1.7 miaccepted 2020906 Bergen318 units · 1.7 miaccepted 2021
Common ChargesPer Square Foot / Month$0.78Highest$0.40$0.30
Average Offering PricePer Apartment$1.17MIn line$1.26M$1.06M
Average PricePer Square Foot$1,287Below peers$1,344$1,311
Property TaxesPer Square Foot / Month$1.17Highest$1.01$0.88
Average Unit SizeSquare Feet912 SFIn line937 SF808 SF

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Unit mix, closings, budgets, finishes and the team, against 552 Prospect Place and 906 Bergen, 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 A23 of 23
Closing prices vs. Schedule A23 homes: $26,140,064 at closing against $27,010,000 in Schedule A (p. 45, p. 46, p. 47)−3.2%
Average closing price23 homes, on their Schedule A square feet$1,246 / SF
Closingsfirst and latest recordedJan 21, 2022 – Jul 28, 2023

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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 23 closings
HomeRecordedClosing priceSchedule ADifference
5BJan 21, 2022$993,000$1,000,000 p. 45−0.7%
4BJan 26, 2022$965,000$990,000 p. 45−2.5%
9BJan 27, 2022$995,000$1,040,000 p. 46−4.3%
7BJan 28, 2022$1,020,000$1,020,000 p. 460%
3BJan 31, 2022$970,000$980,000 p. 45−1%
7AJan 31, 2022$1,350,000$1,320,000 p. 46+2.3%
11BFeb 2, 2022$1,060,000$1,060,000 p. 460%
8BFeb 8, 2022$988,894$1,030,000 p. 46−4%
12BFeb 16, 2022$999,000$1,070,000 p. 47−6.6%
4AFeb 28, 2022$1,217,100$1,290,000 p. 45−5.7%
10BMar 18, 2022$999,000$1,050,000 p. 46−4.9%
8AMar 24, 2022$1,247,356$1,330,000 p. 46−6.2%
12AMar 28, 2022$1,288,086$1,370,000 p. 46−6%
3AMay 4, 2022$1,252,448$1,280,000 p. 45−2.2%
2AMay 9, 2022$1,186,673$1,260,000 p. 45−5.8%
5AMay 13, 2022$1,288,086$1,300,000 p. 45−0.9%
6BJun 10, 2022$995,994$1,010,000 p. 45−1.4%
6AJun 30, 2022$1,308,451$1,310,000 p. 45−0.1%
10ANov 17, 2022$1,252,448$1,350,000 p. 46−7.2%
1ADec 8, 2022$1,221,900$1,300,000 p. 45−6%
2BDec 28, 2022$940,000$950,000 p. 45−1.1%
9ADec 30, 2022$1,333,908$1,340,000 p. 46−0.5%
11AJul 28, 2023$1,267,721$1,360,000 p. 46−6.8%

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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
Boomerang Building Fund LLC
Developer
BFC Partners
Principals
Daniel Pipitone, Giovanni Ferrara, Marco Auteri
Tax estimate
The Mazursky Group, Inc.Prepared the first-year real estate tax projection
Construction lender
S3 Capital$12.5 million loan stated in the plan

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

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