THE CONDO BOOK PROJECT

1160 Greene Avenue Condominium

1160 Greene Avenue, Brooklyn, NY 11221

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Overview

Units
7 residential
Subway
8 min walk to Kosciuszko St JKnickerbocker Av M, 8 min
Principals
Shai Birenzweig
Average $/sf
$988Homes in Schedule A, as first offered
Offering price
$5.37 million total

The sponsor of record is 1160 Greene Development LLC, represented by Marans Newman Tsolis & Nazinitsky LLC. The offering plan runs 338 pages. The sponsor has filed 2 amendments, the latest in February 2023. The nearest other condo plan on file is 1178 Greene Avenue Condominium, next door.

Plan CD210311 · New · accepted Mar 18, 2022 · AG record ↗

Compare

FigureThis building1849 Madison Court27 units · 0.4 miaccepted 20221228 Putnam36 units · 0.4 miaccepted 2021
Common ChargesPer Square Foot / Month$0.54 ⚠Above peers$0.53$0.51
Average Offering PricePer Apartment$767,714Highest$609,600$612,000
Average PricePer Square Foot$988In line$1,008$986
Average Unit SizeSquare Feet777 SFLargest664 SF621 SF

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Unit mix, closings, budgets, finishes and the team, against 849 Madison Court and 1228 Putnam, 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.

⚠ Read from a partly legible Schedule B.

Closings Pro

Homes closed100% of the homes in Schedule A7 of 7
Closing prices vs. Schedule A7 homes: $4,968,914 at closing against $5,374,000 in Schedule A (p. 49)−7.5%
Average closing price7 homes, on their Schedule A square feet$913 / SF
Closingsfirst and latest recordedJan 31, 2023 – Apr 20, 2023

Sales recorded with the Department of Finance (ACRIS) through Mar 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 7 closings
HomeRecordedClosing priceSchedule ADifference
2BJan 31, 2023$613,000$649,000 p. 49−5.5%
1Feb 16, 2023$1,120,075$1,200,000 p. 49−6.7%
4BFeb 22, 2023$620,000$659,000 p. 49−5.9%
2AFeb 23, 2023$539,673$599,000 p. 49−9.9%
3AFeb 24, 2023$575,000$609,000 p. 49−5.6%
3BFeb 28, 2023$598,000$659,000 p. 49−9.3%
4AApr 20, 2023$903,167$999,000 p. 49−9.6%

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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
1160 Greene Development LLC
Principals
Shai Birenzweig
Tax estimate
RE Tax Service, LLCPrepared the first-year real estate tax projection
Construction lender
Arion Fund$4.15 million recorded

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

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