THE CONDO BOOK PROJECT

123 Sixth Avenue Condominium

121-123 Sixth Avenue, Brooklyn, NY 11217

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Overview

Units
4 residential
Subway
4 min walk to Bergen St 2 37 Av B Q, 4 min
Developer
Fortuna Associates
Principals
Robert Saffayeh, Gabriel Saffayeh, George Saffayeh, Hyun K. Shin
Average $/sf
$1,794Homes in Schedule A, as first offered
Common charges
$519–$635 a monthSponsor's first-year estimate in Schedule A, April 1, 2023 - March 31, 2024
Offering price
$11.9 million total $11 million when first offered

The sponsor of record is Jsqs4 LLC, represented by The Law Office Of Claudia V. Murdoch, P.C.. The offering plan runs 264 pages. The sponsor has filed 2 amendments, the latest in February 2024. The nearest other condo plan on file is 114 6th Avenue Condominium, next door.

Plan CD220069 · Rehab · accepted Jan 6, 2023 · AG record ↗

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FigureThis building118 Eighth24 units · 0.3 miaccepted 202285 Douglass34 units · 0.9 miaccepted 2023
Common ChargesPer Square Foot / Month$0.36Lowest$0.56$0.45
Average Offering PricePer Apartment$2.76MHighest$2.33M$2.3M
Average PricePer Square Foot$1,794Above peers$1,717$1,674
Property TaxesPer Square Foot / Month$0.82In line$0.83$0.42
Average Unit SizeSquare Feet1,539 SFLarger1,354 SF1,376 SF

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Unit mix, closings, budgets, finishes and the team, against 18 Eighth and 85 Douglass, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $11,913,564 at closing against $11,040,000 in Schedule A (p. 31)+7.9%
Average closing price4 homes, on their Schedule A square feet$1,936 / SF
Closingsfirst and latest recordedSep 6, 2023 – Oct 13, 2023

Sales recorded with the Department of Finance (ACRIS) through Dec 31, 2023: 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 4 closings
HomeRecordedClosing priceSchedule ADifference
4Sep 6, 2023$2,750,000$2,650,000 p. 31+3.8%
3Sep 26, 2023$2,988,564$2,515,000 p. 31+18.8%
2Oct 4, 2023$2,975,000$2,650,000 p. 31+12.3%
1Oct 13, 2023$3,200,000$3,225,000 p. 31−0.8%

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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
Jsqs4 LLC
Developer
Fortuna Associates
Principals
Robert Saffayeh, Gabriel Saffayeh, George Saffayeh, Hyun K. Shin
Tax estimate
MGNY ConsultingPrepared the first-year real estate tax projection
Construction lender
Valley National Bank$3.38 million loan stated in the plan

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

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