THE CONDO BOOK PROJECT

1218 Putnam Avenue Condominium

1218 Putnam Avenue, Brooklyn, NY 11221

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Overview

Units
7 residential
Subway
10 min walk to Halsey St JGates Av J Z, 11 min
Average $/sf
$1,135Homes in Schedule A, as first offered
Common charges
$316–$621 a monthSponsor's first-year estimate in Schedule A, January 1, 2024 To December 31, 2024
Offering price
$5.1 million total

The sponsor of record is 1222 Putnam Development Inc, represented by Eial Girtz, PC. The offering plan runs 268 pages. The sponsor has filed 1 amendment, the latest in May 2024. The nearest other condo plan on file is 1220 Putnam Avenue Condominium, next door.

Plan CD230092 · New · accepted Sep 19, 2023 · AG record ↗

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FigureThis building11222 Putnam27 units · 0 miaccepted 20231220 Putnam37 units · 0 miaccepted 2023
Common ChargesPer Square Foot / Month$0.62Below peers$0.63$0.64
Average Offering PricePer Apartment$729,143Above peers$707,714$727,714
Average PricePer Square Foot$1,135In line$1,113$1,161
Property TaxesPer Square Foot / Month$0.72Below peers$0.73$0.74
Average Unit SizeSquare Feet642 SFLarger636 SF627 SF

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Unit mix, closings, budgets, finishes and the team, against 1222 Putnam and 1220 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.

Closings Pro

Homes closed100% of the homes in Schedule A7 of 7
Closing prices vs. Schedule A7 homes: $4,520,000 at closing against $5,104,000 in Schedule A (p. 39)−11.4%
Average closing price7 homes, on their Schedule A square feet$1,005 / SF
Closingsfirst and latest recordedSep 26, 2024 – Nov 22, 2024

Sales recorded with the Department of Finance (ACRIS) through Aug 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 7 closings
HomeRecordedClosing priceSchedule ADifference
2ASep 26, 2024$515,000$609,000 p. 39−15.4%
2BSep 26, 2024$520,000$599,000 p. 39−13.2%
1AOct 16, 2024$485,000$575,000 p. 39−15.7%
1BOct 16, 2024$855,000$973,000 p. 39−12.1%
3BOct 17, 2024$560,000$604,000 p. 39−7.3%
3ANov 14, 2024$535,000$614,000 p. 39−12.9%
4ANov 22, 2024$1,050,000$1,130,000 p. 39−7.1%

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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
1222 Putnam Development Inc
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Bayport Funding$3.52 million loan stated in the plan

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

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