THE CONDO BOOK PROJECT

122 Palmetto Street Condominium

122 Palmetto Street, Brooklyn, NY 11211

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Overview

Units
8 residential
Subway
8 min walk to Gates Av J ZKnickerbocker Av M, 13 min
Developers
Alon Family LLC, Tower Building Management LLC
Average $/sf
$1,079Homes in Schedule A, as first offered
Common charges
$222–$342 a monthSponsor's first-year estimate in Schedule A, July 1, 2023 To June 30, 2024
Offering price
$6.74 million total

The sponsor of record is 122 Palmetto LLC, represented by Eial Girtz, PC. The offering plan runs 265 pages. The sponsor has filed 3 amendments, the latest in July 2024. The nearest other condo plan on file is Evergreen, next door.

Plan CD220187 · New · accepted Apr 27, 2023 · AG record ↗

Compare

FigureThis building11222 Putnam27 units · 0.1 miaccepted 2023Troutman Partners38 units · 0.8 miaccepted 2023
Common ChargesPer Square Foot / Month$0.34Lowest$0.63$0.58
Average Offering PricePer Apartment$842,888Above peers$707,714$740,000
Average PricePer Square Foot$1,079Below peers$1,113$1,101
Property TaxesPer Square Foot / Month$1.47Highest$0.73$0.18
Average Unit SizeSquare Feet781 SFLargest636 SF672 SF

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Unit mix, closings, budgets, finishes and the team, against 1222 Putnam and Troutman Partners, 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 closed75% of the homes in Schedule A6 of 8
Closing prices vs. Schedule A6 homes: $3,844,627 at closing against $4,628,400 in Schedule A (p. 36)−16.9%
Average closing price6 homes, on their Schedule A square feet$789 / SF
Closingsfirst and latest recordedMay 14, 2024 – Nov 21, 2024

Sales recorded with the Department of Finance (ACRIS) through May 31, 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 6 closings
HomeRecordedClosing priceSchedule ADifference
3RMay 14, 2024$575,000$712,500 p. 36−19.3%
3LMay 23, 2024$550,000$712,500 p. 36−22.8%
2RMay 29, 2024$570,000$712,500 p. 36−20%
2LMay 31, 2024$585,494$712,500 p. 36−17.8%
4LOct 24, 2024$774,995$889,200 p. 36−12.8%
4RNov 21, 2024$789,139$889,200 p. 36−11.3%

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Closings are for subscribers

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
122 Palmetto LLC
Developers
Alon Family LLC, Tower Building Management LLC
Tax estimate
RE Tax Service, LLCPrepared the first-year real estate tax projection
Construction lender
LYZ$2.2 million loan stated in the plan

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

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