THE CONDO BOOK PROJECT

1228 Putnam Avenue Condominium

1228 Putnam Avenue, Brooklyn, NY 11221

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Overview

Units
6 residential
Subway
10 min walk to Halsey St JGates Av J Z, 11 min
Average $/sf
$986Homes in Schedule A, as first offered
Common charges
$214–$573 a monthSponsor's first-year estimate in Schedule A, July 1, 2022 To June 30, 2023
Offering price
$3.82 million total $3.67 million when first offered

The sponsor of record is 1228 Putnam LLC, represented by Eial Girtz, PC. The offering plan runs 262 pages. The sponsor has filed 1 amendment, the latest in January 2022. The nearest other condo plan on file is 1230 Putnam Avenue Condominium, next door.

Plan CD210264 · New · accepted Dec 27, 2021 · AG record ↗

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FigureThis building1473 Bainbridge26 units · 0.6 miaccepted 2022849 Madison Court37 units · 0.4 miaccepted 2022
Common ChargesPer Square Foot / Month$0.51Below peers$0.70$0.53
Average Offering PricePer Apartment$612,000In line$673,833$609,600
Average PricePer Square Foot$986Below peers$1,076$1,008
Property TaxesPer Square Foot / Month$0.45Lowest$0.70$0.54
Average Unit SizeSquare Feet621 SFSmaller626 SF664 SF

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Unit mix, closings, budgets, finishes and the team, against 473 Bainbridge and 849 Madison Court, cited to the offering plans. No credit card required, and it also connects to ChatGPT and Claude, with limited access.

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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.

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Closings Pro

Homes closed67% of the homes in Schedule A4 of 6
Closing prices vs. Schedule A4 homes: $2,099,000 at closing against $1,848,000 in Schedule A (p. 37)+13.6%
Average closing price4 homes, on their Schedule A square feet$1,102 / SF
Closingsfirst and latest recordedJul 19, 2022 – Mar 31, 2023

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 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
4AJul 19, 2022$590,000$449,000 p. 37+31.4%
3ASep 14, 2022$515,000$449,000 p. 37+14.7%
3BFeb 7, 2023$495,000$475,000 p. 37+4.2%
4BMar 31, 2023$499,000$475,000 p. 37+5.1%

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Every home's recorded closing price against its Schedule A price, with the ACRIS document and the plan page, here and in ChatGPT or Claude.

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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
1228 Putnam LLC
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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