THE CONDO BOOK PROJECT

125 North 10th Street Condo

125 North 10th Street, Brooklyn, NY 11211

Overview

Units
86 residential
Subway
4 min walk to Bedford Av LNassau Av G, 9 min
Developer
Savanna Partners
Principals
Nicholas Bienstock, John R. Fraser
Average $/sf
$843Homes in Schedule A, as first offered
Common charges
$509–$1,331 a monthSponsor's first-year estimate in Schedule A, September 1, 2008 - August 31, 2009
Offering price
$70.5 million total

The sponsor of record is 125north10, LLC, represented by Starr Associates LLP. The offering plan runs 624 pages. The sponsor has filed 19 amendments, the latest in May 2015. The nearest other condo plan on file is 134 North 10th Condominium, next door.

Plan CD060781 · New · accepted Apr 16, 2007 · AG record ↗

Compare

FigureThis building1Mccaren Park Mews2120 units · 0.2 miaccepted 2007Schaefer Landing North3135 units · 1 miaccepted 2005
Average Offering PricePer Apartment$819,812Below peers$1.01M$871,515

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Unit mix, closings, budgets, finishes and the team, against Mccaren Park Mews and Schaefer Landing North, 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.

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
125north10, LLC
Developer
Savanna Partners
Principals
Nicholas Bienstock, John R. Fraser
Tax estimate
Tuchman, Katz, Schwartz, Gelles, Korngold & Weiss, LLPPrepared the first-year real estate tax projection
Construction lender
Lehman Brothers Holdings

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

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