THE CONDO BOOK PROJECT

126 South 2nd Street Condominium

126 South 2nd Street, Brooklyn, NY 11211

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Overview

Units
3 residential
Subway
8 min walk to Bedford Av LMarcy Av J M Z, 9 min
Principals
Noam Amos, Yishai Antebi Saka
Average $/sf
$1,698Homes in Schedule A, as first offered
Common charges
$792–$1,059 a monthSponsor's first-year estimate in Schedule A, March 1, 2021 To February 28, 2022
Offering price
$9.64 million total $8.65 million when first offered

The sponsor of record is 126 South 2 LLC, represented by Eial Girtz P.C.. The offering plan runs 280 pages. The sponsor has filed 2 amendments, the latest in October 2021. The nearest other condo plan on file is 342 Bedford Avenue Condominium, next door.

Plan CD190198 · New · accepted Aug 28, 2020 · AG record ↗

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FigureThis building119 Richardson23 units · 0.7 miaccepted 2020224 North 6th33 units · 0.4 miaccepted 2021
Common ChargesPer Square Foot / Month$0.53In line$0.48$0.60
Average Offering PricePer Apartment$2.88MAbove peers$2.33M$2.69M
Average PricePer Square Foot$1,698In line$1,775$1,671
Property TaxesPer Square Foot / Month$0.51In line$0.85$0.50
Average Unit SizeSquare Feet1,698 SFLarger1,312 SF1,611 SF

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Unit mix, closings, budgets, finishes and the team, against 19 Richardson and 224 North 6th, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $9,635,453 at closing against $8,650,000 in Schedule A (p. 38)+11.4%
Average closing price3 homes, on their Schedule A square feet$1,891 / SF
Closingsfirst and latest recordedOct 18, 2021 – Jan 11, 2022

Sales recorded with the Department of Finance (ACRIS) through Aug 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 3 closings
HomeRecordedClosing priceSchedule ADifference
2Oct 18, 2021$3,049,659$2,550,000 p. 38+19.6%
3Nov 29, 2021$3,100,000$2,950,000 p. 38+5.1%
1Jan 11, 2022$3,485,794$3,150,000 p. 38+10.7%

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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
126 South 2 LLC
Principals
Noam Amos, Yishai Antebi Saka
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Shaughnessy Capital$4 million loan stated in the plan

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

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