THE CONDO BOOK PROJECT

127 Putnam Avenue Condominium

127 Putnam Avenue, Brooklyn, NY 11238

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Overview

Units
6 residential
Subway
4 min walk to Franklin Av C SNostrand Av A C, 7 min
Principals
Guy Iber
Average $/sf
$1,213Homes in Schedule A, as first offered
Common charges
$228–$362 a monthSponsor's first-year estimate in Schedule A, December 1, 2020 - November 30, 2021
Offering price
$5.88 million total $5.93 million when first offered

The sponsor of record is 127 Putnam LLC, represented by Law Office Of Claudia V. Murdoch, P.C.. The offering plan runs 214 pages. The sponsor has filed 1 amendment, the latest in February 2021. The nearest other condo plan on file is 58a Madison Street Condominium, next door.

Plan CD190200 · Rehab · accepted Aug 28, 2020 · AG record ↗

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FigureThis building1Steuben & Park26 units · 0.9 miaccepted 2020228 Quincy36 units · 0.3 miaccepted 2020
Common ChargesPer Square Foot / Month$0.33Lowest$0.50$0.54
Average Offering PricePer Apartment$988,333Highest$856,500$690,833
Average PricePer Square Foot$1,213In line$1,195$1,234
Property TaxesPer Square Foot / Month$0.18Lowest$0.59$0.58
Average Unit SizeSquare Feet815 SFLarger717 SF560 SF

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Unit mix, closings, budgets, finishes and the team, against Steuben & Park and 228 Quincy, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $5,654,444 at closing against $5,930,000 in Schedule A (p. 23)−4.6%
Average closing price6 homes, on their Schedule A square feet$1,156 / SF
Closingsfirst and latest recordedJul 9, 2021 – Oct 1, 2021

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
1AJul 9, 2021$1,028,000$1,150,000 p. 23−10.6%
2BJul 19, 2021$855,000$860,000 p. 23−0.6%
3BJul 19, 2021$875,000$850,000 p. 23+2.9%
2AJul 23, 2021$850,000$865,000 p. 23−1.7%
3AAug 12, 2021$850,000$855,000 p. 23−0.6%
1BOct 1, 2021$1,196,444$1,350,000 p. 23−11.4%

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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
127 Putnam LLC
Principals
Guy Iber
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Mazia, YuvalLender on the mortgage and building loan agreement recorded October 2018 in ACRIS

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

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