THE CONDO BOOK PROJECT

129 Metropolitan Avenue Condominium

129 Metropolitan Avenue, Brooklyn, NY 11211

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Overview

Units
12 residential · 6 parking
Subway
7 min walk to Bedford Av LMetropolitan Av/Lorimer St G L, 12 min
Principals
Shlomo Karpen
Average $/sf
$798Homes in Schedule A, as first offered
Offering price
$9.85 million total

The sponsor of record is Metropolitan Plaza, LLC, represented by Harold L. Gruber, P.C.. The offering plan runs 209 pages. The sponsor has filed 4 amendments, the latest in June 2009. The nearest other condo plan on file is 100 North Third Street Condominium, next door.

Plan CD070601 · New · accepted Mar 18, 2008 · AG record ↗

Compare

FigureThis building1365-367 Union214 units · 0.7 miaccepted 2007291 Devoe38 units · 1.3 miaccepted 2008
Common ChargesPer Square Foot / Month$0.41 ⚠Above peers$0.40$0.21
Average Offering PricePer Apartment$721,667Highest$528,786$546,163
Average PricePer Square Foot$798Above peers$711$784
Average Unit SizeSquare Feet904 SFLargest743 SF696 SF

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Unit mix, closings, budgets, finishes and the team, against 365-367 Union and 291 Devoe, 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.

⚠ Read from a partly legible Schedule B.

Closings Pro

Homes closed100% of the homes in Schedule A12 of 12
Closing prices vs. Schedule A12 homes: $6,764,915 at closing against $8,659,998 in Schedule A (p. 7)−21.9%
Average closing price12 homes, on their Schedule A square feet$623 / SF
Closingsfirst and latest recordedApr 6, 2009 – Dec 18, 2009

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 13 closings
HomeRecordedClosing priceSchedule ADifference
1AApr 6, 2009$400,000$505,000 p. 7−20.8%
5AJun 18, 2009$570,220$690,000 p. 7−17.4%
5BAug 13, 2009$575,000$690,000 p. 7−16.7%
4AAug 27, 2009$554,946$685,000 p. 7−19%
1BSep 9, 2009$555,736$675,000 p. 7−17.7%
2ANov 5, 2009$539,673$675,000 p. 7−20%
P2-BNov 5, 2009$539,673——
3ANov 23, 2009$507,000$680,000 p. 7−25.4%
4BNov 23, 2009$554,946$685,000 p. 7−19%
3BDec 3, 2009$565,129$680,000 p. 7−16.9%
6BDec 3, 2009$712,775$1,009,999 p. 7−29.4%
2BDec 11, 2009$529,490$675,000 p. 7−21.6%
6ADec 18, 2009$700,000$1,009,999 p. 7−30.7%

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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
Metropolitan Plaza, LLC
Principals
Shlomo Karpen
Tax estimate
Moseson & AssociatesPrepared the first-year real estate tax projection

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

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