THE CONDO BOOK PROJECT

129 Stockholm Street Condominium

129 Stockholm Street, Brooklyn, NY 11221

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Overview

Units
8 residential
Subway
3 min walk to Central Av MKnickerbocker Av M, 6 min
Principals
Nadav Hamo
Average $/sf
$707Homes in Schedule A, as first offered
Common charges
$217–$417 a monthSponsor's first-year estimate in Schedule A, 1/1/2018
Offering price
$4.86 million total $3.85 million when first offered

The sponsor of record is 129 Stockholm Street LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 297 pages. The sponsor has filed 4 amendments, the latest in March 2019. The nearest other condo plan on file is Dekalb Bk Condominium, next door.

Plan CD170026 · New · accepted Oct 25, 2017 · AG record ↗

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FigureThis building127 Kossuth Place210 units · 0.4 miaccepted 20181370 Bushwick310 units · 1.2 miaccepted 2017
Common ChargesPer Square Foot / Month$0.44In line$0.35$0.65
Average Offering PricePer Apartment$481,250Below peers$500,000$564,830
Average PricePer Square Foot$707Above peers$680$700
Property TaxesPer Square Foot / Month$0.34Lowest$0.46$0.74
Average Unit SizeSquare Feet681 SFSmaller735 SF807 SF

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Unit mix, closings, budgets, finishes and the team, against 27 Kossuth Place and 1370 Bushwick, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $4,758,000 at closing against $3,850,000 in Schedule A (p. 22)+23.6%
Average closing price8 homes, on their Schedule A square feet$874 / SF
Closingsfirst and latest recordedJul 30, 2018 – Aug 20, 2018

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 8 closings
HomeRecordedClosing priceSchedule ADifference
3FJul 30, 2018$579,000$475,000 p. 22+21.9%
1FAug 1, 2018$475,000$375,000 p. 22+26.7%
1RAug 2, 2018$660,000$525,000 p. 22+25.7%
2FAug 7, 2018$585,000$475,000 p. 22+23.2%
4FAug 8, 2018$745,000$575,000 p. 22+29.6%
2RAug 14, 2018$580,000$475,000 p. 22+22.1%
3RAug 20, 2018$575,000$475,000 p. 22+21.1%
4RAug 20, 2018$559,000$475,000 p. 22+17.7%

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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
129 Stockholm Street LLC
Principals
Nadav Hamo
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Grande Prezzo$450,000 recorded

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

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