THE CONDO BOOK PROJECT

One Three Three Condominium

133 Water Street, Brooklyn, NY 11201

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Overview

Units
52 residential · 16 parking · 1 commercial
Subway
5 min walk to York St FHigh St A C, 7 min
Developer
Primary Equity Group, LLC
Principals
Yaron Hershco
Offering price
$51 million total $35.7 million when first offered

The sponsor of record is Water Street Realty Group, LLC, represented by Welby Brady & Greenblatt, LLP. The offering plan runs 412 pages. The sponsor has filed 22 amendments, the latest in May 2017. The nearest other condo plan on file is 31 Washington Condominium, next door.

Plan CD060212 · New · accepted Oct 2, 2006 · AG record ↗

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FigureThis building1The Absolute235 units · 1.5 miaccepted 2007The Pad330 units · 1.6 miaccepted 2007
Average Offering PricePer Apartment$687,058Above peers$556,514$633,700

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Unit mix, closings, budgets, finishes and the team, against The Absolute and The Pad, 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
Water Street Realty Group, LLC
Developer
Primary Equity Group, LLC
Principals
Yaron Hershco
Tax estimate
Metropolitan Valuation Services. ItPrepared the first-year real estate tax projection
Construction lender
Northern FundingLender on the mortgage and building loan agreement recorded August 2006 in ACRIS; $9.5 million recorded

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

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