THE CONDO BOOK PROJECT

Tiffany D Condominiums

140 Degraw Street, Brooklyn, NY 11231

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Overview

Units
6 residential
Subway
12 min walk to Carroll St F GBergen St F G, 15 min
Principals
Marshall Sohne, Tomer Yogev, Alexander Pustylnik, Hernan Galvis
Average $/sf
$780Homes in Schedule A, as first offered
Common charges
$274–$448 a monthSponsor's first-year estimate in Schedule A, Commencing July 1, 2007 and Ending June 30, 2008 ("First Year")
Offering price
$4.64 million total

The sponsor of record is 140 Degraw St. LLC, represented by D'Agostino, Levine, Landesman & Lederman, LLP. The offering plan runs 360 pages. The sponsor has filed 5 amendments, the latest in October 2009. The nearest other condo plan on file is 136 Degraw Street Condominium, next door.

Plan CD070296 · New · accepted Sep 5, 2007 · AG record ↗

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FigureThis building1Moderne-Art Condos27 units · 1.8 miaccepted 2008290 13th34 units · 1.5 miaccepted 2009
Common ChargesPer Square Foot / Month$0.35Highest$0.28$0.22
Average Offering PricePer Apartment$774,167In line$505,286$1.1M
Average PricePer Square Foot$780In line$774$791
Property TaxesPer Square Foot / Month$0.15Highest$0.03$0.02
Average Unit SizeSquare Feet993 SFIn line653 SF1,391 SF

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Unit mix, closings, budgets, finishes and the team, against Moderne-Art Condos and 290 13th, 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: $3,887,760 at closing against $4,645,000 in Schedule A (p. 36)−16.3%
Average closing price6 homes, on their Schedule A square feet$653 / SF
Closingsfirst and latest recordedFeb 27, 2008 – Oct 1, 2010

Sales recorded with the Department of Finance (ACRIS) through May 31, 2023: 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
1AFeb 27, 2008$466,440$550,000 p. 36−15.2%
3Feb 27, 2008$672,045$850,000 p. 36−20.9%
2Jun 10, 2008$707,684$850,000 p. 36−16.7%
4AMay 5, 2010$651,680$715,000 p. 36−8.9%
1BJun 23, 2010$753,505$975,000 p. 36−22.7%
4BOct 1, 2010$636,406$705,000 p. 36−9.7%

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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
140 Degraw St. LLC
Principals
Marshall Sohne, Tomer Yogev, Alexander Pustylnik, Hernan Galvis
Tax estimate
Leitner Group, Inc.Prepared the first-year real estate tax projection
Construction lender
North Fork Bank$1.71 million recorded

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

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