THE CONDO BOOK PROJECT

Briarwood Terrace Condominium

143-41 84th Drive, Queens, NY 11435

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Overview

Units
35 residential
Subway
9 min walk to Briarwood E FSutphin Blvd F, 11 min
Principals
Francesca Madruga, Jacob Rad, Neil Jeffrey Weissman
Average $/sf
$587Homes in Schedule A, as first offered
Common charges
$149–$368 a monthSponsor's first-year estimate in Schedule A, April 1, 2006 to March 31, 2007
Offering price
$18.2 million total

The sponsor of record is Briarwood Partners LLC, represented by Rosen Law Firm LLC. The offering plan runs 391 pages. The sponsor has filed 5 amendments, the latest in May 2012. The nearest other condo plan on file is Smedley Plaza Condominium, next door.

Plan CD050511 · New · accepted May 8, 2006 · AG record ↗

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FigureThis building1Park Lane266 units · 1.2 miaccepted 2005Century330 units · 1.3 miaccepted 2003
Average Offering PricePer Apartment$520,586In line$559,815$298,129

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Unit mix, closings, budgets, finishes and the team, against Park Lane and Century, cited to the offering plans. No credit card required.

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How We Got This
  • Comps: the closest Queens 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
Briarwood Partners LLC
Principals
Francesca Madruga, Jacob Rad, Neil Jeffrey Weissman
Tax estimate
Barnett MallerPrepared the first-year real estate tax projection
Construction lender
Popular Bank$8.6 million loan stated in the plan

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

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