THE CONDO BOOK PROJECT

Meserole Tower

143 Meserole Street, Brooklyn, NY 11206

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Overview

Units
10 residential
Subway
5 min walk to Montrose Av LGrand St L, 9 min
Principals
Huashan Chen
Average $/sf
$1,269Homes in Schedule A, as first offered
Common charges
$346–$683 a monthSponsor's first-year estimate in Schedule A, 1/1/2017-12/31/2017
Offering price
$8.78 million total $8.24 million when first offered

The sponsor of record is Kings Building Enterprises, LLC, represented by Law Offices Of Hershy Itzkowitz, P.C.. The offering plan runs 304 pages. The sponsor has filed 3 amendments, the latest in October 2017. The nearest other condo plan on file is 139 Meserole Street Condominium, next door.

Plan CD150353 · New · accepted Mar 21, 2016 · AG record ↗

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FigureThis building1Casetta26 units · 0.6 miaccepted 2016Miramar I36 units · 0.6 miaccepted 2017
Common ChargesPer Square Foot / Month$0.70In line$0.89$0.40
Average Offering PricePer Apartment$823,700Below peers$907,500$1.14M
Average PricePer Square Foot$1,269Above peers$1,198$1,186
Property TaxesPer Square Foot / Month$0.89Above peers$0.26$0.81
Average Unit SizeSquare Feet649 SFSmaller758 SF960 SF

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Unit mix, closings, budgets, finishes and the team, against Casetta and Miramar I, 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 A10 of 10
Closing prices vs. Schedule A10 homes: $8,109,490 at closing against $8,237,000 in Schedule A (p. 27)−1.5%
Average closing price10 homes, on their Schedule A square feet$1,250 / SF
Closingsfirst and latest recordedOct 11, 2017 – Aug 1, 2019

Sales recorded with the Department of Finance (ACRIS) through Jul 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 10 closings
HomeRecordedClosing priceSchedule ADifference
3AOct 11, 2017$677,136$680,000 p. 27−0.4%
4AOct 19, 2017$690,374$690,000 p. 27+0.1%
3BOct 27, 2017$728,049$780,000 p. 27−6.7%
6AOct 27, 2017$800,000$860,000 p. 27−7%
5ANov 21, 2017$712,775$710,000 p. 27+0.4%
4BDec 1, 2017$748,414$790,000 p. 27−5.3%
5BJan 12, 2018$753,505$810,000 p. 27−7%
6BJan 19, 2018$810,000$959,000 p. 27−15.5%
2BJun 29, 2018$1,201,535$999,000 p. 27+20.3%
1AAug 1, 2019$987,703$959,000 p. 27+3%

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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
Kings Building Enterprises, LLC
Principals
Huashan Chen
Tax estimate
Key Worthy, LLCPrepared the first-year real estate tax projection
Construction lender
Cathay Bank$2.55 million recorded

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

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