THE CONDO BOOK PROJECT

143 Powers Street Condominium

143 Powers Street, Brooklyn, NY 11211

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Overview

Units
6 residential
Subway
4 min walk to Graham Av LGrand St L, 5 min
Average $/sf
$1,590Homes in Schedule A, as first offered
Common charges
$210–$684 a monthSponsor's first-year estimate in Schedule A, July 1, 2022 To June 30, 2023
Offering price
$7.64 million total $7.06 million when first offered

The sponsor of record is 143 Powers LLC, represented by Eial Girtz, PC. The offering plan runs 267 pages. The sponsor has filed 2 amendments, the latest in June 2022. The nearest other condo plan on file is 238 Ainslie Street Condominium, next door.

Plan CD210202 · New · accepted Apr 8, 2022 · AG record ↗

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FigureThis building1Cleopatra At 9926 units · 0.2 miaccepted 202140two Devoe38 units · 0.3 miaccepted 2022
Common ChargesPer Square Foot / Month$0.40Lowest$0.63$0.68
Average Offering PricePer Apartment$1.27MBelow peers$1.34M$1.59M
Average PricePer Square Foot$1,590Below peers$1,642$1,595
Property TaxesPer Square Foot / Month$0.99Highest$0.61$0.33
Average Unit SizeSquare Feet796 SFSmaller817 SF1,000 SF

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Unit mix, closings, budgets, finishes and the team, against Cleopatra At 99 and 40two Devoe, 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: $7,383,363 at closing against $7,595,000 in Schedule A (p. 38)−2.8%
Average closing price6 homes, on their Schedule A square feet$1,545 / SF
Closingsfirst and latest recordedAug 9, 2022 – Jul 14, 2023

Sales recorded with the Department of Finance (ACRIS) through Jul 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
2AAug 9, 2022$840,000$825,000 p. 38+1.8%
3BAug 10, 2022$911,334$895,000 p. 38+1.8%
3AAug 11, 2022$921,516$875,000 p. 38+5.3%
2BAug 31, 2022$865,513$850,000 p. 38+1.8%
4Sep 15, 2022$1,595,000$1,650,000 p. 38−3.3%
1Jul 14, 2023$2,250,000$2,500,000 p. 38−10%

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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
143 Powers LLC
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Genesis CapitalLender on the mortgage and building loan agreement recorded March 2022 in ACRIS; $4.03 million recorded

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

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