THE CONDO BOOK PROJECT

Francesca Condominium

150 Luquer Street, Brooklyn, NY 11231

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Overview

Units
4 residential
Subway
6 min walk to Smith-9 Sts F GCarroll St F G, 7 min
Developer
BFC Partners
Principals
Daniel Pipitone, Giovanni Ferrara, Marco Auteri
Average $/sf
$1,951Homes in Schedule A, as first offered
Common charges
$561–$705 a monthSponsor's first-year estimate in Schedule A, November 1, 2022 - October 31, 2023
Offering price
$7.2 million total $5.45 million when first offered

The sponsor of record is 150 Luquer, LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 318 pages. The sponsor has filed 2 amendments, the latest in February 2023. The nearest other condo plan on file is 140 Luquer Street Condominium, next door.

Plan CD210009 · New · accepted Apr 29, 2022 · AG record ↗

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FigureThis building141 Wyckoff24 units · 0.8 miaccepted 2022103 President33 units · 0.5 miaccepted 2022
Common ChargesPer Square Foot / Month$0.65Highest$0.48$0.44
Average Offering PricePer Apartment$1.8MIn line$2.05M$1.46M
Average PricePer Square Foot$1,951Above peers$1,735$1,614
Property TaxesPer Square Foot / Month$0.54Highest$0.34$0.39
Average Unit SizeSquare Feet923 SFIn line1,182 SF906 SF

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Unit mix, closings, budgets, finishes and the team, against 41 Wyckoff and 103 President, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $6,669,538 at closing against $7,200,000 in Schedule A (p. 41)−7.4%
Average closing price4 homes, on their Schedule A square feet$1,807 / SF
Closingsfirst and latest recordedJan 12, 2023 – Jun 23, 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 4 closings
HomeRecordedClosing priceSchedule ADifference
2Jan 12, 2023$1,756,481$1,800,000 p. 41−2.4%
3Jan 12, 2023$1,603,744$1,600,000 p. 41+0.2%
4Mar 7, 2023$1,501,919$1,600,000 p. 41−6.1%
1Jun 23, 2023$1,807,394$2,200,000 p. 41−17.8%

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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
150 Luquer, LLC
Developer
BFC Partners
Principals
Daniel Pipitone, Giovanni Ferrara, Marco Auteri
Tax estimate
The Mazursky Group, Inc.Prepared the first-year real estate tax projection

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

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