THE CONDO BOOK PROJECT

151-153 Manhattan Avenue Condominium

151-153 Manhattan Ave., Brooklyn, NY 11206

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Overview

Units
15 residential · 1 commercial
Subway
6 min walk to Montrose Av LLorimer St J M, 9 min
Principals
Charles Papaconstantinou, George Papaconstantinou
Average $/sf
$659Homes in Schedule A, as first offered
Common charges
$159–$217 a monthSponsor's first-year estimate in Schedule A, March 1, 2007 - February 28, 2008
Offering price
$9.86 million total

The sponsor of record is Ppk Development, LLC, represented by Harold L. Gruber, P.C.. The offering plan runs 203 pages. The sponsor has filed 4 amendments, the latest in May 2009. The nearest other condo plan on file is 147 Manhattan Avenue Condominium, next door.

Plan CD060426 · New · accepted Dec 28, 2006 · AG record ↗

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FigureThis building1L Lofts215 units · 1.4 miaccepted 2007Two One Nine Withers312 units · 0.7 miaccepted 2006
Common ChargesPer Square Foot / Month$0.19Lowest$0.81$0.30
Average Offering PricePer Apartment$621,000In line$515,800$696,250
Average PricePer Square Foot$659Above peers$590$596
Property TaxesPer Square Foot / Month$0.01Lowest$0.08$0.05
Average Unit SizeSquare Feet943 SFIn line875 SF1,168 SF

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Unit mix, closings, budgets, finishes and the team, against L Lofts and Two One Nine Withers, 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 closed60% of the homes in Schedule A9 of 15
Closingsfirst and latest recordedNov 28, 2007 – May 6, 2009

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 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 9 closings
HomeRecordedClosing priceSchedule ADifference
2BNov 28, 2007$461,370——
2ANov 30, 2007$443,880——
3BDec 4, 2007$499,902——
3ADec 6, 2007$449,101——
1BDec 7, 2007$580,403——
4BDec 10, 2007$562,583——
1AFeb 7, 2008$412,740——
4AAug 21, 2008$401,544——
1May 6, 2009$295,293——

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Closings are for subscribers

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
Ppk Development, LLC
Principals
Charles Papaconstantinou, George Papaconstantinou
Tax estimate
Ben Rottenstein Associates Inc.Prepared the first-year real estate tax projection

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

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