THE CONDO BOOK PROJECT

1570 Prospect Place Condominium

1570 Prospect Place, Brooklyn, NY 11233

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Overview

Units
7 residential · 3 parking
Subway
11 min walk to Ralph Av CSutter Av-Rutland Rd 3, 13 min
Principals
James Agoglia
Offering price
$3.22 million total

The sponsor of record is Prospect Place Condo, LLC, represented by Allan Lebowitz, P.C.. The offering plan runs 232 pages. The sponsor has filed 8 amendments, the latest in September 2011. The nearest other condo plan on file is Promark Condominiums At Stuyvesant Heights I, 0.1 mi away.

Plan CD050153 · New · accepted Sep 9, 2005 · AG record ↗

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FigureThis building1Sterling Green28 units · 1.8 miaccepted 2008457 Prospect Place38 units · 1.9 miaccepted 2007
Average Offering PricePer Apartment$459,714In line$431,500$830,000

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Unit mix, closings, budgets, finishes and the team, against Sterling Green and 457 Prospect Place, 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.

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
Prospect Place Condo, LLC
Principals
James Agoglia
Tax estimate
Quantum Consulting Services, Inc.Prepared the first-year real estate tax projection

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

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