THE CONDO BOOK PROJECT

16 Bay 25th Street Condominium

16 Bay 25th Street, Brooklyn, NY 11214

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Overview

Units
10 residential · 2 parking · 1 commercial
Subway
1 min walk to 20 Av DBay Pkwy D, 6 min
Principals
Man Fong Ng, Siu Yau Liu, Tai Wah Liu
Average $/sf
$906Homes in Schedule A, as first offered
Common charges
$200–$434 a monthSponsor's first-year estimate in Schedule A, July 1, 2021 - June 30, 2022
Offering price
$14.8 million total

The sponsor of record is Bay 25 Development LLC, represented by Thomas E. Berinato, Attorney At Law. The offering plan runs 278 pages. The sponsor has filed 1 amendment, the latest in December 2022. The nearest other condo plan on file is Jmc Bay 26th Street Condominium, next door.

Plan CD200062 · New · accepted May 10, 2021 · AG record ↗

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FigureThis building1Ridge Park210 units · 0.6 miaccepted 20212350 W. 11th Street Condominum39 units · 1.3 miaccepted 2021
Common ChargesPer Square Foot / Month$0.40In line$0.40$0.53
Average Offering PricePer Apartment$851,800Highest$627,000$650,100
Average PricePer Square Foot$906Above peers$792$900
Property TaxesPer Square Foot / Month$0.72In line$0.89$0.56
Average Unit SizeSquare Feet940 SFLargest791 SF722 SF

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Unit mix, closings, budgets, finishes and the team, against Ridge Park and 2350 W. 11th Street Condominum, 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 closed20% of the homes in Schedule A2 of 10
Closing prices vs. Schedule A2 homes: $1,194,300 at closing against $1,348,000 in Schedule A (p. 31)−11.4%
Average closing price2 homes, on their Schedule A square feet$801 / SF
Closingsfirst and latest recordedFeb 23, 2023 – Mar 29, 2023

Sales recorded with the Department of Finance (ACRIS) through Apr 30, 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 2 closings
HomeRecordedClosing priceSchedule ADifference
3BFeb 23, 2023$738,000$898,000 p. 31−17.8%
4CMar 29, 2023$456,300$450,000 p. 31+1.4%

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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
Bay 25 Development LLC
Principals
Man Fong Ng, Siu Yau Liu, Tai Wah Liu
Tax estimate
Thomas E. BerinatoPrepared the first-year real estate tax projection

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

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