THE CONDO BOOK PROJECT

16 Monroe Place Condominium

16 Monroe Place, Brooklyn, NY 11201

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Overview

Units
9 residential
Subway
2 min walk to Clark St 2 3Borough Hall/Court St 2 3 4 5 R, 4 min
Principals
Salomon Cojab, Gregory Dweck
Average $/sf
$1,461Homes in Schedule A, as first offered
Common charges
$540–$1,258 a monthSponsor's first-year estimate in Schedule A, July 1, 2023 - June 30, 2024
Offering price
$13 million total

The sponsor of record is 16 Monroe Place Realty Co LLC, represented by Starr Associates, LLP. The offering plan runs 470 pages. The sponsor has filed 2 amendments, the latest in November 2023. The nearest other condo plan on file is One Clinton Condominium, next door.

Plan CD220244 · Rehab · accepted May 2, 2023 · AG record ↗

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FigureThis building1166 Washington27 units · 1.3 miaccepted 2025186 Clinton38 units · 1.2 miaccepted 2021
Common ChargesPer Square Foot / Month$0.73Highest$0.53$0.50
Average Offering PricePer Apartment$1.43MAbove peers$1.31M$1.15M
Average PricePer Square Foot$1,461In line$1,501$1,291
Property TaxesPer Square Foot / Month$0.95Highest$0.44$0.42
Average Unit SizeSquare Feet981 SFLarger875 SF887 SF

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Unit mix, closings, budgets, finishes and the team, against 166 Washington and 186 Clinton, 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 closed89% of the homes in Schedule A8 of 9
Closing prices vs. Schedule A7 homes: $9,589,888 at closing against $9,395,000 in Schedule A (p. 51)+2.1%
Average closing price7 homes, on their Schedule A square feet$1,446 / SF
Closingsfirst and latest recordedAug 29, 2023 – Feb 12, 2024

Sales recorded with the Department of Finance (ACRIS) through Feb 29, 2024: 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 8 closings
HomeRecordedClosing priceSchedule ADifference
5Aug 29, 2023$1,272,813$1,250,000 p. 51+1.8%
7Aug 29, 2023$1,286,634$1,275,000 p. 51+0.9%
10Sep 12, 2023$1,275,000$1,275,000 p. 510%
2Sep 18, 2023$1,958,040$1,895,000 p. 51+3.3%
6Oct 5, 2023$1,250,000$1,250,000 p. 510%
8Oct 11, 2023$1,282,995$1,225,000 p. 51+4.7%
4Nov 1, 2023$1,264,406$1,225,000 p. 51+3.2%
1Feb 12, 2024$1,950,000——

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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
16 Monroe Place Realty Co LLC
Principals
Salomon Cojab, Gregory Dweck
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection

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

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