THE CONDO BOOK PROJECT

Townhouse 16 Saint Marks Condominium

16 Saint Marks Place, Brooklyn, NY 11217

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Overview

Units
3 residential
Subway
5 min walk to Atlantic Av-Barclays Ctr 2 3 4 5 B D N Q RBergen St 2 3, 8 min
Principals
Andrew Skewes, Sandeep Garg
Average $/sf
$1,597Homes in Schedule A, as first offered
Common charges
$539–$884 a monthSponsor's first-year estimate in Schedule A, July 1, 2022 - June 30, 2023
Offering price
$5.8 million total $5.25 million when first offered

The sponsor of record is Redev 16 Sm LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 296 pages. The sponsor has filed 2 amendments, the latest in June 2022. The nearest other condo plan on file is 8 Saint Marks Condominium, next door.

Plan CD210333 · Rehab · accepted Apr 21, 2022 · AG record ↗

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FigureThis building1708 Degraw23 units · 0.3 miaccepted 2022494 Seventh33 units · 1 miaccepted 2022
Common ChargesPer Square Foot / Month$0.61Highest$0.42$0.49
Average Offering PricePer Apartment$1.86MBelow peers$2.1M$1.92M
Average PricePer Square Foot$1,597Below peers$1,771$1,684
Property TaxesPer Square Foot / Month$0.26In line$0.16$0.53
Average Unit SizeSquare Feet1,167 SFIn line1,186 SF1,138 SF

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Unit mix, closings, budgets, finishes and the team, against 708 Degraw and 494 Seventh, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $5,722,088 at closing against $5,590,000 in Schedule A (p. 38)+2.4%
Average closing price3 homes, on their Schedule A square feet$1,634 / SF
Closingsfirst and latest recordedJul 29, 2022 – Dec 19, 2022

Sales recorded with the Department of Finance (ACRIS) through Jul 31, 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 3 closings
HomeRecordedClosing priceSchedule ADifference
FL2Jul 29, 2022$1,578,288$1,440,000 p. 38+9.6%
TH1Aug 17, 2022$2,443,800$2,325,000 p. 38+5.1%
PHDec 19, 2022$1,700,000$1,825,000 p. 38−6.8%

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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
Redev 16 Sm LLC
Principals
Andrew Skewes, Sandeep Garg
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection

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

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