THE CONDO BOOK PROJECT

162 Washington Avenue Condominium

162 Washington Avenue, Brooklyn, NY 11205

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Overview

Units
4 residential
Subway
8 min walk to Clinton-Washington Avs GClasson Av G, 14 min
Principals
Eliyahu Nahman
Average $/sf
$1,550Homes in Schedule A, as first offered
Offering price
$5.3 million total

The sponsor of record is Washington 162 LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 306 pages. The sponsor has filed 2 amendments, the latest in November 2019. The nearest other condo plan on file is 166 Washington Avenue Condominium, next door.

Plan CD180171 · New · accepted Nov 20, 2018 · AG record ↗

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FigureThis building127 Jefferson24 units · 1 miaccepted 2018187 Bridge36 units · 1 miaccepted 2018
Common ChargesPer Square Foot / Month$0.28Lowest$0.34$0.50
Average Offering PricePer Apartment$1.32MIn line$1.38M$1.22M
Average PricePer Square Foot$1,550Highest$1,185$1,295
Average Unit SizeSquare Feet855 SFSmaller1,166 SF940 SF

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Unit mix, closings, budgets, finishes and the team, against 27 Jefferson and 187 Bridge, 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 A4 of 4
Closing prices vs. Schedule A4 homes: $4,045,000 at closing against $5,300,000 in Schedule A (p. 26)−23.7%
Average closing price4 homes, on their Schedule A square feet$1,183 / SF
Closingsfirst and latest recordedApr 14, 2020 – May 28, 2020

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 4 closings
HomeRecordedClosing priceSchedule ADifference
4Apr 14, 2020$950,000$1,200,000 p. 26−20.8%
2Apr 24, 2020$915,000$1,200,000 p. 26−23.8%
1May 20, 2020$1,200,000$1,700,000 p. 26−29.4%
3May 28, 2020$980,000$1,200,000 p. 26−18.3%

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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
Washington 162 LLC
Principals
Eliyahu Nahman
Tax estimate
Metropolitan Realty Inc.Prepared the first-year real estate tax projection
Construction lender
RCN Capital, LL$2.46 million recorded

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

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