THE CONDO BOOK PROJECT

Belle Grove Condominium

174 Madison Street, Brooklyn, NY 11216

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Overview

Units
4 residential
Subway
7 min walk to Nostrand Av A CFranklin Av C S, 8 min
Principals
Tal Bloch, Aleksey Karatayev, Stanislav Nezhevenko
Average $/sf
$1,233Homes in Schedule A, as first offered
Common charges
$466–$582 a monthSponsor's first-year estimate in Schedule A, January 1, 2025-December 31, 2025
Offering price
$6.37 million total $6.08 million when first offered

The sponsor of record is Madison Condominiums LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 371 pages. The sponsor has filed 1 amendment, the latest in December 2024. The nearest other condo plan on file is 171 Madison Street Condominium, next door.

Plan CD240055 · New · accepted Jul 22, 2024 · AG record ↗

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FigureThis building1118 Madison24 units · 0.1 miaccepted 2024226 Putnam35 units · 0 miaccepted 2024
Common ChargesPer Square Foot / Month$0.44Lowest$0.57$0.72
Average Offering PricePer Apartment$1.52MIn line$1.77M$920,000
Average PricePer Square Foot$1,233In line$1,407$1,217
Property TaxesPer Square Foot / Month$1.12Highest$0.28$0.78
Average Unit SizeSquare Feet1,233 SFIn line1,261 SF756 SF

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Unit mix, closings, budgets, finishes and the team, against 118 Madison and 226 Putnam, 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: $6,277,500 at closing against $6,080,000 in Schedule A (p. 32)+3.2%
Average closing price4 homes, on their Schedule A square feet$1,273 / SF
Closingsfirst and latest recordedApr 10, 2025 – Jul 18, 2025

Sales recorded with the Department of Finance (ACRIS) through Jul 31, 2025: 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
2Apr 10, 2025$1,490,000$1,395,000 p. 32+6.8%
1Apr 23, 2025$1,675,000$1,495,000 p. 32+12%
3AApr 30, 2025$1,462,500$1,495,000 p. 32−2.2%
3BJul 18, 2025$1,650,000$1,695,000 p. 32−2.7%

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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
Madison Condominiums LLC
Principals
Tal Bloch, Aleksey Karatayev, Stanislav Nezhevenko
Tax estimate
Berish LichtmanPrepared the first-year real estate tax projection
Construction lender
Toorak Capital Partners

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

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