THE CONDO BOOK PROJECT

174 Richardson Street Condominium

174 Richardson Street, Brooklyn, NY 11222

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Overview

Units
3 residential
Subway
6 min walk to Graham Av LMetropolitan Av/Lorimer St G L, 10 min
Principals
Gary Mottola, John Forelle, Tyson Pitzer
Average $/sf
$1,127Homes in Schedule A, as first offered
Offering price
$3.69 million total $3.65 million when first offered

The sponsor of record is 174 Richardson LLC, represented by D'Agostino, Levine, Landesman, Et Al, LLP. The offering plan runs 398 pages. The sponsor has filed 5 amendments, the latest in July 2022. The nearest other condo plan on file is 179 Richardson Villa Condominium, next door.

Plan CD200186 · New · accepted Feb 19, 2021 · AG record ↗

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FigureThis building1382 Keap Street Condominum22 units · 0.8 miaccepted 2021Manhattan33 units · 0.8 miaccepted 2020
Common ChargesPer Square Foot / Month$0.54In line$0.17$0.58
Average Offering PricePer Apartment$1.82MIn line$2.5M$995,000
Average PricePer Square Foot$1,127In line$1,088$1,272
Average Unit SizeSquare Feet1,701 SFIn line2,297 SF782 SF

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Unit mix, closings, budgets, finishes and the team, against 382 Keap Street Condominum and Manhattan, 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 closed67% of the homes in Schedule A2 of 3
Closing prices vs. Schedule A2 homes: $3,442,750 at closing against $3,645,000 in Schedule A (p. 53)−5.5%
Average closing price2 homes, on their Schedule A square feet$1,064 / SF
Closingsfirst and latest recordedNov 3, 2021 – Nov 10, 2021

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 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
3Nov 3, 2021$1,998,750$2,195,000 p. 53−8.9%
2Nov 10, 2021$1,444,000$1,450,000 p. 53−0.4%

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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
174 Richardson LLC
Principals
Gary Mottola, John Forelle, Tyson Pitzer
Tax estimate
Mazursky Group, Inc.Prepared the first-year real estate tax projection
Construction lender
Valley National Bank

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

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