THE CONDO BOOK PROJECT

18 Eighth Avenue Condominium

18 Eighth Avenue, Brooklyn, NY 11217

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Overview

Units
4 residential
Subway
2 min walk to Grand Army Plaza 2 37 Av B Q, 4 min
Principals
Robert Saffayeh, Gabriel Saffayeh
Average $/sf
$1,717Homes in Schedule A, as first offered
Common charges
$511–$942 a monthSponsor's first-year estimate in Schedule A, April 1, 2023 - March 31, 2024
Offering price
$8.73 million total

The sponsor of record is Innovative Brownstone Development Fund LP, represented by The Law Office Of Claudia V. Murdoch, P.C.. The offering plan runs 255 pages. The sponsor has filed 2 amendments, the latest in January 2024. The nearest other condo plan on file is 219 St. John'S Place Condominium, next door.

Plan CD220081 · Rehab · accepted Nov 15, 2022 · AG record ↗

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FigureThis building1123 Sixth24 units · 0.3 miaccepted 202385 Douglass34 units · 1.2 miaccepted 2023
Common ChargesPer Square Foot / Month$0.56Highest$0.36$0.45
Average Offering PricePer Apartment$2.33MIn line$2.76M$2.3M
Average PricePer Square Foot$1,717In line$1,794$1,674
Property TaxesPer Square Foot / Month$0.83Above peers$0.82$0.42
Average Unit SizeSquare Feet1,354 SFSmaller1,539 SF1,376 SF

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Unit mix, closings, budgets, finishes and the team, against 123 Sixth and 85 Douglass, 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: $8,427,753 at closing against $9,300,000 in Schedule A (p. 33)−9.4%
Average closing price4 homes, on their Schedule A square feet$1,556 / SF
Closingsfirst and latest recordedAug 28, 2023 – Mar 13, 2024

Sales recorded with the Department of Finance (ACRIS) through Mar 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
CAug 28, 2023$1,525,000$1,525,000 p. 330%
BSep 8, 2023$2,031,409$2,150,000 p. 33−5.5%
DJan 30, 2024$2,775,094$2,975,000 p. 33−6.7%
AMar 13, 2024$2,096,250$2,650,000 p. 33−20.9%

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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
Innovative Brownstone Development Fund LP
Principals
Robert Saffayeh, Gabriel Saffayeh
Tax estimate
MGNY ConsultingPrepared the first-year real estate tax projection

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

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