THE CONDO BOOK PROJECT

180 Jackson Street Condominium

180 Jackson Street, Brooklyn, NY 11211

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Overview

Units
5 residential
Subway
4 min walk to Graham Av LGrand St L, 8 min
Principals
Nadav Hamo
Average $/sf
$889Homes in Schedule A, as first offered
Common charges
$261–$526 a monthSponsor's first-year estimate in Schedule A, January 1, 2018- December 31, 2018
Offering price
$5.87 million total $4.29 million when first offered

The sponsor of record is 180 Jackson Street LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 342 pages. The sponsor has filed 4 amendments, the latest in April 2019. The nearest other condo plan on file is 174 Jackson Street Condominium, next door.

Plan CD160395 · New · accepted Apr 18, 2017 · AG record ↗

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FigureThis building1198a Kent25 units · 1.1 miaccepted 201755 Maspeth36 units · 0.2 miaccepted 2017
Common ChargesPer Square Foot / Month$0.40In line$0.41$0.31
Average Offering PricePer Apartment$857,800Below peers$864,600$1.08M
Average PricePer Square Foot$889Below peers$916$993
Property TaxesPer Square Foot / Month$0.63In line$0.62$0.97
Average Unit SizeSquare Feet965 SFIn line944 SF1,092 SF

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Unit mix, closings, budgets, finishes and the team, against 198a Kent and 55 Maspeth, 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 A5 of 5
Closing prices vs. Schedule A5 homes: $5,393,514 at closing against $4,289,000 in Schedule A (p. 30)+25.8%
Average closing price5 homes, on their Schedule A square feet$1,118 / SF
Closingsfirst and latest recordedJan 18, 2019 – May 3, 2019

Sales recorded with the Department of Finance (ACRIS) through Mar 31, 2022: 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 5 closings
HomeRecordedClosing priceSchedule ADifference
3RJan 18, 2019$711,757$650,000 p. 30+9.5%
4Jan 22, 2019$1,400,000$1,040,000 p. 30+34.6%
3FJan 31, 2019$711,757$650,000 p. 30+9.5%
1Mar 5, 2019$1,400,000$999,000 p. 30+40.1%
2May 3, 2019$1,170,000$950,000 p. 30+23.2%

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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
180 Jackson Street LLC
Principals
Nadav Hamo
Construction lender
Ontario Wealth Management Corporation$1.8 million recorded

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

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