THE CONDO BOOK PROJECT

181 Park Place Condominium

181 Park Place, Brooklyn, NY 11238

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Overview

Units
3 residential
Subway
1 min walk to 7 Av B QGrand Army Plaza 2 3, 5 min
Principals
Mordechai Rosenblum
Average $/sf
$1,149Homes in Schedule A, as first offered
Common charges
$431–$518 a monthSponsor's first-year estimate in Schedule A, Commencing on October 1, 2014
Offering price
$5.95 million total $5.8 million when first offered

The sponsor of record is 181 Park Place LLC, represented by Raphael And Marks. The offering plan runs 254 pages. The sponsor has filed 7 amendments, the latest in September 2015. The nearest other condo plan on file is 218 Park Place Condominium, next door.

Plan CD140031 · Rehab · accepted May 23, 2014 · AG record ↗

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FigureThis building1342 6th24 units · 0.7 miaccepted 2015164 South Oxford37 units · 0.5 miaccepted 2016
Common ChargesPer Square Foot / Month$0.28In line$0.28$0.50
Average Offering PricePer Apartment$1.93MAbove peers$1.6M$1.84M
Average PricePer Square Foot$1,149Below peers$1,278$1,363
Property TaxesPer Square Foot / Month$0.21Lowest$0.35—
Average Unit SizeSquare Feet1,682 SFLargest1,256 SF1,349 SF

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Unit mix, closings, budgets, finishes and the team, against 342 6th and 164 South Oxford, 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 A3 of 3
Closing prices vs. Schedule A3 homes: $6,379,863 at closing against $5,800,000 in Schedule A (p. 28)+10%
Average closing price3 homes, on their Schedule A square feet$1,264 / SF
Closingsfirst and latest recordedJun 2, 2015 – Mar 4, 2016

Sales recorded with the Department of Finance (ACRIS) through Jul 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 3 closings
HomeRecordedClosing priceSchedule ADifference
3Jun 2, 2015$2,036,500$1,750,000 p. 28+16.4%
2Jul 27, 2015$2,698,363$2,500,000 p. 28+7.9%
1Mar 4, 2016$1,645,000$1,550,000 p. 28+6.1%

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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
181 Park Place LLC
Principals
Mordechai Rosenblum
Tax estimate
The Mazursky GroupPrepared the first-year real estate tax projection
Construction lender
Galster FundingLender on the mortgage and building loan agreement recorded July 2014 in ACRIS; $1.6 million recorded

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

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