THE CONDO BOOK PROJECT

183 Kingsland Avenue Condominium

183 Kingsland Avenue, Brooklyn, NY 11222

Overview

Units
3 residential
Subway
12 min walk to Nassau Av GGraham Av L, 13 min
Average $/sf
$1,714Homes in Schedule A, as first offered
Common charges
$434–$670 a monthSponsor's first-year estimate in Schedule A, October 1, 2023 – September 30, 2024
Offering price
$4.65 million total

The sponsor of record is 281 S 2 LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 362 pages. The nearest other condo plan on file is 173 Kingsland Condominiium, next door.

Plan CD230040 · Rehab · accepted May 23, 2023 · AG record ↗

Compare

FigureThis building1590 Lorimer23 units · 0.7 miaccepted 2023232 Eckford35 units · 0.6 miaccepted 2024
Common ChargesPer Square Foot / Month$0.57Highest$0.41$0.46
Average Offering PricePer Apartment$1.55MBelow peers$1.73M$1.83M
Average PricePer Square Foot$1,714In line$1,430$1,812
Property TaxesPer Square Foot / Month$0.24In line$0.10$0.33
Average Unit SizeSquare Feet904 SFSmaller1,209 SF1,008 SF

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Unit mix, closings, budgets, finishes and the team, against 590 Lorimer and 232 Eckford, 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: $4,204,000 at closing against $4,650,000 in Schedule A (p. 31)−9.6%
Average closing price3 homes, on their Schedule A square feet$1,550 / SF
Closingsfirst and latest recordedOct 13, 2023 – Feb 22, 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 3 closings
HomeRecordedClosing priceSchedule ADifference
1Oct 13, 2023$1,675,000$1,800,000 p. 31−6.9%
2Nov 28, 2023$1,230,000$1,400,000 p. 31−12.1%
3Feb 22, 2024$1,299,000$1,450,000 p. 31−10.4%

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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
281 S 2 LLC
Tax estimate
Empire Consulting Service, Inc.Prepared the first-year real estate tax projection

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

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