THE CONDO BOOK PROJECT

184 Lincoln Place Condominium

184 Lincoln Place, Brooklyn, NY 11217

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Overview

Units
2 residential
Subway
4 min walk to Grand Army Plaza 2 37 Av B Q, 4 min
Principals
Rey Grabato
Average $/sf
$1,493Homes in Schedule A, as first offered
Common charges
$798 a monthSponsor's first-year estimate in Schedule A, September 1, 2020 through August 31, 2021
Offering price
$5.69 million total $5.5 million when first offered

The sponsor of record is 184 Lincoln Pl, LP, represented by Gabor & Marotta LLC. The offering plan runs 264 pages. The sponsor has filed 1 amendment, the latest in December 2021. The nearest other condo plan on file is Lincoln Condominium, next door.

Plan CD190158 · Rehab · accepted Jun 3, 2020 · AG record ↗

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FigureThis building1577 5th22 units · 0.5 miaccepted 2020315 6th33 units · 0.6 miaccepted 2020
Common ChargesPer Square Foot / Month$0.42In line$0.42$0.41
Average Offering PricePer Apartment$2.85MIn line$3M$1.98M
Average PricePer Square Foot$1,493In line$1,383$1,618
Property TaxesPer Square Foot / Month$0.41Lowest$0.49$0.51
Average Unit SizeSquare Feet1,905 SFIn line2,169 SF1,226 SF

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Unit mix, closings, budgets, finishes and the team, against 577 5th and 315 6th, 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 A2 of 2
Closing prices vs. Schedule A2 homes: $5,400,000 at closing against $5,690,000 in Schedule A (p. 26)−5.1%
Average closing price2 homes, on their Schedule A square feet$1,417 / SF
Closingsfirst and latest recordedMar 10, 2021 – Apr 13, 2021

Sales recorded with the Department of Finance (ACRIS) through May 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 2 closings
HomeRecordedClosing priceSchedule ADifference
Unit 1Mar 10, 2021$2,800,000$2,895,000 p. 26−3.3%
Unit 2Apr 13, 2021$2,600,000$2,795,000 p. 26−7%

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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
184 Lincoln Pl, LP
Principals
Rey Grabato

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

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