THE CONDO BOOK PROJECT

189 Prospect Place Condominium

189 Prospect Place, Brooklyn, NY 11238

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Overview

Units
2 residential
Subway
3 min walk to 7 Av B QGrand Army Plaza 2 3, 6 min
Principals
Matthew Chua
Average $/sf
$1,470Homes in Schedule A, as first offered
Common charges
$514 a monthSponsor's first-year estimate in Schedule A, Twelve Month Period Commencing January 1, 2024 and Ending December 31, 2024 ("First Year")
Offering price
$7.75 million total

The sponsor of record is Prospect Place Residence, LLC**, represented by D'Agostino, Levine, Landesman & Lederman, LLP. The offering plan runs 527 pages. The sponsor has filed 3 amendments, the latest in July 2024. The nearest other condo plan on file is 183 Prospect Place Condominium, next door.

Plan CD220223 · Rehab · accepted Nov 30, 2023 · AG record ↗

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FigureThis building1Six Garfield Place23 units · 0.7 miaccepted 2024668 Baltic33 units · 0.5 miaccepted 2024
Common ChargesPer Square Foot / Month$0.19Lowest$0.97$0.28
Average Offering PricePer Apartment$3.88MHighest$1.84M$2.84M
Average PricePer Square Foot$1,470Below peers$1,584$1,554
Property TaxesPer Square Foot / Month$0.20Lowest$1.85$0.24
Average Unit SizeSquare Feet2,636 SFLargest1,163 SF1,826 SF

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Unit mix, closings, budgets, finishes and the team, against Six Garfield Place and 668 Baltic, 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: $7,450,000 at closing against $7,750,000 in Schedule A (p. 72)−3.9%
Average closing price2 homes, on their Schedule A square feet$1,413 / SF
Closingsfirst and latest recordedJun 20, 2024 – Jul 23, 2024

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2025: 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
2Jun 20, 2024$3,450,000$3,500,000 p. 72−1.4%
1Jul 23, 2024$4,000,000$4,250,000 p. 72−5.9%

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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
Prospect Place Residence, LLC**
Principals
Matthew Chua
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
Em Administration$4.5 million loan stated in the plan

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

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