THE CONDO BOOK PROJECT

191 Spencer Street Condominium

191 Spencer Street, Brooklyn, NY 11211

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Overview

Units
18 residential
Subway
5 min walk to Bedford-Nostrand Avs GMyrtle-Willoughby Avs G, 9 min
Principals
Mendel Brach, Moshe Oknin
Offering price
$4.13 million total

The sponsor of record is 189 Spencer, LLC, represented by Harold Gruber, P.C.. The offering plan runs 253 pages. The sponsor has filed 7 amendments, the latest in July 2004. The nearest other condo plan on file is 195 Spencer Street Condomnium, next door.

Plan CD030065 · New · accepted Jul 16, 2003 · AG record ↗

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FigureThis building194-96 Skillman212 units · 0.3 miaccepted 2004Crown-Bergen316 units · 1.2 miaccepted 2001
Average Offering PricePer Apartment$229,167In line$339,167$180,997

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Unit mix, closings, budgets, finishes and the team, against 94-96 Skillman and Crown-Bergen, 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.

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
189 Spencer, LLC
Principals
Mendel Brach, Moshe Oknin
Tax estimate
Moseson & AssociatesPrepared the first-year real estate tax projection

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

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