THE CONDO BOOK PROJECT

193 Moffat Street Condominium

193 Moffat Street, Brooklyn, NY 11207

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Overview

Units
8 residential
Subway
2 min walk to Wilson Av LChauncey St J Z, 9 min
Developer
E & M Builders Group
Principals
Meir Daus, Elad Ben-Kirnon
Average $/sf
$907Homes in Schedule A, as first offered
Common charges
$210–$383 a monthSponsor's first-year estimate in Schedule A, July 1, 2020 - June 30, 2021
Offering price
$5.01 million total $4.62 million when first offered

The sponsor of record is 193 Moffat LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 327 pages. The sponsor has filed 2 amendments, the latest in September 2020. The nearest other condo plan on file is Decatur Street Condominium, next door.

Plan CD190269 · New · accepted Apr 7, 2020 · AG record ↗

Compare

FigureThis building11421 Hancock26 units · 0.6 miaccepted 20201110 Madison310 units · 0.6 miaccepted 2020
Common ChargesPer Square Foot / Month$0.43In line$0.50$0.31
Average Offering PricePer Apartment$577,500Below peers$595,833$775,400
Average PricePer Square Foot$907Below peers$918$944
Property TaxesPer Square Foot / Month$0.38In line$0.20$0.84
Average Unit SizeSquare Feet637 SFSmaller649 SF821 SF

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Unit mix, closings, budgets, finishes and the team, against 1421 Hancock and 1110 Madison, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $4,790,507 at closing against $4,620,000 in Schedule A (p. 31)+3.7%
Average closing price8 homes, on their Schedule A square feet$941 / SF
Closingsfirst and latest recordedDec 11, 2020 – Apr 16, 2021

Sales recorded with the Department of Finance (ACRIS) through Jun 30, 2021: 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 8 closings
HomeRecordedClosing priceSchedule ADifference
1BDec 11, 2020$756,907$695,000 p. 31+8.9%
3ADec 23, 2020$565,000$520,000 p. 31+8.7%
4BDec 23, 2020$814,600$850,000 p. 31−4.2%
4ADec 29, 2020$559,000$540,000 p. 31+3.5%
2AJan 5, 2021$525,000$500,000 p. 31+5%
3BFeb 10, 2021$550,000$530,000 p. 31+3.8%
1AFeb 11, 2021$495,000$475,000 p. 31+4.2%
2BApr 16, 2021$525,000$510,000 p. 31+2.9%

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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
193 Moffat LLC
Developer
E & M Builders Group
Principals
Meir Daus, Elad Ben-Kirnon
Construction lender
Bayport Funding$1.5 million recorded

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

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