THE CONDO BOOK PROJECT

Ainslie Street Condominiums

194 Ainslie Street, Brooklyn, NY 11211

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Overview

Units
7 residential
Subway
5 min walk to Metropolitan Av/Lorimer St G LGraham Av L, 5 min
Principals
Rafi Manor
Average $/sf
$1,480Homes in Schedule A, as first offered
Common charges
$290–$860 a monthSponsor's first-year estimate in Schedule A, July 1, 2020 - June 30, 2021
Offering price
$6.66 million total

The sponsor of record is Ainslie Villa LLC, represented by Law Offices Of Hershy Itzkowitz, P.C.. The offering plan runs 316 pages. The sponsor has filed 2 amendments, the latest in September 2020. The nearest other condo plan on file is 185 Ainslie Street Condominium, next door.

Plan CD180162 · New · accepted May 1, 2020 · AG record ↗

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FigureThis building1Astral26 units · 0.3 miaccepted 202021 North Henry36 units · 0.5 miaccepted 2020
Common ChargesPer Square Foot / Month$0.61Highest$0.37$0.52
Average Offering PricePer Apartment$950,714Lowest$1.15M$1.14M
Average PricePer Square Foot$1,480In line$1,464$1,641
Property TaxesPer Square Foot / Month$0.80Below peers$1.59$0.83
Average Unit SizeSquare Feet642 SFSmaller782 SF696 SF

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Unit mix, closings, budgets, finishes and the team, against Astral and 21 North Henry, 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 A7 of 7
Closing prices vs. Schedule A7 homes: $5,144,630 at closing against $6,655,000 in Schedule A (p. 32)−22.7%
Average closing price7 homes, on their Schedule A square feet$1,144 / SF
Closingsfirst and latest recordedJan 29, 2021 – Apr 8, 2021

Sales recorded with the Department of Finance (ACRIS) through Sep 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 7 closings
HomeRecordedClosing priceSchedule ADifference
4Jan 29, 2021$672,000$845,000 p. 32−20.5%
1Feb 10, 2021$1,295,000$1,850,000 p. 32−30%
5Feb 16, 2021$625,000$760,000 p. 32−17.8%
3Feb 25, 2021$605,859$760,000 p. 32−20.3%
7Mar 5, 2021$656,771$760,000 p. 32−13.6%
2Mar 11, 2021$625,000$835,000 p. 32−25.1%
6Apr 8, 2021$665,000$845,000 p. 32−21.3%

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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
Ainslie Villa LLC
Principals
Rafi Manor
Tax estimate
Metropolitan Realty Exemptions, IncPrepared the first-year real estate tax projection
Construction lender
172 India 194 Ainslie CapitalLender on the mortgage and building loan agreement recorded August 2019 in ACRIS

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

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