THE CONDO BOOK PROJECT

196 Devoe Street Condominium

196 Devoe Street, Brooklyn, NY 11211

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Overview

Units
7 residential · 1 storage
Subway
2 min walk to Graham Av LGrand St L, 4 min
Principals
Arie Bar Chaim
Average $/sf
$993Homes in Schedule A, as first offered
Common charges
$180–$593 a monthSponsor's first-year estimate in Schedule A, October 1, 2019 - September 30, 2020
Offering price
$6.53 million total $4.84 million when first offered

The sponsor of record is 196 Devoe St LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 348 pages. The sponsor has filed 2 amendments, the latest in May 2020. The nearest other condo plan on file is 267 Ainslie Street Condominium, next door.

Plan CD190100 · New · accepted Aug 16, 2019 · AG record ↗

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FigureThis building118 Van Buren27 units · 1.7 miaccepted 20191249 Dekalb36 units · 1.5 miaccepted 2019
Common ChargesPer Square Foot / Month$0.44Below peers$0.67$0.50
Average Offering PricePer Apartment$690,714In line$603,571$737,000
Average PricePer Square Foot$993In line$884$1,016
Property TaxesPer Square Foot / Month$0.64In line$0.14$1.15
Average Unit SizeSquare Feet696 SFIn line683 SF726 SF

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Unit mix, closings, budgets, finishes and the team, against 18 Van Buren and 1249 Dekalb, 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: $6,563,344 at closing against $4,835,000 in Schedule A (p. 30)+35.7%
Average closing price7 homes, on their Schedule A square feet$1,347 / SF
Closingsfirst and latest recordedNov 24, 2020 – Jul 19, 2021

Sales recorded with the Department of Finance (ACRIS) through May 31, 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 7 closings
HomeRecordedClosing priceSchedule ADifference
4FNov 24, 2020$768,779$575,000 p. 30+33.7%
2RDec 1, 2020$890,969$575,000 p. 30+55%
4RDec 3, 2020$1,105,000$780,000 p. 30+41.7%
3FDec 10, 2020$745,000$570,000 p. 30+30.7%
2FDec 22, 2020$645,000$435,000 p. 30+48.3%
3RJan 28, 2021$758,596$575,000 p. 30+31.9%
1Jul 19, 2021$1,650,000$1,325,000 p. 30+24.5%

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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
196 Devoe St LLC
Principals
Arie Bar Chaim
Tax estimate
mretax.comPrepared the first-year real estate tax projection
Construction lender
Quanta Finance$2.5 million recorded

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

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