THE CONDO BOOK PROJECT

Greenpoint Plaza Condominium

199 Huron Street, Brooklyn, NY 11222

Overview

Units
15 residential · 10 parking
Subway
3 min walk to Greenpoint Av GNassau Av G, 13 min
Principals
Itzhak Djemal
Average $/sf
$707Homes in Schedule A, as first offered
Common charges
$245–$374 a monthSponsor's first-year estimate in Schedule A, January 1, 2011 to December 31, 2011
Offering price
$7.2 million total

The sponsor of record is Hermon Development LLC, represented by Law Offices Of David W. Graber. The offering plan runs 298 pages. The sponsor has filed 2 amendments, the latest in February 2012. The nearest other condo plan on file is 195 Huron Street Condominium, next door.

Plan CD100195 · New · accepted Nov 17, 2010 · AG record ↗

Compare

FigureThis building135 Havemeyer28 units · 1.2 miaccepted 2011103 Meserole38 units · 1.8 miaccepted 2010
Common ChargesPer Square Foot / Month$0.43In line$0.50$0.37
Average Offering PricePer Apartment$459,733In line$490,750$433,575
Average PricePer Square Foot$707In line$720$600
Property TaxesPer Square Foot / Month$0.05In line$0.03$0.05
Average Unit SizeSquare Feet650 SFSmaller681 SF723 SF

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Unit mix, closings, budgets, finishes and the team, against 35 Havemeyer and 103 Meserole, 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 A15 of 15
Closing prices vs. Schedule A15 homes: $6,681,390 at closing against $6,896,000 in Schedule A (p. 31)−3.1%
Average closing price15 homes, on their Schedule A square feet$685 / SF
Closingsfirst and latest recordedApr 26, 2012 – Sep 14, 2012

Sales recorded with the Department of Finance (ACRIS) through Sep 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 23 closings
HomeRecordedClosing priceSchedule ADifference
4BApr 26, 2012$467,454$450,000 p. 31+3.9%
PU6Apr 26, 2012$467,454——
4CApr 27, 2012$418,782$415,000 p. 31+0.9%
PU4Apr 27, 2012$418,782——
2CMay 9, 2012$368,082$399,000 p. 31−7.7%
3DMay 11, 2012$375,180$405,000 p. 31−7.4%
3AMay 14, 2012$430,950$439,000 p. 31−1.8%
PU1May 14, 2012$430,950——
2DMay 15, 2012$394,446$399,000 p. 31−1.1%
3CMay 31, 2012$415,740$405,000 p. 31+2.7%
4AMay 31, 2012$441,090$450,000 p. 31−2%
PU3May 31, 2012$415,740——
PU7May 31, 2012$441,090——
5AJun 11, 2012$604,841$650,000 p. 31−6.9%
3BJun 13, 2012$390,390$439,000 p. 31−11.1%
2BJun 27, 2012$410,670$435,000 p. 31−5.6%
PU2Jun 27, 2012$410,670——
2AJul 2, 2012$424,866$435,000 p. 31−2.3%
PU5Jul 2, 2012$424,866——
5BJul 3, 2012$605,859$650,000 p. 31−6.8%
PU8Jul 3, 2012$605,859——
4DJul 30, 2012$408,642$415,000 p. 31−1.5%
1ASep 14, 2012$524,399$510,000 p. 31+2.8%

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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
Hermon Development LLC
Principals
Itzhak Djemal
Tax estimate
Rothkrug Rothkrug & Spector, LLPPrepared the first-year real estate tax projection

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

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