THE CONDO BOOK PROJECT

20 Arion Place Condominium

20 Arion Place, Brooklyn, NY 11206

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Overview

Units
8 residential
Subway
3 min walk to Myrtle Av J M ZFlushing Av J M, 6 min
Principals
Eial Girtz, Roy Girtz, Gil Shenhav
Average $/sf
$969Homes in Schedule A, as first offered
Common charges
$116–$449 a monthSponsor's first-year estimate in Schedule A, January 1, 2021 to December 31, 2021
Offering price
$5.8 million total

The sponsor of record is 20 Arion LLC, represented by Moritt Hock & Hamroff, LLP. The offering plan runs 270 pages. The sponsor has filed 2 amendments, the latest in February 2021. The nearest other condo plan on file is 13 Melrose Street Condominium, next door.

Plan CD200100 · New · accepted Sep 14, 2020 · AG record ↗

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FigureThis building126 Goodwin Place27 units · 0.8 miaccepted 2020725 Lafayette37 units · 0.7 miaccepted 2020
Common ChargesPer Square Foot / Month$0.32Lowest$0.50$0.54
Average Offering PricePer Apartment$725,000Above peers$594,714$635,286
Average PricePer Square Foot$969In line$946$977
Property TaxesPer Square Foot / Month$0.49Lowest$0.97$0.99
Average Unit SizeSquare Feet748 SFLargest629 SF650 SF

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Unit mix, closings, budgets, finishes and the team, against 26 Goodwin Place and 725 Lafayette, 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: $4,928,041 at closing against $5,800,000 in Schedule A (p. 33)−15%
Average closing price8 homes, on their Schedule A square feet$824 / SF
Closingsfirst and latest recordedJun 23, 2021 – Aug 10, 2021

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 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
4FJun 23, 2021$855,000$600,000 p. 33+42.5%
4RJun 25, 2021$560,000$1,100,000 p. 33−49.1%
3FJun 28, 2021$615,000$600,000 p. 33+2.5%
3RJun 28, 2021$616,041$600,000 p. 33+2.7%
2FJun 29, 2021$535,000$600,000 p. 33−10.8%
2RJun 30, 2021$545,000$600,000 p. 33−9.2%
1FJul 8, 2021$348,000$600,000 p. 33−42%
1RAug 10, 2021$854,000$1,100,000 p. 33−22.4%

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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
20 Arion LLC
Principals
Eial Girtz, Roy Girtz, Gil Shenhav
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection

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

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