THE CONDO BOOK PROJECT

201 23rd Street Condominium

201 23rd Street, Brooklyn, NY 11232

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Overview

Units
6 residential
Subway
3 min walk to 25 St RProspect Av R, 7 min
Principals
Elizabeth McDonald, Jason Blauvelt, Rocco Basile
Average $/sf
$1,359Homes in Schedule A, as first offered
Common charges
$460–$552 a monthSponsor's first-year estimate in Schedule A, January 1, 2022 through December 31, 2022
Offering price
$11.7 million total $10.8 million when first offered

The sponsor of record is 201 23rd Street LLC, represented by Rosen Law LLC. The offering plan runs 394 pages. The sponsor has filed 8 amendments, the latest in November 2022. The nearest other condo plan on file is 197 23rd Street Condominium, next door.

Plan CD200166 · New · accepted Feb 3, 2021 · AG record ↗

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FigureThis building149 East 4th26 units · 1.2 miaccepted 2021137 4th37 units · 1.5 miaccepted 2021
Common ChargesPer Square Foot / Month$0.39In line$0.33$0.41
Average Offering PricePer Apartment$1.8MIn line$1.42M$2.47M
Average PricePer Square Foot$1,359In line$1,179$1,377
Property TaxesPer Square Foot / Month$0.67In line$0.55$0.92
Average Unit SizeSquare Feet1,323 SFIn line1,207 SF1,792 SF

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Unit mix, closings, budgets, finishes and the team, against 49 East 4th and 137 4th, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $11,120,799 at closing against $10,794,000 in Schedule A (p. 45)+3%
Average closing price6 homes, on their Schedule A square feet$1,401 / SF
Closingsfirst and latest recordedMar 28, 2022 – Feb 15, 2023

Sales recorded with the Department of Finance (ACRIS) through Apr 30, 2024: 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 6 closings
HomeRecordedClosing priceSchedule ADifference
1BMar 28, 2022$2,031,409$1,899,000 p. 45+7%
2BApr 12, 2022$1,679,094$1,699,000 p. 45−1.2%
3AApr 12, 2022$2,291,063$1,799,000 p. 45+27.4%
3BApr 12, 2022$2,169,000$1,799,000 p. 45+20.6%
1ADec 30, 2022$1,385,233$1,899,000 p. 45−27.1%
2AFeb 15, 2023$1,565,000$1,699,000 p. 45−7.9%

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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
201 23rd Street LLC
Principals
Elizabeth McDonald, Jason Blauvelt, Rocco Basile
Tax estimate
Rosen Law, LLCPrepared the first-year real estate tax projection
Construction lender
1st Constitution Bank$5.08 million recorded

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

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