THE CONDO BOOK PROJECT

203 Luquer Street Condominium

203 Luquer Street, Brooklyn, NY 11231

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Overview

Units
8 residential
Subway
4 min walk to Smith-9 Sts F GCarroll St F G, 5 min
Developer
Ultimate Realty
Principals
Isaac Mishan, Joseph Sabbagh
Offering price
$4.64 million total $4.55 million when first offered

The sponsor of record is 203 Luquer, LLC, represented by Allen, Morris, Troisi & Simon LLP. The offering plan runs 329 pages. The sponsor has filed 3 amendments, the latest in March 2009. The nearest other condo plan on file is Luquer 193, next door.

Plan CD070387 · New · accepted Mar 6, 2008 · AG record ↗

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FigureThis building1Moderne-Art Condos27 units · 1.2 miaccepted 2008372 12th36 units · 1 miaccepted 2007
Average Offering PricePer Apartment$568,750In line$505,286$625,500

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Unit mix, closings, budgets, finishes and the team, against Moderne-Art Condos and 372 12th, 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.

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
203 Luquer, LLC
Developer
Ultimate Realty
Principals
Isaac Mishan, Joseph Sabbagh
Tax estimate
Jerome MazurskyPrepared the first-year real estate tax projection
Construction lender
Acf Park SlopeLender on the mortgage and building loan agreement recorded March 2007 in ACRIS

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

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