THE CONDO BOOK PROJECT

Bedford Condominium

205 North 8th Street, Brooklyn, NY 11211

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Overview

Units
9 residential
Subway
2 min walk to Bedford Av LMetropolitan Av/Lorimer St G L, 7 min
Principals
Anthony Gallina, David Benzaken, Lawrence Pinner
Average $/sf
$744Homes in Schedule A, as first offered
Offering price
$4.58 million total

The sponsor of record is 205 Northside, LLC, represented by Lawrence F. Digiovanna, Esq.. The offering plan runs 271 pages. The sponsor has filed 1 amendment, the latest in September 2010. The nearest other condo plan on file is 207 North 8th Street Condominiums, next door.

Plan CD100078 · New · accepted Jul 15, 2010 · AG record ↗

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FigureThis building135 Havemeyer28 units · 0.2 miaccepted 2011103 Meserole38 units · 0.8 miaccepted 2010
Common ChargesPer Square Foot / Month$0.65Highest$0.50$0.37
Average Offering PricePer Apartment$508,333Above peers$490,750$433,575
Average PricePer Square Foot$744Above peers$720$600
Average Unit SizeSquare Feet683 SFIn line681 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 closed67% of the homes in Schedule A6 of 9
Closing prices vs. Schedule A6 homes: $4,845,049 at closing against $2,950,000 in Schedule A (p. 25)+64.2%
Average closing price6 homes, on their Schedule A square feet$1,299 / SF
Closingsfirst and latest recordedNov 17, 2015 – Jul 6, 2017

Sales recorded with the Department of Finance (ACRIS) through Sep 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
2BNov 17, 2015$603,293$500,000 p. 25+20.7%
3BDec 8, 2015$865,800$550,000 p. 25+57.4%
3AMar 1, 2017$842,456$450,000 p. 25+87.2%
2AMar 30, 2017$800,000$450,000 p. 25+77.8%
4BJun 14, 2017$878,500$550,000 p. 25+59.7%
4AJul 6, 2017$855,000$450,000 p. 25+90%

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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
205 Northside, LLC
Principals
Anthony Gallina, David Benzaken, Lawrence Pinner
Tax estimate
Tuchman, Korngold, Weiss, Lippman & Gelles, LLPPrepared the first-year real estate tax projection
Construction lender
Popular Bank

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

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