THE CONDO BOOK PROJECT

Metropolitan Condominium

209-211 North 5th Street, Brooklyn, NY 11215

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Overview

Units
10 residential
Subway
3 min walk to Bedford Av LMetropolitan Av/Lorimer St G L, 6 min
Developer
KISKA Construction Corporation-USA
Principals
Erden M. Arkan, Selim Akyuz, Alev Dundar, Osman Ozcan, Patricia Sasso, Ulgar Aydin
Average $/sf
$471Homes in Schedule A, as first offered
Common charges
$410–$676 a monthSponsor's first-year estimate in Schedule A, June 1, 2004
Offering price
$6.4 million total

The sponsor of record is Sage Development Corp., represented by Certilman Balin Adler & Hyman, LLP. The offering plan runs 233 pages. The sponsor has filed 6 amendments, the latest in September 2004. The nearest other condo plan on file is 224 North 6th Street Condominium, next door.

Plan CD030213 · Rehab · accepted Dec 8, 2003 · AG record ↗

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FigureThis building1252-258 Richardson212 units · 0.9 miaccepted 200488 Conselyea38 units · 0.5 miaccepted 2004
Common ChargesPer Square Foot / Month$0.35Highest$0.16$0.19
Average Offering PricePer Apartment$639,755Above peers$578,333$579,063
Average PricePer Square Foot$471Lowest$578$632
Property TaxesPer Square Foot / Month$0.03Highest—$0.02
Average Unit SizeSquare Feet1,357 SFLargest1,000 SF916 SF

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Unit mix, closings, budgets, finishes and the team, against 252-258 Richardson and 88 Conselyea, 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 A10 of 10
Closing prices vs. Schedule A10 homes: $6,703,872 at closing against $6,397,551 in Schedule A (p. 24)+4.8%
Average closing price10 homes, on their Schedule A square feet$494 / SF
Closingsfirst and latest recordedNov 1, 2004 – Feb 7, 2005

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2026: 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 10 closings
HomeRecordedClosing priceSchedule ADifference
4ANov 1, 2004$806,454$747,054 p. 24+8%
3BDec 16, 2004$664,917$628,992 p. 24+5.7%
PHDec 16, 2004$1,105,260$1,082,913 p. 24+2.1%
2BDec 17, 2004$636,406$602,112 p. 24+5.7%
3ADec 23, 2004$671,027$639,744 p. 24+4.9%
2AJan 7, 2005$636,406$602,112 p. 24+5.7%
4BJan 7, 2005$691,392$652,176 p. 24+6%
1BJan 20, 2005$501,930$489,888 p. 24+2.5%
1CJan 20, 2005$585,494$562,464 p. 24+4.1%
1AFeb 7, 2005$404,586$390,096 p. 24+3.7%

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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
Sage Development Corp.
Developer
KISKA Construction Corporation-USA
Principals
Erden M. Arkan, Selim Akyuz, Alev Dundar, Osman Ozcan, Patricia Sasso, Ulgar Aydin
Tax estimate
Anthony Como AssociatesPrepared the first-year real estate tax projection
Construction lender
Atlantic Bank of New York$2.6 million recorded

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

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