THE CONDO BOOK PROJECT

Greenpoint Condominium

21 India Street, Brooklyn, NY 11222

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Overview

Units
95 residential · 1 parking · 1 commercial
Subway
7 min walk to Greenpoint Av GNassau Av G, 17 min
Developer
Mack Real Estate Group
Principals
Richard Mack
Average $/sf
$1,434Homes in Schedule A, as first offered
Common charges
$694–$2,304 a monthSponsor's first-year estimate in Schedule A, April 1, 2018-March 31, 2019
Offering price
$166.7 million total

The sponsor of record is 10 Huron Fs Condo LLC, represented by Seiden & Schein, P.C.. The offering plan runs 670 pages. The sponsor has filed 12 amendments, the latest in February 2020. The nearest other condo plan on file is Huron, next door.

Plan CD160197 · New · accepted Jun 5, 2017 · AG record ↗

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FigureThis building1211 Schermerhorn248 units · 3.2 miaccepted 2017561 Pacific363 units · 3.5 miaccepted 2018
Common ChargesPer Square Foot / Month$1.32Above peers$1.22$0.96
Average Offering PricePer Apartment$1.51MBelow peers$1.71M$1.61M
Average PricePer Square Foot$1,434In line$1,360$1,462
Property TaxesPer Square Foot / Month$0.79In line$0.71$0.90
Average Unit SizeSquare Feet1,054 SFSmaller1,258 SF1,091 SF

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Unit mix, closings, budgets, finishes and the team, against 211 Schermerhorn and 561 Pacific, 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 A95 of 95
Closing prices vs. Schedule A95 homes: $158,738,348 at closing against $143,585,000 in Schedule A (p. 54, p. 55, p. 56, p. 57)+10.6%
Average closing price95 homes, on their Schedule A square feet$1,585 / SF
Closingsfirst and latest recordedMar 8, 2019 – Aug 20, 2020

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 95 closings
HomeRecordedClosing priceSchedule ADifference
29BMar 8, 2019$1,186,261$969,000 p. 54+22.4%
28EMar 13, 2019$1,578,288$1,475,000 p. 54+7%
28AMar 15, 2019$1,650,378$1,670,000 p. 54−1.2%
28BMar 18, 2019$1,120,129$959,000 p. 54+16.8%
29GMar 21, 2019$1,038,615$1,020,000 p. 54+1.8%
30AMar 22, 2019$1,843,033$1,710,000 p. 54+7.8%
34EMar 22, 2019$1,700,478$1,570,000 p. 56+8.3%
28DMar 25, 2019$1,395,003$1,220,000 p. 54+14.3%
29EMar 26, 2019$1,776,846$1,495,000 p. 54+18.9%
30DMar 26, 2019$1,402,684$1,240,000 p. 55+13.1%
30CMar 27, 2019$1,033,524$1,015,000 p. 55+1.8%
31CMar 28, 2019$1,247,356$1,025,000 p. 55+21.7%
30HMar 29, 2019$1,069,163$1,050,000 p. 55+1.8%
31GMar 29, 2019$1,206,626$1,040,000 p. 55+16%
29FApr 1, 2019$860,421$770,000 p. 54+11.7%
30BApr 2, 2019$1,112,500$979,000 p. 55+13.6%
30GApr 2, 2019$1,099,710$1,030,000 p. 55+6.8%
34AApr 2, 2019$2,250,333$2,060,000 p. 56+9.2%
29DApr 3, 2019$1,405,185$1,230,000 p. 54+14.2%
31DApr 3, 2019$1,272,813$1,250,000 p. 55+1.8%
31AApr 4, 2019$1,761,573$1,730,000 p. 55+1.8%
31HApr 4, 2019$1,079,345$1,060,000 p. 55+1.8%
35BApr 4, 2019$1,619,018$1,540,000 p. 56+5.1%
31BApr 5, 2019$1,007,049$989,000 p. 55+1.8%
31EApr 5, 2019$1,781,938$1,535,000 p. 55+16.1%
29HApr 9, 2019$1,109,893$1,040,000 p. 54+6.7%
34CApr 9, 2019$1,624,109$1,495,000 p. 56+8.6%
34DApr 10, 2019$1,563,014$1,535,000 p. 56+1.8%
30EApr 12, 2019$1,542,649$1,515,000 p. 55+1.8%
35EApr 12, 2019$1,720,843$1,590,000 p. 56+8.2%
36CApr 12, 2019$1,635,000$1,535,000 p. 56+6.5%
28GApr 15, 2019$1,155,714$1,010,000 p. 54+14.4%
31JApr 16, 2019$1,251,209$990,000 p. 55+26.4%
32BApr 16, 2019$1,210,684$999,000 p. 55+21.2%
32DApr 16, 2019$1,428,506$1,260,000 p. 55+13.4%
35DApr 16, 2019$1,634,291$1,555,000 p. 56+5.1%
35AApr 17, 2019$2,128,143$2,090,000 p. 56+1.8%
28CApr 18, 2019$1,216,809$995,000 p. 54+22.3%
35CApr 19, 2019$1,542,649$1,515,000 p. 56+1.8%
36DApr 23, 2019$1,654,656$1,575,000 p. 56+5.1%
29AApr 26, 2019$2,235,059$1,690,000 p. 54+32.3%
36BApr 29, 2019$1,588,470$1,560,000 p. 56+1.8%
36AApr 30, 2019$2,158,690$2,120,000 p. 56+1.8%
28FMay 1, 2019$850,239$760,000 p. 54+11.9%
28JMay 3, 2019$977,520$960,000 p. 54+1.8%
34BMay 3, 2019$1,853,215$1,520,000 p. 56+21.9%
29JMay 6, 2019$1,205,904$970,000 p. 54+24.3%
29CMay 8, 2019$1,023,341$1,005,000 p. 54+1.8%
36FMay 8, 2019$2,662,724$2,190,000 p. 56+21.6%
28KMay 9, 2019$1,670,000$1,670,000 p. 540%
30JMay 14, 2019$968,485$980,000 p. 55−1.2%
37EMay 14, 2019$1,659,748$1,630,000 p. 57+1.8%
31KMay 15, 2019$1,761,573$1,730,000 p. 55+1.8%
28HMay 17, 2019$1,354,273$1,030,000 p. 54+31.5%
37CMay 20, 2019$1,649,565$1,555,000 p. 57+6.1%
37FMay 23, 2019$2,645,000$2,220,000 p. 57+19.1%
37AMay 24, 2019$2,749,275$2,150,000 p. 56+27.9%
29KMay 28, 2019$2,077,230$1,690,000 p. 54+22.9%
37DMay 28, 2019$1,675,021$1,595,000 p. 57+5%
37BMay 31, 2019$1,897,155$1,580,000 p. 57+20.1%
39BMay 31, 2019$1,960,131$1,775,000 p. 57+10.4%
39EJun 4, 2019$1,985,588$1,800,000 p. 57+10.3%
39CJun 6, 2019$1,756,481$1,725,000 p. 57+1.8%
30KJun 7, 2019$2,097,595$1,710,000 p. 55+22.7%
39AJul 1, 2019$2,825,644$2,775,000 p. 57+1.8%
PHBJul 1, 2019$2,092,504$1,805,000 p. 57+15.9%
34FJul 15, 2019$2,499,804$2,130,000 p. 56+17.4%
32GJul 16, 2019$1,205,905$1,050,000 p. 55+14.8%
32KJul 17, 2019$1,781,938$1,750,000 p. 56+1.8%
31FJul 18, 2019$819,691$790,000 p. 55+3.8%
PHDJul 19, 2019$2,000,861$1,805,000 p. 57+10.9%
PHEJul 22, 2019$2,077,230$1,830,000 p. 57+13.5%
35FJul 23, 2019$2,199,420$2,160,000 p. 56+1.8%
39DJul 23, 2019$1,980,496$1,775,000 p. 57+11.6%
32EJul 24, 2019$1,654,656$1,555,000 p. 55+6.4%
32FJul 26, 2019$875,695$800,000 p. 55+9.5%
36EJul 29, 2019$1,591,083$1,610,000 p. 56−1.2%
PHAAug 20, 2019$3,563,875$2,805,000 p. 57+27.1%
32HAug 23, 2019$1,114,984$1,070,000 p. 55+4.2%
38DSep 6, 2019$2,056,849$1,935,000 p. 57+6.3%
32ASep 12, 2019$1,785,247$1,750,000 p. 55+2%
38ASep 17, 2019$3,535,247$2,900,000 p. 57+21.9%
38CSep 18, 2019$2,100,000$1,875,000 p. 57+12%
PHCOct 1, 2019$2,019,444$1,755,000 p. 57+15.1%
33COct 3, 2019$1,887,072$1,675,000 p. 56+12.7%
38BOct 3, 2019$1,887,072$1,850,000 p. 57+2%
38EOct 7, 2019$2,029,221$1,950,000 p. 57+4.1%
33AOct 10, 2019$2,732,219$2,030,000 p. 56+34.6%
33BOct 16, 2019$2,141,634$1,750,000 p. 56+22.4%
33DOct 31, 2019$1,815,794$1,775,000 p. 56+2.3%
33EDec 17, 2019$1,803,959$1,770,000 p. 56+1.9%
33FJan 30, 2020$2,138,325$2,100,000 p. 56+1.8%
32JFeb 25, 2020$1,172,500$1,000,000 p. 56+17.3%
32CApr 7, 2020$1,245,000$1,035,000 p. 55+20.3%
30FAug 20, 2020$726,267$780,000 p. 55−6.9%

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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
10 Huron Fs Condo LLC
Developer
Mack Real Estate Group
Principals
Richard Mack
Tax estimate
Seiden & Schein, P.C.Prepared the first-year real estate tax projection
Construction lender
JPMorgan Chase Bank$200 million loan stated in the plan

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

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