THE CONDO BOOK PROJECT

210 Pacific Condominium

210 Pacific Street, Brooklyn, NY 11201

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Overview

Units
8 residential
Subway
5 min walk to Bergen St F GBorough Hall/Court St 2 3 4 5 R, 6 min
Principals
David Ruff, Stewart Osborne
Average $/sf
$1,363Homes in Schedule A, as first offered
Common charges
$823–$1,851 a monthSponsor's first-year estimate in Schedule A, May 1, 2015 through April 30, 2016
Offering price
$30.5 million total $24.8 million when first offered

The sponsor of record is 210 Pac LLC, represented by D'Agostino, Levine, Landesman & Lederman LLP. The offering plan runs 332 pages. The sponsor has filed 12 amendments, the latest in June 2017. The nearest other condo plan on file is Atlantic Boerum Condominium, next door.

Plan CD140185 · New · accepted Dec 5, 2014 · AG record ↗

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FigureThis building1Bergen Modern28 units · 1.6 miaccepted 2014Tracy Mansion37 units · 1.5 miaccepted 2016
Common ChargesPer Square Foot / Month$0.57In line$1.00$0.41
Average Offering PricePer Apartment$3.1MIn line$880,938$3.29M
Average PricePer Square Foot$1,363In line$1,236$1,698
Property TaxesPer Square Foot / Month$0.16Lowest$0.58$0.68
Average Unit SizeSquare Feet2,274 SFLargest713 SF1,935 SF

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Unit mix, closings, budgets, finishes and the team, against Bergen Modern and Tracy Mansion, 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 A8 of 8
Closing prices vs. Schedule A8 homes: $29,753,873 at closing against $24,790,000 in Schedule A (p. 46)+20%
Average closing price8 homes, on their Schedule A square feet$1,636 / SF
Closingsfirst and latest recordedMay 12, 2016 – Jan 18, 2018

Sales recorded with the Department of Finance (ACRIS) through Aug 31, 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 8 closings
HomeRecordedClosing priceSchedule ADifference
6May 12, 2016$5,252,150$4,150,000 p. 46+26.6%
2May 16, 2016$3,820,627$3,250,000 p. 46+17.6%
3WMay 19, 2016$2,486,719$2,100,000 p. 46+18.4%
4EMay 20, 2016$3,056,939$2,450,000 p. 46+24.8%
4WMay 20, 2016$2,542,723$2,150,000 p. 46+18.3%
3EJun 3, 2016$3,006,027$2,400,000 p. 46+25.3%
7Jul 5, 2016$4,995,000$4,295,000 p. 46+16.3%
5Jan 18, 2018$4,593,688$3,995,000 p. 46+15%

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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
210 Pac LLC
Principals
David Ruff, Stewart Osborne
Tax estimate
Ben Rottenstein Associates Inc.Prepared the first-year real estate tax projection
Construction lender
Valley National Bank$7.5 million recorded

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

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