THE CONDO BOOK PROJECT

Mccaren Park Mews Condominium

214 North 11th Street, Brooklyn, NY 11212

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Overview

Units
120 residential · 61 parking · 38 storage
Subway
5 min walk to Bedford Av LMetropolitan Av/Lorimer St G L, 8 min
Principals
Isaac Schwartz
Offering price
$121 million total

The sponsor of record is Mccaren Park Mews, LLC, represented by Berger & Sklaw LLP. The offering plan runs 348 pages. The sponsor has filed 5 amendments, the latest in August 2010. The nearest other condo plan on file is 215 North 10th Street Condominium, next door.

Plan CD070455 · New · accepted Oct 17, 2007 · AG record ↗

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FigureThis building1125 North 10th286 units · 0.2 miaccepted 2007Schaefer Landing North3135 units · 1 miaccepted 2005
Average Offering PricePer Apartment$1.01MHighest$819,812$871,515

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Unit mix, closings, budgets, finishes and the team, against 125 North 10th and Schaefer Landing North, 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
Mccaren Park Mews, LLC
Principals
Isaac Schwartz
Tax estimate
Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender
North Fork Bank$54.1 million recorded

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

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