THE CONDO BOOK PROJECT

215 Putnam Avenue Condominium

215 Putnam Avenue, Brooklyn, NY 11216

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Overview

Units
6 residential
Subway
5 min walk to Nostrand Av A CFranklin Av C S, 6 min
Principals
Eliahu Nahman
Average $/sf
$1,186Homes in Schedule A, as first offered
Common charges
$261–$676 a monthSponsor's first-year estimate in Schedule A, July 1, 2022- June 30, 2023
Offering price
$5.39 million total $5.37 million when first offered

The sponsor of record is 215 Putnam Development LLC, represented by The Law Office Of Jay Lichtman, P.C.. The offering plan runs 345 pages. The sponsor has filed 2 amendments, the latest in November 2022. The nearest other condo plan on file is 1155 Bedford Avenue Condominium, next door.

Plan CD210263 · New · accepted Jun 2, 2022 · AG record ↗

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FigureThis building1508 Waverly26 units · 0.7 miaccepted 2022680 Greene34 units · 0.7 miaccepted 2022
Common ChargesPer Square Foot / Month$0.47Below peers$0.69$0.54
Average Offering PricePer Apartment$895,667Below peers$1.08M$1.01M
Average PricePer Square Foot$1,186Above peers$1,164$1,174
Property TaxesPer Square Foot / Month$1.21Highest$0.66$0.73
Average Unit SizeSquare Feet755 SFSmaller930 SF865 SF

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Unit mix, closings, budgets, finishes and the team, against 508 Waverly and 680 Greene, 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 A6 of 6
Closing prices vs. Schedule A6 homes: $5,239,920 at closing against $5,374,000 in Schedule A (p. 35)−2.5%
Average closing price6 homes, on their Schedule A square feet$1,156 / SF
Closingsfirst and latest recordedDec 7, 2022 – Jun 12, 2023

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2023: 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
4Dec 7, 2022$925,000$999,000 p. 35−7.4%
3BDec 22, 2022$738,231$725,000 p. 35+1.8%
3AMar 10, 2023$700,074$725,000 p. 35−3.4%
2BMar 14, 2023$705,000$710,000 p. 35−0.7%
1May 5, 2023$1,440,000$1,500,000 p. 35−4%
2AJun 12, 2023$731,616$715,000 p. 35+2.3%

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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
215 Putnam Development LLC
Principals
Eliahu Nahman
Tax estimate
RE Tax ServicePrepared the first-year real estate tax projection
Construction lender
Northeast Community Bank$2.46 million recorded

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

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