THE CONDO BOOK PROJECT

217 Franklin Street Condominium

217 Franklin Street, Brooklyn, NY 11222

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Overview

Units
6 residential
Subway
7 min walk to Greenpoint Av GVernon Blvd-Jackson Av 7, 18 min
Developer
Investmates
Average $/sf
$1,718Homes in Schedule A, as first offered
Common charges
$289–$944 a monthSponsor's first-year estimate in Schedule A, October 1, 2022 - September 30, 2023
Offering price
$9.49 million total $8.54 million when first offered

The sponsor of record is 217 Franklin LLC, represented by Jeffrey Zwick & Associates, P.C.. The offering plan runs 332 pages. The sponsor has filed 3 amendments, the latest in June 2023. The nearest other condo plan on file is 78 Freeman Street Condominium, next door.

Plan CD210317 · New · accepted May 20, 2022 · AG record ↗

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FigureThis building1143 Powers26 units · 1.7 miaccepted 202240two Devoe38 units · 1.5 miaccepted 2022
Common ChargesPer Square Foot / Month$0.60In line$0.40$0.68
Average Offering PricePer Apartment$1.58MIn line$1.27M$1.59M
Average PricePer Square Foot$1,718Above peers$1,590$1,595
Property TaxesPer Square Foot / Month$0.90In line$0.99$0.33
Average Unit SizeSquare Feet921 SFIn line796 SF1,000 SF

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See the Full Comp

Unit mix, closings, budgets, finishes and the team, against 143 Powers and 40two Devoe, 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: $9,038,458 at closing against $9,490,000 in Schedule A (p. 30)−4.8%
Average closing price6 homes, on their Schedule A square feet$1,636 / SF
Closingsfirst and latest recordedMar 16, 2023 – Dec 11, 2023

Sales recorded with the Department of Finance (ACRIS) through Dec 31, 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
2Mar 16, 2023$1,400,094$1,395,000 p. 30+0.4%
4Mar 23, 2023$1,425,000$1,475,000 p. 30−3.4%
3Mar 30, 2023$1,359,364$1,450,000 p. 30−6.3%
1Apr 24, 2023$1,520,000$1,520,000 p. 300%
5Jul 24, 2023$835,000$950,000 p. 30−12.1%
6Dec 11, 2023$2,499,000$2,700,000 p. 30−7.4%

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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
217 Franklin LLC
Developer
Investmates
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection
Construction lender
S3 Capital$3 million recorded

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

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