THE CONDO BOOK PROJECT

Miramar I Condominium

220 Withers Street, Brooklyn, NY 11211

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Overview

Units
6 residential
Subway
6 min walk to Graham Av LGrand St L, 9 min
Principals
Semyon Vays, Mark Zeldin, Leonid Vays
Average $/sf
$1,186Homes in Schedule A, as first offered
Common charges
$263–$543 a monthSponsor's first-year estimate in Schedule A, July 1, 2017 - June 30, 2018
Offering price
$6.89 million total

The sponsor of record is 220 Withers Development LLC, represented by Tsyngauz & Associates, P.C.. The offering plan runs 251 pages. The sponsor has filed 3 amendments, the latest in October 2018. The nearest other condo plan on file is Miramar Ii Condominium, next door.

Plan CD160357 · New · accepted Mar 21, 2017 · AG record ↗

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FigureThis building1Miramar II26 units · 0 miaccepted 2017251 Withers36 units · 0.1 miaccepted 2017
Common ChargesPer Square Foot / Month$0.40In line$0.40$0.32
Average Offering PricePer Apartment$1.14MIn line$1.14M$928,667
Average PricePer Square Foot$1,186In line$1,186$1,143
Property TaxesPer Square Foot / Month$0.81In line$0.81$0.61
Average Unit SizeSquare Feet960 SFIn line960 SF813 SF

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Unit mix, closings, budgets, finishes and the team, against Miramar II and 251 Withers, 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: $6,039,531 at closing against $6,835,000 in Schedule A (p. 27)−11.6%
Average closing price6 homes, on their Schedule A square feet$1,048 / SF
Closingsfirst and latest recordedMar 20, 2018 – Dec 31, 2018

Sales recorded with the Department of Finance (ACRIS) through Jun 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 6 closings
HomeRecordedClosing priceSchedule ADifference
3BMar 20, 2018$1,300,000$1,425,000 p. 27−8.8%
2BMar 21, 2018$850,000$880,000 p. 27−3.4%
2AApr 23, 2018$799,000$880,000 p. 27−9.2%
1AMay 30, 2018$750,000$925,000 p. 27−18.9%
1BJul 17, 2018$1,195,000$1,300,000 p. 27−8.1%
3ADec 31, 2018$1,145,531$1,425,000 p. 27−19.6%

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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
220 Withers Development LLC
Principals
Semyon Vays, Mark Zeldin, Leonid Vays
Tax estimate
MGNY Consulting Corp.Prepared the first-year real estate tax projection

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

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